Gold prices surge to record high amid coronavirus, US-China tensions

HONG KONG: Gold prices surged globally on Monday as tensions continue to soar between US-China and a spike in coronavirus infections around the world.

After months of healthy rallies across equity markets, fuelled by trillions of dollars in government and central bank support, traders are beginning to step back as they weigh the long-term economic impact of the coronavirus.

With vast monetary easing measures put in place by the Federal Reserve pushing the dollar lower against most other currencies, gold is flying, hitting an all-time high of $1,944.71, well above its previous record of $1,921.18 seen in 2011.

Eyes are on the Fed’s next policy meeting this week, with some predicting further measures to boost the economy — possibly negative interest rates — that could put more pressure on the dollar and send bullion above $2,000.

There are also concerns that a worse-than-forecast reading on second-quarter US gross domestic product could spark another dollar sell-off.

While the weak dollar has been a key catalyst for the metal’s advance, gold has also been boosted by its attractiveness as a haven in times of turmoil with China-US relations souring by the day.

“Strong gains are inevitable as we enter a period much like the post-global financial crisis environment, where gold prices soared to record levels as a result of copious amounts of Fed money being pumped into the financial system,” said Gavin Wendt, senior resource analyst at MineLife.

The greenback was down against most other currencies, with the euro at its highest since September 2018, while higher-yielding units such as the South Korean won and Indonesian rupiah were also up.

Stock markets were mostly up but with little conviction as investors fret over the impact of the virus on the economy.

Shanghai was slightly higher, having suffered big losses last week as China and the US closed consulates in Chengdu and Houston, ramping up tensions between the superpowers.

Sydney was up 0.2% , while Singapore and Jakarta each added 0.3%, though Seoul climbed more than one percent and Taipei jumped more than two per cent.

Tokyo, Hong Kong and Mumbai drifted lower.

Investors are growing concerned about lawmakers’ slow progress on a new US stimulus programme, with Republicans still to present their proposals worth around $1 trillion, which is less than a third of the plan set out by Democrats.

There are concerns an agreement could take some time, hitting millions of Americans whose much-needed extra unemployment benefits are about to come to an end.

COVID-19: Scaled-down Hajj to begin from Wednesday

MAKKAH: A scaled-down Hajj with only just 1,000 pilgrims due to the COVID-19 pandemic will begin on Wednesday for the first time in modern history.

Up to 1,000 people residing in the kingdom will participate in the Muslim ritual, a tiny fraction of the 2.5 million that attended last year, after what many saw as an opaque selection process that left a wave of applicants rejected.

The foreign press are barred from this year’s Hajj, usually a huge global media event, as the government tightens access to the holy city of Mecca and puts in place strict health restrictions to prevent a virus outbreak during the five-day pilgrimage — a key pillar of Islam.

Saudi Arabia has recorded more than 260,000 cases of the novel coronavirus, while the number of declared global infections exceeded 16 million on Sunday.

Mask-clad pilgrims began trickling into Makkah over the weekend and were subject to temperature checks and placed in quarantine, authorities said.

They were given elaborate amenity kits that include sterilised pebbles for a stoning ritual, disinfectants, masks, a prayer rug and the ihram, a seamless white garment worn by pilgrims, according to a Hajj ministry programme document.

Pilgrims are required to be tested for coronavirus before arriving in Makkah and will also have to quarantine after the pilgrimage.

The ministry said it has set up multiple health facilities, mobile clinics and ambulances to cater to the pilgrims, who will be required to observe social distancing.

‘Golden ticket’

Saudi authorities initially said only around 1,000 pilgrims residing in the kingdom would be permitted for Hajj but local media reports say as many as 10,000 will be allowed.

The Hajj ministry has fielded a deluge of anguished queries on Twitter from rejected applicants.

But Hajj Minister Mohammad Benten insisted the process was transparent, telling the Saudi-owned Al-Arabiya television that “health determinants” formed the basis of selection.

