Indians hold national flags and placards during a protest organized by several Muslim organizations against a new citizenship law that opponents say threatens India's secular identity in Bangalore, India. AP
Indians hold national flags and placards during a protest organized by several Muslim organizations against a new citizenship law that opponents say threatens India's secular identity in Bangalore, India. AP
Indians hold national flags and placards during a protest organized by several Muslim organizations against a new citizenship law that opponents say threatens India's secular identity in Bangalore, India. AP
Indians hold national flags and placards during a protest organized by several Muslim organizations against a new citizenship law that opponents say threatens India's secular identity in Bangalore, In

Internet restrictions ahead of fresh India protests


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Mobile internet was cut on Friday in parts of India's most populous state and thousands of riot police were deployed as authorities readied for fresh protests over a citizenship law seen as anti-Muslim.

Twenty-seven people have died in two weeks of at times violent demonstrations after Prime Minister Narendra Modi's government made it easier for non-Muslims from three countries to be naturalised.

Coupled with a mooted citizens register, it has stoked fears including in Washington and the UN rights office about the marginalisation of Muslims who make up 14 per cent of India's 1.3 billion people.

Mr Modi, facing his biggest challenge since storming to power in 2014, said on Sunday that Muslims whose "ancestors are the children of mother India" had nothing to fear.

He has also said that the citizenship law is a humanitarian move, giving refuge to persecuted religious minorities from Muslim-majority Pakistan, Bangladesh and Afghanistan.

But it has unleashed a wave of protests across the country, and not just by Muslims, with several state governments saying they will refuse to implement the legislation.

Officials in the northern state of Uttar Pradesh, where 20 per cent of people are Muslims, said they have suspended mobile internet and SMS services in 21 districts out of 75 including the state capital Lucknow.

Access to data on cellphones was only restored in many areas on Tuesday following a week-long cutoff in a country that activists say is the world leader in snapping internet access.

The state, home to India's best-known tourist site the Taj Mahal, witnessed large-scale clashes after Muslim prayers last Friday between largely Islamic protesters and police.

Nineteen people were killed, mostly from gunshot wounds. An eight-year-old child was trampled to death in a stampede in the holy city of Varanasi, Mr Modi's home constituency.

Heavy-handed police tactics have fuelled anger, with many accusing authorities of arbitrary force against dissenters.

On Friday thousands of armed policemen were patrolling Muslim-dominated localities across several districts ahead of the weekly congregational prayers.

The protests in the state, whose chief minister is a Hindu monk from Modi's right-wing Bharatiya Janata Party, are among the biggest there in decades.

Police in the state have arrested more than 1,000 people and taken more than 5,000 others into preventive custody, some of them as young as 16 according to media reports.

About 200 people have been ordered to pay compensation for damage caused to public property during the protests, failing which their assets will be confiscated.

More than 100 people have also been booked over social media posts deemed to be objectionable or misleading, with tens of thousands of messages on Twitter, Facebook and other platforms reported.

Authorities are also keeping a close eye on foreigners with a Norwegian tourist who took part in a protest in the southern state of Kerala told to leave the country, the Press Trust of India news agency reported.

This week a German student was also asked to leave after taking part in demonstrations in the southern city of Chennai, according to media reports.

Photos on social media purportedly of the student, named as Jakob Lindenthal, showed him carrying a placard saying "1933-1945 We have been there", in reference to his country's Nazi past.

TRAP

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Director: M Night Shyamalan

Rating: 3/5

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Engine: 4.0-litre twin-turbo V8

Transmission: nine-speed automatic

Power: 542bhp

Torque: 700Nm

Top speed: 291kph

Price: Dh848,000

On sale: Q2, 2020
 

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Copa del Rey

Semi-final, first leg

Barcelona 1 (Malcom 57')
Real Madrid (Vazquez 6')

Second leg, February 27

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.”

Wydad 2 Urawa 3

Wydad Nahiri 21’, Hajhouj 90'

Urawa Antonio 18’, 60’, Kashiwagi 26’

Traits of Chinese zodiac animals

Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent   

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

Results

5pm: Warsan Lake – Maiden (PA) Dh80,000 (Turf) 2,200m; Winner: Dhaw Al Reef, Sam Hitchcott (jockey), Abdallah Al Hammadi (trainer) 

5.30pm: Al Quadra Lake – Maiden (PA) Dh80,000 (T) 1,600m; Winner: Mrouwah Al Gharbia, Sando Paiva, Abubakar Daud 

6pm: Hatta Lake – Handicap (PA) Dh80,000 (T) 1,600m; Winner: AF Yatroq, George Buckell, Ernst Oertel 

6.30pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 1,600m; Winner: Ashton Tourettes, Adries de Vries, Ibrahim Aseel 

7pm: Abu Dhabi Championship – Listed (PA) Dh180,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami 

7.30pm: Zakher Lake – Rated Conditions (TB) Dh80,000 (T) 1,400m; Winner: Alfareeq, Dane O’Neill, Musabah Al Muhairi.  

Bharatanatyam

A ancient classical dance from the southern Indian state of Tamil Nadu. Intricate footwork and expressions are used to denote spiritual stories and ideas.

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Rashid & Rajab

Director: Mohammed Saeed Harib

Stars: Shadi Alfons,  Marwan Abdullah, Doaa Mostafa Ragab 

Two stars out of five 

The low down

Producers: Uniglobe Entertainment & Vision Films

Director: Namrata Singh Gujral

Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark

Rating: 2/5

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

The Bloomberg Billionaire Index in full

1 Jeff Bezos $140 billion
2 Bill Gates $98.3 billion
3 Bernard Arnault $83.1 billion
4 Warren Buffett $83 billion
5 Amancio Ortega $67.9 billion
6 Mark Zuckerberg $67.3 billion
7 Larry Page $56.8 billion
8 Larry Ellison $56.1 billion
9 Sergey Brin $55.2 billion
10 Carlos Slim $55.2 billion

Tax authority targets shisha levy evasion

The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.

Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".

The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.

He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.

"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.

As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.

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Gearbox: Seven-speed automatic

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Fuel economy, combined: 12.7L / 100km

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Euro 2020

Group A: Italy, Switzerland, Wales, Turkey 

Group B: Belgium, Russia, Denmark, Finland

Group C: Netherlands, Ukraine, Austria, 
Georgia/Kosovo/Belarus/North Macedonia

Group D: England, Croatia, Czech Republic, 
Scotland/Israel/Norway/Serbia

Group E: Spain, Poland, Sweden, 
N.Ireland/Bosnia/Slovakia/Ireland

Group F: Germany, France, Portugal, 
Iceland/Romania/Bulgaria/Hungary

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