Indian sacrifices keep the West supplied with hair extensions


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CHENNAI // Strong religious belief and spirituality, coupled with sky-rocketing demand from western women, have made India the world leader in the hair extension trade.
The country has long been the world's biggest exporter of human hair, and companies involved in the sector estimate that the business is worth up to 8.5 billion rupees (Dh735 million) a year.
Hair is offered as a sacrifice to the hundreds of thousands of gods in the Hindu pantheon for reasons as diverse as seeking to ward off ill-health to wanting to bring luck and fortune.
The practice is common in southern India, especially at temples in Tamil Nadu state, where people from all over the country come to be shaved.
But those in the hair trade that feed off the ritual fear for the future, as modern India changes on the back of its recent economic boom, opening up the vast country to more secular, consumerist pursuits and outside influences.
George Cherian, the chief executive of Raj Hair International in the state capital, Chennai, said: "There has been a change or trend in the reduction of the younger generation going to the temple and tonsuring their hair. They might cut their hair length half-way through but not necessarily fully shave their hair."
For now though, business remains brisk. On a religious festival day, up to 1,000 people, including 50 to 60 women, undergo the ritual at the Tiruttani temple north of Chennai.
Indian women like Anandi Perumalswamy are the mainstay of the industry, even if their lives are a world away from the fancy salons in the United States and Europe, where demand for hair extensions is highest.
"Our favourite god is Lord Muruga. We had lots of problems, like debt, many types of problems," said Perumalswamy, a 45-year-old mother of two.
"I had prayed for my son to get married. I had promised that if he gets married, then I would offer my hair."
The marriage took place a few months ago and so she came to Tiruttani to uphold her part of the bargain.
Tonnes of tresses are cut every day and mostly sold at auction to wholesalers, which then prepare and export them for use across the world.
The practice has even become a lucrative sideline for temples, who use the money raised for charitable activities. Some suppliers have also gone into business themselves, cutting out the need for wholesalers.
The vogue for hair extensions among Hollywood actresses such as Gwyneth Paltrow and other celebrities has pushed up demand. Cheaper synthetic hair was popular in the 1990s and caused a slump in business for Indian firms but human hair is now favoured, adding to its market value.
One kilogram of Indian hair fetches on average $250 (Dh900); 15 years ago the cost was $20 a kilo, Mr Cherian said.
The most expensive type is "remy" hair, which is shaved directly from the scalp. It makes up 25 per cent of the market; "non-remy" hair, which accounts for the rest, comes from comb waste.
"Indian hair is the most sought after for the only reason that it belongs to the Caucasian race to start with," said Mr Cherian said.
"And the natural colour, black, matches the hair colour of the Africans as well as, when bleached, the colour of the Europeans or the Americans."
The end product is supplied to women such as Fereena West, who goes to the ColourNation salon in central London, where a full head of natural Indian hair can cost more than $3,000 and take up to four hours to put in.
Ms West, a 25-year-old part-time model, said: "The hair extensions that I get, they're quality. They're 100 per cent human hair and they are quite expensive but you have to pay for what you get."

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Multitasking pays off for money goals

Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.

That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.

"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.

Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."

People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.

"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."

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Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification

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Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

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Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

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Studying addiction

This month, Dubai Medical College launched the Middle East’s first master's programme in addiction science.

Together with the Erada Centre for Treatment and Rehabilitation, the college offers a two-year master’s course as well as a one-year diploma in the same subject.

The move was announced earlier this year and is part of a new drive to combat drug abuse and increase the region’s capacity for treating drug addiction.

GULF MEN'S LEAGUE

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Gender equality in the workplace still 200 years away

It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.

The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.

But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.

At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.

The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.

After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.

Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.

And the number of women in leadership roles has risen to 34 per cent globally, WEF said.

At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.

And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.

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UAE currency: the story behind the money in your pockets

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UAE currency: the story behind the money in your pockets
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