When India's Tata Group bought Britain's ailing steelmaker Corus for about £4 billion (Dh23.94bn) nearly five years ago, many observers were nonplussed.
For many this was the empire striking back in ways that seemed unimaginable at the time of India's independence in 1947.
Then, India was a poor country, dependent on agriculture, and a recipient of food aid.
In the decades that followed, India built a state-dominated domestic industrial base in which local entrepreneurs such as Tata thrived, but their growth was severely limited because of restrictions imposed by socialist-minded leaders.
That changed in 1991, when India liberalised its economy. Within a few years, Indian businesses began making aggressive forays overseas, investing in a wide range of industries, such as cars, tea plantations, pharmaceuticals and steel manufacturing.
In 2006, the year Tata invested in Corus, Indian companies had made more than 130 acquisitions abroad,totalling an estimated US$18bn (Dh66.11bn) in value.
What sort of management would Tata provide? When Tata took over Corus, the group's head, septuagenarian Ratan Tata, reassured British unions, saying his group had a tradition of investing for the long haul, and many pointed out Tata's record of industrial relations, where strikes and strife were exceptions.
Which is why British unions, opposition Labour Party politicians, and other industry experts were surprised when Tata cut 1,500 jobs at Corus's plants in chronically depressed north-east England, in Scunthorpe and Teesside, soon after shedding 2,500 jobs in 2009.
Union leaders called the cuts "a devastating blow". The losses amounted to nearly a twelfth of the company's workforce and came on top of cuts made in 2009 at Jaguar Land Rover, the car and utility vehicle company, which Tata also owns. (In an ironic twist in the post-colonial world, Tata is now Britain's biggest manufacturing employer.)
In a sense, the cutbacks were not surprising: steel demand has been falling in the UK since 2007, and has not shown any signs of an upturn. But what many in Britain found galling were the remarks Ratan Tata was said to have made - such as British managers were lazy - in a wide-ranging interview with The Times. Since then, Mr Tata has backtracked, saying he was misreported by the newspaper.
Nonetheless, the questions Mr Tata raised - or did not raise - should be noted by British industry.
Tata executives have criticised the UK's EU-inspired environmental policies. European taxes on carbon emissions, the company said, were significantly eroding business competitiveness at a time when similar restrictions did not cramp the style of steel makers outside Europe.
But Mr Tata also condemned - allegedly - the work practices of the company's middle management. He complained about the declining British work ethic, saying managers did not "go the extra mile", compared with their Indian counterparts and expressed bewilderment over executives watching the clock.
For anyone familiar with Victorian-era colonial administrators complaining about the lazy natives, Mr Tata's remarks - alleged remarks given his later retraction - only sharpened the irony.
In India, Tata is known as a benevolent employer, with some policies that might seem distinctly old-fashioned, even patronising.
His criticism about Britain was more pointed - with him being quoted as talking of a "certain comfort level that comes from a country that has had good times".
In this, Britain is not alone: France's obsession with the 35-hour work week; the near-total shutdown of Europe during the summer months; the strict employment regulations on the continent that discourage small businesses from hiring more people; and generous welfare benefits should things go wrong, have made life for workers in Europe more cushy than their counterparts enjoy elsewhere.
The safety net has tamed the keenness workers and managers need to possess to retain their high-paying jobs. When Mr Tata calls for a resurgent national spirit, he almost sounds like a tub-thumping Tory.
British academics have rued declining UK productivity for a long time.
Economists have lamented that the country lags behind in skills upgrading and innovation. According to the latest figures available from the Organisation for Economic Co-operation and Development, in 2009 Britain ranked 15th out of the 30 OECD countries, measured by hourly output per worker.
Britain is aware of the decline and is making continuous efforts to boost its productivity and remain competitive.
Mr Tata's reported criticism drives home an important point, however, precisely the part Britain finds it hard to acknowledge - that the world has changed radically and fundamentally.
And Britain needs to watch out for competition from emerging powers such as India and China. In fact these countries are reoccupying the position they had in the global economy before the 500-year colonial interruption - a chastening reality for the western powers.
business@thenational.ae
UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
The Case For Trump
By Victor Davis Hanson
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
MATCH INFO
Chelsea 1 (Hudson-Odoi 90 1')
Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')
Man of the match: Ilkay Gundogan (Man City)
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Ibrahim's play list
Completed an electrical diploma at the Adnoc Technical Institute
Works as a public relations officer with Adnoc
Apart from the piano, he plays the accordion, oud and guitar
His favourite composer is Johann Sebastian Bach
Also enjoys listening to Mozart
Likes all genres of music including Arabic music and jazz
Enjoys rock groups Scorpions and Metallica
Other musicians he likes are Syrian-American pianist Malek Jandali and Lebanese oud player Rabih Abou Khalil
Aayan%E2%80%99s%20records
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Turkish Ladies
Various artists, Sony Music Turkey
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
The biog
Name: Mariam Ketait
Emirate: Dubai
Hobbies: I enjoy travelling, experiencing new things, painting, reading, flying, and the French language
Favourite quote: "Be the change you wish to see" - unknown
Favourite activity: Connecting with different cultures
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%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
Company profile
Name: GiftBag.ae
Based: Dubai
Founded: 2011
Number of employees: 4
Sector: E-commerce
Funding: Self-funded to date
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