The ministry said non-Saudi residents of the kingdom from around 160 countries competed in the online selection process.

It said foreign residents would make up 70% of all selected pilgrims.

But it did not explain how many applied, and some disappointed pilgrims have complained that the government-run lottery was not clearly outlined and say no reason was given for their rejection.

Among the chosen few is Nasser, a Riyadh-based Nigerian expatriate, euphoric at winning what he called the “golden ticket” to Hajj.

“This feeling cannot be described,” he told AFP before his arrival in Makkah.

The ministry has said the Saudi pilgrims were selected from a pool of health practitioners and military personnel who have recovered from COVID-19.

To be among the chosen ones adds an aura of religious prestige to this year’s pilgrimage, applicants say.

Despite the pandemic, many pilgrims consider it is safer to participate in this year’s ritual without the usual colossal crowds cramming into tiny religious sites, which make it a logistical nightmare and a health hazard.

Even in a regular year, the Hajj leaves pilgrims exposed to a host of viral illnesses.

‘Substantial cost’

The government scaled back the pilgrimage as it could be a major source of contagion, but the move will deepen the kingdom´s economic slump, analysts say.

It comes as Saudi Arabia faces a sharp downturn in oil prices due to a collapse in global demand driven by national lockdowns, which triggered austerity measures including the tripling of a value added tax and cuts to civil servants’ allowances.

The virus has also battered pilgrimage-reliant businesses that support hundreds of thousands of jobs in Makkah, from travel agents to street barbers and souvenir shops.

Many have reported sweeping layoffs, pay cuts or delayed salaries.

Makka has seen a construction boom in recent years that added shopping malls, apartments and luxury hotels, some offering spectacular views of the sacred Kaaba, a cube-shaped structure in the Grand Mosque towards which Muslims around the world pray.

But most premises have lain empty since the pandemic reached the kingdom.

Saudi authorities had already in March suspended the umrah pilgrimage, which can be performed at any time.

The pilgrimages together rake in some $12 billion (10.3 billion euros) annually, keeping the economy humming in Makkah.

“Limiting this year’s Hajj to Saudi residents comes at a substantial but surmountable cost to the economy,” the Eurasia Group´s Sofia Meranto told AFP.

“Against the backdrop of daily infection rates still (remaining) high, the government is prioritising healthcare… over short-term economic costs, hoping to recoup lost revenue by next hajj season or by resuming umrah earlier.”

COVID-19 outbreak: UK to quarantine travellers from Spain, says report

The UK government’s rules apply to travellers arriving in England. Scotland, Wales and Northern Ireland set their own quarantine rules. (Courtesy: AP/PTI photo)

Spain was one of the worst hit countries in Europe by the pandemic, with more than 290,000 cases, and more than 28,000 deaths. It imposed very strict lockdown measures to contain the spread, easing them earlier this summer.

Britain’s government is set to announce all travellers from Spain arriving after midnight (2300 GMT) on Saturday will need to spend two weeks in quarantine in case they are infected with coronavirus, the Sunday Times newspaper reported.

If true, the reported announcement would deal a major blow to Spain, which is trying to recoup its tourism season after the sector took a battering from coronavirus lockdown and travel restrictions earlier in the year.

Qatar Airways to resume Guangzhou passenger flights from 26 July

The much-anticipated resumption of Guangzhou passenger flights will further enhance the airline’s commitment to the Chinese market by providing passengers access between Doha, China and beyond via the airline’s award-winning hub, Hamad International Airport (HIA), which was recently voted ‘Best Airport in the Middle East’ for the sixth year in a row by the SKYTRAX World Airport Awards 2020.

