Buck Whizz: The rise and fall of global currencies is a process which reflects new realities

The advantages accrued to the United States by its dollar being the world’s leading safe-haven asset are legion and ultimately help succour American power. Indeed, the US dollar’s status as the predominant reserve currency is known as the ‘exorbitant privilege’, enabling the country to borrow a lot of money relatively cheaply.

Though economists and historians may argue about how long this privileged position may last in a rapidly changing world, there is less dispute over the numerous benefits it brings to the US economy, businessaes and consumers. Enzio von Pfeil, a prominent financial commentor in Hong Kong, cites the US Treasury’s ability to issue as much debt as it wants as a key bonus, as well as the elimination of transaction costs. “All of America’s international transactions are done via her own US dollar, thus obviating any foreign exchange risk as well as foreign exchange conversion costs,” he says.

US government debt is also cheaper than that issued by non-reserve currencies. “Most reserves are held in US Treasury bills and bonds. Thus, strong global demand for USD Treasuries means that their yields are low,” explains von Pfeil, highlighting how the government can infinitely fund its federal debt at very low rates.

Financial gains

Other financial advantages derive from the depth of the dollar-dominated global payments system – all global US dollar transactions are easily processed via Swift (the interbank financial telecommunications network) – and the US dollar’s broad acceptance. American consumers also benefit from the willingness of countries to hold the US dollar as part of their reserves portfolio since this cushions their exchange rate.

As Professor Kent Matthews of Cardiff Business School in the United Kingdom outlines, short-term inflows and outflows are absorbed by the global currency markets without much change in the price of the dollar. “This means that the dollar exchange rate has a marginally higher value relative to other currencies. This is the dollar premium,” he says.

There are political advantages, too. “Owning the world’s predominant currency, the Americans can weaponise it by freezing another nation’s dollar assets, denying other nations any access to the dollar, or blocking their access to Swift,” notes von Pfeil.

Historical fluctuations

However, having a powerful global currency can also be a curse. “The yen and the pre-euro Deutschmark resisted attempts by the global market to make them larger internationalised currencies because upward pressure on their respective exchange rates would hurt their exporters,” explains Matthews of Japan and Germany’s export-led economies.

While any credible challenge to US dollar supremacy remains a subject of speculation, the same was once said of the British pound, which had prevailed for a century in the Pax Britannica period prior to the First World War (1914-1918). “Sterling lost its dominance because the immutability of its value was lost as it was weakened after the First World War. Its net foreign asset position declined dramatically after this war, and fell to zero after the Second World War,” says Matthews.

“It was losing in terms of trade dominance and capital dominance. At the same time there was a credible alternative,” he adds, referring to the eventual succession of the US dollar.

Dollar supremacy

Jean-Marie Mercadal, CEO of Hong Kong-headquartered Syncicap Asset Management, points out that the supreme strength of the dollar as the international currency of reference is justified in several respects – including that the US is the world’s largest economy with more than 25% of global GDP; US equities account for nearly 65% of international equity indices; it is the greatest military power; US soft power is strong, culturally and technologically; and the dollar is accepted everywhere.

This all-powerful position of American economic and political dominance is echoed in financial statistics cited by von Pfeil: “88% of foreign exchange trades involve US dollars; 80% of all foreign trade is conducted in US dollars, and about 60% of all foreign currency reserves consist of US dollars.”

At this stage, von Pfeil sees no real prospect of the dollar being usurped; the euro, the world’s second most important currency, commands just 20% of global total reserves. He also notes that any moves to create a Brics – the Brazil, Russia, India and China-founded international organisation – digital currency or gold-backed stablecoin are still in their embryonic stages, plus such initiatives could be derailed by internal competition between its member states.

Rise of the renminbi?

The renminbi, von Pfeil believes, is not ready to be a contender. “The yuan is a controlled currency, meaning that the RMB is neither freely convertible nor tradeable,” he says, also pointing to a dwindling share of renminbi global forex reserves since 2022. Furthermore, there is no legal framework for global renminbi transactions on the scale, or with the depth, of Swift.

According to Matthews, Beijing’s tight control of fund flows under its capital account is the standout hurdling block to the yuan becoming the dominant currency. He acknowledges that “the renminbi is a threat to the dominance of the dollar” but only in the long term in the event of further relaxation of flow restrictions.

Other financial experts are more bullish about the currency of the world’s second-largest economy, and highlight that the US dollar is beginning to face competition from the renminbi. In March last year, the latter overtook the dollar to become the ascendant currency in China’s own cross-border payments, according to China’s State Administration of Foreign Exchange. “China now exports more than 50% to other emerging countries that can be paid in renminbi that they get in return for their sales of raw materials,” says Mercadal. “Saudi Arabia, for example, sells oil to China and buys high value-added manufacturing goods in return, such as solar panels.”

He sees great significance in such transactions, noting that compared to 20 years ago China now has a wealth of high-quality manufactured products to trade, attracting countries that can pay with commodities or agricultural goods.

