China said it had taken over the premises of the US consulate in the south-west city of Chengdu on Monday after ordering the closure of the facility in retaliation for being expelled from the Chinese consulate in Houston, Texas.
Police in Chengdu restricted access to the area around the consulate on Monday morning, and four officials in personal protective gear were seen walking towards the consulate at about 10:30am local time.
China's Ministry of Foreign Affairs said the consulate was closed as of 10am. It said later that authorities entered the building and took over the premises.
The United States confirmed the closure of the consulate in a farewell video shared from the US embassy in China's Twitter account.
"The US consulate in Chengdu has been proudly promoting the mutual understanding between Americans and the people in Sichuan, Chongqing, Guizhou, Yunnan and Tibet since 1985. We will forever miss you," it said.
Moving lorries and vehicles with diplomatic plates could be seen around the consulate on Sunday as staff hurried to move out. This gallery depicts how the evacuation unfolded.
People stopped to take selfies and photos, jamming the pavement that was also busy with shoppers and families on a sunny day in Chengdu city.
Chengdu, the capital of Sichuan province, and Houston in Texas are in the limelight of international politics as China and the US exchange orders to close consulates in the two cities.
Uniformed and plainclothes officers kept watch on both sides of the barriers after scattered incidents on Friday.
They included a man setting off firecrackers and hecklers cursing foreign media shooting video and photos of the scene, the Associated Press reported.
A man who tried to unfurl a banner or sign on Sunday evening was quickly taken away.
Earlier, a bus left the consulate grounds and people who appeared to be embassy staff spoke with plainclothes police before retreating behind the property’s solid black gates. It was not clear who was on the bus.
The US has four other consulates in mainland China, in Shanghai, Guangzhou, Wuhan and Shenyang, as well as the embassy in Beijing.
The Trump administration ordered China's consulate in Houston, Texas to close within 72 hours last week.
It claimed Chinese agents had tried to steal data from centres including the Texas A&M medical system. China dismissed the accusation as "malicious slander".
The closures are among the biggest threats in years to the increasingly fraught relationship between the US and China.
Relations have worsened in recent months because of various factors, including trade and the early handling of the coronavirus pandemic.
Tensions have soared between the world's two biggest economic powers on a range of fronts including trade, China's handling of coronavirus and a tough new security law imposed on Hong Kong, with US officials warning of a "new tyranny" from China.
The last Chinese diplomats left the Houston consulate on Friday.
Beijing said on Saturday that US agents "forcibly" entered the Houston consulate, which it said was "China's national property".
Its statement warned that "China will make a proper and necessary response in this regard".
The nationalistic tabloid Global Times warned in an editorial Monday that if Washington was "determined to push China-US ties in the worst direction... the 21st century will be darker and even more explosive than the Cold War era".
It said the rising tensions could lead to "unprecedented catastrophe".
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
COMPANY%20PROFILE
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THE%20SPECS
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Brief scoreline:
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Al Nassr 3
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
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GIANT REVIEW
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THE BIG MATCH
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Company%20profile
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
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Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
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TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
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.”
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6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
