MOREE, AUSTRALIA // The first thing that greets visitors to the small town of Moree is a sign on the tin shed that serves as the airport's passenger lounge. "If water goes, nurses go too," it declares,
Other signs around town carry similar warnings: "House prices will fall … businesses will close … doctors go too."
The water in question is drawn from the Gwydir River, part of Australia's sprawling Murray-Darling river system, and is used by local farmers to irrigate crops. The federal government wants to reduce their water allocation to restore the basin - ravaged by a long drought and decades of excessive farm irrigation - to ecological health.
An independent authority has recommended cuts of 27 to 37 per cent across the basin, which occupies a vast swathe of south-eastern Australia and supplies nearly 40 per cent of the nation's fresh food. That is anathema to farmers, who have been venting their fury at a series of mass meetings, organised to explain the proposals to affected communities.
In Griffith and Deniliquin, in rural New South Wales, protesters burnt copies of a 223-page preliminary plan published by the Murray-Darling Basin Authority. In Moree, near the Queensland border, they threw the document beneath the wheels of a tractor, then ran over it.
One resident accused the authority's chairman, Mike Taylor, of "taking away our livelihoods". Another told him: "You come into our community, you take our water, you kick us where it hurts, and you say everything will be hunky-dory."
The anger of rural towns across the basin, the world's third largest water catchment, illustrates the dilemma of many governments facing competing demands for dwindling natural resources. In Australia, the driest inhabited continent in the world, the problem is particularly acute, and long-term forecasts of hotter weather mean the situation likely will get worse.
While farmers say Australia has always experienced cycles of drought and rainfall, most scientists here agree that droughts are becoming more frequent and intense. Across Australia, temperatures have risen by about one degree Centigrade since 1910, and the government's main scientific body, the Commonwealth Scientific and Industrial Research Organisation, says there is growing evidence that lower rainfall in the south-east is linked to global climate change.
Within the Murray-Darling are thousands of wetlands, 16 of them listed under the Ramsar Convention, an international treaty that commits governments to protect important habitats for migratory birds. However, the big floods that used to soak the wetlands are far less frequent nowadays, and native species of fish, birds, frogs, insects and plants have declined. Massive river red gums, some of them 500 years old, are dying. Especially degraded is the mouth of the River Murray, south of Adelaide, right at the bottom of the system.
While the proposed cutbacks are voluntary - the government has set aside millions of dollars to "buy back" irrigators' water licences - agricultural communities fear their social and economic impact. If farmers sell and leave, they reason, populations will fall, squeezing businesses and threatening the viability of already struggling small towns.
A report by an independent banking consultant has named Moree as one of eight towns that might not survive. Like much of south-eastern Australia, it suffered severely during the 10-year drought, and it lost 1,600 people, or nearly one-tenth of its population. Following above average rainfall this year, those reliant on the Gwydir River - which flows into the Darling - were looking forward to a bumper harvest.
"We've come through the drought years, and just as we're picking up the pieces, they whack this on us," says one farmer, Gavin Bartel. He warns that the slashing of water allocations will be keenly felt, "all the way down to the little guy selling petrol or a cup of coffee".
Farmers point to long-term mismanagement of the basin, which straddles four states and one territory. The row has also highlighted divisions between urban Australia, which is home to four-fifths of the population, and inland rural areas.
"No one's saying that Adelaide has got to cap its population, or that every new house has to have a rainwater tank," says Kerrie Matchett, who runs a picture framing business in Moree. "We feel like we're the only ones being asked to make a sacrifice."
What few in the Gwydir valley are willing to talk about is their heavy reliance on cotton, a particularly thirsty crop. The wisdom of growing such crops - water-intensive rice is also cultivated in the Murray- Darling - in an extremely arid region is not up for discussion. "I'm incensed that people think we're water thieves," fumes the mayor of Moree Plains Shire Council, Katrina Humphries. "Our cotton growers are some of the most innovative recyclers of water."
A row of pick-up trucks was parked defiantly outside last week's meeting. Inside, Mr Taylor did his best to appease the crowd, but his critics - many of them fifth-generation farmers - responded with jeers and shouts of "rubbish".
