Efforts to dislodge a giant container ship blocking the Suez Canal have allowed its stern and rudder to move but it still remains unclear when the vessel will be refloated, the head of the canal authority said.
Experts have removed thousands of tonnes of ballast and brought more tugboats in an expanding effort to refloat a massive cargo ship stuck diagonally across the Suez Canal and get international trade moving again on one of the world’s most vital shipping lanes.
Admiral Osama Rabieh, Chairman of the Suez Canal Authority, said that 9,000 tonnes of ballast water were pumped out of the ship to lighten the 200,000-tonne, 400-metre-vessel.
Fourteen tugboats as well as dredgers are now part of the operation and they could look to unload some weight off the vessel if the current efforts are not successful, Adm Rabieh told a news conference.
Unloading some of the 18,300 containers aboard the Ever Given could only be done by other container ships with suitable cranes, he said.
“It is our last resort scenario,” said Adm Rabieh.
Where is the Ever Given - track live
He said that teams got the rudder and propeller of the Ever Given slightly working again and the stern started moving on Friday night before the operation was suspended for the night. Another effort to free the boat will soon begin but the weight of the ship, its size as well as strong tides and winds add to the difficulty of freeing the stranded ship, he said.
"We have to deal with a difficult soil, strong tides in addition to the size of the boat, its height and the large number of containers it is carrying," he said.
He declinedrefused to give a timetable for the refloating of the vessel.
“It is very difficult to give a precise time for resolving the problem,” he said.
In the meantime, ships continue to arrive at either end of the canal, waiting to pass.
Adm Rabieh said 321 ships were now stuck in the canal and its lakes.
The Ever Given ran aground on Tuesday in a narrow stretch of the canal just north of the city of Suez after it was blown off course by strong winds during a sandstorm.
Two pilots from the canal authority were on board the Ever Given when it became stuck.
Initially, authorities and the operator said wind and a sandstorm pushed the ship off course and into the side of the canal. However, Adm Rabieh on Saturday said that bad weather was not the only cause of the Ever Given running aground and that technical or human error could have contributed.
“When it comes to big accidents like this one, there is always more than one cause. The investigation could reveal a human error or a technical fault,” said Adm Rabieh. No formal investigation into how the accident occurred will begin before the ship is refloated and traffic returns to normal, he said.
Egyptian President Abdel Fattah El Sisi said on Saturday that every effort is being made to open the vital global trade route.
US Navy experts, meanwhile, were expected to join teams already trying to refloat the ship.
These are from Japan's Nippon Salvage and Smit International, a Dutch maritime salvage company founded more than 150 years ago that has recovered vessels following some of the worst disasters at sea.
Smit International is known for working on technically challenging salvage operations.
These include the Russian submarine Kursk, which sank in 2000 in the Barents Sea, with the loss of all 118 crew; cruise liner Costa Concordia, which struck rocks in the Mediterranean in 2012, resulting in 32 deaths; and the Herald of Free Enterprise ferry, which sank near Belgian port of Zeebrugge in 1987, with 193 fatalities.
The Suez Canal Authority has welcomed US assistance.
"We are tracking the situation very closely," White House Press Secretary Jen Psaki said on Friday in Washington, noting that the Suez Canal blockage was affecting energy markets.
“As part of our active diplomatic dialogue with Egypt, we’ve offered US assistance to Egyptian authorities to help reopen the canal,” Ms Psaki said.
Before Adm Rabie's news conference in Suez, Bernhard Schulte Shipmanagement (BSM), the ship's technical manager, said efforts are being stepped up to free the Ever Given.
"The focus now is on dredging to remove sand and mud from around the port side of the vessel’s bow.
"In addition to the dredgers already on site, a specialised suction dredger is now with the vessel and will shortly begin work. This dredger can shift 2,000 cubic metres of material every hour," BSM said.
Canal authorities say nearly 20,000 cubic metres of sand must be dredged from around the ship in order for it to move.
At a press conference in Japan on Friday, Yukito Higaki, president of Shoei Kisen, which owns the Ever Given, said there were no signs of damage to its engines and instruments.
"The ship is not taking water. There is no problem with its rudders and propellers. Once it refloats, it should be able to operate," Mr Higaki said, according to the Asahi Shimbun.
