In Nikola Tesla’s burial place of Belgrade, giant coils send sparks through visitors to the Serbian inventor’s museum. Pioneer of alternating current, electric motors, transformers, wireless charging, remote controlled boats and much more, he was one of the giants of the late 19th Century electric revolution. His name has inspired not just the eponymous car company, but also Nikola Motor’s battery trucks. More than a century later, the electricity business is again entering a phase of upheaval.
The period from the 1870s onwards saw an explosion in the consumer uses of electricity: arc lighting, Thomas Edison’s incandescent bulb, motors for lifts and trams, and radio.
Now the electricity industry again faces a revolution. The concatenation of climate change with five key technologies is forcing new business models, with the winners unclear.
Tesla developed polyphase alternating current (AC) and an induction motor for Westinghouse, two of the company’s key innovations in its “War of the Currents” with rival Edison in the 1890s. Edison promoted direct current, claiming it was safer because it worked at much lower voltages. But it needed much thicker wires, and could operate only over short distances because of high losses. The eventual victory of AC allowed the emergence of the modern system of large, centralised power plants transmitting high-voltage electricity over long distances, reduced by transformers to safe voltages close to the end-consumer.
Samuel Insull started as Edison’s private secretary, introduced different billing rates for peak and off-peak times to America, and built a utility empire. He pushed economies of scale, building larger and more efficient coal-fired turbines. And he advocated regulation, having his companies granted monopolies over certain areas, in return for the government setting the prices they could charge. Insull’s corporation collapsed in the Great Depression, and he died of a heart attack on the Paris metro with 84 cents in his pocket. But the regulated utility model dominated the US until the 1990s and remains prevalent in many states and worldwide.
Now the electricity industry again faces a revolution. The concatenation of climate change with five key technologies is forcing new business models, with the winners unclear.
The rise of low-cost natural gas and the need to tackle climate change has increasingly forced out reliable, cheap but dirty coal power from Europe and North America. Renewable energy, particularly solar and wind, is increasingly effective. As UK climate change adviser Professor Michael Grubb describes it, solar power has become the cheapest widespread high-grade energy source in human history.
In areas such as Europe and California, much solar power is installed on private residences and business premises, promising decentralisation and democratisation of electricity. Some enthusiasts seek to go entirely “off-grid”. Remote communities in Africa may form micro-grids using local renewables. In other areas, including the Middle East, giant solar farms resemble traditional centralised generation more closely.
Variable renewable energy cannot always generate when needed. It has to be backed up with “dispatchable” fossil fuels, hydroelectricity or nuclear power, or stored, typically with batteries. Batteries are becoming cheaper, long-lived and more energy-dense, allowing them to complement renewables on the scale of seconds up to a day or so. For much longer periods, particularly seasonally, other storage such as pumped water or generated hydrogen will be required.
Better batteries are also facilitating the rise of electric vehicles, such as Tesla. Charging cars will become an increasingly important business for utilities or retail power distributors, though homes with excess solar output may use their own power. The fleet of battery vehicles could be synchronised to the grid, discharging at peak demand times and recharging when a surplus is available, paying a premium to car-owners.
This would be part of a “smart” power system, when home devices turn themselves on and off to match the fluctuations of renewable generation and demand.
The final part of the puzzle harks back to the “battle of the currents”. Modern ultra-high voltage, direct current cables can run over continental distances with low losses. At the start of November, China, the leader in this field, opened the world’s longest, highest voltage and largest capacity DC line. Such connections will be essential for bringing remote renewable energy to population centres, and for blending resources to take advantage of different weather conditions or daytime hours in widely-spaced areas.
These innovations face traditional utilities with enormous challenges. As renewable generation increases, power prices may become negative at times — such as a sunny but temperate spring day. At other times, for instance a chilly, still northern European winter evening, renewable output may be minimal and demand high.
Traditional vertically-integrated utilities — a single entity that generates, transmits and sells power — can deal with these issues within the firm, but without understanding the true costs. A market-based system, such as that now spanning most of Europe, Australia and many US states, has to allow power prices to rise very high at times to compensate the owners of backup generation that hardly ever runs. Or generators have to be paid to provide spare capacity.
Some utilities, such as Germany’s Eon and Denmark’s Ørsted, have sold off their fossil fuel generation entirely to rely on renewables. Oil companies including Shell and Total are muscling in by buying solar, battery and electric car charging businesses, but are unlikely to find it as profitable as their legacy assets.
