Neoclassical Growth Model – Intersindical RTVV Tue, 21 Jun 2022 05:20:00 +0000 en-US hourly 1 Neoclassical Growth Model – Intersindical RTVV 32 32 Proposed tax cuts from a 360 degree perspective Tue, 21 Jun 2022 05:20:00 +0000

Finance Minister AHM Mustafa Kamal FCA, MP tabled his fourth national budget in parliament on June 9, proposing to significantly reduce the tax burden on businesses. The proposed base tax rate is 27.5%, a reduction of 2.5 percentage points from the current rate of 30%.

This base rate was 35 percent just a few years ago. The income tax rate for listed companies has also been reduced by the same percentage. All export-oriented industries will enjoy a corporate tax rate of 12% from the next fiscal year beginning July 1.

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The corporate tax rate has been gradually reduced over the past two years. In addition, the Minister of Finance has proposed to reduce the anticipated income tax rates, the withholding tax, the anticipated rate of value added tax and, in certain cases, the anticipated VAT and the normal VAT. The proposed budget has generated enthusiasm in the business community.

The revenue generation target for the National Board of Revenue (NBR) for the coming year has been proposed at Tk 3.70 lakh crore, up from Tk 3.30 lakh crore for the current financial year. The new revenue generation target is 12.12% higher than the revised target for the outgoing fiscal year.

The finance minister’s budget speech did not mention how the perceived decrease in tax collection, due to the tax cuts, will be compensated.

Bangladesh’s business community has long called for a reduction in corporate tax, as our rates are higher than those of other foreign direct investment destinations. Economists and other experts have also advocated making corporate tax rates competitive to attract more FDI.

Ongoing trade tensions between the United States and China, resulting in a withdrawal of investment from China, have created an opportunity for us to attract investors. Proponents of the corporate tax cut also argue that the cut will boost profits, which will bolster private investment, growth and jobs.

The debate on lowering corporate tax is centuries old. One school of thought is in favor and the other against.

The arguments of proponents of corporate tax cuts rely on the neoclassical growth model associated with veteran US economist Robert Solow that long-term growth stems from exogenous technological progress. Fiscal policy can then “only” affect the level of gross domestic product and the transition to sustained growth. Lower corporate taxes encourage corporate saving and investment and therefore imply higher GDP in the long run.

The other school of thought holds that a rise in corporate tax can promote economic growth, by reducing the tax burden on labor and/or by financing productive public expenditure. In other words, economic growth is largely unaffected by the amount of tax the rich pay. Growth is more likely to accelerate if low-income people get a tax cut.

A corporate tax cut helps the wealthy at the expense of those with fewer resources, because services that would likely be cut benefit low-income people.

Proponents argue that if more money is put back into consumers’ pockets, spending will increase. Therefore, the economy will grow and wages will increase.

Ultimately, the result depends on where the cuts are made.

Given the arguments of both schools of thought, we can consider other common problems of our current socio-economic context.

First, is Bangladesh ready to compete with global competitors to attract FDI? To put Bangladesh in a competitive phase, tax cuts alone will not suffice. We also need to make our business environment competitive.

We will only be competitive when we can free businesses from bureaucratic hassles, when economic zones are available, when transport systems are facilitated and when we have robust physical infrastructure, uninterrupted energy supply and the availability qualified human resources. These developments will strengthen the business environment, attract foreign investment and increase domestic private sector investment.

For all of this to be available, we need to invest in these areas. Only the government can do that. The government needs money to make the investments. But the tax cuts will make the government weaker to invest in developments.

Is it guaranteed that the additional benefits of tax cuts will be invested in the economy? The answer is no. In particular, a country like Bangladesh, where tax evasion is rampant and Taka 68,000 crore is laundered abroad every year through bogus trade invoices, cannot expect profits companies are invested in the economy, which will therefore generate jobs and fiscal dynamism. We must first close the loopholes to prevent the embezzlement of money.

The second most important consideration for a corporate tax cut is that we are a net importing country. Our trading houses like to import and sell more than to manufacture. The export diversification strategy could not be effectively implemented despite considerable government efforts, due to a lack of adequate innovative entrepreneurship.

On the other hand, many local businesses are only designed to make a quick buck by producing and selling useless goods that suck money from low-income households by creating an environment that promotes cheap internationalism and rampant consumerism.

Many big companies are also destroying our traditions. Some are destroying micro-entrepreneurs by producing cookies, spice packets, crisps and puffed rice. Should we give them a wholesale tax cut or be judicious in giving tax breaks? Shouldn’t we be industry specific?

Our economy is still based on agriculture. More than half of job opportunities are created by the sector. Our country is rich in agricultural products.

In addition to staple foods, fish, dairy and poultry, we produce the tastiest fruits in the world. But the agro-food industries are not yet flourishing. Instead of using locally available raw materials, we manufacture goods by importing them from other countries.

Much of the population is unemployed while we produce goods that employ a tiny fraction of the employable population. Instead of offering wholesale tax breaks to all businesses, our policy should be designed to give a boost to agriculture-based industries and essential import-substituting industries, not novelties and luxury.

The author is the principal consultant of Dhaka Consulting Ltd.

Herman Li explains why Cobain was one of the best guitarists in the world Fri, 17 Jun 2022 14:16:40 +0000

DragonForce’s Herman Li is one of the most revered guitarists in modern music, but if you asked the musician which guitarist he thinks is one of the best guitarists in the world, the answer might surprise you. His pick is the late Nirvana frontman Kurt Cobain.

The conversation turned to Cobain when Li spoke with YouTube host Anthony Fantano (see below) about the importance of simplicity when it comes to developing your style. And apparently Li has always loved Cobain for his ability to connect listeners through his acting.

“A lot of people ask me all the time who I think is the best guitarist in the world. And I get different answers all the time. I say, ‘Well, Kurt Cobain is one of the best guitarists in the world.’ And they just say, ‘Oh, my god. What are you talking about? I thought you knew something, Herman,'” the guitarist admits when he usually shares that response.

But he clarifies: “I say, well, he inspired millions of people to play the guitar – he connected with them. So obviously feeling and expression is much more important than speed and how many notes you can play in the key. If you’re a jazz master or whatever, if you can’t connect with someone, that’s another thing. Sometimes the most simple is probably the most important thing. And we’ve learned to do complicated things because when you’re young you impress your friends. It’s kind of cool.