Risks and rewards

Despite this, the ability to settle trades in renminbi alone is unlikely to boost its use, according to Sam Kima, Senior Vice-President of bullion services provider First Gold. He points out that the volume of such trades depends on exporters’ willingness to accept the currency for payment, which in turn depends on their ability to use the yuan accrued.

“As the renminbi is not broadly used in international trade and finance, there are relatively few outlets to spend these proceeds. Cumulating the inflow would therefore incur substantial costs and raise currency risks,” he says. “The yuan may gain ground through bilateral agreements and economic growth, but the dollar’s established trust, transparency and stability give it a significant advantage.

“Furthermore, the US political system, despite its complexities, provides a stable and predictable environment for investors. The rule of law, property rights and institutional stability in the US create a favourable climate for the dollar to remain the preferred reserve currency.”

Money as a weapon

Perversely, any real threat to the US dollar could be as a result of its strength. Von Pfeil explains: “Weaponisation is the key threat to the popularity of the US dollar. If a country knows that its US dollar assets will be frozen (step in Russia), or that it will be denied access to US dollars, not to mention denied access to Swift, then why trade in US dollars?”

Escalating geopolitical events, shifting national interests and growing non-US trade, particularly with Asia, have spurred some emerging economies to consider diversifying their external relations. “Countries in the Middle East and North Africa are becoming acutely aware of the risks emanating from their dependence on the US dollar. Dollar dependence also limits their economic sovereignty by increasing their vulnerability to fluctuations in the US economy,” says Kima, who notes that higher international borrowing costs from hikes in US interest rates are another concern.

As many commentators indicate, any shift from one currency dominance to another can take several decades. “For now, there are no real competitors to the dollar,” affirms Mercadal. “The renminbi is not yet freely convertible, and the euro is a political construct that can be fragile.”

Artistry of a Carpenter: Pop star and actor Sabrina Carpenter is shaping her Hollywood world with a level head and skilled hands

Former teen star Sabrina Carpenter has blossomed into a multifaceted artist, captivating audiences with her talents in both music and acting. First gaining recognition on the Disney Channel series Girl Meets World (2014-2017), the now 25-year-old has since carved a unique space in the entertainment industry, transitioning from a young actress to a fully-fledged pop idol.

Sabrina Annlynn Carpenter was born on 11 May 1999 in Pennsylvania and raised in a creative environment, inspired by family, including her aunt Nancy Cartwright, the actor who voiced Bart Simpson. Homeschooled alongside her three elder sisters, she discovered her passion for music at a young age. By 10, she was posting covers of Christina Aguilera and Adele songs on YouTube, showcasing an impressive vocal range.

Her early efforts paid off when she came third in the US-wide singing contest, The Next Miley Cyrus Project, in 2009. This exposure, combined with her father’s support in building a recording studio, set the stage for her future success. In 2014, she signed with Hollywood Records, releasing her debut single, Can’t Blame a Girl for Trying, which marked the beginning of her musical journey.

Plan A

A decade later, an espresso served during one of her European trips spawned another hit song. Released this spring, Espresso is a catchy pop jam full of cheeky quotables, including a chorus built around the unlikely phrase, ‘That’s that me espresso’.” Carpenter has confessed to having the song stuck in her head and then “decided to put that burden on other people”.

“I’m just annoying. I’m literally just annoying,” she says of her climb to pop stardom. “I never had the plan B, and it wasn’t even a thought in my mind that it wouldn’t work out. I just always knew it was about not if it would happen but when it would happen.”

Carpenter’s music reflects a diverse range of styles, incorporating elements of folk-pop, R&B and dance-pop. Influenced by powerhouse vocalists like Christina Aguilera and Rihanna, she has embraced her identity as an artist, creating authentic and relatable anthems. Beyond her music she has made a name for herself in movies, headlining notable projects such as Adventures in Babysitting (2016), The Hate U Give (2018) and Clouds (2020). The Netflix comedies Tall Girl (2019) and Work It (2020) showcase her versatility and commitment to storytelling. Broadening her artistic repertoire, she also took her talents to Broadway, starring in the musical Mean Girls (2020).

Adventures in Chart-topping

Carpenter’s early discography includes four studio albums: Eyes Wide Open (2015), Evolution (2016), Singular: Act I (2018) and the following year, Singular: Act II. Hits like Alien, Almost Love and Sue Me saw her topping the US Dance Club Songs chart, establishing her presence in the pop landscape. In 2021, she made a bold move to Island Records and released Skin, her first entry on the Billboard Hot 100.

Her fifth album, Emails I Can’t Send (2022), received critical acclaim, with singles Nonsense and Feather climbing the US Pop Airplay charts. The latest venture, this year’s Short n’ Sweet, debuted at the top of the Billboard 200 in September, marking a significant milestone in her career. Featuring the chart-topping Espresso as well as Please Please Please, it further solidifies her status as a pop sensation.

“Obviously, I write songs about exactly how I feel, so I guess I can’t be so surprised that people are interested in who and what those songs are about. That’s something that comes with the territory,” she says.