Ashley McDonald told him: "I'm a cotton farmer's wife-to-be, and we have a young son. What are we supposed to do when he loses his job?" A local businesswoman, Georgie King, declared: "No one is going to buy a house or a business here, because they don't know whether Moree will exist or whether it will become a ghost town."
As a result of the basin-wide uproar, two studies of the social and economic consequences of the cuts have been commissioned. The federal Labor government, which has distanced itself from the preliminary plan, said last week that it might amend legislation that requires sufficient water to be set aside for the environment.
That would be disastrous for the river system, said Richard Kingsford, a professor of environmental science at the University of New South Wales. He says median flows at the bottom of the river system have dropped by nearly 80 per cent, and many of the basin's wetlands are "in desperate straits".
Ann Henderson Sellers, an Australian scientist who is the former director of the UN's World Climate Research Programme, believes the battle between environmentalists and rural communities is misguided.
"Even if the communities were to win, I don't think most of them can win long-term, because long-term there's going to be not more but less water," she said.
"We're negotiating with a planet that's going in the opposite direction."
foreign.desk@thenational.ae
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
Cinco in numbers
Dh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
Draw
Quarter-finals
Real Madrid (ESP) or Manchester City (ENG) v Juventus (ITA) or Lyon (FRA)
RB Leipzig (GER) v Atletico Madrid (ESP)
Barcelona (ESP) or Napoli (ITA) v Bayern Munich (GER) or Chelsea (ENG)
Atalanta (ITA) v Paris Saint-Germain (FRA)
Ties to be played August 12-15 in Lisbon
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
UAE%20SQUAD
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Dubai Creek Open in numbers
- The Dubai Creek Open is the 10th tournament on this year's Mena Tour
- It is the first of five events before the season-concluding Mena Tour Championship
- This week's field comprises 120 players, 21 of which are amateurs
- 15 previous Mena Tour winners are competing at Dubai Creek Golf and Yacht Club
UAE currency: the story behind the money in your pockets
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
Company%20profile
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
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.”
COMPANY%20PROFILE
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The five stages of early child’s play
From Dubai-based clinical psychologist Daniella Salazar:
1. Solitary Play: This is where Infants and toddlers start to play on their own without seeming to notice the people around them. This is the beginning of play.
2. Onlooker play: This occurs where the toddler enjoys watching other people play. There doesn’t necessarily need to be any effort to begin play. They are learning how to imitate behaviours from others. This type of play may also appear in children who are more shy and introverted.
3. Parallel Play: This generally starts when children begin playing side-by-side without any interaction. Even though they aren’t physically interacting they are paying attention to each other. This is the beginning of the desire to be with other children.
4. Associative Play: At around age four or five, children become more interested in each other than in toys and begin to interact more. In this stage children start asking questions and talking about the different activities they are engaging in. They realise they have similar goals in play such as building a tower or playing with cars.
5. Social Play: In this stage children are starting to socialise more. They begin to share ideas and follow certain rules in a game. They slowly learn the definition of teamwork. They get to engage in basic social skills and interests begin to lead social interactions.
Engine: 3.5-litre V6
Transmission: eight-speed automatic
Power: 290hp
Torque: 340Nm
Price: Dh155,800
On sale: now
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE
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Company%20Profile
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FIXTURES
All kick-off times UAE ( 4 GMT)
Friday
Sevilla v Levante (midnight)
Saturday
Athletic Bilbao v Real Sociedad (7.15pm)
Eibar v Valencia (9.30pm)
Atletico Madrid v Alaves (11.45pm)
Sunday
Girona v Getafe (3pm)
Celta Vigo v Villarreal (7.15pm)
Las Palmas v Espanyol (9.30pm)
Barcelona v Deportivo la Coruna (11.45pm)
Monday
Malaga v Real Betis (midnight)
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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
John%20Wick%3A%20Chapter%204
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
COMPANY%20PROFILE%20
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Company%20profile
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WRESTLING HIGHLIGHTS
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
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)