US to spend billions on green jobs



WASHINGTON // The US President Barack Obama will spend some of the $4 billion in economic stimulus money budgeted to renovate public housing on creating so-called "green jobs" by making the dwellings more energy efficient, a cabinet secretary planned to announce today. Mr Obama has pushed greening the economy - reducing dependence on foreign energy sources, developing domestic alternatives and easing the effects of climate change - as a way to help pull the economy out of its worst downturn since the Great Depression. Green jobs, broadly defined as work that helps the environment, pay up to 20 per cent more than other jobs, are more likely to be union jobs and are more likely to be held by men, but less so by minorities and people who live in cities, according to a report Mr Obama's Middle Class Task Force issued in February. These jobs also are ones that cannot be easily transferred overseas. The housing secretary Shaun Donovan was making the spending announcement today in Denver at a task force meeting. Mr Donovan said yesterday that the investment in public housing will help meet several goals: improving the quality of public housing, reducing energy costs for residents and the government, and creating jobs for people who live in the units and in the surrounding community. The labor secretary Hilda Solis, another task force member, also will announce that $500 million from the $787 billion stimulus is becoming available to train workers for these jobs. That sum includes $50mm for communities battered by job losses and restructuring in the auto industry. Mr Donovan said replacing windows, insulation, appliances and light bulbs are among the possible renovations. The task force, which includes several other Cabinet secretaries, has been working since January to highlight policies and practices to help improve the standard of living of the middle class, an income group that suffered as the economy faltered. The meeting at the Denver Science Museum, where Mr Obama signed the stimulus plan into law three months ago, was being held to outline different ways government departments are working to steer the middle class toward green jobs. Jared Bernstein, the task force executive director, said the panel's agenda complements Mr Obama's. "By boosting the green economy, you're promoting green energy and clean production at the same time that you're generating green jobs," Mr Bernstein, who is also vice president Joe Biden's chief economist, said yesterday in an interview. Mr Biden is in charge of the task force.

*AP

RESULT

Arsenal 2

Sokratis Papastathopoulos 45 4'

Eddie Ntkeiah 51'

Portsmouth 0

 

UAE currency: the story behind the money in your pockets
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'Nope'
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Essentials

The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes. 
 

Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes. 


In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes. 
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.

Health Valley

Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further

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.”

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Recipe

Garlicky shrimp in olive oil
Gambas Al Ajillo

Preparation time: 5 to 10 minutes

Cooking time: 5 minutes

Serves 4

Ingredients

180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped

Method

Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.

Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.

Once the prawns turn pink, after 1 or 2 minutes of cooking,  remove from the heat and season with sea salt flakes.

Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.

 

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Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Team Angel Wolf Beach Blast takes place every Wednesday between 4:30pm and 5:30pm

COMPANY%20PROFILE
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MATCH INFO

Group B

Bayern Munich v Tottenham, midnight (Thursday)

UAE%20v%20West%20Indies
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Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

The specs: 2019 Subaru Forester

Price, base: Dh105,900 (Premium); Dh115,900 (Sport)

Engine: 2.5-litre four-cylinder

Transmission: Continuously variable transmission

Power: 182hp @ 5,800rpm

Torque: 239Nm @ 4,400rpm

Fuel economy, combined: 8.1L / 100km (estimated)