Last year, as Japan battled its worst domestic nuclear disaster, thousands of Twitter users across the nation willed one man to go to sleep. "#neroedano," they tapped over and over. "Go to sleep, Edano."
Yukio Edano was the chief spokesman in the aftermath of the tsunami and earthquake that crippled the Fukushima Dai-ichi nuclear power plant, sending it into triple meltdown and forcing Japan's leaders to consider evacuating Tokyo. Perhaps you saw his image on television: a pudgy man clad, like his government colleagues, in the light blue jumpsuit worn for such emergencies, delivering the latest updates on the failure of cooling ponds and the trickling of radiation into civilian quarters.
Unlike the other officials, Mr Edano - appearing hour after hour with the same centre hairline parting, jutting earlobes and unflattering blue overall - became a mascot who gave comfort to the worried citizens of Japan. The Telegraph newspaper's website, referring to the television series 24 in which one man saves the world in a day, christened him the Japanese Jack Bauer.
One year later, Mr Edano is more likely to be found in a business suit than a jumpsuit. But his current mission as economy minister is no less of an emergency.
Fukushima's one-year anniversary arrives on Sunday. The government has lost credibility after bungling the crisis response. Tokyo Electric Power, the utility that operated the plant, has required billions of dollars in aid from the government. All but two of Japan's reactors remain shut down in a nation that relied on atomic energy for up to 30 per cent of its power.
Today, Japan takes stock of its economy not in terms of growth but in how much less it has shrunk than expected. Last year it contracted by 0.7 per cent.
Meanwhile, the radiation contamination and clean-up in the Fukushima prefecture requires so much oversight that the International Atomic Energy Agency (IAEA), the UN nuclear watchdog, is setting up an office in Fukushima just for the purpose.
"Considerable effort has been made to restore normality at the plant and the Japanese authorities have declared that they have reached 'cold shutdown' status," Yukiya Amano, the director general of the IAEA, said at a top-level meeting in Vienna this week. "But there is still much to be done in the coming months and years."
Putting Japan's nuclear reactors to sleep raises the possibility of power outages and higher electricity prices, both further barriers to economic growth. The shutdowns have also increased Japan's reliance on fossil fuels, which must be imported from afar and whose price can wildly fluctuate based on external factors - the very thing that drove Japan to seek nuclear power in the 1970s.
Such matters have brought Asia's Jack Bauer to Abu Dhabi, where Japan holds multiple long-term oil concessions at offshore fields including Mubarraz and Bunduq. Japan has enjoyed a special relationship with the emirate since becoming the first foreign nation to buy its crude in 1962.
Between meetings with Abdulla Nasser Al Suwaidi, the chief executive of Abu Dhabi National Oil Company, and members of the emirate's powerful Supreme Petroleum Council, Mr Edano stopped in a hallway of the InterContinental hotel to speak with the Japanese press corps and a fleet of reporters based in the UAE. Bathed in bright television lights, the spokesman-turned-minister appeared at ease, parrying questions posed in English and Japanese alike.
"Our relationship we see as very positive," he said in October. "Oil is quite important to Japan. At the same time, so is technology and education. In many areas we'd like to deepen our relations."
The emirate's leaders had been receptive towards his request to renew a major offshore concession set to expire in 2018 that it shares with BP and Total, he said before being rushed away by his staff to prepare for his next stop, in Riyadh.
As the head of the ministry of economy, trade and industry (Meti) - the body overseeing commercial interests and energy policy that came into being in 2001 when Japan streamlined its government by combining ministries - Mr Edano must answer an array of fraught questions: should Japan restart its reactors? Should it nationalise its power industry? And where will it get energy in the meanwhile?
Mr Edano's rise to one of his nation's most difficult jobs began in Utsunomiya, 170km south of Fukushima.
To outsiders, Utsunomiya is famous for delicious fried dumplings known as gyoza. An average 1,244 people are packed into each square kilometre, drawn there by bastions of Japanese industry from Honda design centres to a Canon optics plant.
In 1964, Mr Edano's parents named their baby in honour of the late Yukio Ozaki, a politician who served in Japan's house of representatives for 63 years and was known for reciting patriotic poetry on poignant occasions, such as the death of a citizen. Devotees call him the father of the Japanese constitution.
Yukio Edano, however, would first make his mark as a singer, winning a nationwide contest with his junior school choir.
But after graduating from Utsunomiya's high school, he turned towards his namesake's career by enrolling in law school in Tohoku.
In 1988 he passed the bar. Five years later he became an official candidate of the New Japan Party, a one-year-old political group founded on combating corruption. The party died in 1994 - one year after his campaign - but by then he had already won his first election and joined the house of representatives.
The fate of the New Japan Party did not stop the young Mr Edano from helping to found another political outfit - the Democratic Party of Japan, which won its initial backing in labour unions and was eventually swept to power in 2009 on broad-based popular support.
