DUBAI // A police corporal at Dubai International Airport who stole a passenger's iPhone was today sentenced to six months in prison and fined Dh1,250.
The 27-year-old Emirati officer JA found two mobile phones - a Samsung and an iPhone - in a box which holds travellers' belongings as they pass through security checks during a shift on February 19.
He added the Samsung to the lost and found list, but did not add the Dh1,250 iPhone, instead keeping it for himself.
When the Nigerian passenger who owned both phones enquired at the lost and found desk he became puzzled when he was shown the Samsung device, but not the iPhone.
Another officer at the airport, 32-year-old EA, checked the list on the passenger's request but could find no mention of the iPhone. He became suspicious the next morning when he noticed it had been added to the list.
Prosecutors said the corporal confessed during interrogation, but at the Dubai Criminal Court he denied charges of theft, forgery and using a forged document.
In addition to the jail term and fine, he was ordered to pay the airport Dh1,250. The phone was returned to the passenger.
salamir@thenational.ae
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
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"
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
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