India rejects security concerns over Commonwealth Games


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NEW DELHI // Commonwealth Games Federation chief Michael Fennell dismissed security concerns over Delhi 2010 after an Australian Olympic great warned of a Munich-style attack. The remarks from Dawn Fraser referring to the 1972 Munich Olympics massacre, in which 11 Israelis were killed by Palestinian militants, were condemned in her own country and caused anger in India. "Security has been on top of the agenda ever since we started preparations," Fennell told a packed media conference at the end of his two-day visit to inspect venues for the October 3-14 Games. "Security is of prime importance at any international event, and I can say the arrangements, planning and intelligence of those who deal with it in India are top-class. "We held a security briefing for the participating nations in end-July and I am happy to say there was an endorsement of the measures being taken by Indian authorities." Reacting to Fraser's comments, Fennell said: "I don't think Miss Fraser knows what is happening in India and her comments have already been refuted in Australia." Australia's Commonwealth Games chief rebuked 73-year-old Fraser, a triple Olympic 100m swimming freestyle champion, for her comments, which urged athletes to boycott the event. Perry Crosswhite, who was in Munich in 1972 as a member of Australia's basketball team, said Fraser was overplaying the threat. "I don't think Dawn's been to Delhi recently and I don't think she has the information we have, if she did I don't think she would have made the comments she did," Crosswhite told reporters. "We believe at this stage it will be safe and it will be secure." Fraser, in an interview with Australia's The Daily Telegraph newspaper, warned about food and sanitation in New Delhi and implied the Indian authorities could not be trusted with security. "I would hate to see another Munich, but with things getting worse and worse I have grave concerns. Can they prevent it?" she said. Fennell, however, appeared to agree with Fraser on the sanitation when he told reporters that the athletes' village lacked hygiene and cleanliness. "The village is the heartbeat of the Games and we have to ensure the welfare of our guests is taken care of," Fennell said. "I feel some buildings in the village could have been done better. The international zone of the village, like the dining room and kitchen, is behind time. "The sanitation has to improve and the hygiene has to be of the highest standards. There is need to address the roads around the village, the landscaping and the cleanliness. "Not enough attention is being paid to cleaning the area in and around the village." Fennell, who also inspected all 17 sports venues for the Games, said he was pleased with the progress that had been made. "I am satisfied to tell you that, by and large, all the venues are complete," he said. "Some remedial work still needs to be done, but that is nothing new six weeks ahead of a major event. "I leave Delhi feeling reassured that the preparations are solid, but I also leave with the knowledge that a tremendous amount still needs to be done," he said. Fennell was given a taste of the difficulties that workers faced as heavy rain flooded the city on Thursday, jamming roads, and many of the numerous building sites dotted across the city were quickly under water. With just 45 days to go, public sentiment has turned against the three-billion-dollar event that has been marred by charges of rampant corruption, dubious contracts and poor workmanship. Congress party president Sonia Gandhi waded into the Games debate for the first time on Thursday, urging ruling party colleagues to ensure the event was a success and warning of severe penalties for anyone involved in wrongdoing. "The success of the Games is that of our country -- not of any party or of an individual," Gandhi told the Congress parliamentary party. "The prestige of the nation is involved. "Let us not forget this even as we take steps to ensure accountability. I trust that as soon as the Games are over, the government will look into the allegations of malpractice and spare no one found to be involved in them." Two major state-run power firms, NTPC and Powergrid, withheld eight million dollars of combined sponsorship and demanded an audit of the four million dollars they had already put into the event. "The reporting of corruption has been of great concern for the CGF," Fennell said. "It needs to be thoroughly investigated by the Indian authorities." * Agence France-Presse

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

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.”

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Sunday's games

Liverpool v West Ham United, 4.30pm (UAE)
Southampton v Burnley, 4.30pm
Arsenal v Manchester City, 7pm

Brief scores:

Scotland 371-5, 50 overs (C MacLeod 140 no, K Coetzer 58, G Munsey 55)

England 365 all out, 48.5 overs (J Bairstow 105, A Hales 52; M Watt 3-55)

Result: Scotland won by six runs

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

How the UAE gratuity payment is calculated now

Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

Note: The maximum figure cannot exceed two years total salary figure.

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

UAE squad

Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.

BUNDESLIGA FIXTURES

Friday (All UAE kick-off times)

Borussia Dortmund v Eintracht Frankfurt (11.30pm)

Saturday

Union Berlin v Bayer Leverkusen (6.30pm)

FA Augsburg v SC Freiburg (6.30pm)

RB Leipzig v Werder Bremen (6.30pm)

SC Paderborn v Hertha Berlin (6.30pm)

Hoffenheim v Wolfsburg (6.30pm)

Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)

Sunday

Cologne v Bayern Munich (6.30pm)

Mainz v FC Schalke (9pm)