Few births have been as prolonged or as painful as that of the euro, Europe's single currency. It was a twinkle in the eye of Europeans beginning in the 1960s, who enviously coveted the advantages that the dollar bestowed on America.
Could something similar be made to work in Europe? Its birth was announced on December 1995 and introduced to financial markets on January 1999, struggling along as a shadow currency known as an European Currency Unit (Ecu).
Finally on January 1 2001, after a long gestation, Europeans finally got their hands on the currency. Launched at par to the dollar, first it shrank in value then zoomed up and up.
Now nearly 350 million Europeans use the currency on a daily basis, while another 175 million have currencies pegged to the euro, including more than 150 million in Africa.
But can the euro last or will it bring down the EU in a crash? The jury may still be out on that, but in a week as tumultuous as any in its short, chequered career, with turmoil in the banking sector and strikes in Italy over planned austerity measures, we managed to track down the single currency, bronzed and shiny after its long summer holiday on the French Riviera, and asked it a few questions such as: is it the original eurotrash, who are its parents, and what would happen if it ceased to exist?
Your accent puzzles me. Where are you from?
Well of course, you know I am European, so I speak English with an accent that is part Portuguese, slightly French, definitely Germanic, a little bit of Italian and Spanish and with hardly a trace of Greek at all.
Who are your parents?
Jean-Claude Trichet at the European Central Bank is looking after me at the moment. He's a Frenchman who thinks like a German, thank goodness. I'm getting a bit nervous because my next custodian is going to be an Italian called Mario Monti. I'm worried I might become worthless.
But unlike most other currencies, you don't "promise to pay the bearer". Why not?
That's a bit tricky. Nobody has actually accepted responsibility for me and there is no fiscal framework to repay the notes. I can't draw any of my inheritance down, which I think is one of the problems at the moment. I think the Greeks have spent it all.
So who named you?
They say it was a Belgian.
That explains everything?
Germain Pirlot, a former teacher of French and history who is an Esperanto speaker, wrote a letter to Jacques Santer, then-president of the European Commission, suggesting the name.
You like it?
It's short and catchy, although I think the Germans would prefer it if I were called Deutschmark.
And the squiggle? Who came up with that?
Do you mean the elegant symbol? I've no idea, but it's rather stylish, non?
I think it's nothing more but a copy of the dollar.
How dare you!
Talking of which, how do you get on with your peers? You know the dollar, the pound, the yuan, the yen etc.
I have a good relationship with most of them. The dollar used to be quite aggressive, but now it seems to have lost some of its bite. The yuan I hardly see at all, although people tell me that one day it will be as powerful as me, we'll see. The pound makes a lot of noise and had a good run, but I think soon it will worth even less than I am. The one that does annoy me is gold. Shiny and pointless, people are willing to give me away in ever greater quantities just to get their hands on the stuff.
Do you have any nicknames? You know like the dollar is called the greenback, buck, Americano etc.
Back in 2006 Prague TV launched a nickname competition for me. About the best was 'Teuro'. As you can imagine, it hasn't caught on. I've been called a Yo-Yo in Ireland, but everyone gets called things in Ireland, then they forget in the morning.
Maybe it is because nobody likes you. They say the loved child has many names. Your looks have also been criticised. What's with the bridges?
How dare you! The bridges were all quite beautiful and Robert Kalina, the Austrian who designed them, was much maligned. My looks have changed since then anyway.
Could we ever get rid of you?
I hope not. As far as I'm aware, there are no provisions in place to replace me. Sometimes I feel like a hotel room in a high-storey building without a fire exit. There is no escape and a lot of the inhabitants are complaining, particularly the Portuguese, Greeks, Irish, Italians and Spanish.
What about the Europeans that refuse to accept you? Do you feel rejected?
Ach, that was mainly the British. That lovely Tony Blair and Gordon Brown. They told me secretly that they wanted me, but told everyone in Britain that it would depend on a few conditions being met, including are business cycles and economic structures compatible so that we and others could live comfortably with euro interest rates on a permanent basis, is there sufficient flexibility, would joining EMU create better conditions for jobs and investment and what would it do for the City? In short, it's so ambiguous that you'd think it had been written by a Brussels' bureaucrat.
People say you're nothing better than eurotrash. How do you answer that?
I won't deign to dignify such a question with a response. Au revoir, mein Herr.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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.”
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The Programme
Saturday, October 26: ‘The Time That Remains’ (2009) by Elia Suleiman
Saturday, November 2: ‘Beginners’ (2010) by Mike Mills
Saturday, November 16: ‘Finding Vivian Maier’ (2013) by John Maloof and Charlie Siskel
Tuesday, November 26: ‘All the President’s Men’ (1976) by Alan J Pakula
Saturday, December 7: ‘Timbuktu’ (2014) by Abderrahmane Sissako
Saturday, December 21: ‘Rams’ (2015) by Grimur Hakonarson
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Other simple ideas for sushi rice dishes
Cheat’s nigiri
This is easier to make than sushi rolls. With damp hands, form the cooled rice into small tablet shapes. Place slices of fresh, raw salmon, mackerel or trout (or smoked salmon) lightly touched with wasabi, then press, wasabi side-down, onto the rice. Serve with soy sauce and pickled ginger.
Easy omurice
This fusion dish combines Asian fried rice with a western omelette. To make, fry cooked and cooled sushi rice with chopped vegetables such as carrot and onion and lashings of sweet-tangy ketchup, then wrap in a soft egg omelette.
Deconstructed sushi salad platter
This makes a great, fuss-free sharing meal. Arrange sushi rice on a platter or board, then fill the space with all your favourite sushi ingredients (edamame beans, cooked prawns or tuna, tempura veggies, pickled ginger and chilli tofu), with a dressing or dipping sauce on the side.
SPECS
Mini John Cooper Works Clubman and Mini John Cooper Works Countryman
Engine: two-litre 4-cylinder turbo
Transmission: nine-speed automatic
Power: 306hp
Torque: 450Nm
Price: JCW Clubman, Dh220,500; JCW Countryman, Dh225,500
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
When is VAR used?
• Goals
• Penalty decisions
• Direct red-card incidents
• Mistaken identity
WISH
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MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
De De Pyaar De
Produced: Luv Films, YRF Films
Directed: Akiv Ali
Cast: Ajay Devgn, Tabu, Rakul Preet Singh, Jimmy Sheirgill, Jaaved Jaffrey
Rating: 3.5/5 stars
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Company%C2%A0profile
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MATCH INFO
Wales 1 (Bale 45 3')
Croatia 1 (Vlasic 09')
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
