The Egyptian military approach a section of the wreckage of the Russian passenger plane that crashed in Hassana, Egypt. Maxim Grigoriev / Russian Ministry for Emergency Situations via AP
The Egyptian military approach a section of the wreckage of the Russian passenger plane that crashed in Hassana, Egypt. Maxim Grigoriev / Russian Ministry for Emergency Situations via AP
The Egyptian military approach a section of the wreckage of the Russian passenger plane that crashed in Hassana, Egypt. Maxim Grigoriev / Russian Ministry for Emergency Situations via AP
The Egyptian military approach a section of the wreckage of the Russian passenger plane that crashed in Hassana, Egypt. Maxim Grigoriev / Russian Ministry for Emergency Situations via AP

‘External action’ brought down Russian plane in Egypt


  • English
  • Arabic

Moscow // The Russian passenger jet that crashed in Egypt killing all 224 people on board came down due to “external” factors, the airline said on Monday, as relatives began identifying their loved ones in Saint Petersburg.

Senior Kogalymavia executive Alexander Smirnov said that “no technical failures” could account for why the Airbus 321 would have broken up in mid-air, as investigators have said happened.

“The only explanation is some kind of external action,” Mr Smirnov told a news conference in Moscow, without elaborating, adding that the doomed jet was in “excellent technical condition”.

Both Cairo and Moscow have played down the claim from Egypt’s ISIL branch that it brought down the aircraft flown by Kogalymavia between holiday destination Sharm El Sheikh and Russia’s second largest city on Saturday.

Investigators are examining all possible causes as they comb the remote crash site in the Sinai peninsula as part of an Egyptian-led probe into the disaster that also involves experts from Russia, France and Airbus.

President Vladimir Putin described the crash as a “huge tragedy” in his first comments on the disaster at a meeting with the country’s transport minister Monday.

“Without any doubt everything must be done to create an objective picture of events so that we know what happened and can react accordingly,” Mr Putin said.

The Kremlin said the Russian president did not intend to speak to the nation or visit the relatives.

Kremlin spokesman Dmitry Peskov said Moscow “cannot exclude any version” of what caused the crash as investigations were still ongoing, but warned against “guessing” at the reason.

Russia has a dismal air safety record, and while larger carriers have begun upgrading ageing fleets, the crash is likely to raise concerns about smaller airlines such as Kogalymavia.

But Kogalymavia’s executive Mr Smirnov said the firm ruled out a technical fault or human error and said the plane had sustained “significant damage to its construction that did not allow it to continue the flight.”

“The crew totally lost control and for that reason there was not one attempt to get in contact and report on the accident situation on board,” Mr Smirnov said.

The plane was “flying out of control – that is, it wasn’t flying, it was falling,” he said.

The claims by the airline came as relatives of those who died in the crash began the painful process of identifying their loved ones after a first plane delivered the remains of 140 victims to Saint Petersburg.

“The process of identification has begun. It is complex, meticulous work,” Saint Petersburg deputy governor Igor Albin said outside the crematorium where the remains are being stored.

Cars meanwhile ferried relatives of the dead – overwhelmingly Russian holidaymakers from the Saint Petersburg area – to the facility.

Family members had already been providing DNA samples at a crisis centre set up close to Saint Petersburg’s Pulkovo airport, now the site of an impromptu memorial where people have brought flowers and cuddly toys to commemorate the victims, many of them children.

Russian officials said that a second plane was set to repatriate more bodies later Monday evening, but did not say how many.

Saint Petersburg was observing a second day of mourning for those who were lost in the crash.

Investigators in the Egyptian-led probe returned to the vast crash site on Monday.

The crash site in the Wadi Al Zolomat area of North Sinai was littered with blackened aircraft parts and the smell of burnt metal lingered on Sunday.

Russia’s emergencies ministry said that it hoped its crews would complete their search mission at the remote location on Monday evening.

