India saw a day of extravaganza for thousands of supporters of Prime Minister Narendra Modi on Friday, who lit 71,000 earthen lamps, cut a 71-feet-long cake and prepared a giant 71-kilogram traditional sweet to celebrate his 71st birthday.
Mr Modi, a right-wing Hindu nationalist, is counted as independent India’s most powerful and popular leader, whose strongman image has won him hordes of friends and detractors in the culturally and religiously diverse country of 1.4 billion people.
#HappyBdayModiji --’Ji’ an honorific used to show respect — was trending on Twitter and Facebook, with the Prime Minister’s colleagues and supporters showering him with praise and praying for his long life.
Even opposition leaders, including his arch rival and critic from Congress party, Rahul Gandhi congratulated him on Twitter, along with greetings from Tibetan spiritual leader Dalai Lama.
Members of his ruling Bharatiya Janata Party (BJP) organised scores of Hindu fire rituals to celebrate the leader’s birthday and pledged to support his endeavours.
One artist created an 2.4-metre-long portrait of Mr Modi using food grains and another made a giant sand sculpture with seashells.
His Hindu nationalist party will organise blood donation camps, cleanliness drives and distribute 140 million food packets with his photograph over the next three weeks to commemorate the birthday and his two-decades in public life.
Some 50 million “Thank You” postcards will be sent to him by his party workers as an acknowledgement for his contribution to the country.
The government also arranged for 22 million people to receive a Covid-19 vaccine on Friday, out of a target of 25 million.
The new record surpassed the previous record of 13 million vaccines against Covid-29 on September 1.
India has administered 780 million cumulative vaccines including second doses
Known for his oratory skills, charismatic personality, tech-savvy and somewhat “no-nonsense” approach to government, Mr Modi steered his party to an overwhelming second straight win in national elections in 2019, pushing India’s grand-old Congress party to the margins.
Mr Modi cancelled the celebrations last year as the country was reeling under the coronavirus pandemic, but many see this year’s bash as part of a reaching out to the public after Mr Modi’s approval ratings took a hit over his government’s handling of the second coronavirus wave.
"It is quite a spectacle and we have not seen anything on this scale before. This is not even a milestone birthday as he turned 71. Clearly, all these poll ratings and the general murmur on the ground shows that his popularity has dipped considerably over the last two years, particularly after the pandemic and the second wave this year...lots of death, terrible mismanagement," said Arathi Jerath, a Delhi based political analyst.
"This is an effort to shore up his popularity, build up his image but this creation of a personality cult that we have not seen in India before."
India was battered by the pandemic between March and June, when millions of people were infected and its healthcare system almost collapsed.
Many blamed Mr Modi’s government after it prematurely claimed victory over the virus in January.
Mr Modi has been lauded by his supporters for clean and efficient government and many have seen him as a saviour with the ability to rid the country of poverty, corruption and bring economic prosperity.
But the pandemic, coupled with a flailing economy, unemployment and divisive politics have eclipsed his popularity in recent years.
Opposition parties marked his birthday with public protests over decades-high unemployment numbers and record fuel and food prices under Mr Modi’s seven-year rule.
Born Narendra Damodardas Modi in 1950 in western Gujarat state’s Vadnagar district, Mr Modi had a humble upbringing, with his father running a tea stall at a local railway station.
As a teenager, he was inspired by the ideology of Rashtriya Swamsevak Sangh, a powerful Hindu paramilitary organisation, and at 20, he renounced material life, even abandoning his teenage wife.
He dedicated his life to spreading RSS ideology before plunging into active politics, with RSS’s political arm, the BJP.
In 2001, he went on to serve Gujarat as its chief minister for nearly 13 years.
Mr Modi rose to the national stage in 2013 after he was declared as BJP’s prime ministerial candidate for the 2014 elections despite a controversial past, including his alleged role in the anti-Muslim pogrom in Gujarat in 2002, when he headed the state.
But his strong Hindu icon image gave the party a stunning victory in the world’s largest democracy.
Since becoming Prime Minister, Mr Modi has pushed bold policies such as opening the country to foreign investment, universal healthcare and encouraging local manufacturing to make the country a $5 trillion economy.
But many of his ambitious policies have turned sour, including the farm reform that triggered continuing protests by farmers across the country.
He is also blamed for hurting the Indian economy through his sudden decision to ban high-value 500 and 1000 rupee notes in 2016, and for rolling out a flawed Goods and Services Tax in 2017.
