Follow the latest news on the missing Titanic sub here
The search for five explorers missing on a deep-sea journey to the wreck of the Titanic was widened on Tuesday as friends said they were praying for a miracle.
The submersible craft Titan, which set off with 96 hours of oxygen but has not been seen since Sunday, remained elusive despite an intensive search in the the North Atlantic.
The US Coast Guard said it had expanded its search into deeper waters as the clock ticks down.
Pakistani businessman Shahzada Dawood and his son Suleman were confirmed to be two of the passengers on board. A third is Hamish Harding, a British billionaire who lives in the UAE and flew into space last year.
A French navy pilot, Paul-Henry Nargeolet, and the boss of tour company OceanGate, Stockton Rush, were believed to be the other members of the voyage.
Experts said a rescue in the ocean depths would be challenging even if the craft were located.
David Mearns, a specialist in searching for shipwrecks who is friends with Mr Harding and knows Mr Nargeolet professionally, told The National the craft's disappearance was a "nightmare" for everyone.
"It's a horrible situation that we are all in, and none more important than his family", said Mr Mearns, a marine scientist and oceanographer.
He said there was "more hope" on Tuesday because of a new ship arriving at the scene that may have the equipment to carry out a rescue.
"If they’re still alive that is a possibility and we are praying for a miracle. That could be the miracle," he said.
"But I still know how difficult it is. They have to get down very deep and find the submersible. They have got to recover it. So that’s a lot to hope for.
"I think now our minds should be on trying to make the recovery as opposed to being about what happened. That’s where my thoughts were yesterday and until time runs out or they are recovered."
US and Canadian coast guards were combing the North Atlantic surface and using sonar equipment to trace the vessel’s movements. The pressure at the seabed was compared to two elephants on a thumbnail.
France announced it was sending a deep-sea diving vessel called the Atalante that belongs to a government research institute.
It was not clear what had happened to the craft to cause it to lose communications.
Mr Harding said in his last social media post that a “weather window” had opened up for a dive on Sunday after severe conditions in Newfoundland, Canada.
Private plane company Action Aviation said the family of its missing chairman Mr Harding was grateful for "kind messages" since his disappearance.
The president of the US-based Explorers Club, Richard Garriott de Cayeux, said Mr Harding had been looking forward to the expedition when they met shortly beforehand.
"His excitement about this expedition was palpable," he said. "We all join in the fervent hope that the submersible is located as quickly as possible and the crew is safe."
The Titanic wreck lies on the seabed about 1,400km east of Cape Cod, Massachusetts, at a depth of about 4km. Since the wreck's discovery in 1985, it has been slowly succumbing to bacteria and some artefacts have been removed by human explorers.
OceanGate offers tours costing $250,000 to see the remains of the Titanic, which sank in April 1912 after hitting an iceberg on its maiden voyage.
“It is a challenge to conduct a search in that remote area,” said Rear Adm John Mauger of the US Coast Guard.
With no trace of the Titan, pilots in C-130 military planes were looking over the water to see if the craft had surfaced while Canadian forces put sonar buoys in the ocean to pick up any sounds.
Canada’s Rescue Co-ordination Centre Halifax dispatched a P8 Poseidon aircraft that is designed for anti-submarine warfare.
“We’re making the best use of every moment of that time to locate the vessel,” Rear Adm Mauger added.
British Prime Minister Rishi Sunak's official spokesman said the UK was in contact with the family of Mr Harding as the rescue operation continues.
The UK "stands ready to provide any additional assistance, including as our capacity as the host nation for Nato's multinational submarine rescue capacity," the spokesman said.
Chris Parry, a former rear admiral in Britain’s Royal Navy, said the small vehicle could be difficult to find if it was deep in an ocean canyon among the debris of the Titanic itself.
He said that even if the passengers were found alive, it would be impossible to transfer them to another vehicle at that depth.
Rescuers would have to try to lift the Titan out with a crane and a long wire or send another submersible with “grabbing arms” to bring it to the surface, he told Sky News.
OceanGate said that it was looking into “all options” to retrieve the crew.
The six-metre vessel lost contact with the Polar Prince, a Canadian research vessel that had towed it near the wreck, about one hour and 45 minutes after the dive began.
The military is hoping to enlist private vessels to assist in the search, as well as for any possible rescue mission if the craft is located.
