Two and a half years ago, there was no way to predict the phenomenal resurgence that has occurred since General Motors and Chrysler were forced into bankruptcy and restructuring. Indeed, in the name of full disclosure, I have to admit that at the time I was in favour of bailing out General Motors, but I though it was best that Chrysler be left to flounder. The company had consistent trouble in engineering competitive products, its reliability record was incredibly spotty and its customer service was among the worst in the business. And, while I still have some questions about Chrysler's long-term viability (as does, judging from his recent press conferences, CEO Sergio Marchionne), the company's success over the last 12 months has proven me, at least for the short-term, egregiously wrong.
Both General Motors and Chrysler are beating analysts' expectations and flummoxing the competition, which seems to be driving the American Right to distraction. Supposedly the bastions of enterprise and keeping jobs in American, many in the American Republican party continue to hold on to their tired old dogma that their car makers should never have been bailed out in the first place. That their tough love was not applied to Detroit still rankles despite the companies' success and behind the scenes the auto industry has become something of a political football.
Perhaps the most distressing example of this is the hullabaloo over the fires that have been reported in Chevrolet's new Volt extended-range electric car. For the record, there have only been two, one in a car that was part of a crash test and another in a rather convoluted laboratory experiment that proved hard to simulate. The American National Highway Traffic Safety Administration has since cleared the Volt after GM made a slight modification and The General offered to buy back all cars from any unsatisfied Volt customer.
Yet the controversy drags on. Most distressing is the contention of Dan Akerson, General Motors' latest chief executive officer (it's had three since the company's 2009 bankruptcy), that the Chevrolet Volt has become a "political punching bag" for critics of the original bailouts. According to Automotive News, Akerson wrote, "the Volt seems, perhaps unfairly, to have become a surrogate for some to offer broader commentary on General Motors' business prospects and administration policy" in his testimony to the House Oversight subcommittee looking into whether the investigation of the two fires was deliberately delayed.
It is worth noting that the chairman of the subcommittee is a Republican vociferously against the original bailouts and who vows to continue pursuing his right-wing agenda. And the loser, as Akerson points out, is GM's halo vehicle, the Volt, whose sales have suffered since news of possible fire hazards were leaked.
Of course, the other side of the table is not immune to political gamesmanship. In his recent American state of the union address, Barack Obama, the US president, praised the resurgent American car makers and their job creation (he says the industry in America has added 160,000 jobs since he came to power). Of course, sceptics can grouse (with some authority, I might add) that with so few triumphs in the first two and a half years of his administration, Obama had little choice but to trumpet Detroit's (OK, Detroit's and Turin's) rather astonishingly quick return to health as one of the successes of his administration's policies.
Although if one were being scrupulously honest, you'd also have to admit that the tsunami that crippled Japan's motor industry benefited America's Big Two-And-A-Half. Nor did having former number one car maker Toyota suffer a much overblown unintended acceleration crisis hurt their cause either. One could, were one truly unkind, even note that, having hit rock bottom, there was no direction other than a Saab-like complete failure for the American manufacturers to go.
Nonetheless, by any measure, they have been resurgent since their 2009 bankruptcies and taxpayer-fuelled restructurings. Never mind that the bank loans so derided just a few years ago are being paid off faster than imagined. Or that Fiat so loves Chrysler that it is buying up its outstanding shares faster than predicted. All three domestic car makers have increased their market share since 2009 and, for the first time in many a year, Detroit's combined portion of the North American market has actually increased.
But the true measure of their success is that the domestic brands are building (mostly) better cars and, more importantly, the public is buying them. Chevrolet's Cruze may not yet be the number one compact car in North America, but considering that just a few short years ago critics decried as impossible the profitable manufacture of a small US car, the million Cruzes sold worldwide must stand as a monumental success.
And, has any brand been so comprehensively and thoroughly revised as Buick? North American consumer awareness of the once-somnolent brand's new product may still lag behind the excellent product in its showrooms, but I predict a notable resurgence in Buick sales over the next few years.
Chrysler, initially decried in Italy as a burden on parent Fiat, is now filling the company's coffers with profit as the European sales tank. The new Dodge Dart may not be as pretty as the Alfa Romeo Giulietta that it is based on, but I suspect it, too, will enjoy a modicum of success. And sales of Ram pickups remain stellar, the company's pickups now challenging the finest from both Ford and GM.
Even boring old Ford is cranking out some fine cars, the new Fusion that wowed this year's Detroit North American International Auto Show a perfect example. And, where Toyota once had sole proprietorship of the green market, Ford is challenging the Asian giant with a full range of alternative products, from more fuel-efficient EcoBoost powertrains to a fully electrified Focuses. It's simply not a good time to be a Detroit sceptic.
Ideology has no place in the pragmatic world of automobile manufacturing. The industry creates too many jobs and, yes, is too important to the American psyche to be left to the whims of political demagoguery.
That so much of the discussion about whether the car makers should or should not have been bailed out is based on partisan canon and not hard-nosed business insight is just proof of how far the political discourse in the United States has gone off the rails. Indeed, while it's easy to denigrate the American Right for having been proven so wrong in this particular case, I suspect the Democrats were only right because large-scale government intervention just happened to fit their doctrine.
COMPANY%20PROFILE
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
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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%20profile
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Company%20Profile
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COMPANY%20PROFILE%20
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UAE currency: the story behind the money in your pockets
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
Dolittle
Director: Stephen Gaghan
Stars: Robert Downey Jr, Michael Sheen
One-and-a-half out of five stars
SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
Transmission: 8-speed Tiptronic automatic
Price: From Dh599,000
On sale: Now
The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
THE SPECS
Range Rover Sport Autobiography Dynamic
Engine: 5.0-litre supercharged V8
Transmission: six-speed manual
Power: 518bhp
Torque: 625Nm
Speed: 0-100kmh 5.3 seconds
Price: Dh633,435
On sale: now
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.”
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
Men's football draw
Group A: UAE, Spain, South Africa, Jamaica
Group B: Bangladesh, Serbia, Korea
Group C: Bharat, Denmark, Kenya, USA
Group D: Oman, Austria, Rwanda
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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 PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Scream%20VI
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Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
MANDOOB
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
OPINIONS ON PALESTINE & ISRAEL
Company%20Profile
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More from Rashmee Roshan Lall
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
65
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How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
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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
UAE%20Warriors%2033%20Results
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More on Quran memorisation:
UAE finals day
Friday, April 13
Rugby Park, Dubai Sports City
3pm, UAE Conference: Dubai Tigers v Sharjah Wanderers
6.30pm, UAE Premiership: Dubai Exiles v Abu Dhabi Harlequins
SPECS
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THE%20SPECS
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Januzaj's club record
Manchester United 50 appearances, 5 goals
Borussia Dortmund (loan) 6 appearances, 0 goals
Sunderland (loan) 25 appearances, 0 goals
A cryptocurrency primer for beginners
Cryptocurrency Investing for Dummies – by Kiana Danial
There are several primers for investing in cryptocurrencies available online, including e-books written by people whose credentials fall apart on the second page of your preferred search engine.
Ms Danial is a finance coach and former currency analyst who writes for Nasdaq. Her broad-strokes primer (2019) breaks down investing in cryptocurrency into baby steps, while explaining the terms and technologies involved.
Although cryptocurrencies are a fast evolving world, this book offers a good insight into the game as well as providing some basic tips, strategies and warning signs.
Begin your cryptocurrency journey here.
Available at Magrudy’s , Dh104