Tesla would have been thrilled by these innovations, while Insull might have scratched his head to find a viable business model. Inventors across China, Europe and America seek to dominate the new world of batteries, panels and grids. Limitless clean and cheap power is within sight, but few existing companies will survive the journey.
Robin Mills is chief executive of Qamar Energy, and author of The Myth of the Oil Crisis
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight
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.”
Abu Dhabi Sustainability Week
MATCH INFO
First Test at Barbados
West Indies won by 381 runs
Second Test at Antigua
West Indies won by 10 wickets
Third Test at St Lucia
February 9-13
Meydan racecard:
6.30pm: Handicap | US$135,000 (Dirt) | 1,400 metres
7.05pm: Handicap | $135,000 (Turf) | 1,200m
7.40pm: Dubai Millennium Stakes | Group 3 | $200,000 (T) | 2,000m
8.15pm: UAE Oaks | Group 3 | $250,000 (D) | 1,900m
8.50pm: Zabeel Mile | Group 2 | $250,000 (T) | 1,600m
9.20pm: Handicap | $135,000 (T) | 1,600m
UAE currency: the story behind the money in your pockets
Results:
5pm: Maiden (PA) | Dh80,000 | 1,200 metres
Winner: Jabalini, Szczepan Mazur (jockey), Younis Kalbani (trainer)
5.30pm: UAE Arabian Derby (PA) | Prestige | Dh150,000 | 2,200m
Winner: Octave, Gerald Avranche, Abdallah Al Hammadi
6pm: Arabian Triple Crown Round 3 (PA) | Group 3 Dh300,000 | 2,200m
Winner: Harrab, Richard Mullen, Mohamed Ali
6.30pm: Emirates Championship (PA) | Group 1 | Dh1million | 2,200m
Winner: BF Mughader, Szczepan Mazur, Younis Al Kalbani
7pm: Abu Dhabi Championship (TB) | Group 3 | Dh380,000 | 2,200m
Winner: GM Hopkins, Patrick Cosgrave, Jaber Ramadhan
7.30pm: Wathba Stallions Cup (PA) | Conditions | Dh70,000 | 1,600m
Winner: AF La’Asae, Tadhg O’Shea, Ernst Oertel
Omar Yabroudi's factfile
Born: October 20, 1989, Sharjah
Education: Bachelor of Science and Football, Liverpool John Moores University
2010: Accrington Stanley FC, internship
2010-2012: Crystal Palace, performance analyst with U-18 academy
2012-2015: Barnet FC, first-team performance analyst/head of recruitment
2015-2017: Nottingham Forest, head of recruitment
2018-present: Crystal Palace, player recruitment manager
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
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
South Africa v India schedule
Tests: 1st Test Jan 5-9, Cape Town; 2nd Test Jan 13-17, Centurion; 3rd Test Jan 24-28, Johannesburg
ODIs: 1st ODI Feb 1, Durban; 2nd ODI Feb 4, Centurion; 3rd ODI Feb 7, Cape Town; 4th ODI Feb 10, Johannesburg; 5th ODI Feb 13, Port Elizabeth; 6th ODI Feb 16, Centurion
T20Is: 1st T20I Feb 18, Johannesburg; 2nd T20I Feb 21, Centurion; 3rd T20I Feb 24, Cape Town
AUSTRALIA SQUAD
Aaron Finch, Matt Renshaw, Brendan Doggett, Michael Neser, Usman Khawaja, Shaun Marsh, Mitchell Marsh, Tim Paine (captain), Travis Head, Marnus Labuschagne, Nathan Lyon, Jon Holland, Ashton Agar, Mitchell Starc, Peter Siddle
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Company%20Profile
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More from Neighbourhood Watch
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club
- 1st ODI, Wednesday, April 10
- 2nd ODI, Friday, April 12
- 3rd ODI, Sunday, April 14
- 4th ODI, Sunday, April 16
Squads:
- UAE: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
- Zimbabwe: Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
UAE Rugby finals day
Games being played at The Sevens, Dubai
2pm, UAE Conference final
Dubai Tigers v Al Ain Amblers
4pm, UAE Premiership final
Abu Dhabi Harlequins v Jebel Ali Dragons
Scoreline:
Barcelona 2
Suarez 85', Messi 86'
Atletico Madrid 0
Red card: Diego Costa 28' (Atletico)
