The brother of a survivor Gokhan Ugurlu, 35, who was pulled out of the rubble in Hatay, Turkey, reacts as a rescuer looks on. Reuters
A woman walks past flattened buildings in a street in Hatay province, Turkey. Reuters
A member of the army stands amid rubble in Kahramanmaras, Turkey. Reuters
A man reacts while sitting outside a tent of a temporary accommodation centre set up on a football pitch in Gaziantep, Turkey. Reuters
Earthquake survivors walk on a street in Hatay, Turkey. Reuters
A White Helmets volunteer holds a rescued cat in the rebel-held town of Jandaris, Syria. Reuters
A Syrian boy, who lost his family in the deadly earthquake, stands amid the rubble of his family home in Jindayris. AFP
Rescuers sit by a bonfire in Hatay, Turkey. AFP
A Turkish soldier walks among destroyed buildings in Hatay. AFP
Relatives of Palestinian doctor Yusuf Darabeh, who died when the earthquake hit Turkey, comfort each other. AP Photo
People stand by a collapsed building in Kahramanmaras, southern Turkey. AP Photo
A child, injured in the earthquake, is treated at hospital in Bab Al Hawah, Syria. AP Photo
Vehicles containing aid from Hashid Shaabi (Popular Mobilization Forces) on the Iraqi side of the Iraq-Syria border. Reuters
Rescuers carry Muhammed Alkanaas, 12, to an ambulance after five days under the rubble in Antakya, Turkey. AP
Romanian firefighters load a Turkey-bound train with emergency aid near Bucharest. AP
Collapsed buildings in Jandaris, Syria. Reuters
Abdulkerim Nano, 67, is rescued after five days under the rubble in in Kahramanmaras, Turkey
A Turkish rescue worker checks a collapsed building in Adiyaman. AP
Rescuers in Adiyaman, Turkey. AP
A resident in front of his collapsed building in the Elbistan district of Kahramanmaras. AFP
Syrian refugees shelter in a public market in the Islahiye district of Gaziantep, Turkey. AP
A family wait for the bodies of their relatives to be recovered in Antakya, Turkey. AP
A woman plays with a sniffer dog in Antakya, Turkey. AP
Collapsed buildings in Antakya, Turkey. AP
A Syrian woman takes care of her nephew Hasan Goayid, eight, in Islahiye district, Gaziantep. AP
A Syrian child in a tent in the Islahiye district. AP
Collapsed buildings in the Elbistan district of Kahramanmaras. AFP
Emirati rescuers sift through the rubble of a collapsed building in the regime-controlled town of Jableh, northwest of the Syrian capital. AFP
Volunteers at the Emirates Red Crescent 'Bridges of Goodness' campaign at the South Hall, Dubai Exhibition Centre at Expo City. Leslie Pableo for The National
Martin Griffiths, UN Under Secretary General for Humanitarian Affairs and Emergency Relief Co-ordinator, in Maras, Turkey. Reuters
Rescuers give water to a dog after a rescue operation in Hatay, southern Turkey. AP
A deadly earthquake struck southern Turkey and northern Syria on February 6. EPA
Fissures from the earthquake have crumpled the highway near Islahiyeh in Southern Turkey. Matt Kynaston / The National
A Kurdish charity's aid convoy enters Syria through the Bab Al Salama crossing with Turkey, in the northern province of Aleppo. AFP
A rescuer with a sniffer dog searches in a destroyed building in Antakya, southern Turkey. AFP
A makeshift camp erected in a stadium in the city of Kahramanmaras, southern Turkey. EPA
A woman mourns Turkish Cypriot victims of the earthquake, during a funeral procession in the Turkish occupied area in north-east coastal city of Famagusta, Cyprus. AP
Rescuers carry survivor Rabia Ofkeli, 27, from the rubble in Hatay, southern Turkey. Reuters
Syrian President Bashar Al Assad visits Aleppo university hospital. Reuters
Members of the Swiss rescue team with a four-month-old girl, Abir, who was pulled out from the rubble in Antakya. AFP
Survivors at a hospital in Kahramanmaras, Turkey. Reuters
Members of the White Helmets during the fifth day of rescue operations in Jandaris, Syria. Reuters
