Supporters of Tamil Nadu chief minister Jayalalithas Jayaram keep vigil outside the hospital in Chennai where she is being treated on December 4, 2016. Arun Sankar / AFP
Supporters of Tamil Nadu chief minister Jayalalithas Jayaram keep vigil outside the hospital in Chennai where she is being treated on December 4, 2016. Arun Sankar / AFP
Supporters of Tamil Nadu chief minister Jayalalithas Jayaram keep vigil outside the hospital in Chennai where she is being treated on December 4, 2016. Arun Sankar / AFP
Supporters of Tamil Nadu chief minister Jayalalithas Jayaram keep vigil outside the hospital in Chennai where she is being treated on December 4, 2016. Arun Sankar / AFP

South Indian politician Jayalalithaa suffers cardiac arrest


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New Delhi // The ailing chief minister of southern India’s Tamil Nadu state, Jayalalithaa Jayaram, has suffered a cardiac arrest only days after she handed many of her responsiblities to a deputy because of illness.

“CM [Jayaram], who is undergoing treatment at Apollo Hospitals, suffered a cardiac arrest this evening,” Dr Subbaiah Viswanathan from the hospital said on Sunday.

“She is being treated and monitored by a team of experts, including cardiologists, pulmonologist and critical care specialists.”

Ms Jayalalithaa, 68, was admitted to hospital on September 22 suffering from fever and dehydration and has been on respiratory support.

Authorities have said little about the state of the hugely popular politician after several of her supporters resorted to self-harm when she was jailed briefly in 2014 on charges of corruption.

Her latest medical setback comes only days after doctors and senior leaders from her regional party talked about her recovery and imminent return to active political duties.

A former movie star, Ms Jayalalithaa is known to fans simply as Amma (Mother) thanks to a series of highly populist schemes and election-time freebies including electric blenders, goats and small amounts of gold.

Over the last few weeks, some of her fans and supporters have resorted to extreme steps while praying for her good health and speedy recovery.

Some have performed sacrifices to try to change her fate. Recent images in the local media showed scores of children with metal arrows piercing their cheeks and holding her photo as they prayed for her recovery.

Soon after reports of her cardiac arrest, news channels showed her supporters, particularly women, crying publicly and gathering in their hundreds outside the hospital.

* Agence France-Presse

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Rating: 1/5

UK-EU trade at a glance

EU fishing vessels guaranteed access to UK waters for 12 years

Co-operation on security initiatives and procurement of defence products

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Smoother border management with use of e-gates

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Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain

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RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

The biog

Favourite book: You Are the Placebo – Making your mind matter, by Dr Joe Dispenza

Hobby: Running and watching Welsh rugby

Travel destination: Cyprus in the summer

Life goals: To be an aspirational and passionate University educator, enjoy life, be healthy and be the best dad possible.

Florida: The critical Sunshine State

Though mostly conservative, Florida is usually always “close” in presidential elections. In most elections, the candidate that wins the Sunshine State almost always wins the election, as evidenced in 2016 when Trump took Florida, a state which has not had a democratic governor since 1991. 

Joe Biden’s campaign has spent $100 million there to turn things around, understandable given the state’s crucial 29 electoral votes.

In 2016, Mr Trump’s democratic rival Hillary Clinton paid frequent visits to Florida though analysts concluded that she failed to appeal towards middle-class voters, whom Barack Obama won over in the previous election.

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.”