The guitarist adds: “I always tell people, ‘Learn the simplest guitar parts and make your own.’ So you have the simple, great stuff that you know will always sound good, and then build on it. Learning difficult stuff and trying to copy people’s expressions is a waste of time, I think, because you’re trying to be someone in a very complicated way. You spend so much time playing this really complicated piece so that you can just create one that’s similar. I’d say it’s easier to make something simple that looks like you than a complicated part that looks like you.

In his opinion, there’s probably not a person who’s listened to rock music over the years who doesn’t instantly recognize the guitar parts of “Smells Like Teen Spirit”, “Come As You Are” or “All Apologies”. almost instantly, and while not all that complex, they definitely connected with the audience.

Although often more complex in his guitar playing, Li also managed to connect with fans over the course of DragonForce’s eight studio albums. The last born of the group, Extreme power metalcame out in 2019.

DragonForce’s Herman Li talks with Anthony Fantano

66 Greatest Hard Rock + Metal Guitarists of All Time

A total asset value of €1 billion is managed through the Tezos-based STO Equisafe platform Wed, 15 Jun 2022 10:48:20 +0000


Equisafe was the first STO platform to tokenize real estate on the Tezos blockchain.

In March 2020, the first STO on Tezos took place on the Equisafe platform. This was done during the “French Tech Night” at the Consulate General of France in New York.

For the launch of the Equisafe platform, they symbolized the “Music Pavilion of the Countess of Provence” in Versailles.

The property is officially listed as a historic monument, built in the style of neoclassical architecture by King Louis XVI of France in 1784.

The architect was Jean-François Chalgrin and he also built the Luxembourg Palace in Paris, which is now the seat of the French Senate.

Since then, the platform has seen tremendous growth. One billion euros in total asset value is currently managed by Equisafe, 210 million STOs have been funded through the platform, more than 7,000 registered investors have an account, and it has seen 22.7 million total transaction volume to date.

Not only do these numbers show healthy growth, but they also indicate that there is a lot of interest in managing assets such as real estate while using blockchain technology (in addition to raising capital and launching security token offerings.


STO is short for Security Token Offering. Thanks to STOs, assets can be tokenized. This means that the value of the asset is represented by tokens which are recorded on a blockchain.

These Tokens are classified as a “Security”, which are strictly regulated assets. This means that these regulations must be enforced. And this is where the blockchain comes in.

Thanks to sets of smart contracts specially designed to enforce regulations, all the limitations necessary to comply with these regulations can be applied.

Therefore, tokens can only be traded in a manner that fully complies with the regulations that apply to that specific STO.

In this case, the decentralized blockchain ensures compliance with trustless regulations because the rules are fixed in smart contracts that automatically enforce the regulations.

This means that many intermediaries like lawyers, brokers, notaries and the like are no longer needed.

Just an example: After your KYC/AML registration which is required to participate in STO trading, you will have a unique Hash ID associated with a wallet address.

This is a chain recording. If you want to participate in another STO, you can be verified in a fraction of a second.

In the old days, you would need a separate KYC/AML verification for each investment, and your legal contract would have to be checked by a lawyer at several hundred dollars per hour to verify the compliance of the sale.

The above is just one example of how decentralized smart contracts are applied in STO quotes and exchanges.

This saves a lot of money and time, which in turn brings more liquidity to traders because it is much cheaper and simpler to buy and sell assets that are traditionally illiquid.

Illiquid assets are assets that do not change ownership frequently, resulting in a low trading volume market. The most obvious example of an illiquid asset that most people are familiar with is real estate.

Open the real estate market

One of the interesting use cases for STOs is the tokenization of real estate. Why tokenize real estate? Apart from the benefits mentioned above, asset tokenization means that you can split an asset into an amount of tokens.

This means that assets that were once too expensive for many investors can now be partially purchased. Traditionally, you had to buy an entire property in order to invest in real estate.

Now you can buy a fraction and still enjoy real estate capital gains.

The fact that investors can buy fractions of an asset by buying tokens, dramatically lowers the investment threshold, opening up a whole new market for people who have never had the chance to invest in real estate.

It works both ways, as sellers of real estate (and real estate projects) will be able to tap into a whole new group of investors.

We can get creative here, apart from the possible increase in the value of the particular property, rent income can be earned and paid out to investors.

Property management

The tokenization of real estate (and other assets) not only simplifies investing, it also simplifies the management of these investments and all the processes that financial companies deal with for their clients.

An example is Koytcha Immo, a company specializing in the management of real estate assets in Reunion and France.

In 2020, they tokenized 30 assets on Equisafe with a total value of around €130 million.

An important focus for the Koytcha project was the technical-legal part of tokenization to improve backend processes.

So not just the tokenization of assets, but also other processes like governance of assets through on-chain voting and simplifying and reducing legal processes and costs, while complying with regulations.

Bilal el Alamy, co-founder and president of Equisafe said:

“The company manages about twenty properties and must, at general meetings, vote some 560 people. So we helped them digitize all these processes and automate what could be.

Keeping their records, knowing the customer and verifying the compliance of transactions is done automatically via our platform. Second, it facilitates governance.

Previously, Koytcha Immo asked investors to vote by email, had to try again until they received a response, and then centralized all the information in their own files.

Today, the investor accesses the space dedicated to asset management on our platform, participates in the vote, then the transaction is automatically transmitted to Koytcha.

The success of Equisafe represents and highlights more real blockchain use cases for Tezos, where the technology is actively used under the hood to transform applications and financial assets.

Ballet Performance Market Size 2022 Global Trends, News, CAGR, Thu, 09 Jun 2022 12:32:00 +0000

Ballet performance market

Ballet Performance Market: An in-depth analysis of statistics on current and emerging trends offers insights into the dynamics of the ballet performance market. The report includes Porter’s five forces to analyze the importance of various characteristics such as understanding suppliers and customers, risks posed by various agents, strength of competition and promising emerging businessmen to understand a resource precious. Additionally, the report covers various companies’ research data, benefits, gross margin, global market strategic decisions, etc., through tables, graphs, and infographics.

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The Ballet Performance Market report highlights an all-encompassing assessment of revenue generated by different segments across different regions for the forecast period, 2022 to 2028. To leverage business owners and gain in-depth understanding Of current momentum, the report’s research taps into hard-to-find data on aspects such as, but not limited to, demand and supply, distribution channels, and technology upgrades. Primarily, the determination of stringent government policies and regulations and government initiatives enhancing the growth of the classical dance market offers knowledge of what is in store for business owners in the coming years.