Robert Blasiak, an oceans expert at Stockholm University, Sweden, said the dive to the wreck was within the craft’s specifications but that most deep-sea science exploration was done by robots.
He said the craft would have thick walls to withstand the immense pressure close to the seabed, which he said was 380 times what a person would experience above ground.
Mr Rush, OceanGate's founder, said on a BBC programme last year that the craft was operated with what was "basically a Sony PlayStation-style controller".
"I want to tell people this is not your grandfather’s submarine. It has got one button, and that’s it," he added.
The Dawood family runs one of Pakistan’s biggest business conglomerates, with investments in agriculture, industries and the health sector. Mr Dawood also is on the board of trustees for the California-based SETI Institute that searches for extraterrestrial intelligence.
“We are very grateful for the concern being shown by our colleagues and friends," the Dawood family said, confirming the father and son's involvement in the dive.
Mr Dawood is an adviser of Prince's Trust International. On Tuesday, Will Straw, the chief executive of the charity, expressed shock over the news.
Mr Straw said: "We are shocked by this awful news, praying for a rescue and sending our thoughts to his family during this deeply challenging time".
He said Mr Dawood has been an adviser to the charity's international arm in "various capacities" with a focus on its work in Pakistan. His father Hussain Dawood was a founding patron of Prince's Trust International.
Mr Harding holds exploration records including the longest time spent traversing the deepest part of the ocean – the Mariana Trench – on a single dive, and the fastest circumnavigation of the Earth via its poles by plane.
Last June, he went into space on Blue Origin’s New Shepard rocket. He posted online before the Titanic mission that it was likely to be the only journey to the wreck this year because of severe weather.
Action Aviation said it was thankful for the "continued efforts" of rescuers and put "great faith and trust in their expertise".
It described Mr Harding as a "living legend of aviation" and an "extraordinarily accomplished individual who has successfully undertaken challenging expeditions" including the space mission.
"He has travelled on a submersible to the Challenger Deep in the Mariana Trench and has been to the South Pole a number of times," it said.
"The team at Action Aviation are extremely proud of Hamish and we look forward to welcoming him home."
Company%20profile
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UAE FIXTURES
October 18 – 7.30pm, UAE v Oman, Zayed Cricket Stadium, Abu Dhabi
October 19 – 7.30pm, UAE v Ireland, Zayed Cricket Stadium, Abu Dhabi
October 21 – 2.10pm, UAE v Hong Kong, Zayed Cricket Stadium, Abu Dhabi
October 22 – 2.10pm, UAE v Jersey, Zayed Cricket Stadium, Abu Dhabi
October 24 – 10am, UAE v Nigeria, Abu Dhabi Cricket Oval 1
October 27 – 7.30pm, UAE v Canada, Zayed Cricket Stadium, Abu Dhabi
October 29 – 2.10pm, Playoff 1 – A2 v B3; 7.30pm, Playoff 2 – A3 v B2, at Dubai International Stadium.
October 30 – 2.10pm, Playoff 3 – A4 v Loser of Play-off 1; 7.30pm, Playoff 4 – B4 v Loser of Play-off 2 at Dubai International Stadium
November 1 – 2.10pm, Semifinal 1 – B1 v Winner of Play-off 1; 7.30pm, Semifinal 2 – A1 v Winner of Play-off 2 at Dubai International Stadium
November 2 – 2.10pm, Third place Playoff – B1 v Winner of Play-off 1; 7.30pm, Final, at Dubai International Stadium
Match info
Uefa Nations League Group B:
England v Spain, Saturday, 11.45pm (UAE)
The%20specs
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
FROM%20THE%20ASHES
%3Cp%3EDirector%3A%20Khalid%20Fahad%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Shaima%20Al%20Tayeb%2C%20Wafa%20Muhamad%2C%20Hamss%20Bandar%3C%2Fp%3E%0A%3Cp%3ERating%3A%203%2F5%3C%2Fp%3E%0A
About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
Getting%20there%20and%20where%20to%20stay
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Florida: The critical Sunshine State
Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991.
Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.
In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
MATCH INFO
Uefa Champions League last 16, first leg
Liverpool v Bayern Munich, midnight, Wednesday, BeIN Sports
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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.”
COMPANY%20PROFILE
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
RESULT
Everton 2 Huddersfield Town 0
Everton: Sigurdsson (47'), Calvert-Lewin (73')
Man of the Match: Dominic Calvert-Lewin (Everton)