Britain has been experiencing a seasonal shortage of some fruit and vegetables, February 26. Reuters
Britain has been experiencing a seasonal shortage of some fruit and vegetables, February 26. Reuters
Britain has been experiencing a seasonal shortage of some fruit and vegetables, February 26. Reuters
Britain has been experiencing a seasonal shortage of some fruit and vegetables, February 26. Reuters


The great British tomato shortage is a sign of our times


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March 01, 2023

Newt Gingrich is one of the most influential politicians of the past three decades. He led the Republican party to victory in the 1994 US Congressional elections, becoming Speaker of the House of Representatives. Mr Gingrich’s conservative leadership was so effective that he provoked the then US president Bill Clinton to declare in his 1996 State of the Union address that “the era of big government is over.”

I met Newt Gingrich on a number of occasions, and what was most interesting was his breadth of vision way beyond politics. He was a friend of Alvin and Heidi Toffler, the futurologist couple who wrote provocative books about the biggest changes taking place in the world including Futureshock (1970) and The Third Wave (1980).

The Tofflers argued that human history in the “first wave” created the agricultural revolution. The second wave was the industrial revolution. The third wave, as they correctly predicted, would be the information revolution.

Former Republican Speaker of the House Newt Gingrich at a campaign event for Republican Gubernatorial candidate David Perdue on March 29, 2022 in Duluth, Georgia, US. Getty Images / AFP
Former Republican Speaker of the House Newt Gingrich at a campaign event for Republican Gubernatorial candidate David Perdue on March 29, 2022 in Duluth, Georgia, US. Getty Images / AFP

What followed included mobile phones, 5G, Google, Facebook, Twitter, WhatsApp and all the (mostly American) inventions that have changed our world. But with Newt Gingrich I wondered where journalism, reporters, reliable information and facts might fit in. How would we process all this new information from all these new – and perhaps unreliable – information sources and get at the truth?

Mr Gingrich was in this, as always, provocative. One of his most famous quotes was: "People are not in general stupid, but they are often ignorant. In their ignorance they often tolerate ignorant news reporters who in turn tolerate ignorant politicians. The result is an ignorant politician making an ignorant speech to be covered by an ignorant reporter and shown in a 40 second clip on television to an ignorant audience.”

I have been thinking about Mr Gingrich’s language a lot lately while trying to process so much that is taking place in the news. It’s not just what to do about Ukraine or climate change but even apparently mundane news stories. British supermarkets, including the ones I use, have empty shelves for salad vegetables, especially tomatoes. The British Environment Secretary Therese Coffey suggested that to fix the Great British tomato shortage we should eat seasonal vegetables instead, including turnips. Turnips substituting for tomatoes doesn’t play well in my family, so I tried to find out where all the missing tomatoes have gone.

An aisle of a Tesco supermarket in London, February 23. A number of supermarket chains, including Asda, Tescos, Morrison and Aldi, are introducing rationing to limit the amounts customers can buy due to shortages of tomatoes, cucumber and peppers. EPA
An aisle of a Tesco supermarket in London, February 23. A number of supermarket chains, including Asda, Tescos, Morrison and Aldi, are introducing rationing to limit the amounts customers can buy due to shortages of tomatoes, cucumber and peppers. EPA

Bad weather in Spain and Morocco was blamed. Yet there are plenty of tomatoes in Spanish supermarkets, across the EU, and one TV reporter in Ukraine noted there are shelves of tomatoes in a supermarket near the front lines in Kherson.

Transport costs and Brexit disruption are other theories for the shortage. Certainly road hauliers suggest that driving truckloads of tomatoes from Morocco to France is easier than filling out the forms and going through the customs checks to get to post-Brexit Britain. Then there is news from farmers that British greenhouses are too expensive to heat in February as a result of increased fuel costs. Growers have not planted tomatoes this winter because supermarkets will not pay enough to make it worthwhile.

At my local street market, the stallholder sold me tomatoes, and apologised for the fact they had jumped up in price. He said that there was no shortage but only if you were prepared to pay much more. The Great British 2023 tomato shortage, he thought, would continue for weeks, because Brexit bureaucracy and road haulage delays to bad weather and the high cost of energy were all to blame.

That’s why Newt Gingrich came to mind. He was always challenging us to consider what we know for sure and why we think we can be certain that what we are being told is actually true. I know for certain tomatoes are more expensive and difficult to find. Yet, having read copious accounts in the mainstream and social media, I confess to being “ignorant” in Mr Gingrich’s word, about pointing the finger at any one cause. That has not stopped the endless speculation on all kinds of British media including politicians on television in disputes with journalists and offering their opinions in ways that suggest whatever your political views you can find a convenient scapegoat for the problem.

You can blame Brexit, the British government, the fall in the pound, greedy supermarket chains, the weather in Spain and Morocco, the EU bureaucracy, transport costs, oil prices, the energy companies, politicians who think turnips would be good instead of salads, the news media, or anyone else you dislike or distrust. And that leads us back to Toffler’s third wave. It has crashed upon us.

But with endless media sources literally at our fingertips, if we cannot agree why we have no tomatoes and what to do about it, perhaps the prospects for agreeing about global warming, immigration, the Brexit mess or how to end the war in Ukraine may, as Mr Gingrich provocatively predicted, depend upon “an ignorant politician making an ignorant speech to be covered by an ignorant reporter and shown in a 40 second clip on television to an ignorant audience.” I hope he is wrong. But hoping for the best, as I discovered, doesn’t bring home the tomatoes.

The specs

Engine: 0.8-litre four cylinder

Power: 70bhp

Torque: 66Nm

Transmission: four-speed manual

Price: $1,075 new in 1967, now valued at $40,000

On sale: Models from 1966 to 1970

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UAE currency: the story behind the money in your pockets

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.”

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The specs: 2019 Mercedes-Benz C200 Coupe


Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km

UAE currency: the story behind the money in your pockets
Updated: March 01, 2023, 7:00 AM