Clinton in India


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If India anticipated the US secretary of state's visit with uncertainty it was largely because it shares the unusual distinction ? along with Israel ? of viewing with sorrow George Bush's departure from the White House. As it turned out, Hillary Clinton was successful in allaying most of India's concerns. "Her reassurances for New Delhi came in three parts," wrote James Lamont in The Financial Times. "First, she prioritised the fight against terrorism, staying in the Taj hotel in Mumbai which, only nine months ago, was the target of rampaging Islamist gunmen. Second, she addressed regional security in south Asia ? a priority of the Obama administration ? without insisting on a settlement for Kashmir, claimed and fought over by India and Pakistan. Third, she offered assistance in areas that New Delhi gives strategic priority: modernising its armed forces, energy security and its space programme. "The US will want something in return. "Behind the desire for India to be a global power is the wish that it speaks up more for its democratic freedoms and open society, and those of others. Talks over climate change, global trade, financial reform and nuclear non-proliferation are where that voice needs to be heard. "But for all the emollient words, the biggest reward for the US will be India's help in securing regional peace. That would be the prize of true 'friendship'." Writing for Time magazine, Madhur Singh said: "The big takeaways of Clinton's visit are three key agreements. The first is an 'end-use monitoring' agreement that allows the US to track arms supplied to India to ensure that they are not sold or otherwise given to third parties. This agreement, required by US law, enables US companies to sell hi-tech military equipment and technology to India, immediately benefiting Boeing and Lockheed Martin, which will be able to bid for contracts to supply 26 fighter jets to India for a $10 billion deal. "The second, a technical-safeguards agreement, will enable India to launch non-commercial satellites containing US components, while an agreement to set up a science-and-technology endowment fund will allow more co-operation in those fields. "In addition to the monetary boost for US businesses and the ego boost for India, a 'strategic dialogue' encompassing a range of subjects ? from soft issues like education to thorny ones such as climate change, terrorism and nuclear non-proliferation ? was announced. Clinton's speeches and interviews to the local media were full of references to India's greater role on the global stage. '[I] consider India not just a regional but global power,' she told an Indian news channel on July 18, the day after she arrived in Mumbai. The irony of that statement was not lost on India's foreign policy set, given that the country's recent attempts to take a leadership role in international affairs, such as leading developing nations at the World Trade Organisation (WTO) and in climate-change negotiations, has led it on a path of friction with the US. "In fact, the Indian Environment Minister, Jairam Ramesh, broke away from the saccharine tone of most of Clinton's meetings with the country's leaders by bluntly reiterating India's position that it would not accept binding emissions cuts. 'There is simply no case for the pressure that we, who have been among the lowest emitters per capita, face to actually reduce emissions,' Ramesh said to Clinton at a conference on climate change in Gurgaon, near New Delhi, on July 19. 'And as if this pressure was not enough, we also face the threat of carbon tariffs on our exports to countries such as yours.' Clinton defused the situation by asserting that the US would not take any step to limit India's economic growth." In World Politics Review, Neeta Lal wrote: "As expected, Clinton's agenda covered the five pillars of the Indo-US relationship: defence co-operation, science and technology, energy and climate change, education and trade. But the visit left the impression that it was crafted to be more symbolic than substantial, leading many to believe that Clinton was working according to a script, rather than as a much-vaunted 'friend of India'. "From her decision to kick off her trip in Mumbai, rather than the national capital of New Delhi, to her stay at the Taj Mahal Hotel where Pakistani terrorists had unleashed terror last year to her politically correct declarations about climate control, Pakistan and terrorism, Clinton presented India with a friendly but unrelenting interlocutor on many counts. "Not that she was lacking in charm. The secretary met with social activists championing the emancipation of Indian women, captains of industry who have fast-tracked India's economic growth, and groups of students in Delhi. "But the most crucial element of bilateral exchange on which India needed reassurance ? ie, strong words on Pakistani support for terror against India ? were missing. To the contrary, Clinton made it clear that Washington is pretty pleased with Pakistan's performance in the 'war on terror,' and that the primary American concern is the Pakistani nuclear inventory, secure for now." Meanwhile, shortly before Mrs Clinton's departure the media spotlight suddenly shifted to a courtroom drama in Mumbai when Mohammad Ajmal Amir "Kasab" reversed his plea and confessed to his role in the Mumbai attacks. "The sole surviving gunman in last year's Mumbai terror attacks may have sealed his fate with a dramatic courtroom confession Monday, but Pakistan's determination and ability to dismantle the group that plotted the assault remains an open question," The Wall Street Journal reported. "Pakistan, after initially denying that any of its citizens took part in the assault that left more than 170 people dead, has in the past six months sought to convince India and the US that it is doing everything in its power to shut down the group thought to be responsible, Lashkar-i-Taiba. "'The Pakistani nation and its government fully understand the enormity of the challenge,' said Farahnaz Ispahani, a spokeswoman for Pakistani president Asif Ali Zardari. 'This nation has paid in blood for its commitment against terrorism.' "Five of the alleged plotters arrested in Pakistan weeks after the attack are to go on trial in the coming days. Pakistani officials say prime minister Yousuf Raza Gilani earlier this month gave his Indian counterpart a dossier detailing what Islamabad knows about Lashkar's involvement in the attack."

