A firefighters backs away from the flames after lighting a controlled burn near Tomerong, Australia, Wednesday, Jan. 8, 2020, in an effort to contain a larger fire nearby. Around 2,300 firefighters in New South Wales state were making the most of relatively benign conditions by frantically consolidating containment lines around more than 110 blazes and patrolling for lightning strikes, state Rural Fire Service Commissioner Shane Fitzsimmons said. (AP Photo/Rick Rycroft)
A firefighters backs away from the flames after lighting a controlled burn near Tomerong, Australia, Wednesday, Jan. 8, 2020, in an effort to contain a larger fire nearby. Around 2,300 firefighters in New South Wales state were making the most of relatively benign conditions by frantically consolidating containment lines around more than 110 blazes and patrolling for lightning strikes, state Rural Fire Service Commissioner Shane Fitzsimmons said. (AP Photo/Rick Rycroft)
A firefighters backs away from the flames after lighting a controlled burn near Tomerong, Australia, Wednesday, Jan. 8, 2020, in an effort to contain a larger fire nearby. Around 2,300 firefighters in New South Wales state were making the most of relatively benign conditions by frantically consolidating containment lines around more than 110 blazes and patrolling for lightning strikes, state Rural Fire Service Commissioner Shane Fitzsimmons said. (AP Photo/Rick Rycroft)
A firefighters backs away from the flames after lighting a controlled burn near Tomerong, Australia, Wednesday, Jan. 8, 2020, in an effort to contain a larger fire nearby. Around 2,300 firefighters in

Australia’s fires will change the country forever


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With each day that the bushfires rage on in Australia, the scale of destruction becomes more evident. At least 26 people have died, including four volunteer firefighters. The world has seen images of skies thick with smoke, burnt trees and firefighters combating flames that have razed at least 2,000 homes, rendering inhabitants homeless as they tore across more than eight million hectares of land.

The catastrophe has only worsened in the past few weeks. The fires have claimed the shocking figure of one billion animals and endangered the biodiversity of an entire nation. On social media, people have shared images of kangaroos, koalas and other marsupials lying lifeless across large swathes of burnt land. Ecologists say at least tens of thousands of koalas have died. All seven states and territories of the world’s driest inhabited continent are affected. To make matters worse, there will be no let up in the coming weeks. Authorities have urged Australians to prioritise their safety and leave parts of the eastern states of Victoria and New South Wales. Some residents, overcome by the sight of their former homes, now gutted, have described these bushfires as the worst period of their lives.

When a state of emergency was announced last month, Australia had witnessed its highest ever temperature of 41.9° C. While the Australian government has pledged $2 billion (Dh5bn) over two years to help recovery efforts, the international community has risen to the occasion and offered help.

Sheikh Mohamed bin Zayed pledged vital support to Australia. In a tweet, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces wrote: “During a phone call with the Australian prime minister I discussed efforts to fight bushfires in the country and I assured him of the UAE’s readiness to provide various types of help.”

People from all across the world, moved by the sheer magnitude of the catastrophe, have donated what they can. Some volunteers have sewn wraps for young marsupials including koalas, wombats and possums that require pouches to grow without the nurture of their mothers. Wildlife rescuers are dependent on compassionate donors to stitch items like mittens for the burnt paws of koalas.

The United Nations World Meteorological Organisation has said that the smoke from Australia's bushfires has blown across the Pacific and turned grey the skies over Chile and Argentina, and might have even reached the Antarctic. Even for a country that periodically sees bushfires and drought, these fires that began in September have wreaked unprecedented damage.

This season of wildfires is likely to change Australia forever, its topography as well as its environment policies. Australia’s bushfires have emitted about 350 million tonnes of carbon dioxide, equal to two-thirds the country's annual emissions from man-made sources. Climate Analytics, an advocacy group that tracks climate data, says the country is one of the highest per-capita emitters of carbon dioxide in the world.

The gutted topography of Australia, the loss of homes and the sight of thirsty koalas gulping down water from the water bottles of cyclists should drive policymakers to examine the extent to which this crisis is determined by climate change. If anything positive is to emerge from this devastation, it should crucially include being better prepared for the future when another of these calamities might strike.

What is Folia?

Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.

Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."

Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.

In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love". 

There are also plans to take Folia to several more locations throughout the Middle East and Europe.

While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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Rating: Two out of five stars 

How to play the stock market recovery in 2021?

If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.

Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.

Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.

Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).

Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal. 

Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.

By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.

As demand for energy fell, the oil and gas industry had a tough year, too.

Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.

He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.” 

This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”

Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.

City's slump

L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1