Key companies covered in this report:

Bolshoi Ballet, Paris Opera Ballet, New York City Ballet, American Ballet Theater (ABT), Mariinsky Theatre, American Repertory Ballet, Vienna State Ballet, The Royal Ballet, Tokyo Ballet, The National Ballet of China, The Australian Ballet, Hong Kong Ballet

By type:

Classical Ballet Performance, Neoclassical Ballet Performance, Contemporary Ballet Performance

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Under 18, 18-34, 35-50, Over 50

Promising Regions & Countries Mentioned In The Ballet Market Report:

‣ North America (USA)
‣ Europe (Germany, France, United Kingdom)
‣ Asia-Pacific (China, Japan, India)
‣ Latin America (Brazil)

The report studies the Ballet market by evaluating the market chain, relevant policies and regulations along with the manufacturers, their manufacturing chain, cost structures and contribution to the industry. The regional markets for the Ballet Performance Market are examined by analyzing the pricing of products in the region against the profit generated. Production capacity, demand and supply, logistics, and historical market performance in the given region are also assessed in this market report.

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Market analysis :

Other important factors studied in this report include supply and demand dynamics, industrial processes, import and export scenarios, R&D development activities, and cost structures. In addition, consumption demand and supply figures, production cost, gross profit margins and selling price of the products are also estimated in this report.

The conclusion part of their report focuses on the existing competitive analysis of the market. We have added some useful information for industries and customers. All the major manufacturers included in this report are dealing with expanding operations in the regions. Here we express our appreciation for the support and assistance of news app industry experts and advertising engineers as well as the review group‘s investigation and conventions. Market rates, volume, revenue, demand and supply data are also reviewed.

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You can make your business development plans when you have information about production value, production cost, product value, etc. for the next five years.
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BOOK REVIEW | ‘The Meiji Japanese Who Made Modern Taiwan’ by Toshio Watanabe Sat, 04 Jun 2022 23:13:47 +0000
Japan Racing Association

Emerging from the isolation it had imposed on itself by Western intrusions and the unequal treaties imposed on it, Japan was preparing to make itself the equal of the great powers. The new Meiji government, convinced that if Japan did not learn Western civilization it could not survive as an independent state, began a heroic effort to emulate what made the great powers great.

Imperialism, which now has a bad reputation, was held in high esteem at the end of the 19e century. The distant possessions of France, Russia, and the United Kingdom were much envied, as were the great trading empires of the Dutch and Americans.

The creation of a model colony

Thus, Japan, among other manifestations of the modernism it covets, would need an empire. Taiwan, acquired from the moribund Qing (Manchurian) dynasty in 1895, was the first of these, and the Meiji rulers were determined to make it a success.

Taiwan had been administered, if that’s the right word, with indifference and corruption for two hundred years before being made a province only the year before the island was annexed by Japan. Making it a model colony and a showcase of Japanese know-how is a Herculean undertaking that the new government undertakes with enthusiasm.

The island nation was home to outlaws from China and a variety of indigenous people, some of whom were cannibals. Malaria and other tropical diseases were rampant.

Roads, once winding and muddy, have been straightened and paved. A land survey was conducted, a railway built, and a central bank established. Japan’s greatest architects have designed government buildings – to this day, early Japanese visitors to Taiwan are struck by the resemblance between the presidential office building and that of Tokyo Station. and indeed both were designed by Uheiji Nagano. The seat of colonial government reflected the eclectic mix of Japanese, Baroque and neoclassical elements in vogue at the time.

Medical care, including vaccinations, was introduced, and Western-style schools were opened which ― groundbreaking for the time ― taught boys and girls, albeit separately.

A statue in Taiwan honoring Japanese civil engineer Yoichi Hatta, who designed and built the Wushantou Dam before World War II. The flowers mark the 100th anniversary of the construction of the dam. (Pictured: May 8, 2021, Sankei.)

The Meiji Men Who Made Taiwan

The story of the energy and dedication of the men who transformed Taiwan into a prosperous colony and laid the foundations for its success as a modern state is the subject of Professor Toshio Watanabe’s book.

It opens with an anecdote about Furuichi Kōi, a student in Paris whose landlady, worried that he was destroying his health by working so hard, suggested he take a day off. His response, “My one-day rest means Japan’s modernization will be delayed for another day”, exemplifies this spirit and can be seen as the leitmotif of Watanabe’s narrative.

One of Kōi’s students, Yoichi Hatta, is a good example. Taiwan’s Governor General was aware that the island did not have enough energy to develop Kaohsiung as a port that could serve as a base for Japan’s southward expansion and preferred to use Sun Moon Lake for oil production. ‘electricity.

Hatta dutifully abandoned a tank project he was working on. And armed with anti-malaria quinine, a waterproof tent, a backpack of rice, shoyu and preserves, he set out through the difficult hilly terrain of the region.

Barriers to Modernization

Quite by chance, he discovered the ruins of a brick dam built during the period of Dutch rule and realized that this would be the perfect place to build a much larger version of the original. However, many problems had to be solved first. The water would have to be drawn from the main course of a larger, less well-situated river, which meant that a tunnel would have to be built. The same would apply to main lines, branch lines, irrigation canals and drainage canals.

Unpredictable setbacks have delayed progress. An explosion near the entrance to the tunnel killed 50 people. And financial problems after the Great Kantō earthquake that necessitated the reconstruction of much of Tokyo prompted layoffs.

In the end, Hatta succeeded, using an unorthodox technique that has withstood Taiwan’s extreme seismic events so far, while transforming the barren former Chianan Plain (southwest of Taiwan) into an area abundant production for rice, sugar cane and other crops.

When completed in 1930, the Wushantou Dam was the largest in Asia. And until the Hoover Dam was completed in 1936, it was the largest in the world.

Hatta, who died in 1942 when the ship he was traveling in was torpedoed, is now honored with a park in his name with his statue. Almost forgotten for many years, it has become a symbol of Taiwan-Japan friendship.

Rice: securing a stable source of livelihood

Another major problem to which the young technicians of Meiji were attached, complementary to the need for water, was rice, the staple food of the region.

Rice riots were common in Japan after shortages caused by crop failure and storm damage were exacerbated by the Russo-Japanese War of 1904–1905, and Taiwan was seen as a possible solution. The island produced rice, but its long-grain Indica didn’t suit Japanese tastes for the wetter, flavorful variety known, appropriately, as Japonica.

