The Pivo 3 could revolutionise urban driving with its self-park technology. AFP
The Pivo 3 could revolutionise urban driving with its self-park technology. AFP

Nissan reveals car that can park itself, charge then pick you up



Nissan's had a few electric concept cars over the last few years but none as advanced as the Pivo 3, which will be unveiled at the upcoming Tokyo Motor Show.

The Pivo 3 is pioneering not for its zero-emissions electric powertrain but the technology that means it can park on its own, charge itself and then be summoned by its driver via a smartphone to pick them up once they've finished what they're doing.

It may seem far-fetched but Nissan believes its Automated Valet Parking system will revolutionise parking. The Pivo 3 parks automatically in specially equipped car parks then charges itself or sells excess power to the regional grid.

Its compact size (under three metres in length) means it can make a U-turn in a road just four metres wide and, despite its size, it can seat three people in a 1 + 2 layout.

Inside is a wide centre console for displaying GPS and other information, while side-view monitors take the place of mirrors.

Nissan chiefs will now decide whether the car is suitable for production, though it's likely to be 2016 or 2017 at the earliest before we see it on the roads.

Plan to revive Brit marque

A motoring enthusiast is trying to revive British sports car company Atalanta Motors 75 years on from the last model.

Martyn Corfield aims to bring back "one of the most innovative and stylish pre-war British car manufacturers" with a concept set to be revealed in spring next year.

With more than just a gentle nod to Atalanta's heritage, he plans to emulate the style and spirit of one of the most technically advanced sports car designs of its era, while acknowledging 72 years of automotive evolution.

A traditionally coach-built pre-production prototype is being developed that remains true to original Atalanta design principles of "Innovation, Style and Performance". It will be unveiled in 2012 - 75 years after the first Atalanta car was announced, the Autocar on March 5, 1937.

"Atalanta is one of the greatest untold British motoring heritage stories. The cars and the team that delivered the original concept were so ahead of their time. What might have been had the war not interrupted development?" says Corfield.

Only two models were ever made by Atalanta and this could be a third.

Woman, 86, drives into pool

An 86-year-old woman went out to do some grocery shopping but ended up driving her car into a swimming pool.

Mary Lee Fine was anything but fine after driving her Dodge Neon through a fence and into the pool in Austin, Texas.

Security cameras caught the moment when the incident happened and Fine can be seen struggling to get out before a passer-by spots her. The man calmly takes his shoes and valuables off before wading in to help.

It turns out Fine is extremely lucky as a steel chair she knocked into the pool during the incident wedged itself underneath the back of the car in the pool, holding it up and buying enough time for her to escape.

"When the water came up I thought, oh hell, I'm going to drown,'" Fine told KXAN.

"I couldn't get out, nothing would work. I'm trying to figure out if I could dog paddle or something."

Fine says the incident happened after a car parked too close to her, forcing her to enter via the passenger door. She says she must have hit the gear stick as the car unexpectedly sped forward when she started it.

Although not injured, Fine says she'll take a taxi next time.

Volkswagen Group posts 14 per cent growth worldwide in 2011

Volkswagen Group has announced a growth in vehicle deliveries of 13.8 per cent to 6.8 million units for the year to October.

The German giant said its brands were performing well in North America as well as in its European heartlands.

The group includes brands such as Audi, Bentley, Lamborghini, Skoda and Seat, as well as Volkswagen itself.

"Developments so far have been very encouraging," says the Volkswagen Group board member for sales, Christian Klingler. "We made a good start to the fourth quarter, too. However, given the present economic uncertainty and its impact on the automotive industry, we cannot take the fourth quarter for granted.

"We will continue to keep a close eye on the situation over the coming months as developments on global markets remain volatile."

Deliveries rose 21.5 per cent to 543,000 units from January to October in North America and 10.7 per cent to 3.07m units in Europe.

Seat to have plug-in hybrid and all-electric cars on roads by 2016

Seat is planning to have its first electric plug-in hybrid in car showrooms by 2015 followed by an all-electric vehicle a year later.

The company is working on designing, developing and manufacturing the cars in its native Spain and has unveiled a prototype Altea XL Electric Ecomotive, a totally electrically driven zero-emissions car, as well as the prototype Leon TwinDrive Ecomotive, a plug-in hybrid.

The company will make available units of both models to government institutions in Catalonia and Madrid over the next few months so it can assess their roadworthiness.

"Customers demand a more sustainable form of mobility, but their needs are diverse," says Seat president James Muir. "So we believe that a parallel strategy of developing two different technologies will put Seat in the best position to meet their needs."

Seat will also launch four new models over the next 12 months, the first being the urban car Mii.

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.”

RESULT

Australia 3 (0) Honduras 1 (0)
Australia: Jedinak (53', 72' pen, 85' pen)
Honduras: Elis (90+4)

Our family matters legal consultant

Name: Hassan Mohsen Elhais

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

The specs: Taycan Turbo GT

Engine: Dual synchronous electric motors
Power: 1,108hp
Torque: 1,340Nm
Transmission: Single-speed automatic (front axle); two-speed transmission (rear axle)
Touring range: 488-560km
Price: From Dh928,400
On sale: Orders open

Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

The British in India: Three Centuries of Ambition and Experience

by David Gilmour

Allen Lane

UAE currency: the story behind the money in your pockets
MATCH INFO

Manchester City 1 (Gundogan 56')

Shakhtar Donetsk 1 (Solomon 69')

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8

MATCH INFO

Uefa Champions League semi-final, first leg

Tottenham v Ajax, Tuesday, 11pm (UAE).

Second leg

Ajax v Tottenham, Wednesday, May 8, 11pm

Games on BeIN Sports

Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes. 
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com

Habib El Qalb

Assi Al Hallani

(Rotana)

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

SPECS

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

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

COMPANY PROFILE

Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

The specs

Engine: 2.5-litre, turbocharged 5-cylinder

Transmission: seven-speed auto

Power: 400hp

Torque: 500Nm

Price: Dh300,000 (estimate)

On sale: 2022

MATCH INFO

Euro 2020 qualifier

Croatia v Hungary, Thursday, 10.45pm, UAE

TV: Match on BeIN Sports

Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed


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