Workers were hoping to remove the ship as early as Saturday evening, Tokyo time, he said.
"We are continuing work to remove sediment as of now, with additional dredging tools," Mr Higaki said, according to the Nikkei Asia.
Satellite photographs released by the canal authority show Ever Given's bow touching the eastern bank, while its stern appears to be lodged against the western bank.
Blocked Suez impact on international shipping
The blockage of the Suez, which links the Mediterranean and the Red Sea, has left hundreds of ships on both ends of the trade route waiting to pass through.
Some of those that were not already in the canal when the Ever Given ran aground are opting to take the much longer route around South Africa's Cape of Good Hope to Europe or Asia.
However, Adm Rabieh said the current crisis would not take away the edge of the Suez Canal as the shortest and more economic route between Asia and Europe.
“The route around the Cape of Good is not safe,” he said, alluding to sea piracy off the eastern coast of Africa.
The effect of delays has doubled shipping costs for oil-related products since the ship ran aground, experts said.
The blockage could cost global trade $6 billion to $10bn a week, a study by German insurer Allianz showed on Friday.
"The problem is that the Suez Canal blockage is the straw that breaks global trade's back," the study's authors wrote.
UAE currency: the story behind the money in your pockets
In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
UAE currency: the story behind the money in your pockets
One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.
She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
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EXPATS
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
SNAPSHOT
While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.
A German university was a good fit for the family budget
Annual fees for the Technical University of Munich - £600
Shared rental accommodation per month depending on the location ranges between £200-600
The family had budgeted for food, books, travel, living expenses - £20,000 annually
Overall costs in Germany are lower than the family estimated
As proof that the student has the ability to take care of expenses, international students must open a blocked account with about £8,640
Students are permitted to withdraw £720 per month
CONFIRMED%20LINE-UP
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The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
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List of alleged parties
May 15 2020: PM and Carrie attend 'work meeting' with at
least 17 staff members
May 20 2020: PM and Carrie attend 'bring your own booze'
party
Nov 27 2020: PM gives speech at leaving do for his staff
Dec 10 2020: Staff party held by then-education secretary
Gavin Williamson
Dec 13 2020: PM and Carrie throw a flat party
Dec 14 2020: London mayor candidate Shaun Bailey holds staff party at Conservative
Party headquarters
Dec 15 2020: PM takes part in a staff quiz
Dec 18 2020: Downing Street Christmas party
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EQureos%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EUAE%0D%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E33%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ESoftware%20and%20technology%0D%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%243%20million%0D%3Cbr%3E%3C%2Fp%3E%0A
Results
7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash
8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel
8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel
9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
About Seez
Company name/date started: Seez, set up in September 2015 and the app was released in August 2017
Founder/CEO name(s): Tarek Kabrit, co-founder and chief executive, and Andrew Kabrit, co-founder and chief operating officer
Based in: Dubai, with operations also in Kuwait, Saudi Arabia and Lebanon
Sector: Search engine for car buying, selling and leasing
Size: (employees/revenue): 11; undisclosed
Stage of funding: $1.8 million in seed funding; followed by another $1.5m bridge round - in the process of closing Series A
Investors: Wamda Capital, B&Y and Phoenician Funds
Profile
Company name: Marefa Digital
Based: Dubai Multi Commodities Centre
Number of employees: seven
Sector: e-learning
Funding stage: Pre-seed funding of Dh1.5m in 2017 and an initial seed round of Dh2m in 2019
Investors: Friends and family
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
MATCH INFO
Fulham 0
Aston Villa 3 (Grealish 4', Hourihane 15', Mings 48')
Man of the match: Jack Grealish (Aston Villa)
MATCH INFO
England 2
Cahill (3'), Kane (39')
Nigeria 1
Iwobi (47')
MATCH INFO
Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
UAE currency: the story behind the money in your pockets
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
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Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
Saturday, September 30
Qualifying: 1pm - 2pm
Sunday, October 1
Race: 11am - 1pm
Sugary teas and iced coffees
The tax authority is yet to release a list of the taxed products, but it appears likely that sugary iced teas and cold coffees will be hit.
For instance, the non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Cold coffee brands are likely to be hit too. Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
