Florian Schneider, second left, has died aged 73. The Kraftwerk co-founder is pictured in 1974 with bandmates Karl Bartos, Ralph Hutter and Wolfgang Flur. Getty Images
Florian Schneider, second left, has died aged 73. The Kraftwerk co-founder is pictured in 1974 with bandmates Karl Bartos, Ralph Hutter and Wolfgang Flur. Getty Images
Florian Schneider, second left, has died aged 73. The Kraftwerk co-founder is pictured in 1974 with bandmates Karl Bartos, Ralph Hutter and Wolfgang Flur. Getty Images
Florian Schneider, second left, has died aged 73. The Kraftwerk co-founder is pictured in 1974 with bandmates Karl Bartos, Ralph Hutter and Wolfgang Flur. Getty Images

Florian Schneider: Founding member of Kraftwerk dies aged 73


Emma Day
  • English
  • Arabic

Florian Schneider, a co-founder and keyboardist of the electronic music group Kraftwerk, has died aged 73.

The German musician passed away after a battle with cancer, the band said in a statement.

“Kraftwerk co-founder and electro pioneer Ralf Hutter has sent us the very sad news that his friend and companion over many decades, Florian Schneider, has passed away from a short cancer disease just a few days after his 73rd birthday,” the statement said.

“In the year 1968, Ralf Hutter and Florian Schneider started their artistic and musical collaboration. In 1970 they founded their electronic Kling Klang studio in Dusseldorf and started the multi-media project Kraftwerk. All the Kraftwerk catalogue albums were conceived and produced there.”

Schneider, who was born in Ohningen in 1947, and met Hutter while the band's co-founders were both studying at the Robert Schumann Hochschule in Dusseldorf. They first founded a band called Organisation before forming Kraftwerk in 1970.

The multi-instrumentalist, who also played the flute, violin and electric guitar, among others, is considered one of the pioneers of electronic music.

Though Kraftwerk line-ups fluctuated throughout the band's earliest years, Schneider played with the Autobahn creators steadily until 2008.

The band released their first experimental rock album, Kraftwerk, in 1970, and went on to produce influential hits such as 1975's Radio-Activity and 1978's The Man-Machine.

The band's current line-up is comprised of Hutter, Fritz Hilpert, Henning Schmitz and Falk Grieffenhagen.

Kraftwerk won a Grammy Award for lifetime achievement in 2014. Their work has been cited as an inspiration by the likes of Daft Punk, while David Bowie even released a track, the largely instrumental V-2 Schneider in 1977, thought to be a tribute to the keyboardist.

In 2015, Schneider released a new track outside of Kraftwerk, Stop Plastic Pollution, in collaboration with producer Dan Lacksman.

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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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The alternatives

• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.

• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.

• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.

2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.

• PayPal is probably the best-known online goods payment method - usually used for eBay purchases -  but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.

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2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)

3. Catchweight 80kg: Rashed Dawood (UAE) v Khamza Yamadaev (RUS)

4. Lightweight: Ho Taek-oh (KOR) v Ronald Girones (CUB)

5. Lightweight: Arthur Zaynukov (RUS) v Damien Lapilus (FRA)

6. Bantamweight: Vinicius de Oliveira (BRA) v Furkatbek Yokubov (RUS)

7. Featherweight: Movlid Khaybulaev (RUS) v Zaka Fatullazade (AZE)

8. Flyweight: Shannon Ross (TUR) v Donovon Freelow (USA)

9. Lightweight: Mohammad Yahya (UAE) v Dan Collins (GBR)

10. Catchweight 73kg: Islam Mamedov (RUS) v Martun Mezhulmyan (ARM)

11. Bantamweight World title: Jaures Dea (CAM) v Xavier Alaoui (MAR)

12. Flyweight World title: Manon Fiorot (FRA) v Gabriela Campo (ARG)

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Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.

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