The Bulletin of the Atomic Scientists announced that it has moved the Doomsday Clock to 90 seconds to midnight. AP
The Bulletin of the Atomic Scientists announced that it has moved the Doomsday Clock to 90 seconds to midnight. AP
The Bulletin of the Atomic Scientists announced that it has moved the Doomsday Clock to 90 seconds to midnight. AP
The Bulletin of the Atomic Scientists announced that it has moved the Doomsday Clock to 90 seconds to midnight. AP

Doomsday Clock moves forward to 90 seconds to midnight


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Against the backdrop of the war in Ukraine, atomic scientists on Tuesday moved the Doomsday Clock to its closest ever position to midnight.

The Bulletin of Atomic Scientists moved the clock forward to 90 seconds to midnight “largely, not exclusively, because of the mounting dangers in the war in Ukraine”, the scientists said during Tuesday's announcement.

"We are living in a time of unprecedented danger and the Doomsday Clock time reflects that reality," said Bulletin of Atomic Scientists president Rachel Bronson.

The clock had remained unchanged at 100 seconds to midnight for the past three years.

"Ninety seconds to midnight is the closest the clock has ever been set to midnight, and it’s a decision our experts do not take lightly," Ms Bronson said.

Scientists last year said the decision to keep the clock level did not indicate “the international security situation has stabilised”.

Many of the existential threats to humanity listed by the atomic scientists last year remain today.

Russia's February 24 invasion of Ukraine and the subsequent war have heightened the risks to global stability. President Vladimir Putin has deepened fears of potential nuclear war by issuing threats that he would be willing to use such weapons.

With the war dragging on past its 11th month with no end in sight, the Bulletin said the US, Nato and Ukraine have "multiple channels for dialogue".

"We urge leaders to explore all of them to their fullest ability to turn back the Clock," Ms Bronson said.

Relations between the US and China have grown more tense in the past year after former House speaker Nancy Pelosi's visit to Taiwan. Washington's relationship with Moscow also remains fraught.

Meanwhile, North Korea's leader Kim Jong-un announced plans to “exponentially” increase his country's nuclear weapons. Pakistan and Iran also continue to expand their own nuclear arsenals, the of Bulletin Atomic Scientists said.

“Nuclear weapons remind the world that escalation of the conflict by accident intention or miscalculation is a terrible risk,” Ms Bronson said.

During the past 12 months, many destructive climate events have occurred around the world.

Europe and the Middle East experienced record-breaking heat, the US was plagued by deadly hurricanes and fires, more than 1,000 people in Afghanistan were killed in an earthquake, and India and Pakistan were ravaged by flooding.

World leaders offered some hope in the fight against climate change by reaching a historic agreement at Cop27 in Egypt.

A “loss and damage fund” was created to provide nations most vulnerable to climate change with financial assistance.

The Doomsday Clock was designed in 1947 to document how close humanity was to its own destruction.

Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

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6.30pm: Maiden Dh165,000 2,000m - Winner: Powderhouse, Sam Hitchcott (jockey), Doug Watson (trainer)

7.05pm: Handicap Dh165,000 2,200m - Winner: Heraldic, Richard Mullen, Satish Seemar

7.40pm: Conditions Dh240,000 1,600m - Winner: Walking Thunder, Connor Beasley, Ahmed bin Harmash

8.15pm: Handicap Dh190,000 2,000m - Winner: Key Bid, Fernando Jara, Ali Rashid Al Raihe

8.50pm: The Garhoud Sprint Listed Dh265,000 1,200m - Winner: Drafted, Sam Hitchcott, Doug Watson

9.25pm: Handicap Dh170,000 1,600m - Winner: Cachao, Tadhg O’Shea, Satish Seemar

10pm: Handicap Dh190,000 1,400m - Winner: Rodaini, Connor Beasley, Ahmed bin Harmash

UAE currency: the story behind the money in your pockets

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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Director: Kaouther Ben Hania

Rating: 4/5

Scoreline:

Manchester City 1

Jesus 4'

Brighton 0

Updated: January 25, 2023, 5:42 AM