On Stage for Society

Carpenter is not only a talented performer but also a passionate advocate for various causes. Since 2016, she has supported the Ryan Seacrest Foundation to inspire today’s youth and participated in initiatives promoting mental health and LGBTQ+ rights. Her partnership with the nonprofit PLUS1 during her Short n’ Sweet Tour aims to uplift marginalised communities, emphasising her commitment to social change.

In a recent collaboration with US ice-cream parlour chain Van Leeuwen, Carpenter introduced an espresso flavour, with profits benefiting the New York-based Ali Forney Center, which supports homeless LGBTQ+ youth. Her dedication to philanthropy highlights her desire to make a positive impact through her platform.

Dividing her time between New York and Los Angeles, she likes sketching and visits Disney World with her Irish actor beau, Barry Keoghan. She’s not a club girl but enjoys eating at a beautiful restaurant. “As much as people want to believe you’re tuned into every little thing, I’m not because I’m constantly working,” she notes.

Before her concert tour, which kicked off in September in the US and ends next March in Italy, she did get a little downtime. She arrived at the Met Gala wearing a gorgeous bespoke Oscar de la Renta bustier gown, and made her debut on Saturday Night Live, performing Espresso and a Nonsense/Feather mashup, as well as playing Daphne in a Scooby-Doo-themed segment.

Meeting the World Head On

Whether she’s on stage, in front of the camera or championing important causes, Carpenter embodies the spirit of a modern-day icon. Her journey is just beginning and she’s feeling more ambitious and determined than ever.

“I feel really grateful that this has happened over the course of a lot of time of me figuring it out because it doesn’t feel like it was sprung up on me,” she says. “It’s almost like I can just relax and be excited about it. I say Sabrina wasn’t built in a day.”

From her Disney roots to her current status as a pop phenomenon, Sabrina Carpenter is a testament to the power of perseverance and creativity, lighting the way for aspiring artists everywhere. As she continues to evolve as both an artist and an individual, she remains a beacon of inspiration for her fans. With her unique blend of talent, authenticity and advocacy, she is poised to influence the entertainment industry for years to come.

“I don’t know how to describe it,” she says. “When you’re a child and you just have a feeling of, I know I’m going to do this someday. I know I’m going to do this for the rest of my life. I know this is the path I need to follow, whatever that means for me, and whatever success that means for me is what I’m destined for. I have dreams and goals, and I will say I’m a little bit of a freak manifester sometimes, which is a blessing and a curse depending on how you look at it. I always knew deep down that this was something I would do with my life, and I didn’t ever really doubt that, even when shit was hitting the ceiling fan,” she says, quoting her own “Please Please Please” lyrics. “No pun intended. I don’t think I ever doubted it.”

Apartment O: O for Opulent

In the vibrant heart of Causeway Bay, a hidden gem transports you to the glory days of old Hong Kong and Shanghai. Apartment O offers a rare chance to experience the elegant lifestyle of wealthy families in the 1930s, combined with all the modern conveniences of today.

As you step inside, you’re enveloped in the timeless charm of the era. The spacious units, ranging from 1,020 to 1,500 sq. ft., feature design elements that pay homage to the opulent aesthetics of old Shanghai and Hong Kong. Sink into the plush furnishings, adorned with rich textures and gilded accents, and gaze out at the sweeping city views from your private terrace or balcony.

The attention to detail is unparalleled – from the fully equipped kitchen with state-of-the-art appliances to the Dyson hair dryer in every bathroom. Enjoy the convenience of in-unit laundry, while the dedicated housekeeping service ensures your living space is always immaculate.

But Apartment O is not just about the luxurious interiors. Step outside and you’re immediately immersed in the dynamic energy of Causeway Bay, with its world-class shopping, dining, and entertainment options right at your doorstep. Stroll through the lush gardens of Lee Gardens, or lose yourself in the vibrant atmosphere of Times Square.

At the end of the day, retreat to the building’s shared rooftop, cigar room, and lounge – a serene oasis where you can savor the flavors of a bygone era. Sip on a perfectly crafted cocktail as you watch the sun dip behind the iconic skyline, and feel the stress of the day melt away.

Apart from being a pet-friendly property, Apartment O is more than just a residence – it’s a gateway to a truly exceptional lifestyle. Immerse yourself in the opulent elegance of 1930s Hong Kong and Shanghai, while enjoying all the modern conveniences you desire. Experience the best of both worlds, where the past and present seamlessly coexist.

Secure a piece of this timeless luxury at Apartment O – where the grand legacy of the past meets the comforts of the present.

KS Studio Ltd – Innovative design studio perfects restaurant interiors

Inspired by the ‘bamboo’ theme of Chengdu, Sichuan, the restaurant creates an enchanting environment filled with bamboo forests, showcasing 23 traditional pattern designs that seamlessly connect with the aromatic experience of Sichuan Dumen’s 23 fragrance channels, highlighting the richness of 23 herbs and spices.

Fit for Purpose? Physical’s sudden demise spotlights a saturated gym sector in need of a work-over

The collapse of Physical Fitness, one of the stalwarts of Hong Kong’s gym industry, was a shock to many of its loyal customers and those unfamiliar with the dynamics of the industry. It has left some wondering whether there are simply too many gyms in Hong Kong and if they provide value for money.

