Travis Padgett, left, and Darvis Patton react after the men's 4x100m relay qualification heat at the National Stadium in the 2008 Beijing Olympic Games on August 21, 2008.
Travis Padgett, left, and Darvis Patton react after the men's 4x100m relay qualification heat at the National Stadium in the 2008 Beijing Olympic Games on August 21, 2008.

USA to review Beijing failures



BEIJING // USA athletics chiefs will review the disappointing Olympic athletics performance that has seen the county's sprinters eclipsed by their Jamaican rivals, the chief executive officer of USA Track and Field said. "Once the Games are complete we will be conducting a comprehensive review of all our programmes," Doug Logan said in a statement. A miserable Games for a team that billed itself the world's best was highlighted by relay botches by both the men's and women's 4x100 metres teams last night.

"I, like all fans of Team USA, am extremely disappointed with the performance of our relays," Logan said, after the US men's and women's 4x100 teams dropped batons in last night's opening relay rounds. Logan said the review would be comprehensive, looking at all USA Track and Field's high performance programmes. One subject to be addressed, he said, would be "the way in which we select, train and coach our relays".

In remarks posted on his blog, titled "Shin Splints", Logan added the poor relay performance reflected a lack of preparation. "These are professional athletes who are the best in their field, and anybody who ever ran a high school relay cringes when that baton hits the track," he said. It is the first time since 1976 that the United States have competed and failed to win a sprint title at a Games. The Americans led the medals table at the 2004 Olympics and 2005 and 2007 World Championships.

Jamaican athletes swept all four individual sprints, with Usain Bolt setting world records in the men's 100 and 200 metres. "They (Jamaica) brought their A-game. I don't know where we left ours," said Lauryn Williams, who was involved in the women's botched relay exchange and missed out on a 100m medal after taking silver in 2004. The USA world champions were hard hit by the doom and gloom.

Men's 100 and 200 metres world champion Tyson Gay, still recovering from a hamstring injury at the US Olympic trials, went out of the 100 metres in the semi-finals. Then a botched relay, in which teammate Darvis Patton and Gay failed to connect, added further frustration. World women's 200 metres winner Allyson Felix and 400 metres favourite Sanya Richards also missed gold. World 1,500 metres winner Bernard Lagat, a two-times Olympic medallist for Kenya, missed the final this time, his first in a USA vest. He will seek redemption in Saturday's 5,000 metres, where he is also the World Champion.

The setbacks have implications beyond athletics, wiping out any chance the United States might have had of catching China for the Games's overall gold medals lead. "We have to go back to developing our sprinters," high-profile sprint coach Bob Kersee, who led Dawn Harper to the women's 100m hurdles crown and Felix to a 200m silver, said. "Whether it's the college system or just training and being prepared, we have to concentrate on taking it up to this level. We can be spoiled at times in the United States."

*Reuters

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Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
 
 
 
 
 
 
 
COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
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Total funding: Self funded
Number of employees: 4
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%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

Bio

Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind. 
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.

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Director: Daniel Espinosa 

Stars: Jared Leto, Matt Smith, Adria Arjona

Rating: 2/5

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5


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