On a hot, sticky morning, Bobby Lerma wades through dusty, ankle-length grass to reach the pink stucco mausoleum that sits on his family ranch outside of Brownsville, Texas.
“That’s my dad up there,” says Mr Lerma, pointing to a white marble engraving on the wall. “Then we have my mom, who is over here on top, and that’s her brother, and then my late wife is over there, so we’re full.”
Well, not quite. The 64-year-old retired municipal judge and lawyer says he intends to be buried next to his kin on the property his mother’s family has owned since the start of the American Civil war in 1861.
Quiet south Texas town adapts to life with Elon Musk and SpaceX
The only concern is that, 11 kilometres from Mr Lerma's sprawling 485-hectare ranch, the world’s richest man, Elon Musk, has built a Jetson-like space facility called Starbase, which has transformed the tranquil area into a bustling hive of rocket scientists and engineers.
They are working on building the largest rocket ever created, the 120-metre-tall Starship, a reusable craft that Mr Musk hopes will one day be able to carry equipment and people on missions to the Moon and Mars.
Starbase rises above a pristine wildlife refuge and abuts one of southern Texas’s last remaining public beaches.
Driving along Texas State Highway 4, the shimmering futuristic rockets loom over an expanse of relatively untouched land, appearing like an alien aberration.
Beneath them in the surrounding wildlife refuge, hundreds of birds and insects buzz through the air only a few kilometres from where the Rio Grande meets the Gulf of Mexico.
When SpaceX launches its powerful rockets, the company has to close down Highway 4 - the only road leading to Mr Lerma's property and Boca Chica Beach.
“We have trouble getting home, because every time they want to do something, the road gets closed and the beach gets closed,” Mr Lerma told The National.
Under Texas state law, public beach access is a constitutional right. But in 2013, the state's legislature amended the law to allow for closures during SpaceX flight operations.
A 2014 agreement between SpaceX and the Federal Aviation Authority (FAA) stated that the company must limit road closures to 180 hours per year, spread out over 12 launches.
But many residents complain that SpaceX has far exceeded that original agreement.
Beyond the nuisance of road closures, there are environmental concerns as well.
“Just from that land being developed, we've already seen harsh declines in different bird populations," said Emma Guevara, an organiser with the Sierra Club in Brownsville, who blames the deaths of ocelots, a type of wild cat that only lives in two parts of Texas, on SpaceX's activities.
Along with other environmental groups, the Sierra Club has filed a lawsuit against the Texas General Land Office and Cameron County, where Brownsville and Boca Chica are located, over road closures and restricted access to the beach.
A recent environmental assessment report conducted by the FAA found that SpaceX had to make 75 adjustments to mitigate its environmental impact to move forward with the Starship programme.
In addition, the assessment called for the company to limit weekend road closures to five per year and said SpaceX should not restrict beach access during 18 federal and state holidays.
SpaceX did not respond to repeated requests for comment. So far, their only public comment on the FAA report has come in the form of a tweet.
“One step closer to the first orbital flight test of Starship,” the company said.
Boca Chica sits in the southernmost corner of Texas near the gulf of the Rio Grande, a few kilometres east of the city of Brownsville and the US-Mexico border.
The very remoteness that makes it attractive to local residents and visitors alike made it an ideal location for the SpaceX launch site.
“It’s always possible that something goes wrong and so you want to have a good clear area,” said Mr Musk at a SpaceX event in February 2022. “You want several miles around the launch site unpopulated or at least clearable.”
It is also the farthest southern point in the continental US outside of Florida, which means it's close to the equator, making it easier for rockets to reach orbit.
Texas also offered a hospitable business environment for the billionaire entrepreneur to build and base one of the world’s largest private space companies.
In 2014, Rick Perry, then governor of Texas, offered more than $15 million in incentives for Mr Musk to set up shop in Boca Chica.
"SpaceX is excited to expand our work in Texas with the world's first commercial launch complex designed specifically for orbital missions," Mr Musk said in a statement at the time.
In the years since, Mr Musk has found an agreeable partner in the state, choosing not only to move SpaceX there, but his electric car company Tesla as well.
“I think Texas has the right amount of rules and regulations,” Mr Musk joked to an audience back in February.
Mr Musk has even made Boca Chica his home base, reportedly living in a bungalow worth only $50,000.
Since SpaceX first arrived in Boca Chica in 2014, the company has been buying up land at a ravenous pace in hopes of creating its own Starbase city.
It is easy to spot the differences between Starbase employees' homes and those that belong to locals unwilling to sell. The first clue is often the Tesla parked in the driveway.
A city on the rise
About 1,600 people work at SpaceX in Boca Chica, which has helped to vastly improve the area's economy.
