Illustration by Gary Clement for The National
Illustration by Gary Clement for The National

Bad times in any language



I've never studied Latin. In my defence (and perhaps a little smugly), I'm happy to say that by the time I started school, it didn't feature in the curriculum.

Latin, of course, was the mandatory language at school for my parents, who were able to quote it verbatim when I was growing up. Much to my annoyance. Not just because they were my parents, but because, like most teenagers, I thought I knew everything.

I vaguely recall them saying I had it pretty easy when I started studying languages at school - French, of course, because that was the classic of my day. And Bahasa Indonesia; what you'd consider a modern language because it didn't become official until the country declared independence in 1945.

I studied Russian for a while and picked up a smattering of Tok Pisin, or pidgin English, during my time in Papua New Guinea. Then there was some Cantonese in Hong Kong and a little Swedish to impress the locals. A vital advantage these days because that's where I'm doing my house-hunting.

But Latin is one language that I've not shown much of an interest in. Until now, that is. And it's only because of a book I read recently.

Pompeii, by Robert Harris, the British author, is exactly what it says it is: an interesting look into a time long gone that The Sunday Times says is "blazingly exciting". I'm going to go out on a limb here and say that The Sunday Times is trying to be clever because the book is about Mount Vesuvius and its subsequent eruption that destroyed Pompeii.

Anyway, because of the time he was writing about, Harris uses a bit of Latin in his book, including a couple of interesting phrases.

Salve lucrumis one. Or hail profit. That's something we've not heard for a while. And I'm not just talking about the Latin version of it.

Who's making a profit these days? Mark Zuckerberg, the co-founder and chief executive of Facebook, certainly isn't, having lost a few billion big ones after the disastrous listing last month of his social-networking site on the Nasdaq.

Not even being on his honeymoon in Italy is cheering him up, if you believe the photos of him and his new wife sitting in a cafe in Rome this week. They looked miserable.

But, hey, if everything goes belly up and there's another dot-com crash, which some say there will be, she's just qualified as a doctor and can support him as he looks for another start-up idea to "borrow", sorry, share with a couple of other hoodie-wearing nerds.

I think bankers are still pretty happy, too - unless, of course, you are the "London Whale" and responsible for JPMorgan & Co's recent US$2 billion (Dh7.3bn) trading loss.

I imagine if they spoke Latin, many of them would be saying something along the lines of "meus richus", especially when they receive their legendary six-figure bonuses - despite the continuing financial crisis. Or should that be richus meus? See, I told you I knew nothing about Latin.

But for the average person, any sort of windfall has become somewhat of a memory these days. Which rules out using another Latin phrase I have also learnt: lucrum gaudium, or profit is joy.

Thanks to volatile stock markets, record low interest rates on our fixed deposits and savings, the unreliable highs and lows of currency swings that affect our remittances and investment funds that these days return very little (if anything), there's not much out there that is bringing joy to anybody, anywhere.

In fact, in the Middle East and North Africa region alone, 31 per cent of respondents to the latest Bayt.com and YouGov Consumer Confidence Index say their financial situation has worsened over the past year, while 34 per cent say they've not experienced any change at all.

The survey, released this week, also found that 67 per cent of respondents were unhappy with their salaries, which were failing to keep up with the cost of living, and 40 per cent were dissatisfied with their jobs and career prospects.

Globally, as we all know, the picture is much gloomier.

As we head into a summer of discontent for our personal finances, another Latin phrase comes to mind: absque argento omnia vana.

Without money, all is in vain.

The specs: 2019 GMC Yukon Denali

Price, base: Dh306,500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp @ 5,600rpm
Torque: 621Nm @ 4,100rpm​​​​​​​
​​​​​​​Fuel economy, combined: 12.9L / 100km

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
New schools in Dubai
Boulder shooting victims

• Denny Strong, 20
• Neven Stanisic, 23
• Rikki Olds, 25
• Tralona Bartkowiak, 49
• Suzanne Fountain, 59
• Teri Leiker, 51
• Eric Talley, 51
• Kevin Mahoney, 61
• Lynn Murray, 62
• Jody Waters, 65

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

Iran's dirty tricks to dodge sanctions

There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.

1 Going Dark

A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.

2. Ship-to-Ship Transfers

A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.

3. Fake Destinations

Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.

4. Rebranded Barrels

Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.

* Bloomberg

COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

Structural%20weaknesses%20facing%20Israel%20economy
%3Cp%3E1.%20Labour%20productivity%20is%20lower%20than%20the%20average%20of%20the%20developed%20economies%2C%20particularly%20in%20the%20non-tradable%20industries.%3Cbr%3E2.%20The%20low%20level%20of%20basic%20skills%20among%20workers%20and%20the%20high%20level%20of%20inequality%20between%20those%20with%20various%20skills.%3Cbr%3E3.%20Low%20employment%20rates%2C%20particularly%20among%20Arab%20women%20and%20Ultra-Othodox%20Jewish%20men.%3Cbr%3E4.%20A%20lack%20of%20basic%20knowledge%20required%20for%20integration%20into%20the%20labour%20force%2C%20due%20to%20the%20lack%20of%20core%20curriculum%20studies%20in%20schools%20for%20Ultra-Othodox%20Jews.%3Cbr%3E5.%20A%20need%20to%20upgrade%20and%20expand%20physical%20infrastructure%2C%20particularly%20mass%20transit%20infrastructure.%3Cbr%3E6.%20The%20poverty%20rate%20at%20more%20than%20double%20the%20OECD%20average.%3Cbr%3E7.%20Population%20growth%20of%20about%202%20per%20cent%20per%20year%2C%20compared%20to%200.6%20per%20cent%20OECD%20average%20posing%20challenge%20for%20fiscal%20policy%20and%20underpinning%20pressure%20on%20education%2C%20health%20care%2C%20welfare%20housing%20and%20physical%20infrastructure%2C%20which%20will%20increase%20in%20the%20coming%20years.%3C%2Fp%3E%0A
Joker: Folie a Deux

Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson

Director: Todd Phillips 

Rating: 2/5

A Dog's Journey 

Directed by: Gail Mancuso

Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott

3 out of 5 stars

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
The specs

  Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now