An earthquake in central Italy killed at least 270 people.
An earthquake in central Italy killed at least 270 people.
An earthquake in central Italy killed at least 270 people.
An earthquake in central Italy killed at least 270 people.

Nature's cruel blow


James Langton
  • English
  • Arabic

Rescue workers ended the search for survivors and the funerals began after Italy's worst earthquake for 30 years killed at least 270 people. The 6.3-magnitude quake severely damaged the medieval city of L'Aquila in the mountainous Abruzzo regions and virtually destroyed a number of nearby villages. The toll included 1,500 injuries, with tens of thousands made homeless. At least 100 people were pulled from the rubble, including two students rescued from the ruins of a building in L'Aquila. Around two-thirds of the buildings in the town were destroyed or badly damaged, including the historic basilica of Santa Maria di Collemaggio. In the village of Onna, around 10 per cent of the population of 350 is believed to have been killed. Silvio Berlusconi, the Italian prime minister, angered some homeless survivors by suggesting that they viewed their temporary housing "like a weekend of camping".

Military experts concluded that a long-range missile launch by North Korea ended in failure. State media claimed that the rocket had reached orbit, placing a satellite in orbit that was broadcasting revolutionary songs. Other sources said that the Taepodong-2 missile crashed back to Earth. According to United States Northern Command: "The remaining stages, along with the payload itself, landed in the Pacific," and "no object entered orbit". The launch provoked international outrage because of fears that the regime was developing a missile to carry nuclear warheads.

The Crown Prince of Abu Dhabi called on people to take a stand against child abuse after visiting an alleged victim in hospital. Sheikh Mohammed bin Zayed, attended Al Mafraq Hospital with his daughter to see a critically ill nine-year-old girl who was said to have suffered knife cuts, burns and bruising.

Sheikh Mohammed called the "sanctity of childhood" an "essential element of our culture". "All members of the community must speak out against abuse of this kind, and condemn any form of violence against children." Police have arrested the child's father and stepmother. The family originally claimed the girl had suffered the injuries in a bicycle accident.

Foreign tourists were allowed back into Tibet for the first time in two months. A German tour group was the first to arrive, according to Chinese authorities, with several hundred more expected in April. Tibet had been closed because of security fears coinciding with the 50th anniversary of the uprising that led to the Dalai Lama, the country's spiritual leader, fleeing the country. Beijing has renamed the anniversary "Serfs' Emancipation Day" and claims that Tibet is part of China.

A lion called Tiny required emergency surgery to remove a hairball the size of a football from his stomach. Six veterinary surgeons were needed to carry out the operation on the 200kg lion, which lives in a wildlife park in Kent, southern England. Keepers had noticed that the lion was vomiting frequently and had become seriously ill. Obama visits Baghdad Barack Obama ended his first overseas trip with a surprise visit to Baghdad.

After attending the G20 summit in London, the president first paid an official visit to Turkey where he visited the Blue Mosque and assured Muslims that "the United States is not and never will be at war with Islam. In fact, our partnership with the Muslim world is critical". Later, Mr Obama flew to Camp Victory, a US base Baghdad Airport, where he handed out medals to troops and urged Iraqis to "take responsibility for their country". Back home, a new poll revealed that Mr Obama has polarised American voters more than any president in recent history. The gap in his approval ratings between Republican and Democrat voters is 61 percentage points - more than the former presidents George W Bush or Richard Nixon.

Surgeons in France carried out the world's first full face transplant and gave two new hands to a 30-year-old man who was severely burnt in 2004. The operations saw the transplant of the upper half of the victim's face, including his scalp, forehead, nose, ears and eyelids.

Several beaches in Dubai were closed as a precaution because of an algae bloom known as red tide. Clouds of the algae were spotted in the waters off the Palm Jumeirah, with authorities closing the beaches at Burj Al Arab and the Umm Suqeim park. In its toxic form, red tide can kill marine life and cause skin irritation. The algal bloom has caused severe problems in Fujairah but is now beginning to dissipate in the warmer weather.

Putting healthy items likes salads on the menu can actually encourage diners to order unhealthy dishes, a new survey showed. A paper for the American Journal of Consumer Research discovered that a test group of students were three times more likely to order French fries when there was also salad on the menu.

The troubled car manufacturer General Motors announced a new two-seater electric vehicle ambitiously described as "the future of commuting". Based on the technology used for the Segway, project Puma stands for Personal Urban Mobility and Accessibility. A prototype unveiled in New York revealed a two-wheel vehicle with a top range of 56km and the technology to drive itself and avoid collisions. GM has sustained massive losses in the financial downturn. It also makes the 2,900kg Hummer.

The American crew of a container ship attacked by Somali pirates fought back and recaptured their vessel. A battle lasting several hours saw pirates boarding the container ship Maersk Alabama several hundred miles off the coast of Africa. Members of the crew retook the ship later, although pirates continued to hold the ship's captain as a hostage while negotiations continued.

A new masterplan for Al Ain that will govern the city's development by 2030 was unveiled. Among the predictions was a trebling of the population to nearly one million and conservation measures to protect oasis and heritage sites in a city sometimes referred to as the "soul of the nation". Traffic will be discouraged from entering the centre, with trams and a fast rail link to Abu Dhabi serving the population.

The Government reached an agreement with the International Atomic Energy Authority for inspections of the new nuclear power programme. The agreement is seen as part of the UAE's commitment to prevent nuclear proliferation as it prepares to begin construction on the US$60 billion (Dh220bn) project, intended to meet the growing need for electricity in this century. jlangton@thenational.ae

Aston martin DBX specs

Engine: 4.0-litre twin-turbo V8

Transmission: nine-speed automatic

Power: 542bhp

Torque: 700Nm

Top speed: 291kph

Price: Dh848,000

On sale: Q2, 2020
 

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

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 specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
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Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

The Gandhi Murder
  • 71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
  • 34 - Nationalities featured in the film The Gandhi Murder
  • 7 - million dollars, the film's budget 
Teaching your child to save

Pre-school (three - five years)

You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.

Early childhood (six - eight years)

Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.

Middle childhood (nine - 11 years)

Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.

Young teens (12 - 14 years)

Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.

Teenage (15 - 18 years)

Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.

Young adulthood (19 - 22 years)

Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.

* JP Morgan Private Bank 

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Profile

Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari

Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.

Number of employees: Over 50

Financing stage: Series B currently being finalised

Investors: Series A - Audacia Capital 

Sector of operation: Transport

The drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.” 

Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.

A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.

On day three of the process, 14 embryos were biopsied for gender selection.

The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.

Day five of the treatment saw two male embryos transferred to the patient.

The woman recorded a positive pregnancy test two weeks later.