Physical, which had operated in Hong Kong for 38 years and once boasted 23 branches, ceased trading this September after the Mandatory Provident Fund Schemes Authority demanded it settle unpaid contributions to more than 700 employees amounting to millions of dollars. The decision by the gym chain owners to close shop left staff jobless and triggered thousands of complaints to the Consumer Council over loss of membership fees. Some customers were on decade-long membership packages. There were also reports of lengthy packages sold just prior to its closure.

Given the recent upsurge in investment in the sector, Physical’s failure did not come as a shock to many gym insiders. “I can’t say that Physical going under felt like a massive surprise,” says Ed Haynes, founder and CEO of boutique gym Coastal Fitness, who also made reference to some of the “amazing” deals the chain offered just before its ignominious collapse, perhaps in a desperate bid to cut its losses.

Fall of the mighty

Haynes notes this is the fourth big commercial gym operation to shut down during the 16-year lifespan of Coastal Fitness – on the heels of California Fitness in 2016, Goji Fitness and the Hong Kong branches of international chain Fitness First. The latter two faltered amid the pandemic, which interrupted business and made the recruitment of new members almost impossible.

Certainly, many consumer discretionary sector businesses, including cafés, restaurants and cinemas as well as fitness centres, suffered financially during the Covid years. But the pandemic also had a benign influence on the fitness industry – people became worried about their health.

“In the minds of the Hong Kong public, the idea of health and exercise came to the forefront a lot more,” says Haynes. “In the pandemic, when everything closed and people were confined to their homes in their small and immediate environments, a lot of people actually started exercising.”

Gym crazy

Since then, he has witnessed a huge upswing in many forms of physical activity practised in the community, which in turn has prompted a proliferation of investment in the industry. “Because the fitness industry saw this big boom in exercise participation, low-cost 24-hour gyms started popping up everywhere. And I think that’s almost saturated that market,” he states.

From the less than 10 24-hour gyms believed to be operating in 2018, the number had ballooned to more than 110 by last year. Haynes believes too many gyms have opened up too quickly, causing supply to outpace demand. He also maintains that many of the newer gyms are soulless and lacking in a community feeling. “The way these gyms are set up is just you go in and do your hour; you’re isolated in many of them,” he opines.

The pandemic not only sparked an increase in physical activity but also a desire for community-based fitness where people can connect with each other, according to Haynes: “If you go out to any of the waterfronts right now, every morning, every night, they are packed with groups of people in running clubs, sweating, moving, having a good time.”

Cash flow precautions

He also outlines a key learning curve in the gym business from the pandemic years: the importance of maintaining cash flow through offering membership packages. More than two-thirds of the Coastal Fitness membership sign up for six or 12 months in advance, providing money in the bank. The pay-when-you-use model adopted by some of the newer gyms, by contrast, does not give owners this security.

Haynes has witnessed a rise since the pandemic in the purchase of long-term packages by clients willing to commit to regular exercise. He does caution against lengthy prepayment deals though; at Coastal Fitness 12 months is the maximum term offered.

The majority of his clients come through referrals or word of mouth, and they include people from all walks of life. Most use the North Point gym’s services at least three times a week, and all receive some type of coaching, whether through attending a group class led by a coach, having a personal training session, or by following a tailored fitness programme designed by a coach.

Operational stress

During the post-pandemic investment splurge in the gym business, John Bower took on the managerial responsibilities of a new fitness start-up in Hong Kong. As an entrepreneur who had created and sold a human resources business earlier in his career, he seemed an ideal fit to launch the venture. However, the market glut in gyms soon exacerbated the stresses of running a fledgling operation, and breaking even took longer than planned. Exhausted, he quit after two years and now freelances as a personal trainer and executive coach.

Bower believes the gym sector has been flooded with entrants and the next two years will favour the consumer. He says managers of gyms should be crystal clear what market they are going to dominate. “In the longer term, the harsh truth is that many gyms are on borrowed time and need to figure out their strategy – being number one in the local market and number 10 in Hong Kong might be fine,” he says.

Far happier working as a freelance coach, he often conducts sessions for clients at the city’s many boutique gyms. He loves the interpersonal interaction with clients and can advise on all aspects of life aside from physical training. “The value of personal training is that it enables the client to physically challenge themselves,” he says.

Market jitters

Some gym-goers may be tempted to turn to personal instruction rather than sign up for memberships as fears over the stability of the wider fitness sector mount. Recent disputes over unpaid rent at branches of Pure Fitness, an upmarket chain of fitness and yoga studios, caused jitters in the market, although the issues were quickly resolved.

Hong Kong-based lawyer and writer Sanjeev Aaron Williams chose not to join a well-known commercial gym after their sales pitch left him unclear about what the fees would cover. He now attends gyms run by the Leisure and Cultural Services Department. While available at a fraction of the price of many private gyms, these government fitness rooms have their drawbacks, says Williams, such as blackout periods restricting use and irregular availability of equipment.

