Last week the Swiss National Bank unexpectedly lifted the peg between the euro and the franc, causing carnage on the world’s forex markets and casualties in dealing rooms around the globe. The Swiss franc rose by nearly 30 per cent at one stage before settling back to a comparatively modest 15 per cent rise later – still seismic by forex market norms.
We know the alleged reason for the SNB’s move: the currency had been artificially held down by the bank’s interventions in the forex markets; and the vast amounts spent on euros to hold the franc down were distorting Swiss public finances and threatening hyper-inflation.
Poppycock, I say. The real reason for the move was to trap the poor souls heading off to the World Economic Forum annual meeting in Davos.
The timing was suspicious: just a few days before the first delegates were due to arrive, after they’d booked their air tickets and were therefore committed to the trip.
So all those masters of the universe would have to shell out an extra 15 per cent on the bare essentials during their stay – bubbly beverage, Michelin-starred dinners – and further enrich the wallets of the already wealthy burghers of Davos.
But they did not reckon with the electric financial brain of yours truly. In a master stroke, I paid my hotel bill in advance. And well before the shock rise in the franc.
So I got my stay in Davos at the old rate, earning a substantial saving that I hope my employers will see and appreciate when the inevitable time comes to claim my expenses.
But I doubt it, because the truth is that Davos is such an intrinsically expensive place at the time of the WEF annual meeting that even a 15 per cent saving is merely a nibble at the bill.
Davos is a perfect example of monopoly capitalism at work: the venue is built halfway up a mountain, with a necessarily limited accommodation stock, the affluent WEF-goers will pay whatever the hoteliers and landlords ask.
The other little trick they pull at this time of year is to force you to pay for a week’s accommodation, regardless of how long you’re staying at the WEF.
The annual meeting lasts three days, but the minimum chalet or apartment rental, or hotel stay, is one week. Isn’t there something supremely exploitative about forcing you to pay for something you have no intention of using?
On the other hand, you have to admire the native Swiss profit instinct. They know what the WEF attendees are prepared to pay – a lot – and they are going for it.
Just by way of example, my humble little room in a three-star hotel looks perfectly adequate. It’s got bed, bathroom and Wi-Fi, the real essentials. You tend not to spend much time there anyway, with the congress hall the focus of most waking hours.
But is it really worth the same as a night in the five-star beach-side luxury of Jumeirah’s Al Qasr hotel in an Arabian Deluxe King room? It costs about the same per night, I was staggered to calculate.
After the shock rise in the franc there was much wailing by Swiss hoteliers who feared they would be forced out of business as tourists stayed away in protest at the high exchange rate. Maybe some, in other parts of the country, will face some hardship.
I doubt that will be the case in Davos. The normal laws of supply and demand don't seem to apply there.
fkane@thenational.ae
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COMPANY PROFILE
Name: Grubtech
Founders: Mohamed Al Fayed and Mohammed Hammedi
Launched: October 2019
Employees: 50
Financing stage: Seed round (raised $2 million)
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MATCH INFO
Arsenal 1 (Aubameyang 12’) Liverpool 1 (Minamino 73’)
Arsenal win 5-4 on penalties
Man of the Match: Ainsley Maitland-Niles (Arsenal)
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Result
UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
More from Armen Sarkissian
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Haemoglobin disorders explained
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
SPECS
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Most F1 world titles
7 — Michael Schumacher (1994, ’95, 2000, ’01 ’02, ’03, ’04)
7 — Lewis Hamilton (2008, ’14,’15, ’17, ’18, ’19, ’20)
5 — Juan Manuel Fangio (1951, ’54, ’55, ’56, ’57)
4 — Alain Prost (1985, ’86, ’89, ’93)
4 — Sebastian Vettel (2010, ’11, ’12, ’13)
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Abu Dhabi Desert Challenge – Rally schedule:
Saturday: Super Special Spectator Stage – Yas Marina Circuit – start 3.30pm.
Sunday: Yas Marina Circuit Stage 1 (276.01km)
Monday: Nissan Stage 2 (287.92km)
Tuesday: Al Ain Water Stage 3 (281.38km)
Wednesday: ADNOC Stage 4 (244.49km)
Thursday: Abu Dhabi Aviation Stage 5 (218.57km) Finish: Yas Marina Circuit – 4.30pm.
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
Vaccine Progress in the Middle East