Supporters of activist Anna Hazare shout slogans during a protest against corruption in Jammu Saturday. India's parliament edged closer to an agreement on Saturday on an anti-corruption bill.
Supporters of activist Anna Hazare shout slogans during a protest against corruption in Jammu Saturday. India's parliament edged closer to an agreement on Saturday on an anti-corruption bill.

Indian anti-graft activist claims victory and will end hunger strike



NEW DELHI // The Indian activist Anna Hazare declared victory yesterday in his fight against corruption, and will end his 12-day hunger strike today.
"For 12 days the country's people have stood here - it is their victory," said Mr Hazare, 74, who lost 7.5 kilograms during his hunger strike. Tens of thousands of people had gathered at the Ramlila grounds in Delhi to show their support for his cause.
"At 10am tomorrow I want to break my fast among all of you," he said. "You have to celebrate, but with peace. Don't disturb the peace. Victory to Mother India, hail the motherland, long live the revolution."
The lower house of India's parliament unanimously adopted a resolution yesterday on three of Mr Hazare's demands to be included in an anti-corruption bill: that lower-level bureaucrats can be investigated and prosecuted for corruption, the formation of state-level anti-corruption bureaus and a citizens' charter in government institutions. Parliament will vote on the bill tomorrow.
Before Mr Hazare announced the end of his strike, Surinder Pratap Chavan stood in the masses gathered at the grounds, craning his neck for a better view of his "guru". "Even a glimpse of him is divine," he said.
From several hundred metres away, Mr Hazare looked like nothing more than a speck on stage as he rested on pillows dressed in white. However, the crowd of more than 45,000 people showed how big his influence has been. Singers, Bollywood stars, schoolchildren, poets and other supporters shared the stage with Mr Hazare as they sang, danced and addressed the crowd.
The crowd that gathered had answered Mr Hazare's call to press the government to pass the Jan Lokpal Bill - Mr Hazare's version of an ombudsman bill designed to stamp out corruption. The gathering was attended by all walks of life: students, snake charmers, holy men, homemakers, as well as Lal Bihari Mritak, head of the Association of Dead People - an advocacy group that represents people who were wrongly declared deceased by the Indian bureaucracy.
Mr Mritak, 56, from Uttar Pradesh, arrived at the Ramlila Grounds a week ago. He has spent his days chanting slogans and his nights sleeping under tarpaulins, avoiding the monsoon rains.
"I am not here for me," Mr Mritak said. "I have had justice done finally but I am here to represent all those people who are yet to receive justice."
After a land dispute with his cousins in 1978, Mr Mritak came home one day to find an official death certificate in his name and the property transferred to his relatives. He fought for 18 years to establish that he was alive.
"I was buried alive under the corruption of bureaucracy for many years," said Mr Mritak.
He shared his space with a dozen sadhus, or holy men, who travelled almost 800 kilometres to New Delhi from Benares, in Uttar Pradesh, when they heard Mr Hazare was going to fight corruption.
"We have given up all the comforts of the world," said Gangadas Mahatyagi, 55. "But the inflation and corruption makes it impossible for us to live honest lives. We cannot access any government services for our health without paying a bribe."
Sonu Singh, 17, and four of his friends skipped school to join Mr Hazare at the protest grounds.
"We were here last week with a bigger group to chant slogans against the government," said Sonu. "But we decided against a bigger group this time because last time, some of them got distracted and started teasing girls who were here for the protest."
Saroja Devi, 29, a homemaker, arrived with her mother-in-law, Sushila Devi, 56, a teacher, and her five-year-old daughter, Tanisha. They travelled five hours from the nearby state of Haryana to reach Ramlila.
Mrs Devi is not a homemaker by choice. She has a teaching degree but her family has been unable to "buy" her employment.
"You have to know the lackey of some powerful politician and you need to have at least a few bags of money to grease those wheels," Saroja Devi said. "Without these connections I cannot find work."
Times have changed, said her mother-in-law. "In my time I did not have to pay a single rupee to get a job," said the elder Mrs Devi. "You worked hard to receive your qualifications, then you served the country. Now, if you want to make an honest living, you have to pay a corrupt politician first. Why?"
 
sbhattacharya@thenational.ae
* With additional reporting by Agence France-Presse and Associated Press

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.”

