Seven hours after its launch, Threads reportedly gained 10 million users – that’s close to 24,000 a minute. PA
Seven hours after its launch, Threads reportedly gained 10 million users – that’s close to 24,000 a minute. PA
Seven hours after its launch, Threads reportedly gained 10 million users – that’s close to 24,000 a minute. PA
Seven hours after its launch, Threads reportedly gained 10 million users – that’s close to 24,000 a minute. PA


Whether Twitter or Threads, the world still wants to talk to itself in real time


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July 06, 2023

They say imitation is the sincerest form of flattery, but one can only imagine the reaction of Twitter chief executive Elon Musk to the launch of tech rival Mark Zuckerberg’s Threads on Thursday. As well as producing a copycat text-based public conversation app, the audacious move included co-opting Twitter’s ubiquitous @ sign as its logo and taking “threads” – another Twitter-related term – as its name. As a statement of intent, it’s as bold as it gets.

But the million-dollar question (or in Mr Musk’s case, $44-billion question) is this: are we seeing a genuine Twitter-killer emerging or will it be another flash in the pan from Mr Zuckerberg, who has yet to see his much-hyped metaverse project take off? So far, things look promising for the Meta chief executive. Users are flocking to sign up – seven hours after its launch, Threads reportedly gained 10 million users – that’s close to 24,000 a minute.

A large section of 21st-century humanity wants to have a real-time conversation with itself – hence the importance of platforms such as Twitter or Threads. The anguish that went with Twitter’s recent travails shows there is still a huge market for people who want to talk, argue, share, criticise, collaborate and inform. This is not always pretty, but for many people – and opinion makers in particular – Twitter is an invaluable tool for following breaking news, sharing views or content, or simply taking the pulse of what was happening in the world on any given day.

It is no secret that Twitter lost users since it began an erratic and unpredictable journey with Elon Musk, its mercurial new owner, last October. Reuters
It is no secret that Twitter lost users since it began an erratic and unpredictable journey with Elon Musk, its mercurial new owner, last October. Reuters

But it is no secret that Twitter lost users since it began an erratic and unpredictable journey with its mercurial new owner last October. The frustration that greeted Mr Musk’s latest idiosyncrasy – restricting the number of tweets his users could read due to ill-defined data scraping and manipulation claims – was just the latest in a long line of disappointments for Twitter users. The brand has received a pummelling, and the rollercoaster ride that Mr Musk has taken Twitter on as a business – including mass layoffs – has also led to an advertising squeeze; a 40 per cent drop in revenue was reported in January.

It is arguable that Mr Zuckerberg sensed a moment of weakness and struck with his Threads spoiler, possibly even before it was quite ready. Some new arrivals to Threads have their gripes: users are seeing content from unfollowed threads, posts cannot be edited, gifs cannot be uploaded, profile names have to be taken from their Instagram account and multiple links cannot be posted. If these teething problems are ironed out, it could elevate Threads above Twitter, overtaking more modest attempts at provide an alternative, such as Mastodon and BlueSky – the invite-only service from Twitter co-founder Jack Dorsey.

Threads also holds out the intriguing possibility of a fresh start from the toxicity and trolling that characterised a lot of interactions on Twitter. Mr Zuckerberg has said his goal “is to keep it friendly as it expands” and a function whereby Threads users can hide certain words could help people exercise more control over what they see. It is also currently free from ads, and Meta’s considerable technical know-how – the reliability of its WhatsApp messaging service is a good example – also gives Threads an edge that a misfiring Twitter and other rivals currently lack.

Ultimately, users will decide Threads’ fate, and the market will react appropriately. Only time will tell if over-stretched users of social media want to follow yet another unfamiliar platform, and many people will have spent years on Twitter, which – for good or ill – has elbowed its way into the centre of online culture and real-time conversations. Claims about Twitter’s imminent demise have surfaced before and, for now, many still consider a presence there to be indispensable. But there is a new and significant challenger to contend with. The winner of this fight will exercise great power over people’s online conversations and information sharing, and this will be something those who tweet or thread will have to contend with.

Pakistan Super League

Previous winners

2016 Islamabad United

2017 Peshawar Zalmi

2018 Islamabad United

2019 Quetta Gladiators

 

Most runs Kamran Akmal – 1,286

Most wickets Wahab Riaz –65

What is the definition of an SME?

SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.

A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors. 

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How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

The specs: 2018 Mercedes-Benz E 300 Cabriolet

Price, base / as tested: Dh275,250 / Dh328,465

Engine: 2.0-litre four-cylinder

Power: 245hp @ 5,500rpm

Torque: 370Nm @ 1,300rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.0L / 100km

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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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

Updated: July 07, 2023, 5:42 AM