Chitrabhanu Kadalayil is deputy comment editor at The National
September 06, 2023
“I threw the kitchen sink at him, but he went to the bathroom and got his tub,” Andy Roddick said after his defeat to Roger Federer in the 2004 Wimbledon men’s singles final.
Indian opposition politicians can sympathise. With seven months still to go until the 2024 general election, it feels like the governing Bharatiya Janata Party has already hurled a series of bathtubs at their kitchen sink-wielding alliance of parties, which refers to itself by the (rather strained) acronym “INDIA”.
These tubs usually come in the form of intriguing announcements and media leaks seemingly designed to inflame popular passions and keep the opposition on the defensive. The most recent is the government’s decision to hold a special session of Parliament later this month. It hasn’t yet said specifically why, which has led to speculations that the BJP plans to dissolve the legislature and advance the election.
The hurling of so much porcelain betrays jangled nerves within the corridors of power. The latest polling shows 2024 is still the BJP’s to lose, yet there appears to be a perception within the party that its victory is far from sealed.
It all began in June, when Prime Minister Narendra Modi made his first public push for a uniform civil code (UCC) – a set of personal laws that would replace certain religious and community-specific norms and practices.
Such a law could be problematic for hundreds of millions of Indians who follow their own doctrines and customs when it comes to marriage, divorce, property inheritance and adoption. This explains why, even though it has campaigned for a UCC for decades, the BJP has yet to table a bill in Parliament.
A G20 summit logo installed along a street in New Delhi on Wednesday. AFP
Whether these issues resonate with ordinary Indians is debatable, but they do allow the BJP to steal the INDIA alliance’s limelight from time to time
A UCC bill will be near-impossible to pass in today’s polarised political climate, with several parties, including those allied to the BJP, expected to vote against it. The party is, instead, considering legislating it in the states it governs. But analysts believe the party’s rallying call for it, so close to the election, might be an attempt to open another battle front.
The INDIA alliance, which is torn about the UCC, has not yet walked into the political trap and fallen apart over the issue. But with popular support for a common law having grown over the years, the BJP will look to paint the entire coalition as anti-UCC and as playing appeasement politics with minority groups wary of such a law, particularly India’s 200 million Muslims.
Then there were whispers last month that the BJP may be preparing a bill setting quotas for women’s representation in government, another issue fraught with pitfalls for several opposition parties. India’s more liberal parties have twice in the past tried to pass such a bill, attempting to reserve 33 per cent of seats in the lower house of Parliament and state assemblies for women. But they failed for a variety of reasons – including fears that reservation would end the careers of many established and sitting MPs.
Would the BJP, a right-wing party with its own share of MPs opposed to it, really try to succeed where its opponents failed? It’s doubtful.
The opposition is also concerned that the BJP might propose holding simultaneous elections at the federal, state and local levels in Parliament. While the party hasn’t confirmed this, the government has set up a committee to explore the idea’s feasibility.
Elections in India have been staggered since the late 1960s. The BJP’s rationale for doing them all at once is that the country is perpetually in campaign mode, with elections held every year. This, it says, is not only expensive for parties and taxpayers, but also forces elected officials to spend much of their time campaigning instead of governing.
Many opposition leaders have countered that simultaneous elections could alter the playing field in favour of the bigger, national parties with huge war chests and, potentially, squeeze out the regional parties and independent candidates. This, they say, risks undermining India’s diverse polity.
But overhauling India’s election system would require a series of constitutional amendments, which will need two-thirds approval in both houses of Parliament and ratification by at least half of India’s state assemblies. Since the BJP doesn't have the numbers in the upper house, there’s not much hope of success.
So if the chances are slim for the BJP to get what it wants on a UCC, or quotas for female politicians, or election reform right now, what is the point of calling a special parliamentary session? And if the BJP was serious about these issues, could it not have pursued them over the past nine years it has been in power?
Leaders from the opposition INDIA alliance sit for a press briefing in Mumbai last week. AP Photo
An even more important question is, why is it talking up these issues now?
Perhaps because now India has INDIA. After almost a decade of being divided and ruled over, this summer, 28 of India’s most credible opposition parties finally cobbled together what appears to be a formidable alliance, with the Indian National Congress – the country’s grand old party – as its fulcrum.
The coalition has overlapping vote banks and mutually competing interests. And yet despite occasional spats in public, it has held together. All its constituents have acknowledged the need to make difficult compromises; a common minimum programme is in the works; and rallies are being planned, beginning this month. The alliance’s overarching message of “unity in diversity” may turn out to be effective if it is articulated well.
It no doubt has a hill to climb. For one, the BJP has much to brag about: India’s geopolitical heft has improved in the world, it recently sent a rover to the Moon and it will host the G20 summit this weekend.
The BJP will play this all up, as it will next year’s opening of the Ram temple in the northern city of Ayodhya, an emotive issue close to many a Hindu heart.
At the same time, the opposition can point to issues affecting the average citizen, including inflation, unemployment and rural distress. The BJP knows this, which explains its attempts to set the narrative around issues it is comfortable with – such as UCC, simultaneous elections and, as the latest talking point suggests, possibly even changing the name of India to Bharat. Whether these issues resonate with ordinary Indians is debatable, but they do allow the BJP to steal the INDIA alliance’s limelight from time to time.
India Today magazine’s “Mood of the Nation” poll gives the incumbents a clear advantage were the general election held today. But even if the election was to be advanced, it will take at least three months for it to be organised.
With even a week being a long time in politics, the BJP knows it isn’t quite “game, set and match” yet.
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
On the menu
First course
▶ Emirati sea bass tartare Yuzu and labneh mayo, avocado, green herbs, fermented tomato water
▶ The Tale of the Oyster Oyster tartare, Bahraini gum berry pickle
Second course
▶ Local mackerel Sourdough crouton, baharat oil, red radish, zaatar mayo
▶ One Flew Over the Cuckoo’s Nest Quail, smoked freekeh, cinnamon cocoa
Third course
▶ Bahraini bouillabaisse Venus clams, local prawns, fishfarm seabream, farro
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.”
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
The Gandhi Murder
71 - Years since the death of MK Gandhi, also christened India's Father of the Nation
34 - Nationalities featured in the film The Gandhi Murder
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
Essentials
The flights
Return flights from Dubai to Windhoek, with a combination of Emirates and Air Namibia, cost from US$790 (Dh2,902) via Johannesburg. The trip
A 10-day self-drive in Namibia staying at a combination of the safari camps mentioned – Okonjima AfriCat, Little Kulala, Desert Rhino/Damaraland, Ongava – costs from $7,000 (Dh25,711) per person, including car hire (Toyota 4x4 or similar), but excluding international flights, with The Luxury Safari Company. When to go
The cooler winter months, from June to September, are best, especially for game viewing.
2025 Fifa Club World Cup groups
GroupA: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Brief scores:
Juventus 3
Dybala 6', Bonucci 17', Ronaldo 63'
Frosinone 0
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
What are the influencer academy modules?
Mastery of audio-visual content creation.
Cinematography, shots and movement.
All aspects of post-production.
Emerging technologies and VFX with AI and CGI.
Understanding of marketing objectives and audience engagement.
Lahore Qalandars 186 for 4 in 19.4 overs
(Sohail 100,Phil Salt 37 not out, Bilal Irshad 30, Josh Poysden 2-26) bt Yorkshire Vikings 184 for 5 in 20 overs
(Jonathan Tattersall 36, Harry Brook 37, Gary Ballance 33, Adam Lyth 32, Shaheen Afridi 2-36).
