Staying out in the cold



On Sunday evening, more than 20 years after the dissolution of the Soviet Union, the Cold War finally ended.

Well, it did for British television viewers, at least, when millions tuned in for the last episode in the final series of the long-running spy soap Spooks.

Throughout its 10-year run, this drama about MI5, Britain's domestic security service, has done its best to keep pace with contemporary events, featuring threats from various strains of extremism, both homegrown and imported.

The last series, however, was dominated by Cold War chickens coming home to roost. Indeed, all along there has been a sense of wistful backward-glancing to the days when one's enemies had snow on their shoes and were unlikely to be armed with anything more offensive than a compact 18mm Makarov pistol or, in extremis, a ricin-tipped umbrella.

In the post-9/11 world - and, for Britain, that of the post-7/7 bombings - perhaps the once bleak years of the '50s and '60s have, by contrast, become the comforting good old days.

That, certainly, would explain the current surprise success of the cinema remake of the British '70s television series Tinker, Tailor, Soldier, Spy, itself an adaptation of John le Carré's relentlessly grey Cold War novel.

Back then, at least, one did know who one's enemies were - pretty much anyone who had gone to Cambridge, apparently, if the activities of Messrs Blunt, Burgess, Maclean, Philby and "Fifth Man" John Cairncross were anything to go by.

Some speculate Spooks was an MI5 operation all along, conceived as recruiting propaganda at a time when vast numbers of additional field officers and language experts were needed to monitor and infiltrate extremist groups around the world and hanging around Cambridge common-rooms was no longer productive.

If not actually scripted behind the austere walls of Thames House, the programme has been adroitly exploited by the real-life spooks. Tapping "Spooks" into Google while the programme was running brought a paid-for MI5 recruiting advert to the top of the page.

And a visit to the MI5 website - itself an act of transparency that would have driven George Smiley straight back into retirement - reveals that the programme's obsession with the former Eastern Bloc may not be as out of date as we'd like to think.

There, in the recruitment section, are upcoming vacancies for foreign-language analysts, fluent in Russian and Mandarin. For £24,750 a year (or Dh12,100 a month), successful applicants will "spend your time listening to phone calls made by the targets of our investigations to help investigate threats to national security, including terrorism and espionage".

Bit of a heads-up for the Russians and Chinese, chaps?

And another aspect of the Cold War seems to be as hot as ever. Only last year, MI5 sent a document to hundreds of British financial institutions, warning that Chinese intelligence agencies were getting into the business of using "long-term relationships" to blackmail businessmen into giving away secrets.

Perhaps they are taking tips on operating the classic honeypot trap from our old foes the Russians who may still be tempting members of the British establishment into sleeping with the enemy. Almost 50 years after the Profumo scandal, British newspapers are full of the affair between Mike Hancock, a 65-year-old Liberal Democrat MP and member of the House of Commons Defence Committee, and Ekaterina Zatuliveter, his 26-year-old "research assistant", a suspected Russian spy.

She is beautiful. He, it must be said, is not. Honeypots work because of the ability of such men to delude themselves - a tendency summed up this week by one British newspaper with the headline "Tinker, tailor, ageing Lib Dem councillor with hobbit face, spy".

The Cold War, it seems, may not be quite as over as we thought. This briefing will self-destruct in five seconds.

A QUIET PLACE

Starring: Lupita Nyong'o, Joseph Quinn, Djimon Hounsou

Director: Michael Sarnoski

Rating: 4/5

COMPANY PROFILE

Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others

'Laal Kaptaan'

Director: Navdeep Singh

Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain

Rating: 2/5

Scoreline

Bournemouth 2

Wilson 70', Ibe 74'

Arsenal 1

Bellerin 52'

KEY DATES IN AMAZON'S HISTORY

July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

July 16, 1995: Amazon formally opens as an online bookseller. Fluid Concepts and Creative Analogies: Computer Models of the Fundamental Mechanisms of Thought becomes the first item sold on Amazon

1997: Amazon goes public at $18 a share, which has grown about 1,000 per cent at present. Its highest closing price was $197.85 on June 27, 2024

1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

2003: Amazon turns in an annual profit of $75 million, the first time it ended a year in the black

2005: Amazon Prime is introduced, its first-ever subscription service that offered US customers free two-day shipping for $79 a year

2006: Amazon Unbox is unveiled, the company's video service that would later morph into Amazon Instant Video and, ultimately, Amazon Video

2007: Amazon's first hardware product, the Kindle e-reader, is introduced; the Fire TV and Fire Phone would come in 2014. Grocery service Amazon Fresh is also started

2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

2014: The Amazon Echo is launched, a speaker that acts as a personal digital assistant powered by Alexa

2017: Amazon acquires Whole Foods for $13.7 billion, its biggest acquisition

2018: Amazon's market cap briefly crosses the $1 trillion mark, making it, at the time, only the third company to achieve that milestone

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

Company Profile

Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
Based: Dubai
Number of staff: 10
Investment stage: Pre-seed
Investment required: $500,000

TOURNAMENT INFO

Women’s World Twenty20 Qualifier

Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November

UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi

THE SPECS
Engine: 3.5-litre V6
Transmission: 9-speed automatc
Power: 279hp
Torque: 350Nm
Price: From Dh250,000
On sale: Now

Conservative MPs who have publicly revealed sending letters of no confidence
  1. Steve Baker
  2. Peter Bone
  3. Ben Bradley
  4. Andrew Bridgen
  5. Maria Caulfield​​​​​​​
  6. Simon Clarke
  7. Philip Davies
  8. Nadine Dorries​​​​​​​
  9. James Duddridge​​​​​​​
  10. Mark Francois
  11. Chris Green
  12. Adam Holloway
  13. Andrea Jenkyns
  14. Anne-Marie Morris
  15. Sheryll Murray
  16. Jacob Rees-Mogg
  17. Laurence Robertson
  18. Lee Rowley
  19. Henry Smith
  20. Martin Vickers
  21. John Whittingdale
MATCH INFO

Uefa Champions League semi-finals, first leg
Liverpool v Roma

When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

COMPANY PROFILE

Name: SupplyVan
Based: Dubai, UAE
Launch year: 2017
Number of employees: 29
Sector: MRO and e-commerce
Funding: Seed

Squads

Sri Lanka Tharanga (c), Mathews, Dickwella (wk), Gunathilaka, Mendis, Kapugedera, Siriwardana, Pushpakumara, Dananjaya, Sandakan, Perera, Hasaranga, Malinga, Chameera, Fernando.

India Kohli (c), Dhawan, Rohit, Rahul, Pandey, Rahane, Jadhav, Dhoni (wk), Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Thakur.

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.”