Producing such a variety of indigenous rice was a task entrusted to Megumu Suenaga and Eikichi Iso. It was a tedious and laborious process. Pollen with particularly good characteristics should be attached to equally special and robust pistils, the ovule-bearing organ of a seed plant, to mate them artificially. It was important that the plant had many ears to allow it to produce many grains of rice, that it was strong enough to resist several kinds of diseases, and that the stem was as straight as possible to absorb as much light as possible. solar.

Initially, 1,365 types of types were tested, then whittled down to 485, with less than optimal results. Suenaga would leave home at 5 a.m. and drive four kilometers to work carrying food for his morning and midday meals, return around 7 or 8 p.m., have dinner, and report to Iso, his superior, on results of the day.

Eventually, it was decided to try growing Japonica, despite Taiwan’s different soil and climate conditions. The results were surprisingly good, although not perfect at first.

After more careful work, however, Suenaga and Iso were able to improve on the original. Local farmers, initially skeptical, have shown themselves ready to accept the risks. By 1923-1924, cultivation had spread to all the rice-growing areas of the island.

Isao’s success

Named Hōrai rice, it became the second largest cultivated crop in the Japanese Empire, as well as the basis of Iso’s doctoral dissertation and the many honors bestowed upon him thereafter.

After Japan’s defeat in World War II, Iso was one of a small number of technicians that Chiang Kai-shek’s new government considered indispensable and urged to stay. He did so, only returning to Japan upon his retirement in 1957, 45 years after his arrival and after receiving the new government’s highest honor for his service to Taiwan.

Where Watanabe takes us

Although fascinating in its content, the book can be confusing to read. Its content first appeared in several installments in the monthly magazine Seiron over the course of a year, the book making no attempt to bring order to historical detail or remove overlap.

Chapter three, Taiwan as a Frontier Dream, might have been better placed at the beginning of the book, followed by chapter six, the chapter on the administrative styles of Governors General Gentarō Kodama and Shimpei Gotō that follows. It was their actions that enabled the work of Hatta, Iso and Suenaga. And chapter five ends with the end of World War II in 1945, while chapter six begins with the end of the Sino-Japanese war in 1895.

Although we find out in detail what happened to Iso and Hatta, Suenaga disappears from the story. Only by referring to the very beginning of the book do we find a terse line stating that he died in 1939, without giving any details.

Still, rambling as it is, it’s a fascinating read. Photographs, maps and drawings are generously distributed, making it easier for readers to understand the intricacies of issues such as rice hybridization and the semi-hydraulic filling method for building dams.

One stands in awe of the men who accomplished so much under such difficult circumstances while providing the solid foundation that, together with the efforts of its own people, enabled Taiwan to achieve such success in the post-colonial era.

All our praise to Professor Watanabe for producing the book and to Dr Eldridge for his skilful translation of it.


Title: The Meiji Japanese who made modern Taiwan

Author: Professor Toshio Watanabe

Translated by: Dr. Robert D. Eldridge

Editor: Lexington Books, 2022

Format: Hardcover and ebook.

ISBN No. 978-1-66690-853-4 (hardcover) and 978-1-66690-854-1 (ebook)

Language: English

To buy the book: Via the publisher on this link, or via Amazon and other booksellers.


RELATED: Taiwan celebrates 100-year-old dam in testament to strong ties with Japan

Reviewed by: Dr. June Teufel Dreyer

Has China’s one-child policy encouraged households to save more? Fri, 03 Jun 2022 19:14:12 +0000

In China in 2013, the average household savings rate, that is, the percentage of a household’s income spent on savings, was around 25%. China’s figure dwarfs the household savings rate of 0.7% in Japan, 3.1% in the UK, 5.2% in South Korea and 6.6% in the US.

One possible explanation for this outsized rate is that it was driven by China’s one-child policy, implemented in the 1980s and relaxed around thirty years later. The theory posits that the law weakened the “family safety net”, thereby inducing households to save.

“Some people have suggested that in the absence of a formal safety net, people use their family as a safety net,” says Efraim Benmelech, professor of finance at Kellogg. “That is to say, when parents have many children, they know they can count on them in the future. In China, once you could only have one child, there was a limit to that addiction, so people had to save more.

To determine whether the one-child policy has boosted savings or something else is at work, Benmelech and Kellogg associate professor Scott R. Baker teamed up with co-authors Zhishu Yang of the Tsinghua University in Beijing and Qi Zhang of Shanghai Jiao. Tong University.

They explored this by linking granular data on household financial transactions from a major Chinese bank – data that had never before been available to researchers – with administrative records detailing births, marriages and other information.

Their findings suggest that the emergence of the one-child policy has not, in fact, further boosted Chinese household savings. On the contrary: once the restriction was eased to a maximum of two children in 2014, families actually started saving more, especially when planning to have a baby. Instead, savings seemed to be more directly related to financial forces, such as income volatility, income growth, and access to consumer credit.

“There is always a question of how important culture is to economic activity – and although culture is important, it was interesting to see that culture was not as important in our assessment as it was. other more neoclassical economic forces,” says Benmelech.

Link financial models to life events

Baker and Benmelech say their research was only possible because of their unprecedented access to detailed transaction data from an Inner Mongolian bank, which they secured through their co-authors, Yang and Zhang.

The dataset included eight years of transaction details, spanning from 2010 to 2017, from nearly 1.8 million of the bank’s retail customers. These details provided a granular view of household income growth and volatility over the period, as well as customer access to credit. They were able to dig even deeper into how household spending and saving patterns evolved around major life events by linking a subset of bank customers to administrative records of marriages and births.

To determine whether the one-child policy actually encouraged greater savings at the household level in China, the researchers looked at how savings patterns changed when the law began to relax in 2014. Specifically, they looked for differences in savings rates between families who could legally support another child after 2014, either because they had no children or had only one, and those who did not. had not, either because they already had two children – thanks to the allowances for certain subsets of the population – or because they were probably past the childbearing age.

Real reasons to save

They found that as the one-child policy evolved into a two-child policy, savings rates did not decline but actually increased, especially for households that were now able to increase the size of their family.

Moreover, they observed that the households that increased their savings the most after the policy change were the most likely to have additional children.

