Hamdan hears plans to refurbish Calypso


Daniel Bardsley
  • English
  • Arabic

The widow of Jacques Cousteau, the French undersea explorer, has met Sheikh Hamdan bin Zayed, the Deputy Prime Minister, to present her plan for renovating her husband's research ship. The vessel, Calypso, was hit by a barge and sunk in Singapore Harbour in 1996, a year before Mr Cousteau died. Sheikh Hamdan told Francine Cousteau he would study her plan to renovate the ship, the state news agency, WAM, reported yesterday.

Cousteau, who had been commissioned by what is now Abu Dhabi Marine Operating Company, was using Calypso as a base for drilling operations in 1954 when he discovered one of Abu Dhabi's largest oil fields. On a visit to the capital last year, Mrs Cousteau said she hoped the restored Calypso could become "a roving Eiffel Tower" for the environment. "I hope Abu Dhabi will be one of her first ports of call," she said. "So many people around the world remember her. There isn't a day when someone doesn't come up to me and say how much Jacques and Calypso meant to them."

Mrs Cousteau is president of the Cousteau Society, a non-profit organisation set up by her husband in 1973. A long-running legal battle between Mrs Cousteau and her husband's elder son by his first marriage, which centred on the future of Calypso and control of the family name, was settled in favour of the explorer's widow in Oct 2007. On the country's 25th National Day more than a decade ago, Sheikh Zayed, the late founder of the nation, conferred the Order of Independence on Mr Cousteau. Sheikh Hamdan presented the award. dbardsley@thenational.ae

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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How to keep control of your emotions

If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.

Greed

Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.

Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.

Fear

The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.

Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.

Hope

While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.

Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.

Frustration

Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.

Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.

Boredom

Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.

Tip: Open an online demo account and get your thrills without risking real money.

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Name: Dr Hassan Mohsen Elhais

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When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

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  • An arms embargo
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UAE currency: the story behind the money in your pockets
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Based: Tunisia 
 
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