An Indian shopkeeper arranges mangoes in a fruit market in Mumbai on May 3. India recognizes the mango as its national fruit and is the world's largest mango producer. Rajanish Kakade / AP
An Indian shopkeeper arranges mangoes in a fruit market in Mumbai on May 3. India recognizes the mango as its national fruit and is the world's largest mango producer. Rajanish Kakade / AP

Mango lovers reap the fruits of European ban



NEW DELHI // Coming soon to a supermarket near you: the king of fruit, Alphonso mangoes from India, at half price or less.

The bonanza for mango aficionados is a consequence of a sudden import ban by the European Union that took effect on Thursday.

Despite a poor harvest this year because of a long winter followed by a sudden heatwave, the ban leaves growers with a potential glut.

“We’ll send more batches to the Middle East, maybe. They’re very popular in the UAE,” said Prakash Pednekar, a grower of organic Alphonsos in Ratnagiri, in the state of Maharashtra.

“And we’ll also sell them more right here in India. The price of the Alphonso has fallen over the last three days or so.”

The Alphonso is India’s pride and joy, with a passionate following around the world. The mango’s two-month season is awaited with breathless greed, the anticipation further sweetening the mango’s rich, buttery flesh. This exalted status explains the consternation caused by the EU ban. Along with all Indian mangoes, the EU has forbidden the import of four vegetables because of “significant shortcomings” in the sanitary conditions of raw plant products from India.

The United Kingdom, which pushed for the ban after more than 200 consignments of fruit and vegetables from India to Europe last year were found to be contaminated by fruit flies and other pests, argued that these pests could damage its tomato and cucumber crops.

But none of the four banned vegetables – the aubergine, the taro, the bitter gourd and the snake gourd – has triggered the political and media reaction that the Alphonso has.

“Imagine sacrificing the king of fruits for salad!” the Times of India wrote in an editorial.

“Alphonsos being Alphonsos, Europeans themselves might take up the issue with their government, lest they miss out on the delicious king of fruits,” the New Indian Express said.

In London, parliamentarian Keith Vaz, who is of Indian origin, called the ban “Euro-nonsense and bureaucracy gone mad”, saying “Indian mangoes have been imported to Britain for centuries”.

Mr Vaz later announced that the ban on Indian mangoes would be debated in the House of Commons this week.

Last year, Britain imported 3,304 tonnes of Indian mangoes, according to India’s Agricultural and Processed Food Products Export Development Authority (Apeda).

In a letter to the EU trade commissioner, India’s commerce minister Anand Sharma warned of repercussions from the ban, hinting that “such measures … would not inspire confidence amongst our agricultural community for a long-term engagement”.

India exported 55,584 tonnes of mangoes last year – Alphonsos as well as other varieties – and earned revenue of 2.65 billion rupees (Dh162m) in the process, according to Apeda, with the EU accounting for approximately 10 per cent of these exports.

The mango is an old native of India, but the Alphonso cultivar owes its name and existence to Afonso de Albuquerque, a Portuguese nobleman who led his country’s fleets to India in the early 1500s. It was the Portuguese who introduced the technique of tree-grafting, from which the Alphonso was created.

Grown primarily in western India, the best Alphonso mangoes are small, plump and have a green tinge to their golden skin. Their pulp is so juicy that eating them is invariably a delicate process.

“You can’t eat the Alphonso without getting just a little messy,” the English actor Terence Stamp once told The Spectator magazine, explaining why he tended to eat the mango in his bathtub.

The pure sweetness of the Alphonso remains embedded in the memories of people who eat them. The late Bengali poet and Nobel laureate Rabindranath Tagore, once described an elderly man in his memoirs as “a perfectly ripe Alfonso mango – not a trace of acid or coarse fibre in his composition”.

Among the 400 or so varieties of mango, the Alphonso alone provokes long and fervent discussions on Chowhound, the online bulletin board for foodies across the world. The approach of the Alphonso season sends ripples of excitement among users, with aficionados swapping information about availability.

“Don’t wanna alarm anyone, but I just picked up a case of Alphonso mangos on the Gerrard East strip. It’s on people,” a user in Vancouver wrote last month.

The EU ban on imports is an unwelcome development, said Mr Pednekar, the grower in Maharashtra.

However, the ban, which runs until December 2015, will not devastate mango farmers this year.

“We had an extended winter, and then it turned hot very quickly,” Mr Pednekar said. “So all across this area, the Konkan belt as we call it, the harvest has been quite low. The plants flowered well, but they didn’t bear as many fruit as usual.”

Demand for Alphonsos across the world remains high, he said.

As the summer heats up, the shelf life of mangoes grows shorter, further depressing their market price, and export-quality Alphonsos might be found for just half their regular retail price.

According to India’s National Horticulture Board, the wholesale price of the Alphonso fell in April from 68-92 rupees a kilo to 40-50 rupees.

Since the EU ban took effect, prices have slid further to 25-30 rupees per kilo in some parts of India.

ssubramanian@thenational.ae

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Uefa Champions League final:

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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.”

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Three ways to limit your social media use

Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.

1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.

2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information. 

3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.

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