bSchools are working to build exam stamina in pupils after months of distance learning . Getty Images
bSchools are working to build exam stamina in pupils after months of distance learning . Getty Images
bSchools are working to build exam stamina in pupils after months of distance learning . Getty Images
bSchools are working to build exam stamina in pupils after months of distance learning . Getty Images

Higher exams cancelled in Scottish schools next year


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Higher and Advanced Higher exams will be axed in Scottish schools next year because of the coronavirus pandemic.

Pupils’ final grades will now be based on the judgment of their performance by teachers.

Education Secretary John Swinney told the Scottish Parliament on Tuesday that the decision was based on the damage the pandemic had caused to the education system, rather than safety concerns about the virus.

Mr Swinney said pupils had already lost significant learning time through isolation this year and that those from poorer backgrounds would have been worse affected.

“I will not stake the future of our Higher pupils – whether they get a place at college, university, training or work – on a lottery of whether their school was hit by Covid,” he said.

Next year’s National 5 exams in Scotland had already been cancelled, and Mr Swinney had been under pressure to make the same decision on Higher and Advanced Highers.

“Exams cannot account for differential loss of learning and could lead to unfair results for our poorest pupils," he said.

"This could lead to pupils’ futures being blighted through no fault of their own. That is simply not fair.

“While we hope that public health will improve in the coming months, we cannot guarantee that there will be no further disruption to pupils’ learning.

“In light of this, the question is less whether we can hold the exams safely in the spring and more whether we can do so fairly.

“However, there is no getting around the fact that a significant percentage of our poorest pupils have lost significantly more teaching time than other pupils.

“Changing the exams for all does not and cannot address that. Instead, we need a model that is more flexible to the specific circumstances of the individual pupil.”

There was backlash at this year's moderation process across the UK, which disproportionately downgraded pupils from poorer backgrounds.

Although teaching groups generally welcomed Tuesday’s decision, one parents' group warned that it would have a “terrible impact” on their children’s futures.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

World Cricket League Division 2

In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.

UAE fixtures

Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final

Honeymoonish
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Arabian Gulf League fixtures:

Friday:

  • Emirates v Hatta, 5.15pm
  • Al Wahda v Al Dhafra, 5.25pm
  • Al Ain v Shabab Al Ahli Dubai, 8.15pm

Saturday:

  • Dibba v Ajman, 5.15pm
  • Sharjah v Al Wasl, 5.20pm
  • Al Jazira v Al Nasr, 8.15pm
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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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