A representative of the ministry told Russian news agencies that investigators had so far found 12 segments of the plane’s fuselage and personal belongings.

Experts have dismissed claims from an ISIL-affiliated insurgency group in the Sinai that it brought down the aircraft in revenge for Russian air strikes against the militant group in Syria.

They argue the militants have neither the technology nor the expertise to down a plane flying at 9,000 metres, although several airlines have halted flights over Sinai until the reasons for the crash are known.

Experts say human or technical error more likely caused the crash – although they concede a surface-to-air missile could have struck the aircraft if it had been flying at a lower altitude for some reason.

*Agence France-Presse

'Shakuntala Devi'

Starring: Vidya Balan, Sanya Malhotra

Director: Anu Menon

Rating: Three out of five stars

COMPANY%20PROFILE
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Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

Like a Fading Shadow

Antonio Muñoz Molina

Translated from the Spanish by Camilo A. Ramirez

Tuskar Rock Press (pp. 310)

COMPANY PROFILE
Name: Akeed

Based: Muscat

Launch year: 2018

Number of employees: 40

Sector: Online food delivery

Funding: Raised $3.2m since inception 

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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 profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

ANDROID%20VERSION%20NAMES%2C%20IN%20ORDER
%3Cp%3EAndroid%20Alpha%3C%2Fp%3E%0A%3Cp%3EAndroid%20Beta%3C%2Fp%3E%0A%3Cp%3EAndroid%20Cupcake%3C%2Fp%3E%0A%3Cp%3EAndroid%20Donut%3C%2Fp%3E%0A%3Cp%3EAndroid%20Eclair%3C%2Fp%3E%0A%3Cp%3EAndroid%20Froyo%3C%2Fp%3E%0A%3Cp%3EAndroid%20Gingerbread%3C%2Fp%3E%0A%3Cp%3EAndroid%20Honeycomb%3C%2Fp%3E%0A%3Cp%3EAndroid%20Ice%20Cream%20Sandwich%3C%2Fp%3E%0A%3Cp%3EAndroid%20Jelly%20Bean%3C%2Fp%3E%0A%3Cp%3EAndroid%20KitKat%3C%2Fp%3E%0A%3Cp%3EAndroid%20Lollipop%3C%2Fp%3E%0A%3Cp%3EAndroid%20Marshmallow%3C%2Fp%3E%0A%3Cp%3EAndroid%20Nougat%3C%2Fp%3E%0A%3Cp%3EAndroid%20Oreo%3C%2Fp%3E%0A%3Cp%3EAndroid%20Pie%3C%2Fp%3E%0A%3Cp%3EAndroid%2010%20(Quince%20Tart*)%3C%2Fp%3E%0A%3Cp%3EAndroid%2011%20(Red%20Velvet%20Cake*)%3C%2Fp%3E%0A%3Cp%3EAndroid%2012%20(Snow%20Cone*)%3C%2Fp%3E%0A%3Cp%3EAndroid%2013%20(Tiramisu*)%3C%2Fp%3E%0A%3Cp%3EAndroid%2014%20(Upside%20Down%20Cake*)%3C%2Fp%3E%0A%3Cp%3EAndroid%2015%20(Vanilla%20Ice%20Cream*)%3C%2Fp%3E%0A%3Cp%3E%3Cem%3E*%20internal%20codenames%3C%2Fem%3E%3C%2Fp%3E%0A
Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
The specs: 2017 Lotus Evora Sport 410

Price, base / as tested Dh395,000 / Dh420,000

Engine 3.5L V6

Transmission Six-speed manual

Power 410hp @ 7,000rpm

Torque 420Nm @ 3,500rpm

Fuel economy, combined 9.7L / 100km

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'Champions'

Director: Manuel Calvo
Stars: Yassir Al Saggaf and Fatima Al Banawi
Rating: 2/5
 

Dolittle

Director: Stephen Gaghan

Stars: Robert Downey Jr, Michael Sheen

One-and-a-half out of five stars