 

Qatar Airways Group Chief Executive, His Excellency Mr. Akbar Al Baker said: “The resumption of Guangzhou passenger services is one of the significant steps taken by Qatar Airways to demonstrate our confidence in the gradual recovery of the regional travel market and global connectivity. Since the COVID-19 crisis started, we have challenged ourselves to be at the forefront and combat the effects of this global pandemic, by volunteering our services to deliver worldwide medical supplies coordinated by Chinese Embassies and Consulates.

“In addition to scheduled freighter services, we have also operated a large number of charters and freight-only passenger aircraft to meet China’s surging demand for imports and exports. With the resumption of passenger flights, we will have 52 flights in total, comprising of passenger freighters, belly-hold cargo flights and freighters in and out of Mainland China each week, providing more than 2500 tonnes of weekly cargo capacity each way.”

“Qatar Airways been closely working with the local authorities to secure regulatory approval and ensure we are staying up to date with the latest in airport procedures and the most advanced safety and hygiene measures onboard. The return of Guangzhou in our international network will help to re-establish the connection between Doha and China that directly benefits our customers and trade partners. We continue to uphold our core mission of being the trusted airline that gets people home safely and look forward to further strengthening our schedule to China by increasing frequencies and destinations as operating environment permits.”

The airline’s share of the passenger and air cargo market has grown significantly over the past three months. Qatar Airways has remained in operation throughout the COVID-19 crisis, and has operated a significant schedule of over 17,000 flights, including over 300 special charters to more than two million people home globally. The airline has also been running a robust cargo operation globally, with up to 180 dedicated cargo flights daily, and has transported over 580,000 tonnes of cargo all around the world.

During the past months, Qatar Airways Cargo has also worked closely with governments and NGOs to transport over 250,000 tonnes of medical and aid supplies to impacted regions around the world on both scheduled and charter services. This equates to roughly 2,500 fully loaded Boeing 777 freighters.

Qatar Airways has further enhanced its onboard safety measures for passengers and cabin crew, including the use of Personal Protective Equipment (PPE) suits for cabin crew while onboard, as well as a modified service that reduces interactions between the passengers and the crew inflight. Cabin Crew have already been wearing PPE during flights, including gloves and facemasks. Recently, Qatar Airways has also introduced new Personal Protective Equipment (PPE) kits for passengers that include a facemask, disposable gloves and hand sanitiser. In addition, passengers will be provided a face shield visor, available in adult and children size, for their use in conjunction with facemask during flights.

The airline recently announced plans to gradually rebuild its network in line with the evolution of passenger demand and the expected relaxation of entry restrictions around the world. By the end of July, the airline plans to expand its network to over 70 destinations.

Robots, smart helmets deployed in coronavirus fight

Technology is now being utilised for the detection, diagnosis and treatment of COVID-19.

  • Robots used in hospitals to deliver food, medication, take patients’ temperatures
  • China police issued smart helmets with facial recognition technology and infrared camera
  • Engineers ‘working with scientists, doctors to develop more efficient methods for diagnosing coronavirus’

Nobel banquet cancelled for first time since 1956 due to coronavirus

The traditional Nobel banquet held in December each year has been cancelled due to the coronavirus pandemic, the Nobel Foundation announced on Tuesday.

This is the first time since 1956 that the lavish banquet has been cancelled, according to the foundation.

The event traditionally marks the end of the so-called Nobel Week, when the year’s prize-winners are invited to Swedish capital Stockholm for talks and the award ceremony.

“The Nobel Week will not be as it usually is due to the current pandemic. This is a very special year when everyone needs to make sacrifices and adapt to completely new circumstances,” Lars Heikensten, director of the Nobel Foundation, said in a statement.

Heikensten added that the laureates and their work would be highlighted in “different ways”, hinting that prize winners would receive their awards in their home countries or at embassies.

Traditionally, the prize-winners join the Swedish royal family and some 1,300 guests for the banquet at Stockholm’s City Hall after the award ceremony — held on December 10, the anniversary of the death of the prizes´ founder Alfred Nobel.

The winners, except Peace Prize laureates who are honoured in Oslo, also usually give speeches during the dinner.

