A reader says we must pray for every individual, without discriminating. Carsten Koall / Getty Images
A reader says we must pray for every individual, without discriminating. Carsten Koall / Getty Images

Don’t just pray for some. Pray for humanity



The news of the Paris attacks is disturbing. I understand that Paris is a beloved and familiar place for a lot of people, but it troubled me that Beirut had received so little attention after the horrific bombings two days earlier. It also troubled me that Baghdad, a place I have absolutely no connection with, received even less attention after the senseless bombing there last week.

Worst of all, I found the understanding of the refugee crisis skewed and simplistic. If you’ve been following the journeys of the people leaving their homes around the world right now, perhaps you’ll understand why the words “Syrian refugee crisis” are just as devastating as “pray for Paris”.

Mainstream coverage of the Beirut attack has been sparse. Last July, over a 100 Egyptians were killed in ISIL attacks. Last month, 100 more were killed from a bombing in Ankara.

It’s time to pray for humanity. It’s time to make all places beloved. It’s time to pray for the world.

Samaoen Osman, South Africa

To answer the question whether Facebook's response to the Paris carnage suggests it has pro-western bias (Social inequality, November 18), I think media is dominated by the western perspective. It was shocking how very little coverage in western media the terror attack in Beirut last week got.

Wiltrud Matthes, Dubai

I guess most things have a pro-western bias. Perhaps it’s time that changed.

Dave Pryce, Dubai

I don’t think this is true. When the earthquake devastated Nepal, for instance, westerners and Facebook jumped in to help. When a catastrophe takes place in the Middle East, westerners try to help as much as they can. These statements only cause divisions.

I would say that if you want to help the world and make a difference, then do not just sit there but do something about it. Find ways to help, in positive ways and stop finding faults all the time with those who really try to make a difference.

Brigitte von Bulow, Abu Dhabi

Losing weight a Herculean task

Exercise and change of diet that allow for enough weight loss to make a difference are not always possible or helpful because of mitigating circumstances like injuries or handicaps (Diabetes: It's time to be making big noise about the silent killer, November 12).

Aside from the fact that weight loss and lifestyle changes fail in more than half of all cases, it is a Herculean task to loose enough weight and keep it off. However, Type 2 diabetes can be effectively cured through the use of certain types of bariatric surgery. This viable option is, however, rejected for coverage by most insurance companies; forcing many people with this condition to suffer. For many sufferers, such a radical change, whether through surgery or lifestyle change, is not realistically achievable.

D Glass, Dubai

Focus on the rubbish problem

In reference to the article Abu Dhabi's growing waste problem (November 19), this year I noticed an increase in the incidence of throwing waste in the streets. I am not sure whether this is because the number of people who do this has increased or the number of cleaning staff has come down.

I often see people throwing their waste without thinking. They even throw plastic bags that you can sometimes see flying around in the streets. In some areas, the stench is unbearable.

In my view, tankers should be dispatched at least once a day to wash the streets, as it is done in Milan.

Marinella Fogli, Abu Dhabi

We have two bins given by the waste-management company. One is for general waste and the other for recyclable items. My household was very happy about this and we separated the waste as required only to witness the rubbish truck dumping the content of both bins into one holding area. This is the problem.

Casey N Corley, Abu Dhabi

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

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.”

RESULTS
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Try out the test yourself

Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer

Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer

Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer

The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania. 

Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).

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SM Town Live is on Friday, April 6 at Autism Rocks Arena, Dubai. Tickets are Dh375 at www.platinumlist.net

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

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Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

SPEC%20SHEET%3A%20APPLE%20IPAD%20PRO%20(12.9%22%2C%202022)
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Gender equality in the workplace still 200 years away

It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.

The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.

But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.

At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.

The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.

After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.

Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.

And the number of women in leadership roles has risen to 34 per cent globally, WEF said.

At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.

And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.

* Agence France Presse

Prophets of Rage

(Fantasy Records)