India steps up security as farmers take to New Delhi's streets


Taniya Dutta
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Police in New Delhi have tightened security and put up concrete barricades on the roads in an attempt to block thousands of farmers converging on India's capital on Monday for a day-long protest.

The Samyukt Kisan Morcha, an umbrella body of 40 farmer organisations, called for a protest to demand the proper introduction of a minimum support price (MSP) for crops.

It has also called for measures to make all farmers debt-free and the withdrawal of all criminal charges against protesters involved in the year-long movement.

“It will be a one-day programme which will be conducted with complete peace and discipline,” the farmers' body said.

“If the government tries to create any kind of disturbance, then the government itself will be responsible for that.”

The Samyukt Kisan Morcha is also demanding the arrest of the minister of state in the Ministry of Interior, Ajay Mishra, whose son Ashish Mishra is accused of shooting at farmers and then mowing them down with a car in Uttar Pradesh’s Lakhimpur Kheri in October last year.

Eight people, including four farmers, were killed after violence broke out during the Lakhimpur Kheri protest against new farm laws.

Farmers from northern Punjab, Haryana, Uttar Pradesh and southern Karnataka states began to arrive via train in the capital's Jantar Mantar assembly on Monday morning, wearing green turbans and carrying flags with slogans against the government.

There was a heavy police presence at Singhu border, near Haryana, and Tikri, near Uttar Pradesh’s Ghaziabad — the tension points where hundreds of thousands farmers converged and protested, for a year, against the three contentious farm laws in November 2020.

Prime Minister Narendra Modi’s government pushed the bills that sought to deal with the sale of produce in the free market, contract farming and the deregulation of food commodities.

Farmers attend a Maha Panchayat or grand village council meeting as part of a farmers' protest against what they say are unfulfilled promises by the government, in New Delhi. Reuters
Farmers attend a Maha Panchayat or grand village council meeting as part of a farmers' protest against what they say are unfulfilled promises by the government, in New Delhi. Reuters

The government termed the laws “historic” and the “biggest reforms” in the agriculture sector but was forced to roll them back after unrelenting protests by farmers who said they were not in their best interests.

The farmers also said protests would continue until legislation to guarantee minimum prices was passed.

A three-kilometre traffic jam ensued at the Delhi-Ghazipur border as commuters headed for New Delhi were stuck due to barricades set up.

Rakesh Tikait, a top protest leader who led the demonstration at Delhi’s Gazipur border, said he was detained by police when he entered the city to participate in the protests on Sunday.

“The Delhi Police working on the behest of the government cannot suppress the voice of the farmers. This arrest will bring a new revolution. This struggle will continue till the last breath,” Mr Tikait said.

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UAE currency: the story behind the money in your pockets
Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

World record transfers

1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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.”

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The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

The specs
 
Engine: 3.0-litre six-cylinder turbo
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Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Match info

Manchester United 1
Fred (18')

Wolves 1
Moutinho (53')

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Baby Driver

Director: Edgar Wright

Starring: Ansel Elgort, Kevin Spacey, Jamie Foxx, Lily James

Three and a half stars

Padmaavat

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Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

THREE
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Updated: August 22, 2022, 3:21 PM