“Given the costs of raising additional children,” the authors write, “these estimates would imply that the imposition of the one-child policy may have actually lowered savings, at least in the short run, because households did not need to save for additional child-related expenses. In other words, additional children seemed less likely to be viewed as an insurance policy and more likely to be viewed as an expense and a reason to save aggressively.

The most predictive factors of a household’s propensity to save are of a financial nature, fully consistent with the savings patterns of Western countries. Households that had experienced extreme fluctuations in income saved more, as did those with higher incomes, while those with more access to consumer credit to smooth out financial shocks saved less.

An imminent convergence

The researchers conclude that China’s outsized savings rate likely has nothing to do with family size laws and more to do with the income gains its population has made in recent decades and fluctuations in these revenues.

This suggests that as the country’s economy expands and its long-term growth slows, its overall saving and spending patterns are likely to start to resemble those of the United States and Europe more closely.

When a population has substantial money placed in savings, it allows the government and its citizens to purchase investment assets around the world, much of which is usually US bonds. The increased demand for these bonds is driving down US interest rates.

While China has long played an outsized role in global savings markets, the convergence of income and income growth toward Western levels could lead to a decline in that role, the researchers say.

“A lot of what drives the behaviors we see seems to be very similar to what we see in the West,” Baker says. “As their income levels and growth levels converge with those of the West and access to credit expands, we could see consumption rise and savings decline. And it has ramifications outside of China.

Anthrax Announce Album + Anniversary Livestream Video Release Wed, 01 Jun 2022 12:38:04 +0000

On July 15, Anthrax will be released Anthrax XL – last year’s 40th anniversary live concert of thrash metal band “Big Four” – both as a live album and video album in digital, Blu-ray and CD formats.

The performance, shot on a Los Angeles soundstage last July, features a full set of hits and deep cuts from Anthrax’s catalog. Alongside an upcoming tour, the release completes the band’s 40th anniversary celebrations that began in 2021 with a retrospective web series.

On Wednesday, June 1, Anthrax released the lead single from Anthrax XL, the live version of “Aftershock,” the searing opener to the B-side of the pivotal 1985 album. Spread of disease.

Watch the video at the bottom of this article.

“Forty is not like 40,” Anthrax drummer Charlie Benante remarked in a press release this week. “Sometimes I have to remind myself how long this strange journey has been going on. I love playing these songs – they’re such a part of my life – and I know for many of our fans they play a big part in theirs too. .”

Regarding the live recording, lead singer Joey Belladonna explained, “Even though we were playing in a studio with just the crew there, we played this set like we were in front of 50,000 screaming fans. I felt like we made a full-on connection with everyone watching from home or anywhere, and they connected with us.”

Anthrax will hit the road this summer for a group of North American tours with Black Label Society and Hatebreed. See the dates under the “Aftershock” video and album information.

Click here to pre-order Anthrax XL now.

Anthrax, “Aftershocks” (Anthrax XL Version)

Anthrax XL Artwork + track list

1. “Time/Fight Em ‘Til You Can’t”
2. “Madhouse”
3. “Caught in a Mosh”
4. “Metal Thrashing Mad”
5. “I have time”
6. “I am the law”
7. “Keep it in the family”
8. “Lone Justice”
9. “The Devil You Know”
10. “Be All, End All”
11. “Now it’s dark”
12. “Antisocial”
13. “At the End”
14. “Medusa”
15. “Evil Twin”
16. “Indians”
17. “Skeletons in the Closet”
18. “Blood Eagle Wings”
19. “Bring on the Noise”
20. “AIR”
21. “Among the Living”

Anthrax, Black Label Society + Hatebreed Summer 2022 North American Tour Dates

Anthrax, Black Label Society, Hatebreed Tour


July 26 – Phoenix, Arizona @ Van Buren
July 28 – Las Vegas, Nevada @ Brooklyn Bowl
July 29 – Los Angeles, CA @ Palladium
July 30 – Sacramento, CA @ Heart Health Park
August 1 – Denver, Colorado @ Fillmore
August 2 – Kansas City, Missouri @ Midland Theater
August 4 – Gary, Indiana @ Hard Rock Live
August 5 – Oshkosh, Wis. @ Oshkosh Arena
August 6 – Minneapolis, Minnesota @ Fillmore
August 8 – Dallas, Texas @ Southside Ballroom*
August 9 – Austin, TX @ Waller Creek Amp.
August 11 – Atlanta, Georgia @ Tabernacle
Aug. 12 – Orlando, Fla. @ House of Blues
August 13 – Charlotte, NC @ Fillmore
August 15 – Cincinnati, Ohio @ Brady Music Center
Aug. 16 – Nashville, TN @ Ryman
August 18 – Silver Spring, Md. @ Fillmore
August 19 – Rochester, NY @ Main St. Armory
August 20 – Detroit, Michigan @ Fillmore *
August 22 – Pittsburgh, PA @ Stage AE
August 23 – Toronto, Ontario @ History
August 24 – Montreal, Quebec @ Cogeco Amp.
August 26 – Brooklyn, NY @ Coney Island Amp.
August 28 – Philadelphia, Pennsylvania @ Fillmore *

* No hate

The “Big 4” of 17 metal subgenres

Everyone knows the “Big 4” of thrash metal, but what about other styles of metal?

Olmsteds Around America – The American Curator Sat, 28 May 2022 04:01:00 +0000

Even a brief summary of Frederick Law Olmsted’s work will be very long – and for that we are grateful to him. Take this one, donated by the treasured Cultural Landscape Foundation on the occasion of the bicentenary of Olmsted’s birth (this year):

[His p]projects varied in scope and scale from park and parkway systems – in Brooklyn, Buffalo, Boston, Chicago, Louisville and Seattle; large urban parks—Central Park, New York City; Franklin Park, Boston; and, Jackson Park, Chicago; scenic preserves – Yosemite Valley and Mariposa Big Tree Grove and Niagara Preserve; government buildings — the US Capitol Grounds, Washington, DC and the Connecticut State House; college campuses such as Stanford University, Palo Alto, CA; residential communities such as Riverside, Illinois and Druid Hills, Atlanta, Georgia; and estates such as Biltmore in Asheville, North Carolina and Moraine Farm in Beverly, Massachusetts.

