AD200910710029855AR
AD200910710029855AR
AD200910710029855AR
AD200910710029855AR

Gap founder who gave us 'dress down Friday'


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Had it not been for Donald Fisher, who together with his wife Doris founded the multibillion-dollar global clothing chain Gap, the concept of "dress down Fridays" may never have entered into the vernacular. Gap opened up a whole new market for the middle classes in America and beyond, offering fashionable-yet-affordable clothes that trod the fine line between smart and casual. For basics - white T-shirts, well-cut jeans, a pair of chinos - Gap could not be beaten. It filled both a gap in the market at the time, and reflected the generation gap between the Baby Boomers and their offspring, who sought to distinguish themselves sartorially from their conservatively dressed parents, if not too radically.

The business started in 1969 with denim after Fisher failed to find a pair of jeans that would fit his own tall, elegant frame. In short order, he abandoned his career in property development, raised US$63,000 and launched the first Gap store in San Francisco, which sold jeans in a variety of styles, as well as music. The audio side of the business never flew; but the jeans sold successfully from the start, with sales of $2 million in the first year.

By the time of Fisher's death, the company comprised five primary brands, including Banana Republic and Old Navy, and was only recently eclipsed as the world's largest clothes retailer. The fortunes of Gap fluctuated as imitators crowded the market and allegations of the use of child labour in the company's factories brought unwelcome attention, but Fisher was constantly innovating to keep customers coming through the doors, not least with slick advertising campaigns that featured a raft of actors and photogenic celebrities.

Born in Cutsdean, California, Donald George Fisher attended the University of California, Berkeley, where he was a member of the swimming and water polo teams, before earning a degree from the School of Business Administration in 1951. He channelled the considerable personal wealth that accrued from his retail empire into philanthropic projects, most notably as a financial supporter of Edison Schools, a profitable enterprise that ran local schools. From 2000, he worked for the non-profit Knowledge is Power Program, implementing educational initiatives for underprivileged children.

Together with his wife, he also amassed an impressive collection of modern art, including works by Roy Lichtenstein and Andy Warhol, which are to be housed in a wing of the San Francisco Museum of Modern Art. Donald Fisher was born on September 3, 1928, and died on September 27. He is survived by his wife, two sons and a daughter. * The National

UAE currency: the story behind the money in your pockets
How Voiss turns words to speech

The device has a screen reader or software that monitors what happens on the screen

The screen reader sends the text to the speech synthesiser

This converts to audio whatever it receives from screen reader, so the person can hear what is happening on the screen

A VOISS computer costs between $200 and $250 depending on memory card capacity that ranges from 32GB to 128GB

The speech synthesisers VOISS develops are free

Subsequent computer versions will include improvements such as wireless keyboards

Arabic voice in affordable talking computer to be added next year to English, Portuguese, and Spanish synthesiser

Partnerships planned during Expo 2020 Dubai to add more languages

At least 2.2 billion people globally have a vision impairment or blindness

More than 90 per cent live in developing countries

The Long-term aim of VOISS to reach the technology to people in poor countries with workshops that teach them to build their own device

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.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory