RIO DE JANEIRO // Shaking to samba and expressing a sense of longing with uniquely Brazilian words, Olympians and fans said goodbye to the Rio Games with one last big bash that was both revelatory and a sigh of relief.
The closing ceremony Sunday celebrated the 16-day spectacle that was the Rio Games, which combined numerous highlights with ugly and even bizarre episodes that sometimes overshadowed competition. Cariocas – as Rio’s residents are known – weren’t swayed by the issues that led up to these Olympics, and braved rain and strong winds on the final night to cap their moment in the worldwide spotlight.
While South America’s first Olympics are over, safely and with a grandiose finale, many problems remain. Still, Brazil showed Sunday it still definitely knows how to party.
“These were marvellous Olympic Games in the ‘marvellous city,”’ said International Olympic Committee President Thomas Bach, playing off the “cidade maravilhosa” nickname of Brazil’s postcard city of inviting coastlines, year-round sun and lush tropical vegetation.
While the stadium erupted in applause at that declaration, a few minutes later there were boos of sadness when Bach announced: “I declare the Games of the XXXI Olympiad closed.”
The closing ceremony in iconic Maracana Stadium was also meant to take care of some business – formally signalling the transition to the 2020 Summer Olympics in Japan.
• More: Closing ceremony in pictures
But Sunday’s party was all about Brazil, designed to be more low-key than the opening, which focused heavily on Rio.
The ceremony featured original footage of Alberto Santos Dumont, the man that Brazilians recognise as the inventor of the airplane. The theme, “Brazilians can do with their bare hands,” was a nod to the emerging economy of the world’s fifth most populous nation.
Dressed in colourful feathers, dozens of dancers formed in the shape of the arches of Lapa, a popular area of Rio akin to Roman ruins, then morphed to make the shape of iconic Sugarloaf before quickly changing again, this time to the official 2016 symbol.
Samba legend Martinho da Vila, whose tunes make their way into many popular telenovelas, sang “Carinhoso,” or “Affectionate.”
Olympians poured in under light rain, waving their flags while many shook their bodies to samba-infused pop that made the stadium feel like a Carnival parade. Britain’s athletes wore shoes with soles that lit up in changing colours of red, white and blue, while Tongan taekwondo athlete Pita Taufatofua danced onstage in a grass skirt as a DJ performed, reprising a moment that captured attention when he carried the flag for his country during the opening ceremony.
The show widened its lens to greater Brazil, a massive country with a land mass slightly larger than the continental United States. There was a tribute to cave paintings of some of the first inhabitants of the Americas, in Serra da Capivara, in Northeastern Brazil, today one of the nation’s poorest regions.
Spectators watched performers shake it to frevo, a frenetic dance that – if it’s even possible – makes high-octane samba seem like a staid ballroom affair. Holding small umbrellas, dancers jumped and marched while performing acrobatics.
They shook it to “Vassourinhas,” which means “small brooms,” a popular song that was also the name of a famous club in the northeastern city of Recife.
The show also built performances around “saudade,” which means anything from longing for someone to sadness to remembering good times. It is one of the most important words in Brazilian Portuguese. Lights flashed translations for the word in many languages, and a group of women sang “Mulher Rendeira,” or “Lace-making Woman,” a nod to the country’s African heritage. Brazil was the last country in the Americas to outlaw slavery, in 1888.
The games had many memorable moments, both for Brazilian competitors at home and athletes from around the world.
• More: Neymar reflects on winning gold for football-crazy Brazil
Football-crazed Brazil got partial payback against Germany, winning gold two years after a 7-1 World Cup semi-final shellacking that left Brazilians fuming. American gymnast Simone Biles asserted her dominance with four golds, swimmer Michael Phelps added five more to up his staggering total to 23 and the world’s fastest man, Usain Bolt, put on his usual show with three golds just days before turning 30 years old.
But there were also ugly episodes, like American swimmer Ryan Lochte’s fabricated story about a harrowing robbery that was actually an intoxicated-fuelled vandalism of a gas station bathroom, and bizarre issues like Olympic diving pools going from crystal blue to gunky, algae green – at a time when Rio’s water quality in open waters is one of the biggest local environmental issues.
With the games over, Brazilians now return to problems that have long consumed the country of 200 million people. The economy is mired in its worst recession in decades, and later this week the Senate is expected to begin the trial on whether to permanently remove suspended President Dilma Rousseff, who was impeached in May for breaking fiscal rules in her managing of the federal budget.
There’s widespread expectation that the games in Tokyo, one of the world’s richest, most recognisable, cosmopolitan cities, will run more smoothly than they have in Rio. But there’s also worry in Japan over whether the Olympics will eventually further drag down an economy that has been struggling for decades.
The governor of Tokyo, Yuriko Koike, accepted the flag from International Olympic Committee President Thomas Bach and Rio Mayor Eduardo Paes, signalling the transition.
Many people, from Brazilians to IOC members, will analyse how things went for the Rio Games in the months ahead. But on Sunday, one strong sentiment was relief – that despite some problems, overall the games went well.
That wasn’t a given going in. The Zika virus scared away some competitors and tourists, rampant street crime in Rio and recent extremist attacks around the world raised fears about safety and Brazil’s political crisis, and the economic angst behind it, threatened to cast a pall over the competitions.
“We are very resilient, we didn’t leave anything important unaddressed,” said Augusta Porto, 36, a translator and Rio resident. “We can welcome people despite the serious problems that we have faced in the recent past.”
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KILLING OF QASSEM SULEIMANI
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3ESplintr%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMay%202019%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EMohammad%20AlMheiri%20and%20Badr%20AlBadr%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20and%20Riyadh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Epayments%20%2F%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E10%20employees%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Eundisclosed%20seven-figure%20sum%20%2F%20pre-seed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStage%3A%20%3C%2Fstrong%3Eseed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3Eangel%20investors%3C%2Fp%3E%0A
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
The Outsider
Stephen King, Penguin
THE CLOWN OF GAZA
Director: Abdulrahman Sabbah
Starring: Alaa Meqdad
Rating: 4/5
AUSTRALIA SQUAD
Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle
Turkish Ladies
Various artists, Sony Music Turkey
More from Janine di Giovanni
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
The specs
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On sale: Now
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.”
Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
Recycle Reuse Repurpose
New central waste facility on site at expo Dubai South area to handle estimated 173 tonne of waste generated daily by millions of visitors
Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site
Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area
Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent organic waste and 13 per cent general waste.
About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor
Recycling at Ras Al Khor unit:
Plastic items to be converted to plastic bags and recycled
Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays
Glass waste into bowls, lights, candle holders, serving trays and coasters
Aim is for 85 per cent of waste from the site to be diverted from landfill