Gold may have lost some of its glister over the weekend but the 100 wealthiest people on the planet still added US$30.5 billion (Dh112.02bn) to their collective fortune last week as stocks and bonds rose.
And Russia's oligarchs were among the beneficiaries.
One of the week's biggest winners was Vladimir Lisin. The chairman of Novolipetsk Steel, Russia's most valuable steel maker, gained 8.9 per cent - $1.1bn - as the company's shares surged. He has a $13.4bn fortune, according to the Bloomberg Billionaires Index.
"It's a double whammy, a double benefit this week, with very stable fixed income and higher equities," said Russ Certo, a managing director at Brean Capital in New York. "Those with wealth have a higher percentage of equity versus commodities and foreign exchange exposure. Commodities were significantly lower this week."
Global stock markets rallied with the Standard & Poor's 500 index finishing the week 2.3 per cent higher, while gold futures tumbled below $1,500 for the first time since 2011.
In the shark-eat-shark world of Russian big-business billionaires, the battle for dominance is fierce. Mikhail Fridman had his nose put out of joint last weekend by news that Magnit, a retailer owned by rival oligarch Sergey Galitsky, overtook sales at Mr Fridman's X5 Retail Group for the first time since the company opened 15 years ago.
X5, controlled by Mr Fridman's Alfa Group, posted an 8.1 per cent increase in first-quarter sales to 126bn rubles (Dh14.92bn), it said. But that failed to trump Magnit's quarterly sales rise of more than 30 per cent to 131bn rubles.
"I'm afraid to be found immodest, but for the first time over the last 15 years after opening of the first store we have become the leader in the food retail sector by sales," Mr Galitsky said.
Magnit has risen 72 per cent in the past 12 months, giving it a market value of $23.7bn. X5 is worth $4.8bn after falling 22 per cent over the same period.
The biggest big fish in the Russian billionaire tank is Alisher Usmanov - the country's richest man with a fortune of about $20bn, according to the Bloomberg Billionaires Index.
His company, Metalloinvest, Russia's largest iron ore producer, raised $1bn in a seven-year Eurobond issue, a banking source told Reuters on Thursday.
The order book totalled $3.8bn, another source with knowledge of the offering said.
Its chief executive said this year the company, which has major steel production assets in Russia, was worth about $18bn to $20bn. Metalloinvest declined to comment.
Metalloinvest, which last year was the fifth-largest commercial iron ore producer in the world, posted earnings before interest, taxes, depreciation and amortisation last year of $2.55bn, according to company data.
Meanwhile, fellow billionaire Vladimir Potanin this month insisted Krasnaya Polyana, a skiing area in southern Russia that will host the Sochi Winter Olympics next year, will be fit for purpose by the time the event comes around.
Mr Potanin, who is spending $2.2bn on the nearby Rosa Khutor resort, promises that what today looks like a building site would be a distant memory when Krasnaya Polyana offers as much as 200km of connected slopes by combining three separate ski zones.
"It will be complete happiness for tourists," said Sergei Bachin, Rosa Khutor's general director.
For the oligarchs of Russia, there is no such certainty. As recent history has shown, the ultra wealthy in the former Soviet Union walk a knife-edge.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Countdown to Zero exhibition will show how disease can be beaten
Countdown to Zero: Defeating Disease, an international multimedia exhibition created by the American Museum of National History in collaboration with The Carter Center, will open in Abu Dhabi a month before Reaching the Last Mile.
Opening on October 15 and running until November 15, the free exhibition opens at The Galleria mall on Al Maryah Island, and has already been seen at the Jimmy Carter Presidential Library and Museum in Atlanta, the American Museum of Natural History in New York, and the London School of Hygiene and Tropical Medicine.
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
Killing of Qassem Suleimani
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.
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
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
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Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
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Price: From Dh215,900
On sale: Now
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
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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
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
MATCH INFO
Euro 2020 qualifier
Croatia v Hungary, Thursday, 10.45pm, UAE
TV: Match on BeIN Sports
Killing of Qassem Suleimani
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Killing of Qassem Suleimani
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
RESULT
Shabab Al Ahli Dubai 0 Al Ain 6
Al Ain: Caio (5', 73'), El Shahat (10'), Berg (65'), Khalil (83'), Al Ahbabi (90' 2)
The Baghdad Clock
Shahad Al Rawi, Oneworld
LA LIGA FIXTURES
Friday (UAE kick-off times)
Levante v Real Mallorca (12am)
Leganes v Barcelona (4pm)
Real Betis v Valencia (7pm)
Granada v Atletico Madrid (9.30pm)
Sunday
Real Madrid v Real Sociedad (12am)
Espanyol v Getafe (3pm)
Osasuna v Athletic Bilbao (5pm)
Eibar v Alaves (7pm)
Villarreal v Celta Vigo (9.30pm)
Monday
Real Valladolid v Sevilla (12am)