If you’re not traveling with an Olmsted bookcase in your trunk or satchel, this can be quite difficult to keep in mind. Some walks, clearings and car rides will escape you. There is now a solution, however, in the form of the Cultural Landscape Foundation’s excellent resource called What’s Out There Olmsted, an online guide to over 300 landscapes by Olmsted and his successors, with a map and other aids to reduce your chances of passing happily. by a beautiful landscape. The guide is a work in progress, which CWF intends to expand. Even at the current size, the guide inevitably reserves surprises.

Consider Beardsley Park in Bridgeport, Connecticut, started by Olmsted Sr. and completed by his son, John Charles Olmsted, whose recommendations for the site – “thin the forests into open glades for a park-like character, while encouraging the growth of native shrubs for decorative understory; enhancing hillside areas for distant views while using natural rocks to create a vine-covered carriage hall, similar to a ‘bastion-live’ In Beardsley Park today there remain gable-roofed barns and bridges and a statue of James W. Beardsley A zoo full of retired Barnum circus animals (installed contrary to the advice of John Charles) has now disappeared.

Not far away in New Britain, Connecticut is Walnut Hill Park, an 1870 Olmsted and Vaux hilltop design that still does this town proud. There are also a variety of landscape features at Trinity College that endure in Hartford, Olmsted’s birthplace.

If you live in Connecticut, you’re probably familiar with these sites, but there are plenty of entries in the Olmsted Guide below the first level of its preeminent parks. Take Cadwalader Park in Trenton. While parks are the easiest items on the list to engage with, there are still many more, like the suburbs and planned communities of Olmsted. Sudbrook Park, plotted as a vacation community in Pikesville near Baltimore, rises above the suburban neighborhoods that now surround it.

I had no idea the University of Maine at Orono existed, let alone that it had design elements of both an initial Olmsted and Vaux 1867 scheme and later accentuations from the Olmsted Brothers company. A theme that emerges as you go through the guide is how easily someone can rip off a landscaping plan. For example, Olmsted and Vaux’s original plan at Orono was rejected, “but they adopted his concept of orienting university buildings towards the Stillwater River and an open parade ground and arboretum”. In the 1930s, however, they brought in the firm Olmsted Brothers, who laid out a new axis for the development of the buildings, an elm alley, a landscaped lake, as well as suggestions for the removal of the buildings.

Another plan of Olmsted that you could easily miss is that of Pinehurst, North Carolina, a resort community about 40 miles west of Fayetteville, originally planned by Olmsted in 1895. It features curved streets radiating around of a green village and houses evenly set back 36 feet from the street on various hillsides. “Over 225,000 plants were added during construction,” the guide notes, “with a preference for native plants and a dual emphasis on spring-blooming flowers and winter evergreens.”

A recurring pattern in these works is that their initial commissions are followed by later work by the Olmsted Brothers company. Sometimes, as these sites were built, there were triple or even longer consulting engagements over time. Thus, the main advantage of the CLF guide is that it does not stop at the work of Olmsted Sr., but covers the work of his sons, whose work was often of a similar quality to that of their father. The Olmsted Brothers firm produced over 6,000 projects up to 1979, and the talents it employed went on to found a number of excellent landscape architecture firms. One of the last associates, Joseph George Hudak, is still alive. Thus, nearly 100 designers are profiled in the CLF guide, with many projects that catch our attention.

Many of these later works are excellent and do not usually appear in books about Olmsted. I had never heard of Kirby Park in Wilkes-Barre. I had also never heard of the Sunken Garden and Convalescent Park of Percival Gallagher’s Ball Nurses in Indianapolis, with, according to the guide, “a neoclassical geometric style, with a central square garden with a circular pool and a statue and four planted quadrants , flanked on the east and west by two quadrangular slabs of grass bounded by walking paths.

The Olmsted Brothers Baltimore walks were familiar to me, but if you don’t know them, they are worth the effort. Other Olmsted street designs tend to elude us: the riverside Swasey Drive in Exeter, NH, or Blackstone Boulevard in the RI, commissioned by a graveyard “to provide a more dignified arrival experience. “, and succeeding.

There are more planned suburbs in the guide that one should see. Ashland Park in Lexington, Ken., or St. Francis Wood in San Francisco. Naturally, the latter was designed according to the topography of the district, with a wide central boulevard and a double row of trees, as well as Italian Renaissance style gardens and its intact well. Content extends beyond national borders, with Capilano Estates in Vancouver, a suburb and country club spanning 1,1000 acres designed to maximize water and mountain views.

The guide also includes the village of Kohler, Wisconsin, a name that might appear in your kitchen and bathroom, and whose founder commissioned a model community plan that has been partially completed. There are also many university designs, from the University of North Alabama, Fisk University in Nashvhille, Huntington College in Montgomery, University of Florida in Gainesville, etc. If you’re not already incorporating college tourism into your travels, the content in this guide will provide you with a compelling reason to do so.

There is, of course, much more: the Washtenong Cemetery in Ann Arbor, Yeaman’s Hall Country Club in Hanahan, South Carolina, the Bernheim Arboretum south of Louisville. The most unexpected entry has to be the Caracas Country Club, a club and neighborhood commission obtained on the advice of Nelson Rockefeller. It is still there, although the chances of visiting it right now seem low.

There have been losses to the collection and unfortunate alterations, but there are also shining stories of revivals, corrections and efforts to conform to Olmsted’s original plans in modern renovations. Of course, all is not rosy. Some of the items on the list are currently at risk, and the CLF is planning a report focusing on Olmsted’s landscapes at risk. One example is Northern State Hospital in Sedro-Wooley, Washington, the site of a former mental institution that spans over 1,000 acres. It is a rare largely intact Olmsted farm plan, although most of the buildings are in a state of disrepair. Every landscape needs to be nurtured, and may this report encourage that.

Antoine Palette lives in Brooklyn. This New Urbanism series is supported by the Richard H. Driehaus Foundation. Follow New Urbs on Twitter for a feed dedicated to TAC’s coverage of cities, urban planning and places.

What will Nicola Sturgeon’s legacy be? Thu, 26 May 2022 16:58:08 +0000

Music writer Greil Marcus argued that “rarely has a singer had such a complete and unique talent as Rod Stewart; rarely has anyone betrayed his talent so much”.

There will be those who applied a similar analysis to Nicola Sturgeon this week as she became Scotland’s longest-serving Prime Minister – not as a singer, of course (she admits she can’t hold back an air), but as a politician.

