India’s most testing scandal

Even by Indian standards, the ongoing Vyapan corruption scandal is simply staggering for what it says about the gaps in systemic coherence, safeguards – and yes, the way the country still conducts examinations. The alleged scam, which is said to have run for years in the central Indian state of Madhya Pradesh, revolves around a massive scheme to manipulate the results of entrance examinations for medical colleges and government jobs. Every job one can think of – doctor, dentist, vet, forest ranger – is said to have been up for grabs. Police say that for at least eight years, tens of thousands of students and job aspirants paid hefty bribes to rig test results.

Nearly 2,000 people have been arrested so far, hundreds of medical students are in prison, as are several bureaucrats. Even the state’s governor is implicated. What’s more, many witnesses and alleged participants have been dying under “mysterious circumstances”, most recently a TV reporter who was investigating those deaths. One Indian news portal has described the scandal as one of the most complex to affect public life and one that “is fast acquiring the shades of a macabre crime thriller”.

Several corruption scandals have rocked Asia’s third-largest economy in the past decade but the alleged scam in Madhya Pradesh says something larger. It focuses attention on India’s outmoded exam system – a process that interrogates mostly rote learning and all at one go, rather than grading after a series of aptitude and ability tests whose results cannot be bought (or faked) however hard anyone tries. Though cheating in examinations is commonplace in India, what’s different about the alleged racket in Madhya Pradesh is its sophistication – different methods were used, including fake identity cards for people who impersonated examinees and crooked testing board officials inflated scores. This is low-level graft, yes, but the stakes are high.

It was once said that two intertwining strands run through Indian history: the incredible potential of the place and the betrayal of that potential, for example, by corruption. Perhaps this is the point at which they must be disentangled.

Green ambitions

Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water

Tips to keep your car cool

Place a sun reflector in your windshield when not driving
Park in shaded or covered areas
Add tint to windows
Wrap your car to change the exterior colour
Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
Avoid leather interiors as these absorb more heat

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.”

Going grey? A stylist's advice

If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”