Mammoth tusk jewellery, the latest must-have


James Langton
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Russia has become a major source of the world's ivory by exporting mammoth tusks. With the trade in elephant ivory now banned, it is estimated there could be as many as 150 million dead mammoths trapped under the ice in Siberia. The shaggy creatures were slow-moving and served as food for humans and other animals.

Tusks are found every year as the tundra melts, with 60 tonnes exported this year to China, the main market for ivory. Michelle Obama, the first lady of the US, has been seen wearing mammoth ivory jewellery.

Status update: I'm in jail

After boasting "I'm now a bank robber" on his Facebook page, Ryan Homsley was arrested by the FBI. Two days earlier, Homsley, 29, told staff at the bank in Oregon that he was carrying a bomb, and fled with cash. He was caught on CCTV cameras and dubbed the "Where's Wally robber" because of his striped T-shirt and thick glasses. He later copied the image for his profile photo and was subsequently detained by the FBI.

Among the comment posted was one from a friend, who wrote "turn yourself in."

Elgar was a Wolves fan

Sir Edward Elgar has been identified as the composer of the world's first football chant. Sir Edward wrote "He Banged The Leather For Goal" in 1898 after watching a game between Wolverhampton Wanderers and Stoke City. Better known for his Enigma Variations and Land of Hope and Glory, the composer is said to have been inspired by the Wolves' striker Billy Malpass.

The title is taken from newspaper reports about Malpass's exploits in the game.

What rays in Vegas

Guests at a new hotel in Las Vegas have complained of being burnt by an intense ray of sunlight caused by the building's design. The curved glass exterior of the Vdara hotel acts like a magnifying glass and directs a powerful beam of sun at guests in certain parts of the pool area. One guest, Bill Pintas, a lawyer from Chicago, said: "It felt like I had a chemical burn. I couldn't imagine why my head was burning."

A hotel spokesman said it was working with designers to come up with a solution.

GPS leads driver to the top

The driver of a delivery van was rescued by helicopter after following GPS directions that led him to the top of a Swiss mountain. Robert Zeigler, 37, drove up what was described as a "glorified goat track" and found himself unable to reverse or turn around. Emergency services removed the van using a heavy lift helicopter.

He told police: "I was lost and I kept hoping that each little turn would get me back to the main road. In the end it told me to turn around but of course I couldn't by then."

RAF paratroopers upset

A training exercise that involved a parachute drop of Britain's elite SAS regiment by the Royal Air Force left nine soldiers injured when they landed in trees. The incident is being blamed on the RAF's navigational skills and the equipment used by 40-year-old Hercules aircraft, which lacks GPS satellite positioning.

Two of the SAS men were treated for serious injuries caused by branches.

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.”

The winners

Fiction

  • ‘Amreekiya’  by Lena Mahmoud
  •  ‘As Good As True’ by Cheryl Reid

The Evelyn Shakir Non-Fiction Award

  • ‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi;  translated by Ramon J Stern
  • ‘The Sound of Listening’ by Philip Metres

The George Ellenbogen Poetry Award

  • ‘Footnotes in the Order  of Disappearance’ by Fady Joudah

Children/Young Adult

  •  ‘I’ve Loved You Since Forever’ by Hoda Kotb 
6 UNDERGROUND

Director: Michael Bay

Stars: Ryan Reynolds, Adria Arjona, Dave Franco

2.5 / 5 stars

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.