Essential regulation

Williams sees a future for commercial gym operators, but calls for urgent government regulation. “Gyms in Hong Kong need to be regulated by legislation and monitoring. We are behind other countries in regulating consumer protection and gym operations,” he says. “Commercial gyms in Hong Kong have been the subject of failures and scams since the 1980s when the fitness trend began. We’ve gone over 40 years without regulated protection.”

He believes any legislation should cover the entire fitness sector including large commercial gyms, 24-hour gyms, personal training studios, personal trainers, pilates and yoga studios, boxing and martial arts gyms, as well as the classes offered at these venues.

The lawyer urges a limitation on the length of prepayments, saying they should not exceed more than two years, and calls for the implementation of a legal “cooling-off period [that] should be prominently advertised on the premises and to each customer”. He adds: “Consideration should be given to increasing criminal penalties for misleading advertising and sales tactics or carrying on business when [the operator] knew they couldn’t meet their debts.”

Ks Studio – Superb design studio creates perfect interior

Ks Studio is the ideal choice for anyone looking to design the perfect interior. Take their most recent success story, namely Bamboo Thai’s flagship store.

Its soothing natural wood and bamboo elements along with its comfortable and relaxing décor simply oozes charm and warmth, and is beautifully embellished throughout with Thai elephants, flowers, totems and hand-painted Thai tiger murals.

Featuring a delightful open bar area, main dining area and an outdoor area with elegant seating, the splendid design makes it a superb place to relax and order a classic Thai dish and a wine from the magnificent collection.

Viral Load: For millions weighed down by covid symptoms, there has been no relief

As American athlete Noah Lyles was wheeled off the track after securing bronze in the 200 metres at the Paris Olympics, the sheer exhaustion on his face said it all. Just moments later he revealed his Covid-19 diagnosis – he had kept it quiet beforehand so his competitors wouldn’t have the edge.

This is a supreme athlete who only days previously had secured a fantastic gold medal in the 100 metres. Now, though, he was light-headed, short of breath and suffering from chest pains. Covid symptoms that more than likely would last a relatively short period of time.

But what if they were to persist for months, if not years? Then Lyles would join the estimated 65 million people around the globe – including many formerly super-fit athletes – who have long covid. For these sufferers, whose symptoms can severely impact the quality of their daily life, the Covid-19 pandemic has never ended. Despite the amount of research invested in long covid, medical science appears far from finding a cure or pinpointing the cause of the debilitating condition.

Lingering symptoms

According to New Scientist, the term ‘long covid’ was used in medical circles as early as May 2020 to describe people whose covid symptoms lingered on. There are a multitude of continuing symptoms, but shortness of breath, brain fog and fatigue are most commonly cited, as well as post-exertional malaise – a feeling of exhaustion after just a short spurt of activity.

The loose consensus among the medical community is that about 10% of people infected with the SARS-CoV-2 coronavirus suffer from long covid, says David Putrino, Director of Rehabilitation Innovation at the Mount Sinai Health System in New York and an expert in the condition. The figure is the subject of continued speculation, though, and the risk of long covid appears to depend upon the viral variant. Nevertheless, some studies have predicted that up to 200 million people will develop the condition over the next decade.

The clinical definition of long covid is a persistence of Covid-19 signs and symptoms beyond four weeks; having persistent symptoms after 12 weeks that are not explained by an alternative diagnosis is deemed to be post Covid-19 syndrome – though, in practice, the two terms are often used interchangeably.

Gut action

There is no unifying theory of its cause, but rather a number of pervading theories that perhaps overlap. “One that is getting most traction is that the virus itself is hanging around in the body away from the immune system, most likely in the gut,” said David Strain, an Associate Professor at the University of Exeter Medical School, in a BBC podcast. “The virus is not getting into the blood on a regular basis, and when it does, it doesn’t get high enough to trigger any tests – [so] you aren’t going to show positive on a lateral flow test or a PCR test.”

In this situation, when sufficient virus leaks intermittently into the blood, the person re-experiences a flu-like illness and becomes exhausted for no apparent reason.

Another theory is that the infection causes a degree of permanent damage to the cell mitochondria. “The mitochondria are the powerhouse of every single cell, generating the energy you need to do any sort of activity,” says Strain. “When the virus gets into the cells, it uses the pathway that stimulates the production of mitochondria, [and doctors] are suggesting that the virus itself makes those mitochondria go dormant, which is why we run out of energy much quicker [resulting in] fatigue and brain fog.”

Capillary blockage

Micro-clotting is also being considered as a cause of long covid. As Dr Strain relates: “We know that covid causes small blood clots to form within the capillaries, the very, very small blood vessels within our body. If those small blood clots are blocking those capillaries, the body can’t get nutrients to the tissues that need them, and probably more importantly, it can’t get rid of waste products.

This would explain why some people with long covid feel fine at the start of the day, when the body has had time to replenish itself, but become exhausted very quickly soon after. “It also accounts for why people who do some exercise will take two or three days to recover – post-exertion malaise – because those toxins build up and they aren’t clearing at the normal rate,” he reveals.