Indonesian Muslims perform a prayer for the victims at Istiqlal grand mosque in Jakarta. EPA
Emergency personnel conduct a rescue operation to save Melda, 16, from beneath the rubble of a collapsed building in Hatay, southern Turkey. AFP
The earthquake caused a railbed overpass to collapse in Nurdagi, Turkey. AFP
A framed picture on the cracked wall of a collapsed building in Kahramanmaras, south-eastern Turkey. EPA
A coastal area of Iskenderun, Turkey, was flooded after the quake. Reuters
A sheet of paper lies among the rubble in Elbistan. AP
Relief supplies destined for earthquake survivors in Turkey, at a warehouse in Schoenefeld, near Berlin, Germany. AP
Rescuers search for survivors in the rubble of collapsed buildings in Kahramanmaras, three days after the earthquake struck. AFP
Rescuers with a child pulled out from under the rubble. Reuters
Rescuers rest on top of rubble as an aircraft drops water over a fire at the port in the quake-stricken town of Iskenderun. Reuters
A rescue worker in Kahramanmaras, three days after a 7.8-magnitude earthquake struck south-east Turkey. AFP
People try to pull out a dog trapped beneath the rubble in Iskenderun, Turkey. Reuters
Lorries carrying humanitarian aid wait at Bab Al Hawa crossing on the Turkey-Syria border. Reuters
Syrians warm up by a fire outside a makeshift tent near the rebel-held town of Jindayris in Syria. AFP
A dam on the Orontes river in Syria's rebel-held Idlib province collapsed after the quake, flooding the neighbourhood. AFP
The sails of the Sydney Opera House lit with a black ribbon in remembrance and mourning of the earthquake victims. Getty
Smoke billows amid an expanse of collapsed and damaged buildings in Kahramanmaras, Turkey. Reuters
Dogs of the German International Search and Rescue team rest between operations in Kirikhan, Turkey. Reuters
White Helmets volunteers rescue a child trapped beneath the rubble in Jandaris, Syria. Reuters
People gather to collect food and humanitarian aid in the Elbistan district of Kahramanmaras, south-east Turkey. EPA
The statue of Mustafa Kemal Ataturk, founder of modern Turkey, is surrounded by damaged buildings in Adiyaman province. AP
A plane carrying humanitarian air sent for earthquake survivors lands in Damascus. Mahmoud Rida / The National
Motorway fractured by earthquake causes car crash near Kahramanmaras, Turkey. Matt Kynaston / The National
A tent camp has been set up at a stadium in south-eastern Turkish city of Kahramanmaras to shelter families whose homes were destroyed in the quake. AFP
A displaced Syrian woman rests under a tree in a field on the outskirts of the rebel-held town of Jindayris. AFP
Raghida Dergham is the founder and executive chairwoman of the Beirut Institute, and a columnist for The National
February 12, 2023
Last week’s earthquake that has devastated parts of Syria and Turkey will have domestic, regional and international implications, as it leaves a cataclysmic humanitarian and economic disaster in its wake. What will its impact be on the political future of Syrian President Bashar Al Assad, and that of Turkish President Recep Tayyip Erdogan? How will it affect the interests of the global and regional powers in Syria? There is plenty to consider.
Let’s first focus on Syria, where the Assad regime is unlikely to be rehabilitated politically as a possible outcome of international and Arab solidarity with the country.
The Europeans will not rush to normalise relations with the Syrian government and the US is likely to block any attempts to bypass sanctions on Damascus. Russia is preoccupied with its conflict with Ukraine and Nato, but given its ties to the regime, it will provide assistance to the extent that it can. Moscow will also aim to balance its interests carefully, given its relations with both Turkey and Iran – two countries with competing interests inside war-torn Syria – particularly as the earthquake has affected large parts of the rebel-held areas in the country’s north-west.
