Trend: Preserving memories forever


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When new technology collides with an old behaviour, lifestyle trends are born. That's certainly true in the case of the emerging activity that technologists are calling "life-caching", which combines the human instinct to record our experiences with the rise of wearable devices and global, always-on connectivity.

It's clear that the desire to life-cache – that is, to capture our day-to-day experiences and preserve them as a record for ourselves and to share with others – is nothing new. Rewind 30 years and the primary life-caching device was the family photograph album. Today, though, we face an imminent future in which every second of our lived experience – the sights, the sounds, the feel, even the thoughts – can be recorded and stored in the cloud (the nebulous place where, currently, your Facebook photos live). Give it a few decades, say proponents, and there may be people whose entire lives, from near-birth onwards, have been cached.

We're not quite there yet. But already a host of new sites are hoping to come early to the trend. The Estonian start-up myHistro (www.myhistro.com) allows users to create and share stories from their lives using a timeline, maps and photos. With the site currently in beta-mode, users have uploaded stories with titles such as "Places I have lived" and "My family story". Meanwhile, Moment Garden (www.momentgarden.com) is positioning itself as a life-caching service for parents: users can send photos, stories and updates to their account to be worked into an attractive timeline. Indeed, even the Facebook Timeline profile page nods to life-caching, aiming as it does to present an at-a-glance encapsulation of the user's existence.

It's the next decade, though, that could see a vastly more powerful form of life-caching go mainstream. For a while now, technologists have been rushing to embrace that future: in 2007, for example, the computer scientist Gordon Bell ran a Microsoft project called MyLifeBits, in which he uploaded every book he read, every text message he sent, every photo he took. But the promise of true life-caching is more: a 24/7 movie of your life, with you as the director.

Life-caching is on the agenda now because the technology that makes that possible is becoming a commercial reality. 4G wireless networks are fast enough to stream live video from mobiles. The cost of cloud storage – where all this data must reside – continues to fall exponentially. Devices such as the tiny Looxcie wearable camera (www.looxcie.com), which clips behind the ear, capture video and stream live to others watching on a smartphone. There are even rumours that Google's forthcoming "augmented reality" glasses will have life-caching functionality.

Which raises the philosophical questions: if we start to record our entire lives, how will this change the way we experience the world, and other people? Will we see the rise of new forms of art, as people sell edited highlights of their "life streams" to one another? If future generations become able to dip in and out of streams live, will they lose touch with the idea of individual experience as we understand it, and instead become a kind of "hive mind" in which all experience is part of a greater whole?

Remember all that fuss over the Facebook Timeline? It will soon seem a distant and rather quaint precursor to the main event.

Step by step

2070km to run

38 days

273,600 calories consumed

28kg of fruit

40kg of vegetables

45 pairs of running shoes

1 yoga matt

1 oxygen chamber

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."

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.”

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
UAE currency: the story behind the money in your pockets
PRIMERA LIGA FIXTURES

All times UAE ( 4 GMT)

Saturday
Atletico Madrid v Sevilla (3pm) 
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Girona v Barcelona (10.45pm)

Sunday
Espanyol v Deportivo la Coruna (2pm) 
Getafe v Villarreal (6.15pm) 
Eibar v Celta Vigo (8.30pm)
Las Palmas v Leganes (8.30pm)
Real Sociedad v Valencia (10.45pm)

Monday
Real Betis v Levante (11.pm)

Tips%20for%20holiday%20homeowners
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Bharatanatyam

A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.