Critics on the pro-independence side believe Sturgeon is missing out on a golden opportunity to hold a second referendum and has instead become mired in the daily grind of government. She became too comfortable in the neoclassical setting of the Robert Adam-designed Bute house, they say, with an army of servants and underlings to do her bidding. Meanwhile, there is no real progress towards the movement’s ultimate goal, and the likelihood of Scotland leaving the UK diminishes as each year passes of the SNP’s long reign.

On the pro-Union side, she is accused of being obsessed with independence to the exclusion of everything else, with the result that Scotland languishes in constitutional stasis. I have heard more than one senior official muse over the years that Sturgeon might otherwise have made an excellent Labor Prime Minister. Were it not for the constant need to judge politics on whether or not it advances the case for independence, she would have been freed to pursue much needed reforms to public services and the Scottish economy and work much more closely and positively with the Westminster governments.

There are few on either side of the debate that dispute Sturgeon’s star quality or his formidable political abilities. Since November 20, 2014, when she succeeded Alex Salmond, she has dominated national debate and public life, and been so secure and fixed in her position that it has become hard to imagine or sometimes even to remember Scotland without sound. On Wednesday, May 25, she passed the seven years, six months and five days mark which took her beyond Salmond’s tenure in the post. Sturgeon was unable to celebrate – she is struggling with Covid, with her deputy John Swinney taking part in this week’s Prime Minister’s Questions. Scotland, meanwhile, for better or worse, have a case of Long Nicola.

There are those who are obviously built to lead and those for whom it is not suitable. One could argue that Gordon Brown and Theresa May fell into the latter category, neither seeming comfortable under the burden of senior management. Tony Blair and David Cameron wore the coat lightly. Sturgeon was both: in her early years as a politician, she cut a withdrawn and irritable figure, but over time she blossomed into an important and confident singer. This was particularly evident during the 2014 independence referendum, when she regularly held rallies of thousands of Yes voters in the palm of her hand, and during the Covid-19 pandemic, when her peculiar mix of hard work, empathy and honesty was appreciated by a traumatized population.

It also helps that Sturgeon comes across as a relatively ordinary Scotsman. She has a quintessentially Glasgow irreverent sense of humor and can be very funny, and looks and sounds like the people who elect her. There is no Old Etonian class divide between leader and ruled in Scotland. She spends what little free time she has reading novels and regularly tweets about her favorite books. There’s a humanity and normality to her that isn’t always visible in her Westminster equivalents.

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But for at least half the population, it is also downright infuriating. During his tenure, there was concern about lost opportunities and avoided fights. The education system is withering away under what appears to be a lack of care and imagination, and an unwillingness to institute the kind of life-giving reforms that could upset teachers’ unions even if they were welcomed by students and parents. Sturgeon has a bad relationship with the business world, which feels devalued and underserved; it is certainly true that she is driven by a belief in social justice and the importance of the state, and that she has no natural sympathy for wealth creators and entrepreneurs. The entry into government of the far-left, anti-growth Greens was only the most glaring example.

Indeed, his government’s engagements with the private sector have rarely been successful, whether it be the disastrous commissioning of ferries from the Ferguson shipyard – the ships are now years behind schedule and well over the budget – the aimless nationalization of a dormant Prestwick airport, and now ScotRail, which, less than a month after being placed under government control, has moved to an emergency timetable, has cut 700 services a day and made travel a risky activity for commuters.

If the overriding goal of the Sturgeon administration was to secure another referendum, that too appears to have been a failure. She insists a second vote will take place within the next few years – by the end of 2023 if she is successful – but that seems unlikely. And if the electoral success of the SNP finally begins to wane after 15 years of pre-eminence, the chance could be lost for decades.

Where the Prime Minister has perhaps had more success is in gradually peeling Scotland from the neoliberal Anglo-Saxon model to a Nordic social-democratic model. She did this subtly, introducing welfare measures into policy-making, pursuing inclusive growth, introducing the Scottish Child Payment and making Scotland’s income tax system slightly more progressive. than that of Westminster. She also set up a separate social security system, a state investment bank and other institutions that make the Scottish state look more developed and competent. The war in Ukraine has been used to signal a mature approach to foreign policy.

But without major achievements in key traditional policy areas – where reform rarely comes without risk, a waste and loss of political capital – it is unclear what Sturgeon will ultimately leave behind that cannot easily be reversed. She has a reputation for dodging fights and seeking easy wins. In a way, she was a lucky leader: she only governed while there was an unpopular Conservative administration in Westminster, and Labor spent most of its time having a Corbyn-induced panic attack. Arguably, given the favorable circumstances, the SNP should be much closer to independence than it is.

Sturgeon is now closer to the end than the beginning of his ministry. As her legacy begins to take shape, she might wonder if she fully lived up to the talent that made her the defining Scottish politician of the era.

Al Habtoor City Hotel Collection in Dubai positions itself as the preferred destination for Jewish travelers Tue, 24 May 2022 06:26:24 +0000

Wherever you wander in Dubai, be it a restaurant, Burj Khalifa, the tallest building in the world, the inspiring Museum of the Future, or the souks, one of the most spoken languages ​​among tourists is definitely Hebrew.

Since the signing of the Abraham Accords in August 2020, which led to the normalization of relations between the UAE and Israel, more than half a million Israelis have traveled to the UAE to find out what the Gulf countries has to offer, including at Expo Dubai which closed at the end of March. Several airlines, including Emirates, fly from Tel Aviv to Dubai with more than ten daily flights between the two cities. This is also true for Jewish visitors from all over the world who have chosen Dubai either for business reasons or for their family vacation. Dubai’s attraction among the Jewish world has also led to a growth in the local Jewish community as well as the services necessary for daily life.

Among the myriad of luxury hotels in Dubai, Al Habtoor City Hotel Collection, which comprises 3 distinct hotels in a stellar destination, Hilton Dubai Al Habtoor City, V Hotel Dubai, Curio Collection by Hilton and Habtoor Palace Dubai, LXR Hotels & Resorts, was the very first destination in Dubai to launch kosher dining services, long before the Abraham Accords, thanks to the vision of the Al Habtoor Group led by its founder and chairman Khalaf Ahmad Al Habtoor who was a supporter of normalization with Israel. even before the Abraham Accords and which wanted its hotels to be able to respond to the specific niche of the Israeli-Jewish clientele. This year, the holy month of Ramadan, which ended last month, coincided with Passover, the Jewish holiday of Passover, which saw a surge of visitors from Israel and the Muslim world.