Mr Edano climbed through various party posts, rising from the policy research council to secretary general. He was re-elected to the house of representatives and given the chairmanship of committees in oversight and government revitalisation as the Democratic Party of Japan became the ruling party.
But in recent years the coalition lost trust as it botched populist initiatives from childcare allowances to cheaper motorway tolls. The Fukushima disaster sent the approval ratings of Naoto Kan, the sitting prime minister, from 60 per cent down to 20 per cent. Then in September, six months after the tsunami, Yoshio Hachiro, the trade minister at the time, returned from a visit to the Fukushima power plant site and reportedly rubbed his jacket on a journalist, joking: "I will give you radiation".
The party ushered out Mr Hachiro and tapped Mr Edano, the oversight committee guy, the man in the blue jumpsuit who would not go to sleep: the Japanese Jack Bauer.
Mr Edano is keenly aware of the sensitivity of his position steering nuclear policy. Since Fukushima, 52 of Japan's 54 reactors have been shut down, and the last ones standing are scheduled to join them in May. It is uncertain if the shutdowns are to be temporary or permanent.
Yet Japan remains intent on keeping its nuclear industry alive by exporting technology abroad. It is competing in a tender to help build Jordan's first nuclear power plant and has signed a series of bilateral atomic cooperation deals allowing its to export technology and equipment to more nations.
Surrounded by Japanese press at the Organisation for Economic Co-Operation and Development headquarters in Paris in October, Mr Edano kept his right hand firmly crossed over his left. It was the end of a day of talks with the energy ministers of other net-importing nations, and he had worn a grey pinstripe suit with a maroon tie and pink pocket square.
Crinkles emerged around his eyes when a reporter from Abu Dhabi asked a question.
"First, I would like to thank you for following me all the way from the Middle East," he joked.
But he grew sober as he recalled the days that followed Fukushima, when press conferences were scheduled by the hour rather than timed with international summits.
"Nuclear policy does account for a major element in the work that I am involved in, so in that regard I don't think it was so different than the work that I was doing previously," he said.
"And as the chief cabinet secretary exactly at the time when the nuclear power station accident occurred, I was in a position to feel keenly the magnitude of the risk of a nuclear power station accident, and also feel very close to my heart the situation that those who were affected by the nuclear power accident was placed in," he said.
"To be involved with nuclear policy now as the Meti minister, I do feel a kind of fate in the responsibility that I now hold."
It was Mr Edano's last question for the day. He and his staff went outside and into the rain.
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In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
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.
COMPANY%20PROFILE
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The stats
Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Company%20Profile
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
COMPANY%20PROFILE
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Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
UAE currency: the story behind the money in your pockets
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
SPECS
%3Cp%3E%0D%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20750hp%20at%207%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20800Nm%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%3C%2Fstrong%3E%207%20Speed%20dual-clutch%20auto%0D%0D%3Cbr%3E%3Cstrong%3ETop%20speed%3A%3C%2Fstrong%3E%20332kph%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%2012.2L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EYear%20end%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1%2C430%2C000%20(coupe)%3B%20From%20Dh1%2C566%2C000%20(Spider)%3C%2Fp%3E%0A
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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.”
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Navdeep Suri, India's Ambassador to the UAE
There has been a longstanding need from the Indian community to have a religious premises where they can practise their beliefs. Currently there is a very, very small temple in Bur Dubai and the community has outgrown this. So this will be a major temple and open to all denominations and a place should reflect India’s diversity.
It fits so well into the UAE’s own commitment to tolerance and pluralism and coming in the year of tolerance gives it that extra dimension.
What we will see on April 20 is the foundation ceremony and we expect a pretty broad cross section of the Indian community to be present, both from the UAE and abroad. The Hindu group that is building the temple will have their holiest leader attending – and we expect very senior representation from the leadership of the UAE.
When the designs were taken to the leadership, there were two clear options. There was a New Jersey model with a rectangular structure with the temple recessed inside so it was not too visible from the outside and another was the Neasden temple in London with the spires in its classical shape. And they said: look we said we wanted a temple so it should look like a temple. So this should be a classical style temple in all its glory.
It is beautifully located - 30 minutes outside of Abu Dhabi and barely 45 minutes to Dubai so it serves the needs of both communities.
This is going to be the big temple where I expect people to come from across the country at major festivals and occasions.
It is hugely important – it will take a couple of years to complete given the scale. It is going to be remarkable and will contribute something not just to the landscape in terms of visual architecture but also to the ethos. Here will be a real representation of UAE’s pluralism.
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
Kibsons%20Cares
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
The biog
Title: General Practitioner with a speciality in cardiology
Previous jobs: Worked in well-known hospitals Jaslok and Breach Candy in Mumbai, India
Education: Medical degree from the Government Medical College in Nagpur
How it all began: opened his first clinic in Ajman in 1993
Family: a 90-year-old mother, wife and two daughters
Remembers a time when medicines from India were purchased per kilo
SOUTH%20KOREA%20SQUAD
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Company%20Profile
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.