The Russian president Dmitry Medvedev, left, speaks with the Novolipetsk Steel chairman Vladimir Lisin. AP Photo
The Russian president Dmitry Medvedev, left, speaks with the Novolipetsk Steel chairman Vladimir Lisin. AP Photo

Rich get richer thanks to global bourses rally



Gold may have lost some of its glister over the weekend but the 100 wealthiest people on the planet still added US$30.5 billion (Dh112.02bn) to their collective fortune last week as stocks and bonds rose.

And Russia's oligarchs were among the beneficiaries.

One of the week's biggest winners was Vladimir Lisin. The chairman of Novolipetsk Steel, Russia's most valuable steel maker, gained 8.9 per cent - $1.1bn - as the company's shares surged. He has a $13.4bn fortune, according to the Bloomberg Billionaires Index.

"It's a double whammy, a double benefit this week, with very stable fixed income and higher equities," said Russ Certo, a managing director at Brean Capital in New York. "Those with wealth have a higher percentage of equity versus commodities and foreign exchange exposure. Commodities were significantly lower this week."

Global stock markets rallied with the Standard & Poor's 500 index finishing the week 2.3 per cent higher, while gold futures tumbled below $1,500 for the first time since 2011.

In the shark-eat-shark world of Russian big-business billionaires, the battle for dominance is fierce. Mikhail Fridman had his nose put out of joint last weekend by news that Magnit, a retailer owned by rival oligarch Sergey Galitsky, overtook sales at Mr Fridman's X5 Retail Group for the first time since the company opened 15 years ago.

X5, controlled by Mr Fridman's Alfa Group, posted an 8.1 per cent increase in first-quarter sales to 126bn rubles (Dh14.92bn), it said. But that failed to trump Magnit's quarterly sales rise of more than 30 per cent to 131bn rubles.

"I'm afraid to be found immodest, but for the first time over the last 15 years after opening of the first store we have become the leader in the food retail sector by sales," Mr Galitsky said.

Magnit has risen 72 per cent in the past 12 months, giving it a market value of $23.7bn. X5 is worth $4.8bn after falling 22 per cent over the same period.

The biggest big fish in the Russian billionaire tank is Alisher Usmanov - the country's richest man with a fortune of about $20bn, according to the Bloomberg Billionaires Index.

His company, Metalloinvest, Russia's largest iron ore producer, raised $1bn in a seven-year Eurobond issue, a banking source told Reuters on Thursday.

The order book totalled $3.8bn, another source with knowledge of the offering said.

Its chief executive said this year the company, which has major steel production assets in Russia, was worth about $18bn to $20bn. Metalloinvest declined to comment.

Metalloinvest, which last year was the fifth-largest commercial iron ore producer in the world, posted earnings before interest, taxes, depreciation and amortisation last year of $2.55bn, according to company data.

Meanwhile, fellow billionaire Vladimir Potanin this month insisted Krasnaya Polyana, a skiing area in southern Russia that will host the Sochi Winter Olympics next year, will be fit for purpose by the time the event comes around.

Mr Potanin, who is spending $2.2bn on the nearby Rosa Khutor resort, promises that what today looks like a building site would be a distant memory when Krasnaya Polyana offers as much as 200km of connected slopes by combining three separate ski zones.

"It will be complete happiness for tourists," said Sergei Bachin, Rosa Khutor's general director.

For the oligarchs of Russia, there is no such certainty. As recent history has shown, the ultra wealthy in the former Soviet Union walk a knife-edge.

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

Day 5, Abu Dhabi Test: At a glance

Moment of the day When Dilruwan Perera dismissed Yasir Shah to end Pakistan’s limp resistance, the Sri Lankans charged around the field with the fevered delirium of a side not used to winning. Trouble was, they had not. The delivery was deemed a no ball. Sri Lanka had a nervy wait, but it was merely a stay of execution for the beleaguered hosts.

Stat of the day – 5 Pakistan have lost all 10 wickets on the fifth day of a Test five times since the start of 2016. It is an alarming departure for a side who had apparently erased regular collapses from their resume. “The only thing I can say, it’s not a mitigating excuse at all, but that’s a young batting line up, obviously trying to find their way,” said Mickey Arthur, Pakistan’s coach.

The verdict Test matches in the UAE are known for speeding up on the last two days, but this was extreme. The first two innings of this Test took 11 sessions to complete. The remaining two were done in less than four. The nature of Pakistan’s capitulation at the end showed just how difficult the transition is going to be in the post Misbah-ul-Haq era.

Copa del Rey final

Sevilla v Barcelona, Saturday, 11.30pm (UAE), match on Bein Sports

Biog

Mr Kandhari is legally authorised to conduct marriages in the gurdwara

He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

Father of two sons, grandfather of six

Plays golf once a week

Enjoys trying new holiday destinations with his wife and family

Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
UAE jiu-jitsu squad

Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)

Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months