pwoodward@thenational.ae

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

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.”

2025 Fifa Club World Cup groups

Group A: 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.

 

 

Results
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If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

RESULTS

6.30pm Handicap (TB) $68,000 (Dirt) 1,200m

Winner Canvassed, Par Dobbs (jockey), Doug Watson (trainer)

7.05pm Meydan Cup – Listed Handicap (TB) $88,000 (Turf) 2,810m

Winner Dubai Future, Frankie Dettori, Saeed bin Suroor

7.40pm UAE 2000 Guineas – Group 3 (TB) $125,000 (D) 1,600m

Winner Mouheeb, Ryan Curatolo, Nicholas Bachalard

8.15pm Firebreak Stakes – Group 3 (TB) $130,000 (D) 1,600m

Winner Secret Ambition, Tadhg O’Shea, Satish Seemar

9.50pm Meydan Classic – Conditions (TB) $$50,000 (T) 1,400m

Winner Topper Bill, Richard Mullen, Satish Seemar

9.25pm Dubai Sprint – Listed Handicap (TB) $88,000 (T) 1,200m

Winner Man Of Promise, William Buick, Charlie Appleby

Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
​​​​​​​Penguin 

Cricket World Cup League Two

Oman, UAE, Namibia

Al Amerat, Muscat

 

Results

Oman beat UAE by five wickets

UAE beat Namibia by eight runs

 

Fixtures

Wednesday January 8 –Oman v Namibia

Thursday January 9 – Oman v UAE

Saturday January 11 – UAE v Namibia

Sunday January 12 – Oman v Namibia

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Zayed%20Centre%20for%20Research
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SQUADS

Pakistan: Sarfraz Ahmed (capt), Azhar Ali, Shan Masood, Sami Aslam, Babar Azam, Asad Shafiq, Haris Sohail, Usman Salahuddin, Yasir Shah, Mohammad Asghar, Bilal Asif, Mir Hamza, Mohammad Amir, Hasan Ali, Mohammad Abbas, Wahab Riaz

Sri Lanka: Dinesh Chandimal (capt), Lahiru Thirimanne (vice-capt), Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Sadeera Samarawickrama, Roshen Silva, Niroshan Dickwella, Rangana Herath, Lakshan Sandakan, Dilruwan Perera, Suranga Lakmal, Nuwan Pradeep, Vishwa Fernando, Lahiru Gamage

Umpires: Ian Gould (ENG) and Nigel Llong (ENG)
TV umpire: Richard Kettleborough (ENG)
ICC match referee: Andy Pycroft (ZIM)