KUALA LUMPUR // Malaysia said on Monday the passenger jet which went missing more than two weeks ago crashed in the Indian Ocean, but shed no light on the mystery of why it veered from its intended course.
The prime minister, Najib Razak, said new satellite analysis of Malaysia Airlines Flight MH370’s path placed its last position in remote waters off Australia’s west coast, and far from any landing sites.
The sombre announcement on the fate of the plane ended 17 days of agonising uncertainty for relatives of those on board — two thirds of them Chinese.
“It is therefore with deep sadness and regret that I must inform you that, according to this new data, flight MH370 ended in the southern Indian Ocean,” Mr Najib said.
He said the flag carrier had already spoken to the families of the passengers and crew aboard the jet which disappeared on March 8 on an overnight flight from Kuala Lumpur to Beijing.
“For them, the past few weeks have been heartbreaking; I know this news must be harder still.”
Mr Najib said he had been briefed by representatives from Britain’s Air Accidents Investigation Branch, which relayed further analysis of satellite data by British company Inmarsat.
The airline, in a statement sent to families, said “we have to assume” the plane was lost.
“Our prayers go out to all the loved ones of the 226 passengers and of our 13 friends and colleagues at this enormously painful time,” it said.
“We know there are no words that we or anyone else can say which can ease your pain.”
The airline said the multinational search, which is scouring a stretch of the forbidding Indian Ocean to find any debris, would continue “as we seek answers to the questions which remain”.
Malaysia believes the plane was deliberately diverted by someone on board. But the absence of firm evidence has fuelled intense speculation and conspiracy theories, and tormented the families of the missing.
Leading theories include a hijacking, pilot sabotage, or a sudden mid-air crisis that incapacitated the flight crew and left the plane to fly on autopilot until it ran out of fuel.
MH370 last made contact over the South China Sea halfway between Malaysia and Vietnam. For reasons unknown, it backtracked over the Malaysian peninsula and then flew on for hours.
The search swung deep into the Indian Ocean last week after initial satellite images depicted large floating objects there.
Hopes of a resolution to the mystery rose after a weekend in which an Australian aircraft spotted a wooden pallet, strapping and other debris, and French and Chinese satellite information indicated more floating objects.
An Australian-led multinational air and sea search has been scouring the vast ocean and there were two separate sightings on Wednesday of possible debris from the plane.
Crew members of an Australian P-3 Orion plane reported seeing two objects, Australian prime minister Tony Abbott told parliament.
Australian officials said they were different to pieces seen by a Chinese plane earlier in the day.
The Australian naval ship HMAS Success, equipped with a crane, was in the area, about 2,500 kilometres south-west of Perth, and will attempt to recover the objects.
Mr Abbott cautioned that it was not known whether the objects came from the missing Boeing 777.
“Nevertheless we are hopeful that we can recover these objects soon and they will take us a step closer to resolving this tragic mystery,” he said.
The US Navy has added to the sense of an approaching denouement, ordering a specialised device sent to the region to help find the “black box” flight and cockpit voice data — crucial in determining what happened to the plane.
The high-tech device can locate black boxes as deep as 6,060 metres, the US Seventh Fleet said in a statement. The search area ranges from 3,000-4,000 metres deep.
The 30-day signal from the black box is due to fail in less than two weeks.
The Australian Maritime Safety Authority said the search grew to 10 aircraft on Monday with the inclusion of two Chinese military aircraft joining Australian, US, and Japanese planes.
China has also dispatched seven ships, adding to British and Australian naval vessels involved.
If a crash is confirmed, recovering the black box will be even more difficult than the case of the Air France jet that went down in the Atlantic in 2009, said Charitha Pattiaratchi, an oceanographer at the University of Western Australia.
“We have to remember that Air France 447 took two years to find and this is a more challenging region where the environment is much, much harsher. There are bigger waves and it’s windier,” he said.
As part of an investigation into the crash, Malaysian Transport Minister Hishammuddin Hussein said police have interviewed more than 100 people, including families of both the pilot and co-pilot.
Malaysia Airlines said Monday that 27-year-old co-pilot Fariq Abdul Hamid was flying the Boeing 777 for the first time without a so-called “check co-pilot” looking over his shoulder.
* Agence France-Presse
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Astra%20Tech%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202022%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdallah%20Abu%20Sheikh%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20technology%20investment%20and%20development%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%24500m%3C%2Fp%3E%0A
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.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Inas%20Halabi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENijmeh%20Hamdan%2C%20Kamal%20Kayouf%2C%20Sheikh%20Najib%20Alou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
UAE currency: the story behind the money in your pockets
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
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.”
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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"