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%3Cp%3EChris%20Jordan%20insists%20Sanchit%20Sharma%20will%20make%20an%20impact%20on%20the%20ILT20%2C%20despite%20him%20starting%20the%20campaign%20on%20Gulf%20Giants'%20bench.%3Cbr%3EThe%20young%20UAE%20seamer%20was%20an%20instant%20success%20for%20the%20side%20last%20season%2C%20and%20remained%20part%20of%20the%20XI%20as%20they%20claimed%20the%20title.%3Cbr%3EHe%20has%20yet%20to%20feature%20this%20term%20as%20the%20Giants%20have%20preferred%20Aayan%20Khan%20and%20Usman%20Khan%20as%20their%20two%20UAE%20players%20so%20far.%3Cbr%3EHowever%2C%20England%20quick%20Jordan%20is%20sure%20his%20young%20colleague%20will%20have%20a%20role%20to%20play%20at%20some%20point.%3Cbr%3E%22Me%20and%20Sanchit%20have%20a%20great%20relationship%20from%20last%20season%2C%22%20Jordan%20said.%3Cbr%3E%22Whenever%20I%20am%20working%20with%20more%20inexperienced%20guys%2C%20I%20take%20pleasure%20in%20sharing%20as%20much%20as%20possible.%3Cbr%3E%22I%20know%20what%20it%20was%20like%20when%20I%20was%20younger%20and%20learning%20off%20senior%20players.%3Cbr%3E%22Last%20season%20Sanchit%20kick-started%20our%20season%20in%20Abu%20Dhabi%20with%20a%20brilliant%20man-of-the-match%20performance.%3Cbr%3E%22Coming%20into%20this%20one%2C%20I%20have%20seen%20a%20lot%20of%20improvement.%20The%20focus%20he%20is%20showing%20will%20only%20stand%20him%20in%20good%20stead.%22%3C%2Fp%3E%0A
Signs%20of%20%20%20%20%20%20%20heat%20stroke
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Abu Dhabi World Pro 2019 remaining schedule:
Wednesday April 24: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-6pm
Thursday April 25: Abu Dhabi World Professional Jiu-Jitsu Championship, 11am-5pm
Friday April 26: Finals, 3-6pm
Saturday April 27: Awards ceremony, 4pm and 8pm
Fixtures (all in UAE time)
Friday
Everton v Burnley 11pm
Saturday
Bournemouth v Tottenham Hotspur 3.30pm
West Ham United v Southampton 6pm
Wolves v Fulham 6pm
Cardiff City v Crystal Palace 8.30pm
Newcastle United v Liverpool 10.45pm
Sunday
Chelsea v Watford 5pm
Huddersfield v Manchester United 5pm
Arsenal v Brighton 7.30pm
Monday
Manchester City v Leicester City 11pm
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
BAD%20BOYS%3A%20RIDE%20OR%20DIE
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THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
((Disclaimer))
The Liechtensteinische Landesbank AG (“Bank”) assumes no liability or guarantee for the accuracy, balance, or completeness of the information in this publication. The content may change at any time due to given circumstances, and the Liechtensteinische Landesbank AG is under no obligation to update information once it has been published. This publication is intended for information purposes only and does not constitute an offer, a recommendation or an invitation by, or on behalf of, Liechtensteinische Landesbank (DIFC Branch), Liechtensteinische Landesbank AG, or any of its group affiliates to make any investments or obtain services. This publication has not been reviewed, disapproved or approved by the United Arab Emirates (“UAE”) Central Bank, Dubai Financial Services Authority (“DFSA”) or any other relevant licensing authorities in the UAE. It may not be relied upon by or distributed to retail clients. Liechtensteinische Landesbank (DIFC Branch) is regulated by the DFSA and this advertorial is intended for Professional Clients (as defined by the DFSA) who have sufficient financial experience and understanding of financial markets, products or transactions and any associated risks.
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
The five pillars of Islam
Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Global state-owned investor ranking by size
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How it works
1) The liquid nanoclay is a mixture of water and clay that aims to convert desert land to fertile ground
2) Instead of water draining straight through the sand, it apparently helps the soil retain water
3) One application is said to last five years
4) The cost of treatment per hectare (2.4 acres) of desert varies from $7,000 to $10,000 per hectare
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
