Indian prime minister Narendra Modi gestures as he delivers his Independence Day speech from The Red Fort in New Delhi on August 15. AFP Photo
Indian prime minister Narendra Modi gestures as he delivers his Independence Day speech from The Red Fort in New Delhi on August 15. AFP Photo

Corruption eating away at India ‘like a termite’: Modi



NEW DELHI // Prime minister Narendra Modi warned on Saturday that corruption was eating away at India “like a termite” as he used an independence day speech to pledge his commitment to eradicating graft and poverty.

In an address from Delhi’s Red Fort, Mr Modi sought to silence growing doubts about his leadership after key reforms stalled in a rancorous parliament session dogged by allegations of corruption involving some of his top lieutenants.

Mr Modi also warned against the “poison” of communalism in a wide-ranging speech that lasted for more than an hour.

But it was his comments on the dangers posed by corruption that drew most attention, including his admission that the problem went right to the top.

“I want to reaffirm that this nation will get rid of corruption. We can rid the country of corruption, we have to start from the top,” said Mr Modi.

“Corruption is like a termite, it spreads slowly, reaches everywhere, but it can be beaten with timely injections.”

Mr Modi’s speech comes after some of the most senior figures in his Bharatiya Janata Party became embroiled in corruption scandals, including foreign minister Sushma Swaraj and the chief ministers of Rajasthan and Madhya Pradesh states.

The scandals have been particularly embarrassing as Mr Modi’s election win last year was built in part on a pledge to clean up government after a series of scams under the previous Congress administration.

Mr Modi said there had been no cases of money being siphoned off on his watch and that a new law on declaring income had led to the disclosure of around one billion dollars in hitherto hidden assets which will now be liable to tax.

Other economic reforms however have snagged in parliament, including a national sales tax that the government sees as crucial to firing up growth.

While the economy is growing at around 7.5 per cent, it still needs to pick up pace to elevate the hundreds of millions of people still mired in poverty in the world’s second most populous nation.

* Agence France-Presse

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Director: S Shankar

Producer: Lyca Productions; presented by Dharma Films

Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey

Rating: 3.5/5 stars

How being social media savvy can improve your well being

Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.

As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.

Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.

Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.

Torrena said that “most people believe that dieting and keeping fit is boring”.

However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.

“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.

People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.

The specs

Engine: 4 liquid-cooled permanent magnet synchronous electric motors placed at each wheel

Battery: Rimac 120kWh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry

Power: 1877bhp

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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
MATCH INFO

Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')

Leeds United 3 (Harrison 12', Bamford 30', Klich 66')

Man of the match Mohamed Salah (Liverpool)

Pearls on a Branch: Oral Tales
​​​​​​​Najlaa Khoury, Archipelago Books

'Gold'

Director:Anthony Hayes

Stars:Zaf Efron, Anthony Hayes

Rating:3/5

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The specs

Engine: 1.5-litre turbo

Power: 181hp

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Transmission: 6-speed automatic

Starting price: Dh79,000

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A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

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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.”