Many of the events would be held under new arrangements because of the uncertainty around large gatherings and international travel, the foundation said.

The announcement of the prizes (Medicine, Physics, Chemistry, Literature, Peace and Economics) would still be held scheduled between 5 and 12 October, the Foundation said.

The Nobel Banquet was last cancelled in 1956 to avoid inviting the Soviet ambassador because of the repression of the Hungarian Revolution, Rebecka Oxelstrom, Head of Press at Nobel Foundation, told AFP.

“An unofficial dinner was nevertheless organised, without the ambassador, in another room,” she said.

The banquet was also cancelled during the two world wars and in 1907 and 1924.

While no prizes were awarded during World War II, they were during World War I — although the ceremonies were postponed, Nobel expert Gustav Kallstrand told AFP.

“A cermony and dinner, without royals, was held in the summer of 1920 when they handed out the awards for previous years,” Kallstrand said.

England level series 1-1 by routing West Indies in second Test match

MANCHESTER: England beat West Indies by 113 runs after Ben Stokes produced a masterclass innings in the second Test at Old Trafford on Monday.

West Indies, set a nominal 312 to win, were bowled out for 198 on the fifth and final day as England levelled the three-match series at 1-1.

All-rounder Stokes made 176 in England’s first-innings 469-9 declared and a dashing 78 not out on Monday that set up another declaration by home captain Joe Root.

Stokes capped a dominant individual display as he also took two key wickets Monday after Stuart Broad´s early treble helped reduce the West Indies to 37-4.

Shamarh Brooks (62) and Jermaine Blackwood (55) kept England at bay during a fifth-wicket stand of exactly 100.

But Stokes, yet again proved a partnership breaker when his short ball had Blackwood, who made a match-clinching 95 in West Indies’ four-wicket win in the first Test at Southampton, gloving to diving wicketkeeper Jos Buttler on the stroke of tea.

From then on, it always looked likely England would finish the job, despite having no spectators to roar them on in this behind-closed-doors campaign.

“It was a brilliant week’s cricket from the outset,” Root told Sky Sports. “Going on and making a 400-plus score for the third time in four games, we’re making real progress.”

‘Stokes getting better and better’

As for Stokes’s man-of-the-match effort, Root said it “doesn’t surprise me”.

“He seems to want to keep getting better and better and we´re seeing those results out on the field.”

Stokes played down his contribution, telling the BBC: “Everyone has put their hands up and contributed to a great win.”

England’s plans for this match were thrown into disarray when fast bowler Jofra Archer had to be omitted for breaching the bio-secure rules governing a series that marks international cricket’s return from the coronavirus lockdown.

But such was England’s dominance they still won despite the whole of Saturday’s third day being washed out.

Recalled paceman Broad, angry at being rested from the series opener, struck just five balls into the West Indies second innings Monday when he had John Campbell caught behind.

Broad finished with 3-42 having rocked the West Indies in their first innings with a burst of three wickets in 14 balls.

“I’m a little disappointed with the way we batted,” said West Indies captain Jason Holder.

Chris Woakes then had West Indies dangerman Kraigg Brathwaite lbw and Broad clipped the top of Shai Hope’s off stump.

Brooks’ fine innings ended when he was plumb lbw to left-arm quick Sam Curran.

There was a worrying moment for England when Stokes could not complete his 15th over but afterwards he said: “There´s absolutely nothing to worry about.”

England spinner Dom Bess got in on the act at the finish.

Two balls after Holder drove him for six, Bess bowled the all-rounder between bat and pad with a classic off-break.

Bess ended the match when Kemar Roach was brilliantly caught by Ollie Pope at short leg.

Earlier, Stokes, promoted to open in a quest for quick runs, took England to 129-3 declared in their second innings.

Having batted cautiously before upping the tempo in his first-innings century, Stokes produced another brilliantly judged batting display as England scored 92 runs in 11 overs on Monday.