Brownsville, the nearby city of 188,000, has long been considered one of America’s most impoverished.
The 2020 US Census revealed that the city had a median household income of $40,924, compared to a median income of $67,521 across the US. More than one quarter of the city's residents live in poverty.
The frontier city, which borders Matamoros, Mexico, is most often associated with immigration issues along the southern US border, but that narrative has started to change with the arrival of SpaceX.
The city has an abundance of 19th century historical buildings in various states of disrepair. The years of economic downturn are evident in the hardscrabble streets and dilapidated facades.
But a revitalisation project partially funded by Mr Musk has helped to restore a stretch of the Brownsville city centre to its former glory.
Hip restaurants and bars line several blocks and offer upscale cuisine to the city’s newest residents and SpaceX employees.
At Terra's, a popular new eatery on Washington Street, diners chow down on $18 tacos in a cavernous, exposed-brick dining hall. It is a scene straight out of New York City or Austin, Texas, a city often considered one of America’s hippest.
“[SpaceX] has put us on the map in terms of our potential and it provides just a lot of hope and aspiration,'' said John Cowen, a Brownsville city commissioner. “We're at the centre of innovation now.”
But SpaceX has also sent Brownsville’s house prices soaring.
The median house price as of April 2022 was $239,000. That’s almost $100,000 more than it was in April of 2019, website Realtor.com reported.
Mr Lerma said SpaceX approached him to see if he would be open to selling his property. He immediately declined.
"It's not for sale. No, it means too much to the family," he said.
Driving through a new subdivision on the outskirts of Brownsville, Craig Grove, a local real estate agent, pointed out homes he had recently sold.
“I sold that one right there last year for $329,000,” he said, pointing to a large home with a two-car garage.
Mr Grove, who considers himself the city’s biggest cheerleader, believes SpaceX has offered a much-needed injection of capital and hope into Brownsville.
“There's definitely been a bump - it's something that we never thought we would see, these people coming from California, Seattle, Denver, some parts of the East Coast coming to work at SpaceX, and these high-tech jobs, you know, specialty welding, computer programming, robotics, all these kinds of things,” he said.
Mr Grove even created a subsidiary of his main business to cater specifically to SpaceX employees called Starbase Realty.
He said SpaceX employees tend to buy three- to four-bedroom homes in newer developments that sell for between $200,000 and $300,000.
Those prices are a far cry from what they would pay in Los Angeles or Seattle, he explained.
“It's historically way more affordable,” he told The National. “And when you're looking at it from the perspective of Los Angeles, or these other big metros to Brownsville, it's crazy.”
The influx of new wealthier residents in a city that has a large population that lives on the margins of poverty has upset some locals.
“We’re seeing overcrowding in the city,” said Ms Guevara, the Sierra Club organiser.
“We're having a real housing crisis; it's really really difficult to find affordable housing or even to find housing in general.”
While Mr Musk has brought in a great deal of money, excitement and business to Brownsville - winning him the support of many local politicians - the same cannot be said of the whole community.
On a hot June night, a middle-aged man wearing a white sleeveless T-shirt, walks by a large mural of Mr Musk that adorns a building in Brownsville and raised his middle finger at the billionaire.
But Mr Cowen, the city commissioner, was adamant that the city was in a much better place now that Mr Musk is a nearby resident.
“Elon provides a better future for everyone," he said.
Mr Lerma was less diplomatic about Mr Musk's presence in the area, criticising local politicians for “worshipping the altar of King Elon".
While he admitted there could be benefits to having Starbase as part of the community, he worried about its influence going unchecked.
“I'm not in the way of progress - progress is here,” he said.
“Maybe one of my kids might get a job at SpaceX. But will my kid not be able to go to the beach one day?”
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The%C2%A0specs%20
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Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
COMPANY PROFILE
Name: Grubtech
Founders: Mohamed Al Fayed and Mohammed Hammedi
Launched: October 2019
Employees: 50
Financing stage: Seed round (raised $2 million)
The specs
Engine: 2.0-litre 4-cyl
Power: 153hp at 6,000rpm
Torque: 200Nm at 4,000rpm
Transmission: 6-speed auto
Price: Dh99,000
On sale: now
How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
EVIL%20DEAD%20RISE
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Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
More from Neighbourhood Watch:
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
DUBAI%20BLING%3A%20EPISODE%201
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Take Me Apart
Kelela
(Warp)
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.”
