A man all at sea with the sailing jargon


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In socks while touring the claustrophobic yacht cabin in the dock in Portofino, I saw a revelation — I spotted two things I could decipher.

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Not far above the ends of some bunks, beyond the crucial hydraulic system that can send everything kaput if it fails, there they hovered: two paper-towel rolls, flanking the area you might call a "kitchenette" if you wished to insult kitchenettes in general. These dutiful rolls hung on sturdy, black, metal wires.

Pardon the foray into advanced technicality here, but it appeared that if you yanked gently from either roll of the paper towels and then tore off at the perforated areas manufacturers tend to leave between each towel, or held the roll itself while pulling a towel, you could hold in your hand a paper towel.

If you pulled and waited a bit before tearing, you might even get two.

Beyond that, the gentlemen of Abu Dhabi Ocean Racing routinely and cordially explain that what they explain might not explain it to a novice.

They feel in their bones the vagaries of the sailing hardware, but words whether spoken or printed do not merge easily into understanding.

They cannot divulge the finer competitive details of the new boat lined up for the Volvo Ocean Race for obvious competitive reasons, but they give it a try with the shape, the deck, the positions of the sails and the hull.

Ian Walker, the skipper, will take you over to a big window overlooking a harbour. He will point to other boats with their cabins jutting upwards, and he will say of Azzam: "A very flat deck. There's no roof. There's no housing on it. A very sleek deck. A very open cockpit."

Normally, he will say, "the deck comes out," but with Azzam, the boat stays "all hollowed out, all along".

That seems almost understandable. The cabins of other boats suddenly do seem disruptive. Innocent passersby note the relative simplicity of the Abu Dhabi boat. Yet only the seasoned sailor can comprehend what that might mean and what effect it might have.

Wade Morgan, the bowman, kindly will explain that his sailing language might not sound inscrutable to the uninitiated.

He will begin explaining the "flush deck", which you might hear briefly as "flash deck", whereupon he will spell out "flush deck," whereupon a mild understanding will ensue.

"It doesn't have a box on top," Morgan will say of the flush deck, and that helps influence the dispersal of the water. These boats, he will remark, at times hold an astonishing amount of water totalling "a ton, and ton and one-half".

On this boat, however, the designers "raised the deck a little, put angles in it and water can go off the deck".

Graciously he explains further, "Instead of coming along the side of the cabin, the water just washes off the boat."

Even a thick head can figure out that, sort of, but cannot sense it in the keen way of an ocean sailor and cannot even spy the crucial angles. A boat such as this compared to a normal boat, Morgan will say, "is like a race car compared to a normal car".

He also will say that straightaway he noticed Azzam's "aggressive hull shape", which could lead many a greenhorn into a first-ever consideration of the varying aggression of hull shapes.

Nick Dana, the media crew member, who will videotape and chronicle the journey, can tell you in expert detail about the boat's new wrinkle in the ease of movement for sailors relative to the sails.

The notebook will show that Dana did say: "You've got the sails down" so, instead of there being "windage" on the side decks, "you have them lower. They're where your feet are. And it makes it a lot easier to move around."

So while the boat might qualify as revolutionary in this area, it would be improbable to discern the thorough meaning without having "played" the sport.

For years we have heard managers and athletes ludicrously claim their sports bear too much resemblance to calculus for non-players to understand, but here's a sport in which such boasting would be spot on, except that ... Except that, funnily enough, the participants do not boast. They acknowledge the built-in opaqueness.

Patrick Shaughnessy, the president of the Maryland-based Farr Yacht Design that conceived this boat, thinks it an inveterate issue for the sport, the rigour of conveying the technical aspects to the overwhelming majority of the public.

He and his cohorts just spent untold time studying the physics of water dispersal on sailboats, and he comprehends deeply how water curbs speed and tires sailors. It's just that he or any other bright sort would struggle translating that to somebody who technically comprehends little more than paper-towel racks.

Company info

Company name: Entrupy 

Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist

Based: New York, New York

Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.  

Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius. 

Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place. 

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- paid-for parking will be rolled across Abu Dhabi island on August 18

- drivers will have three working weeks leeway before fines are issued

- areas that are currently free to park - around Sheikh Zayed Bridge, Maqta Bridge, Mussaffah Bridge and the Corniche - will now require a ticket

- villa residents will need a permit to park outside their home. One vehicle is Dh800 and a second is Dh1,200. 

- The penalty for failing to pay for a ticket after 10 minutes will be Dh200

- Parking on a patch of sand will incur a fine of Dh300

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Key findings of Jenkins report
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  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

Defined benefit and defined contribution schemes explained

Defined Benefit Plan (DB)

A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.

Defined Contribution Plan (DC) 

A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.

What is type-1 diabetes

Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.

It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.

Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.

Being overweight or obese increases the chances of developing the more common type 2 diabetes.

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

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Console: PlayStation 1 & 5, Sega Saturn
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The biog

Name: Fareed Lafta

Age: 40

From: Baghdad, Iraq

Mission: Promote world peace

Favourite poet: Al Mutanabbi

Role models: His parents