LONDON // Europe’s Rosetta spacecraft reached its final destination today after a decade-long journey into deep space that aims to place the first lander on a comet.
Rosetta began orbiting the Churyumov-Gerasimenko comet to glean information about the mass of dirty ice, dust and gas, according to the European Space Agency, which launched the probe in 2004. In November, it’s due to send a smaller landing craft down onto the comet to take more measurements.
“Ten years we’ve been in the car waiting to get to scientific Disneyland,” ESA Senior Scientific Adviser Mark McCaughrean said on Wednesday on ESA’s online TV channel. “And we’re there now.”
Scientists hope to learn about the early evolution of the solar system by studying comets, which date back 4.6 billion years when the planets were forming. Researchers also are searching for organic molecules that represent the building blocks for life, which comets may have brought to Earth in its early years.
Graphic: Rosetta’s rendezvous with comet
“It’ll help us to model better the evolution of the planets out of the pre-solar nebula,” said Gerhard Schwehm, an ESA consultant and manager of the mission from its lift-off until he retired last year. “There will be a lot of information that helps us understand how processes worked and what happened 4 1/2 billion years ago. It’s information from the infancy of our solar system.”
Completion of a slowing manoeuvre by Rosetta to begin its first triangular orbit about 100 kilometres from the comet was announced at about 11:30am. German time on ESA’s online broadcast by Spacecraft Operations Manager Sylvain Lodiot. “She did it for us,” he said.
ESA posted on its Twitter feed a picture of Churyumov- Gerasimenko and said “hello comet,” following it up with the same phrase in languages including German, Spanish, French and Italian.
“This is the start of the real mission that Rosetta was built for — it’s the kickoff of the real science phase,” Mr Schwehm said by phone from ESA’s mission control in Darmstadt, Germany. “We’re at the comet and now starting to monitor it and study it in detail.”
The Rosetta mission is the first attempt to orbit and land a probe on a comet. ESA’s first deep-space mission, Giotto, was sent to investigate Halley’s Comet in 1986. The US National Aeronautics and Space Administration has also launched two missions to study comets in the past 20 years.
Instruments aboard the orbiter and the lander will measure the chemical composition of the comet, its density and how strong the surface is. They’ll also monitor gases and dust ejected by the comet. The landing craft, Philae is due to land around November 11. It will be able to drill about 20 centimetres into the comet, Mr Schwehm said.
Astrium, now part of Airbus Defence and Space, was the main contractor for the spacecraft launched on March 2, 2004. Since then, Rosetta has taken a circuitous route to Churyumov- Gerasimenko, using a gravitational “kick” from Mars and three from Earth to gain enough velocity to reach the comet.
The 6.4 billion-kilometre journey has taken the craft as far as a billion kilometres from Earth. It’s now more than 400 million kilometres from Earth and about 540 million kilometres from the Sun, between the orbits of Mars and Jupiter, according to the ESA website. Rosetta is scheduled to orbit the comet until the end of 2015.
“We’ve had to be very patient,” Mr Schwehm said. “It took more than 10 years to get to our target, but we’re there now.”
The Paris-based European Space Agency was formed in 1973 and has 20 member countries, including the UK, Germany and France.
* Bloomberg News
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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Barings Bank
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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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