He recently faced flak over building a multi-billion-dollar residence for himself in Delhi under his ambitious $2.8 billion Central Vista Project.
The project aims to construct a new parliament building and repurpose British-era government buildings in the capital, causing much furore among historians.
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
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.”
Basquiat in Abu Dhabi
One of Basquiat’s paintings, the vibrant Cabra (1981–82), now hangs in Louvre Abu Dhabi temporarily, on loan from the Guggenheim Abu Dhabi.
The latter museum is not open physically, but has assembled a collection and puts together a series of events called Talking Art, such as this discussion, moderated by writer Chaedria LaBouvier.
It's something of a Basquiat season in Abu Dhabi at the moment. Last week, The Radiant Child, a documentary on Basquiat was shown at Manarat Al Saadiyat, and tonight (April 18) the Guggenheim Abu Dhabi is throwing the re-creation of a party tonight, of the legendary Canal Zone party thrown in 1979, which epitomised the collaborative scene of the time. It was at Canal Zone that Basquiat met prominent members of the art world and moved from unknown graffiti artist into someone in the spotlight.
“We’ve invited local resident arists, we’ll have spray cans at the ready,” says curator Maisa Al Qassemi of the Guggenheim Abu Dhabi.
Guggenheim Abu Dhabi's Canal Zone Remix is at Manarat Al Saadiyat, Thursday April 18, from 8pm. Free entry to all. Basquiat's Cabra is on view at Louvre Abu Dhabi until October
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
The%20specs
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What is a robo-adviser?
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.
Banthology: Stories from Unwanted Nations
Edited by Sarah Cleave, Comma Press
MATCH INFO
Osasuna 1 Real Madrid 4
Osasuna: García (14')
Real Madrid: Isco (33'), Ramos (38'), Vázquez (84'), Jovic (90' 2)
Persuasion
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ECarrie%20Cracknell%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EDakota%20Johnson%2C%20Cosmo%20Jarvis%2C%20Richard%20E%20Grant%2C%20Henry%20Golding%20and%20Nikki%20Amuka-Bird%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%201.5%2F5%3C%2Fp%3E%0A
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
More from Neighbourhood Watch:
Hunger and Fury: The Crisis of Democracy in the Balkans
Jasmin Mujanović, Hurst Publishers
Uefa Champions League last 16 draw
Juventus v Tottenham Hotspur
Basel v Manchester City
Sevilla v Manchester United
Porto v Liverpool
Real Madrid v Paris Saint-Germain
Shakhtar Donetsk v Roma
Chelsea v Barcelona
Bayern Munich v Besiktas
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
UAE currency: the story behind the money in your pockets
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
One in four Americans don't plan to retire
Nearly a quarter of Americans say they never plan to retire, according to a poll that suggests a disconnection between individuals' retirement plans and the realities of ageing in the workforce.
Experts say illness, injury, layoffs and caregiving responsibilities often force older workers to leave their jobs sooner than they'd like.
According to the poll from The Associated Press-NORC Centre for Public Affairs Research, 23 per cent of workers, including nearly two in 10 of those over 50, don't expect to stop working. Roughly another quarter of Americans say they will continue working beyond their 65th birthday.
According to government data, about one in five people 65 and older was working or actively looking for a job in June. The study surveyed 1,423 adults in February this year.
For many, money has a lot to do with the decision to keep working.
"The average retirement age that we see in the data has gone up a little bit, but it hasn't gone up that much," says Anqi Chen, assistant director of savings research at the Centre for Retirement Research at Boston College. "So people have to live in retirement much longer, and they may not have enough assets to support themselves in retirement."
When asked how financially comfortable they feel about retirement, 14 per cent of Americans under the age of 50 and 29 per cent over 50 say they feel extremely or very prepared, according to the poll. About another four in 10 older adults say they do feel somewhat prepared, while just about one-third feel unprepared.
"One of the things about thinking about never retiring is that you didn't save a whole lot of money," says Ronni Bennett, 78, who was pushed out of her job as a New York City-based website editor at 63.
She searched for work in the immediate aftermath of her layoff, a process she describes as akin to "banging my head against a wall." Finding Manhattan too expensive without a steady stream of income, she eventually moved to Portland, Maine. A few years later, she moved again, to Lake Oswego, Oregon. "Sometimes I fantasise that if I win the lottery, I'd go back to New York," says Ms Bennett.
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.
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