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Without Remorse

Directed by: Stefano Sollima

Starring: Michael B Jordan

4/5

Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics

 

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20myZoi%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Syed%20Ali%2C%20Christian%20Buchholz%2C%20Shanawaz%20Rouf%2C%20Arsalan%20Siddiqui%2C%20Nabid%20Hassan%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2037%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20Initial%20undisclosed%20funding%20from%20SC%20Ventures%3B%20second%20round%20of%20funding%20totalling%20%2414%20million%20from%20a%20consortium%20of%20SBI%2C%20a%20Japanese%20VC%20firm%2C%20and%20SC%20Venture%3C%2Fp%3E%0A
The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

if you go

The flights

Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return. 

The trek

Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required. 

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20HyveGeo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Abdulaziz%20bin%20Redha%2C%20Dr%20Samsurin%20Welch%2C%20Eva%20Morales%20and%20Dr%20Harjit%20Singh%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ECambridge%20and%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ESustainability%20%26amp%3B%20Environment%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%24200%2C000%20plus%20undisclosed%20grant%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVenture%20capital%20and%20government%3C%2Fp%3E%0A
Stamp duty timeline

December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP5
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%20Main%20%E2%80%93%206.7%22%20FHD%2B%20Dynamic%20Amoled%202X%2C%202640%20x%201080%2C%2022%3A9%2C%20425ppi%2C%20HDR10%2B%2C%20up%20to%20120Hz%3B%20cover%20%E2%80%93%203%2F4%22%20Super%20Amoled%2C%20720%20x%20748%2C%20306ppi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Qualcomm%20Snapdragon%208%20Gen%202%2C%204nm%2C%20octa-core%3B%20Adreno%20740%20GPU%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%20256%2F512GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPlatform%3A%3C%2Fstrong%3E%20Android%2013%2C%20One%20UI%205.1.1%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMain%20camera%3A%3C%2Fstrong%3E%20Dual%2012MP%20ultra-wide%20(f%2F2.2)%20%2B%2012MP%20wide%20(f%2F1.8)%2C%20OIS%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%4030%2F60fps%2C%20full-HD%4060%2F240fps%2C%20HD%40960fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFront%20camera%3A%3C%2Fstrong%3E%2010MP%20(f%2F2.2)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%203700mAh%2C%2025W%20fast%20charging%2C%2015W%20wireless%2C%204.5W%20reverse%20wireless%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%205G%3B%20Wi-Fi%2C%20Bluetooth%205.3%2C%20NFC%20(Samsung%20Pay)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20USB-C%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECards%3A%3C%2Fstrong%3E%20Nano-SIM%20%2B%20eSIM%3B%20no%20microSD%20slot%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Cream%2C%20graphite%2C%20lavender%2C%20mint%3B%20Samsung.com%20exclusives%20%E2%80%93%20blue%2C%20grey%2C%20green%2C%20yellow%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20Flip%204%2C%20USB-C-to-USB-C%20cable%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh3%2C899%20%2F%20Dh4%2C349%3C%2Fp%3E%0A
BABYLON
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The biog

Age: 59

From: Giza Governorate, Egypt

Family: A daughter, two sons and wife

Favourite tree: Ghaf

Runner up favourite tree: Frankincense 

Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”

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
TRAINING FOR TOKYO

A typical week's training for Sebastian, who is competing at the ITU Abu Dhabi World Triathlon on March 8-9:

  • Four swim sessions (14km)
  • Three bike sessions (200km)
  • Four run sessions (45km)
  • Two strength and conditioning session (two hours)
  • One session therapy session at DISC Dubai
  • Two-three hours of stretching and self-maintenance of the body

ITU Abu Dhabi World Triathlon

For more information go to www.abudhabi.triathlon.org.