SEOUL // South Korea reported its 16th death in an expanding Mers outbreak on Monday, as President Park Geun-hye called for efforts to shore up the economy against what she called “excessive” public alarm.
Seoul also declared five new patients – bringing the total number of cases including the deaths to 150 – as fears grew over the impact of the outbreak on Asia’s fourth-largest economy.
More than 2,000 schools, which had been closed nationwide, reopened on Monday as the outbreak showed signs of slowing, the education ministry said, adding 329 schools and 126 kindergartens were still shut.
Ms Park, whose popularity has plunged due to the crisis, urged efforts to minimise the damage to the economy, saying consumer spending had dipped and the number of foreign tourists had plunged.
“I am afraid the unexpected outbreak of Mers will quash the momentum of economic recovery,” she said.
“It is important to prevent the spread of excessive public anxiety and allow normal economic activities to resume quickly.”
More than 100,000 foreigners have cancelled trips to South Korea since the beginning of June, vice tourism minister Kim Chong said, adding foreign currency earnings would dwindle by $2.3 billion (Dh8.45bn) if tourism numbers plunge by 50 per cent.
“Our tourism industry is faced with a very dire situation,” he said, promising financial aid worth $64 million to help tourism-related businesses.
About 14.2 million foreigners, or about 1.18 million people a month on average, visited the country last year.
A 58-year-old man who had been suffering from diabetes was the latest victim ofMers.
The country now has the largest outbreak outside Saudi Arabia and it is spreading unusually rapidly.
The five new patients were infected in hospitals in cities including Seoul and Daejeon, 140 kilometres south of the capital.
The Samsung Medical Centre in Seoul is the epicentre of the outbreak and more than 70 patients, visitors and medical staff there have contracted the virus.
The health ministry said 17 patients remained in an unstable condition.
The outbreak started on May 20 when a 68-year-old man was diagnosed after returning from a trip to Saudi Arabia.
Since then more than 5,200 people have been placed in quarantine.
Ms Park’s administration has suffered a storm of criticism for what critics describe as a slow and inadequate response to the crisis.
A survey by polling agency Realmeter showed Monday that Park’s job approval ratings had plummeted by 10 percentage points over the past two weeks to 34.6 per cent.
Local businesses have reported a sharp drop in sales as people shunned crowded venues.
Sales at department stores in the first week of June fell 25 per cent from a month earlier, while the number of moviegoers dropped 55 per cent, according to government data.
However experts from the World Health Organisation said on Saturday they had found no evidence to indicate transmission of the virus in communities outside hospitals.
In Saudi Arabia more than 950 people have been infected and 412 died from the disease.
The South Korean outbreak has triggered concern elsewhere in Asia. Hong Kong last week advised its residents against non-essential travel to South Korea.
North Korea has urged the South to ban trips to the Kaesong joint industrial zone in the North by southerners who had visited Mers-affected venues, Seoul’s unification ministry said on Monday.
* Agence France-Presse
Company%20Profile
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Zidane's managerial achievements
La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017
All or Nothing
Amazon Prime
Four stars
Company%20Profile
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Read more from Johann Chacko
The%20Specs
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
SPECS
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The%20specs
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The%20specs
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