Aleppo, in particular, is suffering from an open wound. This ancient city was already devastated before the earthquake hit, suffering from years of bombardment. It is also situated near the border with Turkey, and Ankara will not take kindly to Iran’s message to Syrians after the earthquake that “we are here, and we are in control”. Aleppo, therefore, could be the seed of a Turkish-Iranian standoff that will only harm the city and its surroundings, and the people who live there.
Turkey and Syria might be compelled to improve their relations because of the disaster. However, the recent push for rapprochement between the leaders of the two countries could now slow down, not only because of their preoccupation with the catastrophe, but also due to the Tehran-Ankara competition during this extremely sensitive time.
Syrian President Bashar Al Assad visits neighbourhoods affected by the earthquake in Aleppo this week. AFP
The earthquake could alter the electoral calculus in Turkey
Iran will be forced to factor in the impact of the earthquake on its regional projects, and may now relent. Indeed, the disaster’s regional and geopolitical fallout will force a number of actors to return to the policy drawing board. Syria remains a key part of the Iranian regime’s strategic ambitions, and Tehran is determined to prevent anything that could undermine its control over it.
The US is unlikely to lift sanctions on Damascus on humanitarian grounds, although it has announced easing of restrictions to allow new relief efforts. The US will probably look into mechanisms that complement the work of international relief organisations, including UN agencies, but will not agree to dealing with the regime to deliver aid to the affected regions, whether under government or rebel control.
American politicians are determined to avoid providing any legitimacy to the Assad regime. Their particular focus will be to ensure that Washington does not issue waivers for the Caesar Act, the law enacted by the US Congress targeting individuals and companies providing financing or assistance to the regime as well as the Iranian and Russian entities backing it.
Republicans in Congress are working on a plan to keep aid and relief for Syria away from the regime’s hands, and to bypass a Russian veto in the UN Security Council on opening aid corridors to rebel-held areas. Some Republican legislators believe the UN and other international mechanisms are inadequate, therefore requiring new ones to co-ordinate between US forces in Syria and the Turkish army and to bypass the Syrian government and deliver aid to the affected areas. A sustainable plan is being sought to launch an aid effort immediately without waiting for the approval of the Assad government. Congress is also working to pass additional laws to prevent the regime – and its backers in Iran and Hezbollah – from benefitting from the disaster.
Turkey, meanwhile, is in dire economic straits. With cities and towns devastated, reconstruction will require billions of dollars. This is beyond the millions already being sent as immediate aid. But it comes as the West remains focused on the Ukraine war and the Turkish government’s supposed intransigence on the issue of Finland and Sweden joining Nato.
Turkish President Recep Tayyip Erdogan visits a camp in the aftermath of the earthquake in Adiyaman, Turkey, this week. EPA
In 2022, Ankara opposed Sweden and Finland’s bid to join the alliance, on the grounds that they “host terrorist organisations which act against Turkey”. It also has continued economic ties with Russia. The question now is whether it will consider lifting its veto as it seeks financial assistance from the US and Europe.
The earthquake could paralyse several of Ankara’s projects, from Central Asia and the Caucasus to North Africa. It is likely to impose changes on Mr Erdogan’s ambitious foreign policy agenda and curtail his repeated calls to establish a buffer zone inside Syrian territory.
Where this leaves Moscow’s own ambitions is open to question, too, with the fate of the Russian economy tied, to some extent, to Ankara’s policies towards it.
Finally, the earthquake could alter the electoral calculus in Turkey for a number of reasons, including the fact that Mr Erdogan has until now leveraged foreign policy to try to convince voters of his ambitious programme for the country. If he is forced to focus on the home front, as would understandably be the case, he could lose one of his electoral trump cards in his campaign to secure re-election in May.
Put differently, the earthquake could benefit the opposition in Turkey. A shift in focus from foreign policy to domestic issues presents it with a chance to put together a stronger coalition. The state of emergency imposed in the aftermath of the earthquake might provide electoral fodder to the governing AKP as well as the opposition, as it is a double-edged sword.
It is, of course, still too early to assess all the dimensions of the disaster that has killed close to 30,000 people. For now, the world is watching the tragedy unfold. But even as its attention eventually, and inevitably, shifts to other global crises – both current and impending – the suffering of the survivors in Syria and Turkey will last a long while yet.