Hotel Data Cloud profile
Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)
SPECS
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SPEC%20SHEET
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20SupplyVan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2029%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20MRO%20and%20e-commerce%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Seed%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Results
%3Cp%3E%3Cstrong%3EStage%203%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Einer%20Rubio%20(COL)%20Movistar%20Team%20-%204h51%E2%80%9924%E2%80%9D%3Cbr%3E2.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%20-%2014%22%3Cbr%3E3.%20Adam%20Yates%20(GBR)%20UAE%20Team%20Emirates%20-%2015%22%3Cbr%3E%3Cstrong%3EGeneral%20classifications%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Remco%20Evenepoel%20(BEL)%20Soudal%20Quick-Step%3Cbr%3E2.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenaders)%20-%207%22%3Cbr%3E3.%20Pello%20Bilbao%20(ESP)%20Bahrain%20Victorious%20-%2011%22%3C%2Fp%3E%0A
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
OPINIONS ON PALESTINE & ISRAEL
Griselda
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Dunbar
Edward St Aubyn
Hogarth
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
THE BIG THREE
NOVAK DJOKOVIC
19 grand slam singles titles
Wimbledon: 5 (2011, 14, 15, 18, 19)
French Open: 2 (2016, 21)
US Open: 3 (2011, 15, 18)
Australian Open: 9 (2008, 11, 12, 13, 15, 16, 19, 20, 21)
Prize money: $150m
ROGER FEDERER
20 grand slam singles titles
Wimbledon: 8 (2003, 04, 05, 06, 07, 09, 12, 17)
French Open: 1 (2009)
US Open: 5 (2004, 05, 06, 07, 08)
Australian Open: 6 (2004, 06, 07, 10, 17, 18)
Prize money: $130m
RAFAEL NADAL
20 grand slam singles titles
Wimbledon: 2 (2008, 10)
French Open: 13 (2005, 06, 07, 08, 10, 11, 12, 13, 14, 17, 18, 19, 20)
US Open: 4 (2010, 13, 17, 19)
Australian Open: 1 (2009)
Prize money: $125m
Bareilly Ki Barfi
Directed by: Ashwiny Iyer Tiwari
Starring: Kriti Sanon, Ayushmann Khurrana, Rajkummar Rao
Three and a half stars
RESULTS
5pm: Handicap (TB) Dh100,000, 2,400m
Winner: Recordman, Richard Mullen (jockey), Satish Seemar (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000, 2,200m
Winner: AF Taraha, Tadhg O’Shea, Ernst Oertel
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000, 1,400m
Winner: Dhafra, Fabrice Veron, Eric Lemartinel
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000, 1,400m
Winner: Maqam, Fabrice Veron, Eric Lemartinel
7pm: Handicap (PA) Dh85,000, 1,600m
Winner: AF Momtaz, Fernando Jara, Musabah Al Muhairi
7.30pm: Maiden (PA) Dh80,000, 1,600m
Winner: Optimizm, Patrick Cosgrave, Abdallah Al Hammadi
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
SHADOWS%20AND%20LIGHT%3A%20THE%20EXTRAORDINARY%20LIFE%20OF%20JAMES%20MCBEY
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Meydan race card
6.30pm: Baniyas (PA) Group 2 Dh125,000 (Dirt) 1,400m
7.05pm: Maiden (TB) Dh165,000 (D) 1,200m
7.40pm: Maiden (TB) Dh165,000 (D) 1,400m
8.15pm: Handicap (TB) Dh170,000 (D) 1,900m
8.50pm: Rated Conditions (TB) Dh240,000 (D) 1,600m
9.25pm: Handicap (TB) Dh175,000 (D)1,200m
10pm: Handicap (TB) Dh165,000 (D) 1,400m
US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Killing of Qassem Suleimani
The results of the first round are as follows:
Qais Saied (Independent): 18.4 per cent
Nabil Karoui (Qalb Tounes): 15.58 per cent
Abdelfattah Mourou (Ennahdha party): 12.88 per cent
Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent
Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
Mubadala World Tennis Championship 2018 schedule
Thursday December 27
Men's quarter-finals
Kevin Anderson v Hyeon Chung 4pm
Dominic Thiem v Karen Khachanov 6pm
Women's exhibition
Serena Williams v Venus Williams 8pm
Friday December 28
5th place play-off 3pm
Men's semi-finals
Rafael Nadal v Anderson/Chung 5pm
Novak Djokovic v Thiem/Khachanov 7pm
Saturday December 29
3rd place play-off 5pm
Men's final 7pm
UK’s AI plan
- AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
- £10bn AI growth zone in South Wales to create 5,000 jobs
- £100m of government support for startups building AI hardware products
- £250m to train new AI models
MATCH INFO
Delhi Daredevils 174-4 (20 ovs)
Mumbai Indians 163 (19.3 ovs)
Delhi won the match by 11 runs
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UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – UAE won by 36 runs
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
SPEC%20SHEET%3A%20APPLE%20IPAD%20(2022)
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I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
