Residents of Delhi woke up to a blanket of smog and haze on Wednesday as the level of air pollution in India's capital reached hazardous levels.
Air Quality Index levels in the city were above 400, with the Anand Vihar station recording 442 AQI, according to the Central Pollution Control Board, the country’s leading environmental watchdog.
An AQI between zero and 50 is considered “good”, 51-100 is “satisfactory”, 101-200 “moderate”, 201-300 “poor”, 301-400 “very poor” and 401-500 “severe”, according to India's air quality standards, which are less stringent than those followed by the World Health Organisation.
Most of the pollution on Wednesday was from PM 2.5 – particulate matter 2.5 microns in diameter or less – and PM 10, according to IQAir, a Swiss company that tracks air quality data worldwide.
IQAir reported the concentration of PM 2.5 early in the day as 230 micrograms per cubic metre – more than 40 times the safe limit of five micrograms per cubic metre set by the WHO.
PM 2.5 particles penetrate deep into lungs and into the bloodstream and are blamed for chronic respiratory and cardiac diseases.
Delhi, home to 20 million people, suffers from air pollution throughout the year but the level surges in November with the onset of winter, when pollutants get trapped by the colder air. The city has repeatedly ranked as the world’s most polluted capital.
A study released this week by the All India Institute of Medical Sciences in Delhi showed that high PM 2.5 levels were responsible for a 19 per cent increase in visits to the hospital's emergency rooms between 2017 and 2019.
Out of 69,400 emergency visits recorded by doctors at AIIMS during that period, 2,669 were by adults with acute respiratory symptoms.
The doctors observed that an increase in ER visits by adults with acute respiratory symptoms was associated with an increase in PM 10 and PM 2.5 levels.
While the PM 10 increased the number of visits for cough – 74 per cent of the total patients recorded, PM2.5 increased the number visits for difficulty in breathing – 95 per cent, the study said.
The doctors suggested that a thorough study of pollution sources and regional meteorological factors responsible for variations in levels recorded in different areas would lead to better mitigation strategies.
The burning of crop stubble by farmers in the nearby states of Uttar Pradesh, Haryana, Punjab and Rajasthan, and the setting off of fireworks to celebrate religious festivals at this time, both of which continue despite being banned, add to Delhi's winter pollution spike.
India's Supreme Court on Tuesday asked the state governments of these states to report the steps they had taken to control the burning of fields.
It also asked the Commission for Air Quality to provide a report on action taken to reduce air pollution in and around the capital.
On the same day, the Bombay High Court expressed concern about the “deteriorating” air quality in Mumbai, India's financial capital, over the past two weeks.
The AQI readings in the western coastal city had hovered between “poor” and “very poor”, touching the 400-mark on October 18.
The Board of Control for Cricket in India has decided to not hold firework displays during matches played in Delhi and Mumbai in the Cricket World Cup to avoid adding to the pollution.
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
Developer: Ubisoft Montreal / Ubisoft Toronto
Publisher: Ubisoft
Platforms: Playstation 4, Xbox One, Windows
Release Date: April 10
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.”
Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