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
US tops drug cost charts
The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.
Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.
In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.
Some of the costliest drugs worldwide include Lipitor for high cholesterol.
The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.
High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.
On the menu
First course
▶ Emirati sea bass tartare Yuzu and labneh mayo, avocado, green herbs, fermented tomato water
▶ The Tale of the Oyster Oyster tartare, Bahraini gum berry pickle
Second course
▶ Local mackerel Sourdough crouton, baharat oil, red radish, zaatar mayo
▶ One Flew Over the Cuckoo’s Nest Quail, smoked freekeh, cinnamon cocoa
Third course
▶ Bahraini bouillabaisse Venus clams, local prawns, fishfarm seabream, farro
▶ Lumi Black lemon ice cream, pistachio, pomegranate
▶ Black chocolate bar Dark chocolate, dates, caramel, camel milk ice cream
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
'Saand Ki Aankh'
Produced by: Reliance Entertainment with Chalk and Cheese Films
Director: Tushar Hiranandani
Cast: Taapsee Pannu, Bhumi Pednekar, Prakash Jha, Vineet Singh
Rating: 3.5/5 stars
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Dust and sand storms compared
Sand storm
Particle size: Larger, heavier sand grains
Visibility: Often dramatic with thick "walls" of sand
Duration: Short-lived, typically localised
Travel distance: Limited
Source: Open desert areas with strong winds
Dust storm
Particle size: Much finer, lightweight particles
Visibility: Hazy skies but less intense
Duration: Can linger for days
Travel distance: Long-range, up to thousands of kilometres
Source: Can be carried from distant regions
Playing records of the top 10 in 2017
How many games the top 10 have undertaken in the 2017 ATP season
1. Rafael Nadal 58 (49-9)
2. Andy Murray 35 (25-10)
3. Roger Federer 38 (35-3)
4. Stan Wawrinka 37 (26-11)
5. Novak Djokovic 40 (32-8)
6. Alexander Zverev 60 (46-14)
7. Marin Cilic 43 (29-14)
8. Dominic Thiem 60 (41-19)
9. Grigor Dimitrov 48 (34-14)
10. Kei Nishikori 43 (30-13)
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
THE DRAFT
The final phase of player recruitment for the T10 League has taken place, with UAE and Indian players being drafted to each of the eight teams.
Bengal Tigers
UAE players: Chirag Suri, Mohammed Usman
Indian: Zaheer Khan
Karachians
UAE players: Ahmed Raza, Ghulam Shabber
Indian: Pravin Tambe
Kerala Kings
UAE players: Mohammed Naveed, Abdul Shakoor
Indian: RS Sodhi
Maratha Arabians
UAE players: Zahoor Khan, Amir Hayat
Indian: S Badrinath
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany - At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people - Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed - Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest - He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
WHAT FANS WILL LOVE ABOUT RUSSIA
FANS WILL LOVE
Uber is ridiculously cheap and, as Diego Saez discovered, mush safer. A 45-minute taxi from Pulova airport to Saint Petersburg’s Nevsky Prospect can cost as little as 500 roubles (Dh30).
FANS WILL LOATHE
Uber policy in Russia is that they can start the fare as soon as they arrive at the pick-up point — and oftentimes they start it even before arriving, or worse never arrive yet charge you anyway.
FANS WILL LOVE
It’s amazing how active Russians are on social media and your accounts will surge should you post while in the country. Throw in a few Cyrillic hashtags and watch your account numbers rocket.
FANS WILL LOATHE
With cold soups, bland dumplings and dried fish, Russian cuisine is not to everybody’s tastebuds. Fortunately, there are plenty Georgian restaurants to choose from, which are both excellent and economical.
FANS WILL LOVE
The World Cup will take place during St Petersburg's White Nights Festival, which means perpetual daylight in a city that genuinely never sleeps. (Think toddlers walking the streets with their grandmothers at 4am.)
FANS WILL LOATHE
The walk from Krestovsky Ostrov metro station to Saint Petersburg Arena on a rainy day makes you wonder why some of the $1.7 billion was not spent on a weather-protected walkway.
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
