From left, Thomas Pickering, co-chair of the International Crisis Group; David Titley, an expert in the field of climate and the Arctic; and Lawrence Krauss, theoretical physicist and chair of the Bulletin of the Atomic Scientists’ Board of Sponsors, address a news conference at the National Press Club in Washington on January 26, 2017. Carolyn Kaster / AP Photo
From left, Thomas Pickering, co-chair of the International Crisis Group; David Titley, an expert in the field of climate and the Arctic; and Lawrence Krauss, theoretical physicist and chair of the Bulletin of the Atomic Scientists’ Board of Sponsors, address a news conference at the National Press Club in Washington on January 26, 2017. Carolyn Kaster / AP Photo
From left, Thomas Pickering, co-chair of the International Crisis Group; David Titley, an expert in the field of climate and the Arctic; and Lawrence Krauss, theoretical physicist and chair of the Bulletin of the Atomic Scientists’ Board of Sponsors, address a news conference at the National Press Club in Washington on January 26, 2017. Carolyn Kaster / AP Photo
From left, Thomas Pickering, co-chair of the International Crisis Group; David Titley, an expert in the field of climate and the Arctic; and Lawrence Krauss, theoretical physicist and chair of the Bul

Doomsday Clock at its closest to midnight in 64 years


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WASHINGTON // Atomic scientists reset their symbolic Doomsday Clock to its closest time to midnight in 64 years on Thursday, saying the world was closer to catastrophe because of threats such as nuclear weapons, climate change and Donald Trump’s election as US president.

The timepiece, devised by the Chicago-based Bulletin of the Atomic Scientists and displayed on its website, is widely viewed as an indicator of the world's vulnerability to disaster.

Its hands were moved to two minutes and 30 seconds to midnight, from three minutes.

“The Doomsday Clock is closer to midnight than it’s ever been in the lifetime of almost everyone in this room,” said Lawrence Krauss, the bulletin’s chair, at a news conference in Washington.

The clock was last set this close to midnight in 1953, marking the start of the nuclear arms race between the United States and the Soviet Union. Thursday’s reset was the first since 2015.

Mr Krauss, a theoretical physicist, said Mr Trump and Russian counterpart Vladimir Putin carried a large share of the blame for the heightened threat.

The bulletin cited nuclear volatility, especially as the United States and Russia seek to modernise their atomic arsenals and remain at odds in war-torn countries such as Syria and Ukraine.

Mr Trump has suggested South Korea and Japan could acquire nuclear weapons to compete with North Korea, which has conducted nuclear tests. He has also raised doubts about the future of a multilateral nuclear pact with Iran.

Chinese aid to Pakistan in the nuclear weapons field, as well as the expansion of India and Pakistan’s nuclear arsenals, were also worrisome, the bulletin said.

The climate change outlook was somewhat less dismal, “but only somewhat”.

While nations had taken actions to combat climate change, the bulletin noted, there appeared to be little appetite for additional cuts to carbon dioxide emissions.

It said the Trump administration nominees raise the possibility the government will be “openly hostile to progress toward even the most modest efforts to avert catastrophic climate disruption”.

The world also faces cyber threats, the bulletin said. The conclusion of US intelligence agencies’ that Russia intervened in the presidential election to help Mr Trump raised the possibility of similar attacks on other democracies, it said.

The bulletin was founded by scientists who helped develop the United States’ first atomic weapons. Its science and security board decides on the clock’s hands in consultation with its board of sponsors, which includes Nobel laureates.

* Reuters

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• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

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.”

How much sugar is in chocolate Easter eggs?
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  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
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%3Cp%3E%E2%80%A2%20Looming%20global%20slowdown%20and%20recession%20in%20key%20economies%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Russia-Ukraine%20war%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Interest%20rate%20hikes%20and%20the%20rising%20cost%20of%20debt%20servicing%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Oil%20price%20volatility%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Persisting%20inflationary%20pressures%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Exchange%20rate%20fluctuations%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shortage%20of%20labour%2Fskills%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20A%20resurgence%20of%20Covid%3F%3C%2Fp%3E%0A
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The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

UAE Premiership

Results

Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now