A 2013 photo of Tony Hsieh speaking at a Grand Rapids Economic Club luncheon in Grand Rapids,Michigan. Mr Hsieh, who recently retired from Zappos after 20 years leading the company and worked to revitalise the Las Vegas area, died on Friday. AP
A 2013 photo of Tony Hsieh speaking at a Grand Rapids Economic Club luncheon in Grand Rapids,Michigan. Mr Hsieh, who recently retired from Zappos after 20 years leading the company and worked to revitalise the Las Vegas area, died on Friday. AP
A 2013 photo of Tony Hsieh speaking at a Grand Rapids Economic Club luncheon in Grand Rapids,Michigan. Mr Hsieh, who recently retired from Zappos after 20 years leading the company and worked to revitalise the Las Vegas area, died on Friday. AP
A 2013 photo of Tony Hsieh speaking at a Grand Rapids Economic Club luncheon in Grand Rapids,Michigan. Mr Hsieh, who recently retired from Zappos after 20 years leading the company and worked to revit

Tony Hsieh, former 'visionary' CEO of Zappos, dies at 46


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Tony Hsieh, the retired CEO of Zappos.com who revolutionised the online shoe industry and gained notoriety for his company’s unique corporate culture, has died. He was 46.

The cause of Mr Hsieh’s death wasn’t released. Puoy Premsrirut, a lawyer for Mr Hsieh, told news outlets that Mr Hsieh had been injured in a house fire while visiting Connecticut. He was with family there when he died Friday night, KLAS-TV reported.

A November 18 house fire in which Hsieh is believed to have been injured remains under investigation, according to The Hartford Courant, which cited the New London, Connecticut, fire chief and reported the home that burned is owned by a long-time Zappos employee.

A Harvard graduate, Mr Hsieh gained success in the dot com era. He joined Zappos in 1999 when it was called ShoeSite.com and led it for two decades. Amazon purchased the company for $1.2 billion in 2009 and Mr Hsieh remained as chief executive until stepping down in August.

Amazon’s purchase of the company signaled Jeff Bezos was both impressed and threatened with Zappos’ fast delivery of online orders and customer service reputation. Mr Hsieh’s success selling shoes online stood out because it was a product people traditionally like to feel on their feet before buying.

Former US President Bill Clinton with then Zappos.com CEO Tony Hsieh at the 2014 gathering of the Clinton Global Initiative America. AP
Former US President Bill Clinton with then Zappos.com CEO Tony Hsieh at the 2014 gathering of the Clinton Global Initiative America. AP

“The world lost you way too soon,” Mr Bezos said Saturday on Instagram. “Your curiosity, vision, and relentless focus on customers leave an indelible mark.”

Mr Hsieh was a fixture in the tech speaker circuit and espoused his company’s commitment to “holocracy,” a decentralised management style where decision-making was spread throughout the organisation without traditional hierarchy.

He stood out as a non-traditionalist even in an industry known for breaking tradition. He lived in a trailer park in downtown Las Vegas that attracted creative people working on the strip. They’d eat communal meals by a big fire pit and a pet alpaca roamed the park. Mr Hsieh would make random appearances in the park to play a card game with visitors that forced them to pick priorities in their lives.

Tributes swirled on social media from the tech industry, Las Vegas – where the company was headquartered – and from President Trump’s daughter. Nevada Governor Steve Sisolak thanked him for helping transform the city, while Ivanka Trump said Mr Hsieh’s originality challenged her to “reject conformity.”

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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.”

FIRST TEST SCORES

England 458
South Africa 361 & 119 (36.4 overs)

England won by 211 runs and lead series 1-0

Player of the match: Moeen Ali (England)

 

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UAE currency: the story behind the money in your pockets
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

MATCH INFO

Everton 2 Southampton 1
Everton: Walcott (15'), Richarlison (31' )
Southampton: Ings (54')

Man of the match: Theo Walcott (Everton)

FIXTURES

Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)

Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)

Friday, February 1
Final, Zayed Sports City Stadium (6pm)

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BIG SPENDERS

Premier League clubs spent £230 million (Dh1.15 billion) on January transfers, the second-highest total for the mid-season window, the Sports Business Group at Deloitte said in a report.

Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
​​​​​​​Penguin 

Profile of Bitex UAE

Date of launch: November 2018

Founder: Monark Modi

Based: Business Bay, Dubai

Sector: Financial services

Size: Eight employees

Investors: Self-funded to date with $1m of personal savings

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MATCH INFO

Champions League quarter-final, first leg

Ajax v Juventus, Wednesday, 11pm (UAE)

Match on BeIN Sports

Which products are to be taxed?

To be taxed:

Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category

Not taxed

Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.

Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Wicked: For Good

Director: Jon M Chu

Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater

Rating: 4/5

MATCH INFO

Manchester United 2 (Heaton (og) 42', Lindelof 64')

Aston Villa 2 (Grealish 11', Mings 66')