Explorers have long chased after chimeras - the gold of El Dorado, the lost city of Atlantis - but the 300-year quest for the Northwest Passage was not merely the pursuit of a fantasy.
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Such a route, connecting the Atlantic and Pacific via a thicket of ice-choked straights, sounds and islands off Canada's northern shores, actually did exist - it was finding a way through it that proved impossible.
From the 16th through the 19th centuries, the ice tempted and defeated a procession of dogged navigators looking for a shorter route to the riches of the East.
That, at least, was the theory. The reality of the Northwest Passage proved altogether more fiendish and intractable.
Journeys into the Northwest Passage were anything but short. Ships were trapped in the ice pack for years at a time, while their crews endured cold, disease, scurvy, starvation - some resorted to cannibalism - and the long ordeal of the Arctic winter. It was the British, looking to outflank their Portuguese and Spanish imperial rivals, who led the way into the ice.
Charting the passage became an idée fixe of the Royal Navy, which made expeditions in the middle decades of the 19th century with the hopes of finally solving the riddle of the Arctic seas.
The ships were lavishly supplied with the innovations of the day, among them tinned meat and steam engines, while some even had primitive heating systems.
The journeys yielded many scientific and cartographic findings - much of the North American Arctic was mapped - even if the passage's commercial promise was never realised. In The Man Who Ate His Boots, Anthony Brandt beautifully evokes the foolhardiness and pathos of these voyages.
Heroes made their name braving ridiculously extreme conditions - winter temperatures could plunge to 50 below and not let up.
Arctic summers, however brief, were no picnic either - mosquitoes and black flies feasted on caribou and men in equal measure.
The "man who ate his boots", Sir John Franklin, really did eat his boots. Trekking across the Canadian tundra in the 1820s on a map-making mission for the Royal Navy, Franklin, low on supplies and desperately hungry, survived on bits of lichen and shoe leather.
Two decades later, Franklin, along with the crew he commanded, suffered a far grimmer fate when he sailed into the pack ice and was never seen again.
The futility of it all gives one pause. The British, it must be said, have a peculiar fascination with icy extremes - there is a line linking Franklin to Robert Falcon Scott and his botched race to the South Pole, and the ill-fated attempts of George Mallory to summit Mount Everest in the 1920s.
For Brandt, the search for the Northwest Passage was a kind of ennobling tragedy: "Men suffered and died in the Arctic in a great cause, to open an entire region of the globe to science and human traffic, however unreal it was at the time to envision sailing through water frozen to a depth of 40 feet," he observes.
"Should they have stayed home and waited for global warming to open a way through the ice? No easy answer suggests itself. To behave nobly and heroically in an obviously hopeless cause is a kind of folly, but it can also constitute a kind of greatness. Despite the wrongheadedness of the enterprise, an air of transcendence arises from their sufferings."
Brandt, editor of the National Geographic Society's Adventure Classics series and a contributor to GQ and other publications, shapes his material with the pungent brio of a magazine writer.
His style can be a little overheated - for a more sober compliment to Brandt, consult Arctic Labyrinth by Glyn Williams, one of the finest scholars of Northwest Passage history - but his accounts of the voyages are models of their kind, flecked with drama and keen insight into character and motive.
Brandt also provides keen insight into the geographical and logistical dilemmas that dogged nearly all the missions. Among other things, the search for the Northwest Passage is a study in error and misapprehension.
The Royal Navy figure in charge of Arctic exploration, John Barrow, the second secretary of the admiralty, had rather eccentric notions about sea ice.
Barrow himself never ventured to the Arctic but was convinced the Northwest Passage was a viable sea route. He firmly believed ice could not form on the open sea and against the testimony of seafarers, whaling captains who sought their prey in frozen waters, Barrow countered: "Ice may occasionally be formed on the surface of such an ocean, it never arrives at any considerable thickness, but is broken up and dispersed by every gust of wind." Barrow was a theorist of the Northwest Passage - it was for others to actually smash their way through the maze of the Canadian archipelago.
