Two J-7 fighters. State broadcaster CCTV's military channel reported that a Chinese air force fighter jet went down in Xiangyang on Thursday morning. AP Photo
Two J-7 fighters. State broadcaster CCTV's military channel reported that a Chinese air force fighter jet went down in Xiangyang on Thursday morning. AP Photo
Two J-7 fighters. State broadcaster CCTV's military channel reported that a Chinese air force fighter jet went down in Xiangyang on Thursday morning. AP Photo
Two J-7 fighters. State broadcaster CCTV's military channel reported that a Chinese air force fighter jet went down in Xiangyang on Thursday morning. AP Photo

Chinese fighter jet crashes into homes, killing one


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A Chinese air force fighter jet crashed into houses in central China on Thursday morning, killing one person on the ground and injuring two others, state media said.

The reports were unusual because China generally keeps military accidents under wraps or emphasises the heroic role of the pilot in avoiding casualties on the ground.

Foreign governments have recently complained of reckless flying by Chinese fighter jets they said endangered crews on their own military surveillance planes.

State broadcaster CCTV’s military channel reported that the J-7 aircraft went down near an airport in Xiangyang in Hubei province. The pilot ejected safely but some residential buildings were damaged, the reports said.

The pilot and those injured were taken to hospital. The cause of the crash is under investigation.

The J-7 is an older model, single-engine aircraft with its origins in the Soviet MiG-21 dating from the 1950s, and was produced for almost 50 years until production ended in 2013.

Large numbers remain in service, however, to provide regional air protection. China also sold an export version, the F-7, to more than a dozen countries, many of which have since retired the planes.

China’s civil aviation industry has come under scrutiny in recent months following the still- unexplained crash of a China Eastern Airlines passenger jet on March 21, in which all 132 people on board were killed.

And on May 12, a Tibet Airlines flight with 122 people on board was departing from the southwestern city of Chongqing when it veered off the runway and caught fire. No one was killed, but several passengers sustained minor injuries.

Australia and Canada have recently raised concerns about reckless flying by Chinese fighter pilots.

In a June 1 statement, the Canadian military said Chinese planes tried to divert a Canadian long-range patrol aircraft from its path, and that the crew had to change direction quickly to avoid a collision.

Australia said a Chinese fighter jet on May 26 committed a dangerous act of aggression against an Australian air force plane conducting aerial surveillance in the South China Sea.

The Chinese J-16 accelerated and cut in front of the Australian plane, releasing chaff with small bits of aluminum designed to confuse radars that was sucked into the latter’s engine, Australian Defence Minister Richard Marles said.

China has defended the actions of its pilots and blamed foreign countries for conducting close-in surveillance of its territory to contain Chinese development.

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AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3

Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

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.”

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Rainbow

Kesha

(Kemosabe)

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The essentials

What: Emirates Airline Festival of Literature

When: Friday until March 9

Where: All main sessions are held in the InterContinental Dubai Festival City

Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.

Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.

Information: www.emirateslitfest.com
 

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

Tickets

Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.

RESULT

Los Angeles Galaxy 2 Manchester United 5

Galaxy: Dos Santos (79', 88')
United: Rashford (2', 20'), Fellaini (26'), Mkhitaryan (67'), Martial (72')

Updated: June 10, 2022, 10:07 AM