Once in a while, a car is introduced that causes such a stir that the name its maker christened it with is soon replaced in common parlance by something far catchier. Some of these nicknames are crueler than others. The Austin Allegro, for instance, was so dogged by reliability problems that owners who spent longer lying beneath the axle than sitting behind the wheel dubbed it the "All-aggro". Such monickers are a marketing man's nightmare. Sumptuous photos of glamorous models draped over polished bonnets simply cannot compete with a catchphrase that catches on.
A "compact" car introduced at a similar time across the Atlantic was the AMC Pacer, a futuristic design intended to break the "big is better" mould that predominated in the USA. With its bulbous shape and huge expanses of glass, it was soon dubbed the "Flying Fishbowl". Clearly those using the term didn't relish the opportunity of hitting the highway in an automotive aquarium. These days, of course, the virtues of all-round visibility are well known and cars like the Fiat Multipa look more like an air traffic control tower than an automobile. But back then the car was still a shrine of steel.
It is said that fortune favours the brave, but in car design that is not necessarily the case. Often consumers take time to adjust to innovations and improvements, leaving the pioneer with plaudits but few purchases. The Pacer's designer, Richard Teague, dreamt of a compact car that was aerodynamic, economical and looked to the future rather than doffed its cap to the past. In short, he wanted to create an all-American European car.
But visionaries often have to make compromises on costs as the realities of business don't always match utopian ideals. The Pacer was intended to have front-wheel drive and a super-efficient rotary engine. Unfortunately these were concessions to cost, and conventional rear-wheel drive was adopted. However, some of Teague's innovations did make it into the production model. The most striking and talked-about design feature was the extended passenger door. This was 10cm longer than the driver's door to allow ease of access to the rear seats. This caused a problem on models exported to the UK where access for passengers was nigh on impossible except for those with Dukes of Hazzard dexterity.
This was the most conspicuous example of the brief to design from the inside out, rather than the outside in. This philosophy, now very much the norm, put passenger space and comfort as the prime objective. Most cars of the time were designed purely on looks and the interior only fitted later in whatever space was available.
The Pacer was considerably shorter than the average American car, but just as wide. This gave it an almost cartoon-like appearance that was not universally popular. Though some loved its futuristic lines, others thought it ugly and cumbersome. These days, the Pacer is one of the seminal icons of the Seventies, and highly collectible as a cult, or "nerd", classic, but it was offered in a market that had a preconceived idea of what a car looked like. Desperate to make the car profitable and boost sales, AMC modified the model to match customer expectations. Dispensing with thoughts of economy, it introduced a 5.0L V8 and, to counter complaints of a lack of load-space, it introduced a station wagon model. This more civilised, conventional design was widely lauded, indicating that the original concept was perhaps a little ahead of its time.
The Pacer makes for an interesting comparison between American and European motoring tastes. Stateside, the Pacer was compact, whereas in Europe it was enormous. In England a 3.8L engine would have powered a sports car and produced 300hp, but the Pacer engine of that size was only rated at 100hp, making the car slow and progress positively pedestrian. In Europe the Pacer was about as wide as a fire truck, not only unable to squeeze into a parking space but blocking entire roads in the process. Though in its low drag- co-efficient and hatchback format it pre-empted future European imports, it nonetheless emphasised the different paths that the industry had taken on either side of the Atlantic. In Europe, it could only ever have sold on its cult design and in France the marketing campaign compared its bulbous rear end with the silhouette of a lady's posterior!
In the end, the Pacer's futuristic design was let down by its dated technology. In compromising on cost, AMC had compromised on concept and produced neither the visionary car that people dreamt of, or the traditional car that it wanted.
Look back at the hits and misses in motoring history with Rearview Mirror.
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
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Zayed Sustainability Prize
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
MATCH INFO
Barcelona 2
Suarez (10'), Messi (52')
Real Madrid 2
Ronaldo (14'), Bale (72')
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Elina Svitolina (UKR) [3] v Jennifer Brady (USA)
Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]
Not before 7pm:
Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)
Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]
Court One
Starting at midday:
Karolina Muchova (CZE) v Katerina Siniakova (CZE)
Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)
Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)
Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)
Sorana Cirstea (ROU) v Anett Kontaveit (EST)
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
MATCH INFO
Manchester United 1 (Rashford 36')
Liverpool 1 (Lallana 84')
Man of the match: Marcus Rashford (Manchester United)
The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
|
Age
|
$250 a month
|
$500 a month
|
$1,000 a month
|
|
25
|
$640,829
|
$1,281,657
|
$2,563,315
|
|
35
|
$303,219
|
$606,439
|
$1,212,877
|
|
45
|
$131,596
|
$263,191
|
$526,382
|
|
55
|
$44,351
|
$88,702
|
$177,403
|
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.”
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