If net neutrality is quietly killed, it will be a dark day for all of us


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In the late 20th century, technology was considered to be erratic, not in the way we now think about electronic vulnerability – in the sense of software crashes or data loss – but in terms of the impending annihilation that Y2K and the Millennium Bug would bring.

In the end, the year 2000 came and went without a hitch.

The world shifted into a new millennium without any of the blackouts, civil unrest and total Armageddon that some were expecting. On the contrary, the very fact that the Millennium Bug failed to materialise helped shore up our trust in technology.

That faith is about to be sorely tested once more.

In the US, the Federal Communications Commission is discussing a proposal that will have a profound effect on the way we all use the internet in the future.

The proposal would allow content providers to buy the right to serve their websites faster than other sites, effectively abandoning the notion of net neutrality that has persisted since the internet first came into all our lives. If the FCC’s proposal was adopted, it would usher in an era in which service providers will begin to discriminate against those websites that do not pay for the privilege.

The Washington Post recently reported that the FCC’s proposal would essentially give internet service providers the ability to negotiate with websites “in a commercially reasonable manner”.

In extreme cases it could allow internet providers to wipe out any start-ups, blogs or websites that did not have corporate backing.

This signifies a shift from the very essence of what differentiates the internet from other forms of media. It takes the control out of the user’s hands.

If you think this won’t influence those outside the US, you are very wrong.

As much as we’d like to think that websites are free, they are not.

Prices for advertisements, often the main source of income for most websites, are set by page views.

Websites that refuse to pay the entry costs brought on by this proposal will eventually suffer from lack of clicks – ultimately killing their only source of revenue and restricting access.

According to Pingdom, an online monitoring and evaluation service, the US hosts 43 per cent of the world’s top million websites.

Surprisingly, however, it is these larger websites, not the small start-ups and blogs, who are reportedly up in arms at the FCC proposal

Websites like Yahoo, Google and Netflix, three of the top 25 websites in the US, are leading the vanguard against it.

Last time, Google put up a censor bar on their logo, Wikipedia went black and people took to the streets all in an ultimately successful effort to shoot down the bill.

However, this doesn’t mean that the threat will fade away.

Many in the US Congress have long campaigned to limit net neutrality – the FCC’s current proposals will bring them to the fore again – and whatever the outcome, this won’t be the last time internet neutrality is threatened.

If such changes do come into being, we will all rue the day that our own inaction led to the downfall of the single most important invention in our generation.

nalwasmi@thenational.ae

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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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.”

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1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

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5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

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Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.

Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.

She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.

She is the youngest of three children, and has a brother and sister.

Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring  the natural world.

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