The International Space Station. Astronauts were to remove a faulty electronics box from a communications antenna during their spacewalk. AP
The International Space Station. Astronauts were to remove a faulty electronics box from a communications antenna during their spacewalk. AP
The International Space Station. Astronauts were to remove a faulty electronics box from a communications antenna during their spacewalk. AP
The International Space Station. Astronauts were to remove a faulty electronics box from a communications antenna during their spacewalk. AP

Nasa cancels spacewalk after spacesuit coolant leak


Sarwat Nasir
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Nasa cancelled a spacewalk for two astronauts on board the International Space Station for a second time after a coolant leak was discovered in a spacesuit.

Tracy Dyson and Mike Barratt were scheduled to venture outside the ISS to perform maintenance tasks on Monday, after the spacewalk was pushed back from June 13 when Nasa was informed of a "discomfort issue" with a spacesuit.

“The spacewalk for today has been cancelled due to a spacesuit cooling unit water leak that began right after the suits were put on internal battery power,” the broadcaster in Nasa's live stream said.

“The crew is now moving back into the airlock and closing that EV hatch [used by astronauts to enter and exit the station] and they will begin the repressurisation.”

The leak in Ms Dyson's suit was discovered after the crew put on their spacesuits and prepared to begin the spacewalk. "It's a little snowy in here, but not as bad as it was. I have ice on my gloves still and on my helmet a little bit," she told mission control.

The astronauts were to complete the removal of a faulty electronics box from a communications antenna during the spacewalk. They were also to collect samples for research into how microorganisms survive and reproduce on the exterior of the orbiting laboratory.

Nasa's spacesuits, many of which have been in use since the Space Shuttle era – between the 1980s and 2010s – are increasingly prone to malfunctions.

Over the years, issues including cooling system leaks and limited mobility have highlighted the need for updated designs and improved technology.

In 2013, Italian astronaut Luca Parmitano faced a dangerous water leak in his helmet during a spacewalk. The incident affected his vision and hearing and forced him to cut the spacewalk short.

Delays have also affected two Nasa astronauts who arrived at the ISS on a Boeing Starliner test flight in May. Their return has been postponed several times and is now set to happen in July.

Boeing were to use the delays to study several technical issues on the Starliner capsule, including helium leaks and thruster failures.

The capsule was rescheduled to return on June 26, but that was postponed so the spacewalk could take place before the vessel began its return to Earth. Boeing has insisted the "spacecraft remains cleared for return in case of an emergency on the space station".

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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.”

Updated: June 24, 2024, 3:35 PM