Churchgoers pray during an early morning mass at Urakami Cathedral in Nagasaki to mark the 76th anniversary of the atomic bombing of the Japanese city on August 9, 1945.
Churchgoers pray during an early morning mass at Urakami Cathedral in Nagasaki to mark the 76th anniversary of the atomic bombing of the Japanese city on August 9, 1945.
Churchgoers pray during an early morning mass at Urakami Cathedral in Nagasaki to mark the 76th anniversary of the atomic bombing of the Japanese city on August 9, 1945.
Churchgoers pray during an early morning mass at Urakami Cathedral in Nagasaki to mark the 76th anniversary of the atomic bombing of the Japanese city on August 9, 1945.

Nagasaki marks 76th atomic bomb anniversary


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The Japanese city of Nagasaki on Monday commemorated the 76th anniversary of its destruction by a US atom bomb with the mayor calling for the global community to build on a new nuclear ban treaty.

Nagasaki was flattened in an atomic inferno that killed 74,000 people on August 9, 1945, three days after the US dropped an atom bomb on the Japanese city of Hiroshima.

The twin attacks rang in the nuclear age and gave Japan the bleak distinction of being the only country to be struck by atomic weapons.

Survivors and a handful of foreign dignitaries offered a silent prayer at 11.02am, the exact time the second, and last, nuclear weapon used in wartime was dropped.

For a second year in a row, the number of people attending was much smaller due to coronavirus restrictions.

The ceremony is the first since an international treaty banning nuclear weapons came into force last year.

"World leaders must commit to nuclear arms reductions and build trust through dialogue, and civil society must push them in this direction," Nagasaki mayor Tomihisa Taue said.

The treaty has not been signed by countries with nuclear arsenals, but activists believe it will have a gradual deterrent effect.

Japan has not signed it either, saying the accord carries no weight without buy-in from nuclear-armed states.

The country is also in a delicate position as it is under the US nuclear umbrella, with US forces responsible for its defence.

"As the only country that has suffered atomic bombings during the war, it is our unchanging mission to steadily advance the efforts of the international community, step by step, towards realisation of a world free of nuclear weapons," Japanese Prime Minister Yoshihide Suga said at the ceremony.

On Friday, Japan marked 76 years since the US dropped the world's first atom bomb on Hiroshima, killing about 140,000 people.

Barack Obama became the first sitting US president to visit Hiroshima in 2016, but Washington has never acceded to demands for an apology for the bombings.

International Olympic Committee chief Thomas Bach travelled to Hiroshima in July, before the start of the Tokyo Games, to mark the start of an Olympic truce – a tradition that calls for a halt to global conflict to allow the safe passage of athletes.

But city officials were disappointed after the committee refused a request to stage a minute of silence at the Games to mark Friday's anniversary.

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Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

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COMPANY PROFILE

Name: Cofe

Year started: 2018

Based: UAE

Employees: 80-100

Amount raised: $13m

Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group 

MATCH INFO

Uefa Champions League semi-finals, second leg:

Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE

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GAC GS8 Specs

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It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company

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.”

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The biog

Family: wife, four children, 11 grandchildren, 16 great-grandchildren

Reads: Newspapers, historical, religious books and biographies

Education: High school in Thatta, a city now in Pakistan

Regrets: Not completing college in Karachi when universities were shut down following protests by freedom fighters for the British to quit India 

 

Happiness: Work on creative ideas, you will also need ideals to make people happy

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

Updated: August 09, 2021, 9:29 AM