Stokes should have been out for 29 when he slogged Shannon Gabriel to deep extra cover only for Campbell to drop a routine catch.

Stokes, England’s captain in Root’s absence for the first Test, went to fifty with a six off Gabriel that cleared the towering Holder at long-off.

The series finale, also at Old Trafford, starts on Friday, with Holder insisting: “It’s all to play for.

Voices of mask-wearers and opponents around the world

The wearing of face masks is causing a cacophony of human argument around the world. Here, a selection of voices from the global debate:

“To the best of my knowledge, the face mask has spread faster and wider than any other item in the history of dress.” — Valerie Steele, chief museum curator at the Fashion Institute of Technology in New York.

“My own grandmother died from the new coronavirus, and some members of my family also caught it but they survived. I try to wear a face mask so that at least I won’t catch it and also to avoid causing trouble for others.” — Reyhane Rajaei, a tattoo artist in Tehran.

“In the beginning, there was a fear of coronavirus and people were scared and they used to maintain a distance from others. Now people have started taking it easy. They don’t wear masks and they say death has to come one day, and when it comes, they will go to God, but they will not live any longer like this.” — Wasim Abbas, a Pakistan villager, explaining mask-fatigue.

“Young men and women might not be affected much by the virus. But they should think about their parents and older people, the people who are always part of their lives.” — Rawad Sarhan, a mask-wearer in Beirut, Lebanon.

“Basically, I don’t think you have to tell someone to wear a protective mask, with the pandemic and the whole thing going on right now … It is, you know, very important to wear a mask.” — Funmilayo Nwosu, a shopper in Lagos, Nigeria.

“You want to treat people like you’d want them to treat you. So you’ve got to wear one.” — Moscow resident Vladimir Ignatyev.

“I am not going to put it on since no one else is wearing it … There is no coronavirus, brother. They’re just deceiving people.” — Lebanese civil servant Mohammed al-Burji.

“For me to wear a mask is to deprive myself of oxygen. … Actually, you are just killing yourself.” — Kemokoenawamathole Mathole, a mask opponent in Johannesburg, South Africa.

“People often don’t wear their mask properly — it’s the wrong way round or they wear it like this (pulls mask under his chin). That’s great but the mask isn’t for your chin. People need to be more mindful but it’s coming progressively and it’s a positive thing.” — Eytan Azria, an engineer in Paris.

“It’s a sacrifice we have to make for the good of the community. Of course we have our personal freedom to do what we want, but we live within a society and, in this case, you have to think about society, not only yourself.” — Marcela De La Cerda, a Brazilian student.

“Is there no end to this virus hysteria?” — Australian mask opponent and commentator Andrew Bolt.

“If they want to die, so be it.” — Michelangelo Privitera, a pro-mask retiree from Italy who lives in Rio de Janeiro.

“The global tide has surely changed. Well over 95% of the population now lives in countries that require or recommend masks … There has, perhaps, never been such a rapid and dramatic change in global human behavior.” — Jeremy Howard, co-founder of #Masks4All, a pro-mask lobbying group.

 

Here are five things about Turkey’s Hagia Sophia

ISTANBUL: Turkish President Recep Tayyip Erdogan will be among the hundreds of people on Friday who will participate in the first prayers at Hagia Sophia since the country’s top court revoked the Istanbul landmark’s museum status.

Here are five things to know about the Hagia Sophia:

What is the Hagia Sophia?

The edifice was first built as an Orthodox Christian cathedral between 532 and 537 AD under emperor Justinian I and is considered the most important Byzantine structure.

After the Ottoman conquest of Constantinople (now Istanbul) in 1453, it was converted into a mosque before being opened as a museum in 1935 after the secular modern Turkish republic was established in 1923.

It was added to the list of UNESCO world heritage sites in 1985.