The Al Habtoor group: one of the UAE’s the most respected and successful companies

The Al Habtoor group has grown with the United Arab Emirates. What started as a small engineering company in 1970 is today one of the region’s most respected conglomerates with interests in the hospitality, automotive, real estate, education and publishing. He has built a solid reputation both locally and internationally.

The founder and chairman of the Habtoor group, Khalaf Ahmad Al Habtoor.

Today, it operates in the UAE and in international markets, employing thousands of highly skilled and experienced professionals. Just as the name of the United Arab Emirates has become synonymous with trade and enterprise around the world, the name of the Al Habtoor Group has become synonymous with dynamic growth, as evidenced by its commitment to developing and growing businesses in multiple sectors.

He proudly waves the UAE flag in many cities around the world, including London, Vienna, Budapest, Beirut, and Springfield, Illinois.

Al Habtoor’s vision is clearly to position its hotels as the preferred destination in Dubai and the region for Jewish travellers. The Group’s hospitality division comprises 14 world-class hotels: seven locally and seven overseas.

The three hotels of the Al Habtoor City Collection are located in the heart of new Dubai, just 20 minutes by car from the airport, 20 minutes from the Jumeirah district with its beaches, 15 minutes from the Dubai Mall, the most great in the world. , and Burj Khalifa, 10 minutes from the Museum of the Future. This new Dubai imagined by the leader of the United Arab Emirates, Sheikh Mohammed Bin Zayed.

The Habtoor family was part of this vision and created Habtoor City, which aims to become Dubai’s largest lifestyle and entertainment landscape with the three hotels, more than 20 restaurants offering dishes from various Middle Eastern countries and other countries around the world, as well as La Perle. aqua theater presenting a show designed by producer Franco Dragone.

Within the distinctive triptych of Al Habtoor City Hotel Collection, the Habtoor Palace is a hotel of immense character, reminiscent of a Maison de Maître combining French neoclassical architectural style and British heritage. Almost as if you’re traveling to the home of the Habtoors, walking with them through their favorite world landmarks, a New York-style steakhouse at the World Cut, a chic brasserie on the Avenue des Champs Elysées at the BQ restaurant, an open-air atrium of Parisian palace at the Patio…

A place to see and see, Habtoor Palace is a masterpiece of architecture and interior design filled with historical memorabilia and significant works of art, its incredible lobby which allegedly does not include the common reception, its Polo Bar as well as Churchill and Bentley suites….

European Jewish Press spoke to Soufiane El Allam, commercial director of the Al Habtoor City Hotel Collection complex, originally from Morocco.

From which countries do most guests come throughout the year?

Al Habtoor City Hotel Collection benefits from two resounding namesakes – the flagship of Hilton hospitality with its international network and evocative brand name, combined with the heritage of the Al Habtoor family, which enjoys authority and exceptional recognition in the region and the Arab world. This complementary heritage gives us a unique positioning as a “glocal” destination, like other authentic names such as Burj Al Arab, Burj Khalifa, etc.

The same appeal is reflected in our psychographies: Hilton’s clientele is very international, spanning the Americas, Europe and Asia. V Hotel Dubai is the preferred destination for ambitious young entrepreneurs, creative industry events and showcases – fashion, media awards, celebrity gala evenings – whether they are from the UAE or the region. Habtoor Palace Dubai has a very strong aura on the Gulf Cooperation Council (GCC) region, and therefore indirectly on major international tourism travelers as well as international delegations and royalty seeking to connect with key personalities of the United Arab Emirates and beyond in an unknown Palace which is the place to be seen and seen for connoisseurs.

The Habtoor Palace, a boutique hotel resembling a Maison de Maître with both French neoclassical architecture and British heritage.

What is the Jewish/Israeli angle of Habtoor hotels?

Al Habtoor City Hotel Collection is blessed with wonderful, well-traveled owners who are connoisseurs and lovers of culture, travel and the pleasures of life. The fact that our collection of hotels bears their name is a pure testament to this deep aspiration. Naturally, this is reflected in their visionary leadership and inspires our mission as global hoteliers. The proof is true, as Al Habtoor City Hotel Collection was the very first destination in Dubai to launch kosher dining services, first through a third-party partnership long before the Abraham Accords. This historic milestone reinforced our beliefs, and we immediately proceeded with our Kosher Kitchen certification under our own direction, with the blessing of Rabbi Levi Duchman, allowing us to operate daily kosher breakfast for the resort, as well as other special catering services for both individual and group guest requests.

During Expo 2020, we had the privilege of welcoming many personalities from the Jewish world, many of whom elected the city of Al Habtoor as their preferred destination for an extended stay during the full 6 months of the Expo. We are now planning an initiation visit to Israel in the presence of our senior management, as our recent history and realistic ambitions place Israel among the top 3 feeder markets, along with companies such as the United Arab Emirates or Saudi Arabia. This ambition is also intended to support our efforts and position us as the preferred destination in Dubai and the region for practicing Kosher and Jewish travelers from around the world.

Soufiane El Allam, Commercial Director of the Al Habtoor City Collection Resort: “Al Habtoor City Hotel Collection was the very first destination in Dubai to launch kosher catering services, first through a partnership with a third party long before the agreements of Abraham.

Since when do Jewish/Israeli tourists come to your hotels?

Hilton was appointed to manage the operations of Al Habtoor City Hotel Collection after a rebranding process from another hotel operator. Therefore, unfortunately, we cannot track enough accurate data beyond a certain period. From what we have been able to observe, the Abraham Accords have been a major catalyst in educating Jewish/Israeli tourists in Dubai hotels. Our Kosher certification certainly contributed to this success afterwards, followed by Expo 2020.

We believe this story is a story yet to be written and that is why we are continuing our efforts working with representative agencies in Israel and key personalities of the Jewish world in Italy, Benelux, France, UK and in North America.

The Sir Winston Churchill Suite at Habtoor Palace.

A specific time of year?

The location is truly enchanting and offers a unique feeling of discovering a place for connoisseurs only. While staying at Habtoor Palace, guests can still enjoy the wonders offered by the 3 combined hotels – 3 rooftop pools, separate kids club and pool, over 30 entertainment and dining venues, including 2 spas and the Dubai’s number one show – La Perle by Franco Dragone. This reinforces our positioning as a destination within a destination, where guests can still enjoy a truly grand stay in Dubai under one roof, even during the hot summer season.