Carnage in economies and stock markets worldwide has united 355 of the world's wealthiest people in a new way: they're now ex-billionaires. Yesterday's Forbes magazine said the 355, ranging from former Citigroup chief Sanford "Sandy" Weill to Russian tycoon and ex-KGB agent Alexander Lebedev to accused Ponzi scheme mastermind Allen Stanford have fallen off its annual survey of the uber-rich. Death claimed 18 more members. Some 41 people joined the list. That left the tally of billionaires worldwide at 793, worth a collective US$2.4 trillion (Dh8.82 trillion), down from 1,125 people, worth $4.4 trillion, a year earlier.
The damage was widespread, with drop-offs including former American International Group chief Maurice "Hank" Greenberg, former Walt Disney chief Michael Eisner, private equity investor J Christopher Flowers, and India's Vijay Mallya, who controls Kingfisher Airlines. Not even the world's richest people had a great year. The collective net worth of Microsoft co-founder Bill Gates, Berkshire Hathaway chairman Warren Buffett and Mexico tycoon Carlos Slim slid 38 per cent, to $112 billion from $180 billion.
The biggest loser in dollars is Anil Ambani, chairman of India's Reliance Communications whose net worth slid more than $20bn from $31.9bn to $10.1bn. India's Lakshmi Mittal, who chairs steelmaker ArcelorMittal, lost $25.7bn, while Mr Buffett, Mr Slim and KP Singh of India real estate developer lost $25bn each. By country, the billionaire roll fell to 359 from 469 in the United States, to 32 from 87 in Russia and to 24 from 53 in India. Net declines were 123 in the Americas, 102 in Europe, 81 in the Asia-Pacific area and 26 in the Middle East and Africa. * Reuters
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less