Immune disruption

As reported recently in New Scientist, there is a growing body of evidence pointing to disruption in the immune system of long covid sufferers. Studies have suggested some parts of their body develop an overactive immune system, while in other parts the immune system remains underactive. Other research indicates the existence of an autoimmune disorder in which the immune system attacks the body.

Strain, however, is not so sure, since people with long covid appear to improve after receiving Covid-19 vaccinations. “If it was an autoimmune disease, the immune system ramps up [and] you may expect that vaccination to make it worse rather than better,” he notes.

Evidence that the virus persists in many parts of the body – tissues and organs, gut lining, skin and lungs – has highlighted the similarities between this and other chronic conditions such as myalgic encephalomyelitis (ME), or chronic fatigue syndrome. Strain believes it is likely that ME and long covid belong to the same family of conditions but have different underlying triggers.

Brain energy drain

Brain fog is one of the symptoms reported by sufferers of long covid. This is where people have difficulty concentrating, perhaps even struggling to get to the end of a sentence. Strain says this brain fog could stem from a lack of energy reaching the brain, though some studies suggest the virus may have caused significant brain injury.

A 2022 study in the UK involving 800,000 people explored the cognitive effects of Covid-19. On average, people who had covid for more than 12 weeks or had required hospital treatment performed worse in the cognitive tests. Even those who had symptoms for less than 12 weeks did worse than the no-confirmed-infection group. People infected early in the pandemic were shown to be among the poorest performers. This could be attributed to the effects of vaccinations and other variants coming into play.

Ultimately, many questions about the long-term consequences of Covid-19 infection on the brain remain unanswered. Separate research has suggested low levels of serotonin, a neurotransmitter, could explain cognitive symptoms that occur in long covid.

Treatment conundrum

Long covid is undoubtedly a nightmare to treat because of the huge degree of uncertainty surrounding the condition and the large number of different presentations. There is no test for long covid and it could be years of clinical trials before practitioners know how best to treat it.

Existing treatment methods include recurrent boosts of vaccines and laboratory-made antibodies to top up the immune system. Long-covid specialists advise those affected to seek a thorough assessment supplemented by a range of treatment options from psychological support to medication.

The Allure of a 6-Carat Fancy Light Purplish Pink Diamond: A rare gem symbol of love

Superb diamond housed exclusively at M&B Private Jewelers

In the world of fine jewelry, few pieces capture the imagination quite like a stunning diamond. Among the rarest gems, the 6-carat fancy light purplish pink diamond stands out for its extraordinary beauty and exceptional quality and it is housed exclusively at M&B Private Jewelers in Hong Kong starting from November 2024. The sought-after exquisite stone makes it a perfect centrepiece for discerning collectors and couples seeking a symbol of everlasting love.

A Rarity of Nature

The allure of a fancy light purplish pink diamond lies in its delicate hue, a soft yet captivating shade that embodies romance and elegance. Weighing in at an impressive 6 carats, this diamond is truly a rarity in the world of gemstones. It is Internally Flawless (IF) clarity reflects light with unparalleled brilliance, creating a mesmerizing play of colours that dance within its facets. Each glance reveals new depths and intricacies, making it a diamond that tells a story—one of nature’s finest creations.

Expert Curation at M&B Private Jewelers

M&B Private Jewelers, a distinguished third-generation jeweller in Hong Kong, has built a reputation for its commitment to excellence in curating exceptional pieces. This 6-carat diamond is a testament to M&B’s dedication to quality, showcasing the beauty and rarity that discerning clients seek. For the diamond and jewellery connoisseurs at M&B Private Jewelers, investing in a diamond is not just about acquiring a precious gemstone; it’s about securing a timeless asset. Each client can confidently leave the boutique knowing they are taking a promise of timeless asset appreciation, making it a prestigious investment for the discerning jewelry collector.

Discover Your Forever Piece at M&B Private Jewelers

Start your journey with M&B Private Jewelers. For brides-to-be, the experience of choosing an engagement ring at M&B Private Jewelers is nothing short of extraordinary. Beyond the company’s well curated diamond and jewellery bespoke designs, M&B Private Jewelers is known for taking the time to understand its clients. Every step of the process is personalized, from selecting the ideal diamond cut to customizing the setting, ensuring each ring is a reflection of the couple’s unique love story.

The experts at M&B Private Jewelers works closely with clients, providing guidance and expertise in an intimate, pressure-free setting. Brides can explore a variety of exquisite diamonds, from classic round cuts to rare fancy shapes, while finding reassurance in the fact that they are investing in a piece that holds both sentimental and long-term value. The jewelry piece is not just an engagement ring, but a symbol of timeless beauty and craftsmanship—an heirloom that can be cherished for generations to come.

