Public transport and banking services have been disrupted by sporadic street demonstrations marking the first day of a nationwide strike by Indian trade unions.
The unions are protesting against what they call Prime Minister Narendra Modi’s “anti-people” policies.
Trade unions said millions of workers from state-run railways, roads, power stations, coal mining, steel production, oil and telecoms were part of the strike, saying Mr Modi’s policies were affecting “workers, farmers and the general public”.
At least two people were injured as hundreds of protesters tried to halt train services in West Bengal state where cases of vandalism were also reported on Monday. Government workers launched a two-day nationwide strike to press for their demands.
“The government has brought the lives and livelihoods of the entire people and the country’s economy to the brink of disaster … the resistance is against the anti-worker, anti-farmer, anti-people, pro-corporate and anti-national destructive policies,” a statement by 10 central trade unions said before Monday’s strike.
Union leaders said the call to for action had received a “good response”.
The unions have put forth a long list of demands, including the scrapping of labour codes, halting privatisation of state assets while demanding the regularisation of contractual workers.
The unions have also demanded an increase in the wages of workers hired under a government scheme that guarantees at least 100 days of employment in rural India, known as the Mahatma Gandhi National Rural Employment Guarantee.
The strike partially affected the country’s banking system. Employees of state-run banks have stayed away from work over government plans to privatise state-owned financial institutions that are facing an increased burden of failed loans.
Banking chaos
Several banks shut their branches over the 48-hour protest call, disrupting day-to-day work across the country.
Transactions at many public sector banks were hit and cheque clearances were delayed though most private banks operated smoothly.
“We want the government to take effective measures to recover non-performing assets. Sometimes people flee the country and the government is unable to bring them back … then there is the issue of privatisation,” Jaiprakash Sharma, vice president of the All India Bank Employees Association, told The National.
Mr Sharma said the government believes the policies are correct but the strike will affect their assessment.
About 8,000 workers at a government-owned 7.5 million-tonne capacity steel plant in southern Andhra Pradesh state did not report to work, affecting the production at the centre that produces 18,000 tonnes of metal daily.
In neighbouring Kerala state, where the State High Court declared the strike illegal, a majority of government offices remained closed as streets across the coastal state were deserted in the absence of public transport on Monday.
Amerjeet Kaur, general secretary of the All India Trade Union Congress, the country’s oldest trade union federation with an estimated 14.2 million members, said the strike had a “good response”.
In eastern West Bengal, railway tracks were blocked by angry protesters amid several incidents of vandalism, while a huge rush was witnessed on Chennai’s metro services as state-run buses remained off the roads.
Train services across the country remained largely unaffected.
The government had issued advisories to states to ensure essential services such as electricity remained unaffected by the strike but did not comment on unions’ allegations of pursuing “anti-people” policies.
Mr Modi’s Hindu nationalist Bharatiya Janata Party government has been a vocal supporter of the privatisation of state companies, privatising several entities since coming to power in 2014, including Air India, which was bought by Tata Group in January 2022.
Last month, Mr Modi reiterated this policy, saying the “government had no business to do business” while asserting the government’s primary job was to work for the welfare of its citizens.
The government in September launched a four-year National Monetisation Pipeline policy to lease “idle” public assets, such as national highways, gas pipelines, airports and railway stations, to private contractors to generate revenue.
The move triggered criticism from opposition parties and trade unions who claimed the government was “selling” state assets to the private players.
The two-day strike is one the biggest in months and comes weeks after Mr Modi’s party won crucial state elections, victories it said showed public faith in its “pro-people” and “pro-development agenda”.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Company%20profile
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Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
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.”
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
Profile
Name: Carzaty
Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
Employees: 22
Based: Dubai and Muscat
Sector: Automobile retail
Funding to date: $5.5 million
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
More from Rashmee Roshan Lall
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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The five pillars of Islam
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The specs: 2018 Range Rover Velar R-Dynamic HSE
Price, base / as tested: Dh263,235 / Dh420,000
Engine: 3.0-litre supercharged V6
Power 375hp @ 6,500rpm
Torque: 450Nm @ 3,500rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 9.4L / 100kms
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
The specs: 2018 Harley-Davidson Fat Boy
Price, base / as tested Dh97,600
Engine 1,745cc Milwaukee-Eight v-twin engine
Transmission Six-speed gearbox
Power 78hp @ 5,250rpm
Torque 145Nm @ 3,000rpm
Fuel economy, combined 5.0L / 100km (estimate)