Members of the Dutch Labour Party, PvdA, have proposed banning all new petrol- and diesel-powered vehicles by 2025. It’s unlikely to be made into law, but reflects the general climate of anxiety about petro carbons.
Sticking our heads in the sand is never a viable option, but I also recognise that for many, myself included, the combustion engine is a very dear thing. The sheer amount of horsepower teased out of modern, high-efficiency, turbocharged engines is staggering in the historical context. But much like the comedian Louis CK’s epic, now viral rant, “everything is awesome, and no one is happy”.
And that includes me because, PvdA aside, even though there’s a surfeit of appealing new-car options at the moment, I’m somewhat at a loss. This is partly because my children have so thoroughly destroyed the rear seat of our 2001 Toyota Highlander that I shudder to think what they would do to something like the comely Volvo XC90.
But that presumes a family hauler is the logical purchase, and precludes a long, thoughtful debate about the relative merits of American muscle, German precision and so on.
What is real, lasting value in a car purchase, and what is merely fleeting – such as that new-car smell? Newness is the first thing to go. When you buy second-hand, there’s even less of it on offer. I know that doesn’t work for a certain type of car buyer, but I have bought most of my cars used, and may well do so when I add to the family stable. What I have given up on is a car that can be all things to me, all the time.
Take, for example, an average hybrid saloon – I have come to the conclusion that this type of car is driven with the intellect, as opposed to, say, a Dodge Challenger Hellcat, which is driven with the heart. I can do both, but I can’t do either exclusively.
When I’m out on the track, the less I have to think, the better. I’m never that fast, but a good lap looks effortless; as soon as I reach for more than instinct or experience, I’m missing gears and having to take too much speed off in the corners. On the road in the Toyota Prius, it’s the opposite effect – I find myself letting off the throttle earlier to keep the little green “Eco” light from going out. Think of it as the world’s most boring video game, but it works – and we could all do with a little more Eco.
Family man and car lover; petrolhead and conservationist. I struggle with more than a few inner dichotomies. I want all 707hp offered by the Hellcat, and even wonder what tuning the engine-control unit could wring from its thunderous V8. My ego thinks the leatherette option might make sense in the Prius – it wipes clean easier than cloth.
We’re spoilt for choice, but also paralysed by it. This is the era of on-demand, and we have never been more demanding. I reckon on-demand cars aren’t all that far behind. No, not Uber – I’m thinking along the lines of Ford’s new pilot project, a financing strategy that splits a vehicle lease across self-organised groups of three to six people. Fractional car leasing sounds like a huge headache, but what if it meant having the family hauler when you need it while allowing access to a sports car or luxury saloon when you want it? Ford is testing the idea at three dealerships in Austin, Texas, but I think there’s a key piece missing: Ford needs to pair the service with a free app for booking, servicing and exchanging the car between leaseholders. Unless technology can greatly simplify sharing your car with five other people, these car-sharing groups may come to blows.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
CREW
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Napoleon
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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.”
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.