Economy and spontaneity, the enemy of travelling with kids


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Our taxi driver is tutting and rolling his eyes at anyone who looks his way. It's 10pm and we're 10 hours into our journey home from Sri Lanka. My husband and I are patiently strapping our two sleeping children into their car seats and securing these in the back of his Mercedes-Benz. It's not a quick process on a dark night and the queue of taxis outside Abu Dhabi Airport lengthens steadily.

Tired as we are, I wouldn't dream of putting this most precious cargo on our laps and bombing home asap and yet, only hours before, the four of us had been sitting, sweating, in the back of a tuk tuk that is overtaking into oncoming traffic on the insanely busy road that runs between the beach resort of Unawatuna and Galle.

With a three-month-old baby strapped to my chest, I'm trying to brace myself against the driver's seat to minimise the risk of serious injury if the three-wheeler grinds to a sudden halt - as it has twice this week - knowing full well that all such resistance is futile. My one comfort is that our driver, who runs the guesthouse where we're staying and has a family of his own, is driving with as much care as the kamikaze tactics of others allows.

I usually have one sacred, unbreakable rule when I travel and that's don't do anything you wouldn't do at home. This rather po-faced instruction doesn't apply to the fun stuff that make holidays a joy such as paragliding off a mountain top (not something that is even possible in downtown Abu Dhabi) but the dull stuff like not playing Russian roulette with your children's safety.

My sense of worry only deepens when our driver-cum-host tells us that 17 people died in a single accident on this very road only a few days ago. So why has the normally uptight me, a play-by-the-book, irreproachably responsible parent, gone nuts?

I blame spontaneity the enemy of travelling with kids. I'd booked our holiday just 24 hours before we hopped on the plane. I'd made sure the children's vaccinations were up to date and read the latest travel advisories on Sri Lanka but skipped the usual worry and paranoia stage of my pre-holiday planning. The first sign of trouble appeared at Colombo airport when the taxi I'd ordered arrived with lapbelts, next to useless for securing a kid's car seat. Then the undeniably cheap and lovely guesthouse close to the beach turned out to be 15 minutes away up a very steep hill. Without the option of hiring a car, a tuk tuk proved the only feasible mode of transport.

What should I have done? Checked into a swanky hotel on the beachfront that rented out cars for the day and fitted the car seats. So make that economy and spontaneity is the enemy of travelling with kids. Luckily we all survived to learn the lesson.

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.”

INDIA SQUADS

India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar

India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul

HOW TO WATCH

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Wayne Rooney's career

Everton (2002-2004)

  • Appearances: 48
  • Goals: 17
     

Manchester United (2004-2017)

  • Appearances: 496
  • Goals: 253
     

England (2003-)

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  • Goals: 53
The specs: 2019 Mercedes-Benz C200 Coupe


Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km

How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

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Can NRIs vote in the election?

Indians residing overseas cannot cast their ballot abroad

Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency

There are about 3.1 million NRIs living overseas

Indians have urged political parties to extend the right to vote to citizens residing overseas

A committee of the Election Commission of India approved of proxy voting for non-resident Indians

Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.

This option is currently available for the armed forces, police and government officials posted outside India

A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians

However, this did not come before the upper house or Rajya Sabha and has lapsed

The issue of NRI voting draws a huge amount of interest in India and overseas

Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online

The Election Commission of India then clarified that NRIs could not vote online

The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation

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Monster

Directed by: Anthony Mandler

Starring: Kelvin Harrison Jr., John David Washington 

3/5