New flooding in Sindh province, including this scene last weekend, will leave Pakistan less capable of feeding itself, which will add to the country's other current difficulties, a reader says. Pervez Masih / AP
New flooding in Sindh province, including this scene last weekend, will leave Pakistan less capable of feeding itself, which will add to the country's other current difficulties, a reader says. PervezShow more

Another problem for Pakistan



Your editorial Pakistan floods offer chance for lasting change (September 18) was a very fair analysis of Pakistan's current predicament.

Last year's floods led to death, destruction of homes and the massive displacement of a rural population.

The destruction of livestock and the washing away of topsoil - key to growing crops - meant that many feared that Pakistan would no longer be able to feed itself. Within the last year there has been an exponential rise in the cost of staple foods in Pakistan.

With little if anything having been done by Pakistani authorities to manage the damage from last year, one shudders to think how the latest floods will compound those problems.

It seems almost inevitable that further death, destruction, poverty and hunger will ensue; and all that at a time at which Pakistan has few, if any, friends in the international community.

Daud Khan, Dubai

A sneaky trick cheapens the belt

I refer to your boxing story Mayweather stops Ortiz in fourth round to take WBC welterweight title (September 18).

Floyd Mayweather could have simply accepted a good gesture of apology, but instead he took advantage of the chance to throw punches, surprising Victor Ortiz.

Is this sports we're watching, or gladiators with neither honour nor respect? If we keep buying this kind of entertainment we might as well live like animals in the wild. Mayweather won a cheap belt.

Ernani Medenilla, The Philippines

Get the grammar right in adverts

Until my Arabic is flawless, which will not be anytime soon, I try not to criticise mistakes in English by those who have another native language; that's only fair.

But I could not ignore the advertisement shown in the photo with your report Etisalat's Sharjah centre to put customers in picture (September 19).

I can't comment on the Arabic but the English version of the Etisalat ad says "No one covers the UAE better than us". Of course this should be "better than we" or, to avoid the appearance of pomposity, "better than we do". I would have thought a large company, or its advertising agency, could afford to have somebody on staff who speaks proper English.

Carmella Petz, Dubai

Every land needs national heroes

I loved the story Haiti serve up a victory for the people (September 5).

It is always good to hear about minor nations in global sport, but especially reassuring to see people remembering their roots to play for the team.

Migration is great, but sport helps people return "home" occasionally.

Paul Tooby, Australia

Enforce the law on seat belts

Your story Students not buckling up, survey says (September 19) reminded me that when I lived in the UAE, I was often scared by the excessive speed of cars passing me.

The answer applied in other countries is to put the police on the motorway. Use radar to catch, not to monitor. Attach the illegal act of speeding to the punishment (fine, confiscation of the car or whatever else) immediately.

The same policy applies to wearing setbelts.

Police must catch the offenders and levy fines immediately (and the number of times caught should influence their right to drive).

Only police presence will make a difference. This policy should also apply to ensuring proper child safety seats, and the condition of the car.

Tom Patillo, Canada

Let Trump pay up to help Scotland

I have a thought about your story Trump's fury at 'ugly' wind farm set to spoil his fairway from heaven (September 18).

If Donald Trump is the advocate of Scotland that he claims to be, and loves and believes in Aberdeen so much, and if he really believes that this wind farm is such a tragedy, then I have an idea for him: he can put his money where his mouth is and pay the wind farm's developers to build it somewhere else.

Donald Glass, Abu Dhabi

Some good news about Berlusconi

How happy I was to read Berlusconi's thirst for power unaffected by scandal (September 19).

How many people share my enthusiasm for the Italian leader, who provides comic relief from the cheerless elements of the news.

Who doesn't appreciate a charming rogue? I hope he stays in power for many more entertaining years.

Gerry Trepanier, Abu Dhabi

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From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

The%20specs
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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.

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.”

Results:

First Test: New Zealand 30 British & Irish Lions 15

Second Test: New Zealand 21 British & Irish Lions 24

Third Test: New Zealand 15 British & Irish Lions 15

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Diriyah%20project%20at%20a%20glance
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The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

Kill%20
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What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

Company%20Profile
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Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Dengue%20fever%20symptoms
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Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

Company%20Profile
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TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

The biog

Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Tour de France

When: July 7-29

UAE Team Emirates:
Dan Martin, Alexander Kristoff, Darwin Atapuma, Marco Marcato, Kristijan Durasek, Oliviero Troia, Roberto Ferrari and Rory Sutherland