Among these figures was William Edward Parry. The very model of a Royal Navy officer, Parry was handsome, intelligent and attentive to his men. He was the first to winter over in the Arctic and his voyage of 1819-1820, which took him deep into the western reaches of the archipelago, is still considered one of the most successful attempts to find the passage.
He fixed a template his successors would emulate. He built an observatory on shore and his officers gathered meteorological data. The crew put on plays and kept busy with regular duties.
Parry believed the passage was there for the taking. Still, the terrain was pitiless. On a subsequent voyage, Parry mused of his icy surroundings that "all is dreary monotonous whiteness - not merely for days and weeks, but for more than half a year together. Whichever way the eye is turned, it meets a picture calculated to impress on the mind an idea of inanimate stillness ... in the very silence there is a deadness with which a human spectator seems out of keeping."
The British, however, would not stay away from the Arctic. As Brandt observes, the admiralty treated the ice with an arrogance that would ultimately prove fatal.
Casualties were a factor on any mission - scurvy was a constant menace - but what befell the crews of the HMS Erebusand HMS Terrorwas horrific.
In 1845, the ships, under the command of Sir John Franklin, set off from London on what would be the climactic mission to Arctic waters.
Franklin was an unlikely leader with none of Parry's dash.
But his previous exploits, when he dodged calamity on his overland trek, had earned him heroic status in Victorian England.
Franklin would not be so lucky on his return to the Arctic. In a sense, the mission was doomed from the start. An impatient Barrow, desperate to prove the viability of the passage, had ordered the ships to sail into the pack ice, which, he believed, would lead the ships to open water.
But flawed and incomplete maps of the archipelago also contributed to problems that overwhelmed the Franklin mission. There was debate about the wisest route but no consensus.
One sceptic darkly warned that Barrow was sending Franklin "to become the nucleus of an iceberg". He was not far off the mark.
The disappearance of the Erebusand Terrorprompted a litany of search expeditions, which themselves got bogged down in the ice.
The search for Franklin was its own epic. The feats of the search parties boggle the mind - men criss-crossing the ice, hauling 1,000 kilogram sledges for hundreds of miles.
As the years passed, grim news filtered back to England about the 129 men of the expedition.
They perished, slowly, from a combination of scurvy, starvation and exposure. In recent years, forensic research has also added lead poisoning to the list.
Brandt does not embellish when he writes: "Their deaths were ugly, a scene out of a Gothic novel or Dante's Inferno. There was no trace of dignity in the record left by their bones, which had been broken open by the last survivors for their marrow."
Allegations of cannibalism, still controversial, dismayed the Victorian public. Charles Dickens weighed in, calling the charges "gigantically improbable". A preponderance of evidence supports the claim but perhaps the definitive statement about these desperate measures is best left to George Back, who accompanied Franklin on his first overland journey: "There is little compassion in the human frame I believe, when it is in a state of privation."
Did the men of the Franklin mission resort to "the last dread alternative"? "Very few of us have ever been hungry enough to know," Brandt writes. Thank goodness for that.
Matthew Price's writing has been published in Bookforum, the Los Angeles Times, The Boston Globe and The Financial Times.
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Portugal 1
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Grand slam winners since July 2003
Who has won major titles since Wimbledon 2003 when Roger Federer won his first grand slam
Roger Federer 19 (8 Wimbledon, 5 Australian Open, 5 US Open, 1 French Open)
Rafael Nadal 16 (10 French Open, 3 US Open, 2 Wimbledon, 1 Australian Open)
Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)
Andy Murray 3 (2 Wimbledon, 1 US Open)
Stan Wawrinka 3 (1 Australian Open, 1 French Open, 1 US Open)
Andy Roddick 1 (1 US Open)
Gaston Gaudio 1 (1 French Open)
Marat Safin 1 (1 Australian Open)
Juan Martin del Potro 1 (1 US Open)
Marin Cilic 1 (1 US Open)
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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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Gender equality in the workplace still 200 years away
It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.
The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.
But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.
At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.
The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.
After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.
Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.
And the number of women in leadership roles has risen to 34 per cent globally, WEF said.
At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.
And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.
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