Until now it has been the principal tourist attraction in Turkey, hosting millions of visitors every year — 3.8 million in 2019.

What is its official status?

Following the July 10 decision, it reverts from being a museum to a mosque.

The Council of State, Turkey’s highest administrative court, unanimously cancelled a 1934 cabinet decision and said Hagia Sophia was registered as a mosque in its property deeds.

There has been more religious activity inside the museum in recent years — Erdogan recited the first verse of the Quran there in 2018.

As early as 1994 when he was running for mayor of Istanbul, Erdogan had promised to open the building to Muslim worshippers.

The main opposition party has accused the government of using the issue to distract voters from economic woes and other issues during the coronavirus pandemic.

What about Byzantine heritage?

Experts were concerned after the ruling for the future of the Byzantine mosaics depicting Christian figures, but the government has sought to offer reassurances that they will be protected.

Turkey’s religious affairs agency said the mosaics would be hidden during prayers with curtains since Islam prohibits any figurative representation.

Outside of worship hours, they will be visible to visitors.

What will change for visitors?

Turkish officials insist tourists will still be able to visit the Hagia Sophia, just as they are able to see the Blue Mosque nearby.

Erdogan said the building would remain open to all, including non-Muslims.

Tourists will now even be able to visit the building for free, compared to previously when they had to pay for entry to the museum.

What is the international community’s position?

The landmark ruling has already inflamed tensions not just with the West and Turkey’s historic foe Greece, but also Russia, with which Erdogan has forged an increasingly close partnership in recent years.

Turkey-Greece relations are already strained over migration and drilling in the eastern Mediterranean.

Greece branded the move an “open provocation to the civilised world”, while the Russian Orthodox Church said Turkey had ignored “millions of Christians” with its move.

The United States had also urged against altering its status. Pope Francis said he was “very distressed” over the change.

The UN’s cultural agency UNESCO said it deeply regretted Turkey’s decision, which was “taken without prior dialogue”.

KP govt still clueless about Peshawar BRT project’s inauguration

The Khyber Pakhtunkhwa government is yet to announce the exact date for the inauguration of its flagship Bus Rapid Transit (BRT) project despite two-and-a half years of its launch, reported The News.

According to the publication, the government at the BRT’s launch in October 2017 had set the deadline for the project’s completion in July 2018 despite the PC-1 report suggesting that it would be completed by April 2021.

After the first deadline was missed, the government had set three more in 2018 and 2019, with former minister Shaukat Yousafzai also claiming that the BRT would become operational by April of the ongoing year.

Special Assistant to Chief Minister on Information and Local Government Kamran Bangash did not respond to The News about questions regarding the project.

Meanwhile, Peshawar Development Authority Director General Syed Zafar Ali Shah told The News that he could not share the exact launch date of the project as its operational issues do not fall under the PDA’s jurisdiction.

When asked about the protest camp organised by people who claimed to be performing security duties for the project, Shah said he did know about the issue and had asked the contractor for details of the problem.

According to The News, protesting workers have said that their contracts were terminated and their employees were not paying salaries for the past five months. They have also alleged that contractors had hired their replacements for twice the salary.

Shah also said that the cost of the project was below Rs66 billion with an additional Rs35 billion expected to be spent on finishing and establishing two depots, one in Hayatabad and another in Dabgari. He added that most of the expenses would be off the corridor and cannot be considered as the project’s cost.

The Peshawar High Court (PHC) in December 2017 had ruled that the BRT was in accordance with the law. However, in a detailed judgement, it ordered the National Accountability Bureau (NAB) to probe the project.

The provincial government and the PDA filed a civil petition for leave to appeal in the apex court, requesting to set aside the court order. A bench of the apex court headed by then Chief Justice of Pakistan Mian Saqib Nisar suspended the high court order.

Another high court bench had directed the FIA in November 2019 to probe the project. However, the Supreme Court stopped the Federal Investigation Agency from probing alleged irregularities in the project.