For more information on M&B Private Jewelers and its bespoke offerings, please visit ( https://www.m-and-b.com/)

M&B Private Jewelers Hong Kong Flagship Store
1st, Floor the LOOP building
33 Wellington Street
Central Hong Kong

M&B Private Jewelers Singapore Boutique
304 Orchard Road, Lucky Plaza # 02-05
Singapore 238863

A Matter of Facets: Natural diamonds have endured a rough few years, but they are recovering their supreme allure

The recent huge diamond find in a mine in Botswana could not be better timed to renew the sparkle of a luxury sector plagued by flagging sales and struggling to outshine consumer demand for synthetic alternatives. Discovered by Canada’s Lucara Diamond at the Karowe mine this August, the 2,492-carat rough diamond is the biggest gemstone-quality discovery for about 120 years. The previous whopper, the Cullinan Diamond unearthed in 1905, was cut into faceted gems and now forms a part of the British Crown Jewels – putting the enormity of this recent discovery into historical perspective.

The potential of a fillip to the natural diamond market is much needed as industry sources suggest prices have dropped by more than 30% since a peak in early 2022. Such was the concern in the sector that last October De Beers suspended all online sales for rough diamonds in a bid to halt the slide. Other major players also ceased auction sales last year to suppress supply.

“The demand for [natural] diamonds has declined as its allure fades in a key consumer market, China,” says Sam Kima, Senior Vice-President of First Gold. “Falling marriage rates as well as growing popularity for gold and lab-grown gems all drove down Chinese demand for diamonds.”

He also points out that despite Indian manufacturers reducing production, sales fell at a sharper rate due to weak demand. India is thought to cut and polish about 90% of the world’s rough diamonds. “This led to an oversupply and pressure to sell. Synthetics continued to take market share from natural diamonds and will likely do so throughout 2024,” he opines.

Synthetic alternative

Kima suggests the price dynamics of lab-grown diamonds (LGDs) are offering affordable alternatives to consumers on a budget. “A natural stone costs roughly US$2,500, versus about US$500 for a same-quality lab-grown equivalent,” he says. “A natural two-carat round-cut diamond with a high-quality colour and clarity rating costs about US$13,000-14,000, whereas the equivalent LGD sells for about US$1,000.”

He also highlights that loose LGD sales soared 47% in 2023 compared with one year earlier.

“Theoretically, the only limitation on the supply of LGDs is the rate at which they can be made. With demand increasing, more producers are entering the LGD market and prices are dropping even further.”

Industry analysts have speculated that the boom in LGDs may now have peaked, and there are reports that some retailers are switching back to natural stones to boost profitability and margins. “Demand remains robust for natural diamonds and while they are much rarer than lab-grown, their supply is also quite tightly controlled so that prices stay robust,” says Kima.

He also questions how sustainable synthetic diamonds really are, calling for further research, and highlights other advantages of natural stones: “There is a unique rarity about natural diamonds and the journey they go on before becoming beautiful pieces of jewellery. The initial investment for a natural diamond may be higher, but their timeless elegance will never go out of style, or value.”

He insists that LGDs do not have the rare qualities and long-lasting value of natural diamonds, or their sentimental value and potential for investment. He says consumers should make up their own minds based on their values, budget and the significance of tradition, and warns that consumers should be aware of misleading marketing.

Natural shift / Lab implosion

David Kwok, founder of Absolute Luxury, a strategic consultancy dedicated to premium and luxury jewellery brands, thinks retailers will progressively move away from LGDs. In his view, the gigantic volumes required to sustain the lab-grown business to cope with the current economic environment has created a “vicious circle”.

Though manufactured diamonds now account for a sizeable chunk of the jewellery market, the dramatic 90% drop in LGD prices from $300 to $30 per carat is causing many players in the industry to reassess their role. In June, De Beers announced that it has ceased production of synthetic diamonds for its Lightbox jewellery brand and will instead manufacture and sell natural polished stones. “We believe the value of lab-grown diamonds lies in technology rather than in jewellery,” said Al Cook, CEO of De Beers Group.

Kwok cites the example of Israeli venture Lusix, which attracted funding from LVMH Luxury Ventures just two years ago, as a precautionary tale. “Lusix, a pioneer in LGDs, raised US$90 million in 2022 with high hopes for its ‘sun-grown diamonds’. Fast forward to today, the company is on the brink of insolvency,” he says.

He puts the recent plunge in prices of natural diamonds into perspective. “The industry had been one of the great winners of the global pandemic; stuck-at-home shoppers turned to diamond jewellery and other luxury buys,” he explains. “But as economies opened up, demand quickly cooled, leaving traders holding too much stock. This quickly turned into a plunge.”

He also cites inflationary pressures in the US economy and sapping consumer confidence in China as major factors in declining demand. Yet he believes the true value of natural diamonds is becoming increasingly clear, and despite initial enthusiasm, LGDs have failed to replace natural diamonds in the luxury market.

Fancy fortunes

Roi Sheinfeld, Managing Partner of diamond manufacturer M&B Group, affirms that natural diamonds will always hold that special allure for luxury consumers given that they are billions of years old. “This is especially so for well-cut fancy shapes and fancy-colour diamonds; they are always in shortage, and each of them is unique and different. Nothing can replace this,” he says.

He has not experienced a big drop in prices in the larger, higher-end fancy-colour diamonds over recent times, and believes there is no substitute for natural diamonds. He does, however, retail the synthetic version as well.

