COVID-19 casts a shadow on India Independence Day celebrations, while end of gold rally is baffling

GLOBAL PANDEMIC, LOCAL RESPONSE: Among the first countries to test over 50 per cent of its population for COVID-19, UAE is ranked fifth globally for tests per million people. This means it can analyse and check the disease spread more accurately than most other nations. The launch of the world's first Phase III trials of an inactivated vaccine against the coronavirus and the resumption of activities in all spheres of life, with the restoration of public confidence, is no coincidence. It’s yet another testimony to the UAE’s enviable ability to walk the talk and stand the test of time. [COMMENT BY: Sharmila Dhal, UAE Editor]

INDIA’S STARS MARK INDEPENDENCE DAY: Bollywood is in India’s very bones – so when the members of the film fraternity raise their fists in salute of the country’s flag, her citizens take notice. On her 74th Independence Day, movie stars including Farhan Akhtar and Bipasa Basu had warm messages of congratulations to share with India’s citizens. Some captioned their images with patriotic lines from movies while others posted the national flag. Either way, for the industry as for the country, it was a Happy Independence Day. [COMMENT BY: Jennifer Barretto, Assistant Editor - Features]

COVID-19 SPIKE BODES ILL FOR KUWAIT PLAN: Just as Kuwait gears up to start the fourth phase of a five-phase plan to return to normality on August 18, its Ministry of Interior has announced that infections are increasing in the country. This is because people are not adhering to social distancing measures and many businesses are not following governmental protocols. This situation is alarming and comes at a time when the Gulf state was making good progress in tackling the virus. Kuwait’s five-phase plan has been carried out well so far. But final success will depend on people taking individual responsibility and adhering to government guidelines. [COMMENT BY: Omar Shariff, International Editor]

BIG CHALLENGES, BIGGER DREAMS: As India celebrates its 74th Independence Day, the challenges for the nation couldn’t have been any more clearly defined. With the world still grappling with COVID-19 and India being one of the worst-affected, the task is cut out not just for the political establishment but for the people of the country as well. This, besides the pre-existing bottlenecks on the economic front. These are all pressing issues, but the nation of 1.35 billion also has the ability to turn every crisis into an opportunity and never shied away from dreaming big. The UAE, along with the rest of the global community, joins India in celebrating this momentous occasion today. [COMMENT BY: Sanjib Kumar Das, Assistant Editor]

It was the game all loyal fans feared, but deep down they knew it was coming. Lionel Messi is no longer the world-beater, dazzling the opposition silky skills. No more will Barcelona be feared on the global stage. Ninety minutes in Lisbon changed everything as Barcelona were thoroughly destroyed 8-2 by a Bayern Munich side who were a class apart in their Champions League quarter-final clash, signalling a changing of the guard at the top of European football, with Camp Nou reject Philippe Coutinho joining Thomas Mueller, Ivan Perisic, Serge Gnabry, Joshua Kimmich and Robert Lewandowski on the scoresheet. [COMMENT BY: Matthew Smith, Sports Editor]

IS THIS THE END OF THE GOLD RALLY? Abrupt end to the gold rally last week has baffled many investors who took refuge in the precious metal in these uncertain times. Bullion ended the week trading at more than $100 an ounce below last week's record. The drop in gold prices is largely attributed to climbing real yields and widespread profit-taking. Gold is still up 28 per cent this year and it may be too early to dismiss it from your portfolio as all those factors drove up its price such as geopolitical tensions, the COVID pandemic and the rising unemployment rates are very much around and the metal is likely to remain a beneficiary. [COMMENT BY: Babu Das Augustine, Business Editor]