A reader says the demonetisation programme in India has been poorly executed. Narinder Nanu / AFP
A reader says the demonetisation programme in India has been poorly executed. Narinder Nanu / AFP

Demonetisation has been badly implemented



About a week ago, the government of India issued fresh instructions seeking details from customers with bank deposits of more than 5,000 rupees.

These were dropped due to protests. There have been frequent changes and flip-flops concerning deposits of old currency since the directive was made on November 8. According to one Indian media report, there were 60 changes to the rules in 43 days.

As an ordinary citizen, I am weary and befuddled. The changes have confused bank staff, too.

At times, the Indian government gives the impression of not having rudimentary knowledge of economics or how the banking system operates.

I have never seen such mismanagement of the economy at the national level since independence. The emergency declared by Indira Gandhi between 1975 and 1977 may have thrown the country into turmoil, but the management of demonetisation by the current government is much worse and has upset lives in villages and towns across the country.

The prime minister, Narendra Modi, had sought 50 days to give us a New India. The clock is ticking and those 50 days of grace will end soon, but there is no relief in sight.

The sops for rural areas will not assuage the pain of those who have suffered immensely. Nothing can bring back the 70 people who died in bank queues.

Clearly the government is losing control of the agenda. Instead of focusing on growth, job creation, infrastructure and building smart cities, it is squandering national time on half- baked projects such as demonetisation which are hurting ordinary, honest citizens.

Rajendra Aneja, Dubai

Prepare now for the post-oil era

I agree with the sentiments in UAE Vice President works to ensure country is ready for the future and its challenges (December 23).

Everyone needs to be prepared to work hard, because the oil industry alone will not be able to sustain livelihoods and lifestyles.

Name withheld by request

Malls should be healthy places

I refer to your Scene & Heard blog post Make your way around The Dubai Mall for free in an electric car (December 21).

Promoting this contradicts your #healthyliving campaign and the stories you write about walking and other exercise.

Walking around a mall is good exercise. In two days I have walked 23 kilometres, so why would I take a car or any form of transport to get around a mall?

However, I suppose it is a good idea for older people, those with additional needs and some toddlers.

T Milbourne, Abu Dhabi

This is perfect for the intrinsically lazy people out there – as if they need another excuse. However, I see a trip to the mall as a chance to get in some much-needed ­exercise in a cool place.

Sara Smith, Dubai

Not everybody is healthy enough to walk for a long time. I love walking but I have some problems with my feet at times, so I welcome this initiative.

Sam Bay, Dubai

Border control can be excessive

I don't agree with the behaviour of the woman mentioned in Canadian tried to smuggle pet cat into New Zealand (December 22).

However, I was berated, held for hours and fined at an airport in New Zealand when my 10-year-old son had an apple in the bottom of his backpack that we had totally and innocently forgotten about. The border agent was off-the-scale rude and it was quite an ordeal over a forgotten apple.

I understand that they are tight on customs security, but when it’s an obvious accident they should just take the contraband and let us all move on.

Angela Brooks, Canada

As if you could get something like a cat through the borders of New Zealand. It’s hard enough even getting food through let alone a live animal.

Good on the New Zealand officials. The reason it's such a beautiful country is because it is so well preserved. Jasmine Shaw, Abu Dhabi

Most pets behave better than some children on flights. I’d rather have my quiet pet on board than a noisy, naughty child. I hope the Canadians don’t land in too much hot water.

Carla Both, US

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Hoopla%3Cbr%3E%3Cstrong%3EDate%20started%3A%20%3C%2Fstrong%3EMarch%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Jacqueline%20Perrottet%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2010%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%3Cbr%3E%3Cstrong%3EInvestment%20required%3A%3C%2Fstrong%3E%20%24500%2C000%3C%2Fp%3E%0A
pakistan Test squad

Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
High profile Al Shabab attacks
  • 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
  • 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
  • 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
  • 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
  • 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
  • 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.
COMPANY PROFILE

Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed 

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Singham Again

Director: Rohit Shetty

Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone

Rating: 3/5

MATCH INFO

Uefa Champions League semi-finals, first leg
Liverpool v Roma

When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome

COMPANY%20PROFILE%20
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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
COMPANY%20PROFILE
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COMPANY%20PROFILE%20
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The biog

Birthday: February 22, 1956

Born: Madahha near Chittagong, Bangladesh

Arrived in UAE: 1978

Exercise: At least one hour a day on the Corniche, from 5.30-6am and 7pm to 8pm.

Favourite place in Abu Dhabi? “Everywhere. Wherever you go, you can relax.”

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20Profile
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RACECARD
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Pari

Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment

Director: Prosit Roy

Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani

Three stars

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.”