“Lab-grown diamonds are fun, and they are great for anyone who wants to wear fun jewellery without breaking the bank account or to be concerned about the safety of wearing very expensive jewellery,” he says, while indicating that it is the responsibility of retailers to explain that LGDs do not pose a resale value.

Sheinfeld is optimistic about the potential impact of the Botswana discovery on the wider impact for the diamond sector. “It’s an outstanding historical discovery and definitely puts a spotlight on diamonds and how important the industry is,” he enthuses. “I tend to agree with others in the industry that, in contrast to most rough diamonds, [this stone] will retain more value if kept uncut as a true historical collector’s item.”

Collectors’ market

Speculating on the possible buyer of the world’s second-largest gem-quality diamond, he opines: “If sold to be cut-and-polished, my best guess is that a big-name brand will make a whole collection from the polished outcome. If kept unpolished, some very lucky collector will be the happy new owner!” Indeed, it has been reported that Lucara has been inundated with enquiries since the stone was found, and it was exploring luxury brands, museums, collectors and royal families as potential buyers.

Kwok also believes the find will boost the luxury diamond market and is bullish about the broader prospects of Botswana, which has used its diamond resources wisely since independence in 1966 to build schools, roads and hospitals. He says these monster diamonds from deep in the earth – or clipper diamonds (Cullinan-like, Large, Inclusion-Poor, Pure, Irregular and Resorbed) – are typically acquired by the wealthiest 1%, possibly at a prestigious auction sale as a collector asset. High jewellery houses and large jewellery groups, private trusts, investment companies and family offices are also potential buyers.

Interestingly, it was Louis Vuitton which scooped up the newly unearthed 1,758-carat Sewelo diamond in 2020, the world’s second-biggest sparkler at the time. Kima notes: “Louis Vuitton bought it for an undisclosed sum, even though it was black in appearance and it was unclear how many gems could be cut from it.”

Hong Kong International Optical Fair 2024

Register now for free admission

For the best eyewear products available in the market, the Hong Kong International Optical Fair is the place to be, an event which is sure to attract the attention of huge numbers of sourcing professionals. The Fair will be held from 6-8 November 2024 at the Hong Kong Convention and Exhibition Centre.

Organised by the Hong Kong Trade Development Council (HKTDC), the 32^nd edition will return in EXHIBITION+ hybrid model, complemented by the “Click2Match”, an online smart business matching platform that will operate on 30 October to 15 November, , providing a convenient and efficient platform for traders to connect.

International pavilions galore

This year, the fair will welcome over 700 exhibitors. The fair includes group pavilions representing, Japan, Korea, Taiwan, Visionaries of Style (VOS) as well as the Hong Kong Optical Manufacturers Association (HKOMA). The Mainland China pavilion will gather exhibitors from Yingtan of Jiangxi Province, Danyang of Jiangsu Province, and Shenzhen of Guangdong Province.

The highlighted Brand Name Gallery features around 200 international renowned brands, including ALLSAINTS, ANNE MARII, ANNA SUI, BOLON CLASSICO, HERMOSSA, MINIMA, MIZ Gold, SEROVA ST DUPONT, STEPPER, SUEEY.MattheW, Gold & Wood, MOREL, Natura, PARIM, PLUME PEOPLE LUV ME, REEBOK, ROSIE ALLAN, SCOTCH AND SODA, SOLANO, VR&VERGT and VIVIENNE WESTWOOD and more.

Other zones present a broad spectrum of eyewear products to facilitate precision sourcing, including Smart Eyewear, Contact Lenses & Accessories, Designer Cafe, Sporting & Professional Eyewear, Kids Eyewear & Reading Glasses, Lenses, Frames & Parts, Eyewear Accessories, Diagnostic Instruments, as well as Optometric Instruments, Equipment & Machinery.

What’s more, the fairs will also introduce the “Scan2Match” which enables offline-to-online connections. By using the HKTDC Marketplace App, buyers can scan the dedicated QR codes of exhibitors to bookmark their favourite exhibitors, browse product information and e-floorplan, chat with exhibitors even after the fair to continue the sourcing journey.

Event & Activities

A highlighted event – the 22^nd Hong Kong International Optometric Symposium – will be organised by HKTDC, together with the Hong Kong Optometric Association and The Hong Kong Polytechnic University on 7 November 2024. Under the theme “Myopia – From Control to Prevention, Where are We Now?”, six international experts from Australia, Germany, Mainland China and Hong Kong will discuss the latest research on myopia control and prevention in optometric practice. Other events such as Eye Health Summit, eyewear technology trend seminars and forums will be held to keep traders abreast of market information.

Hong Kong Eyewear Design Competition

To foster Hong Kong’s creativity and innovation, the HKTDC joins hands with HKOMA to organise the 24^th Hong Kong Eyewear Design Competition under the theme of “Be Bold”. Result will be announced during the Hong Kong International Optical Fair. Winning and final entries will be on display at The Forum, Hall 1D during the fair period to showcase the unique Hong Kong’s creativity to international buyers.

A selection of exhibitors are shown below: