People come under fire near the offices of Marc Ravalomanana, Madagascar's president, in Antananarivo.
People come under fire near the offices of Marc Ravalomanana, Madagascar's president, in Antananarivo.

Tycoons vie for control of Madagascar



JOHANNESBURG // No one knows exactly how many people have been killed in Madagascar over the past fortnight. Scores died when protests against the government turned into riots, and last weekend at least 28 demonstrators marching on the presidential palace were shot dead. Ecologically, the Indian Ocean island is like nowhere else on Earth: separated from other continents for tens of millions of years, 90 per cent of its plants are found nowhere else and it is home to an extraordinary range of unique animal species.

Politically, though, it has much in common with mainland Africa. Madagascar has seen more military coups and non-constitutional changes of power than democratic elections since it won independence from France in 1960, and appears set for yet another period of extended turmoil. The protesters are led by Andry Rajoelina, 34, a wealthy businessman with interests in media, advertising and event management, and the mayor of the highland capital, Antananarivo, until he was stripped of his position there by the government last week.

He is constitutionally too young to become president, but his motormouth style - a former radio disc jockey, he is nicknamed TGV, after France's high-speed trains - has seen him capitalise on discontent with the authorities to bring tens of thousands of people on to the streets. The incumbent leader, Marc Ravalomanana, came to power by a similar route. A self-made multimillionaire, he started out selling yogurt from the back of a bicycle and built up a dairy and food conglomerate, Tiko, that has become one of the country's biggest companies.

As the then mayor of Antananarivo himself, he stood for president against the head of state at the time, Adm Didier Ratsiraka, a former military dictator, in polls in Dec 2001, with his organisation TIM, or I Love Madagascar, described by the Australian psephologist Adam Carr as "a populist party with no definable ideology". Most observers believe Mr Ravalomanana won that election, but the result was disputed by Adm Ratsiraka whose supporters blockaded the capital, leading to six months of unrest and the formation of two rival governments. Adm Ratsiraka ultimately fled to exile in France, where he remains.

Mr Ravalomanana, 59, brought hopes of reform and progress, but, although growth has averaged five per cent a year and tourism and foreign investment, particularly in natural resources, has boomed, analysts say ordinary people - the vast majority of whom still live on less than US$1 (Dh3.67) a day - have seen few benefits as a result. Instead they have been confined to a small elite, and the president is reaping the reward of dashed expectations. Many demonstrators have targeted companies linked to Mr Ravalomanana.

"The ordinary protesters are fed up with and disappointed with the promises of Ravalomanana," said David Zounmenou, of the Institute for Strategic Studies in Pretoria. "Since he came to power he has transformed Madagascar into his business entity to the extent that people will call Madagascar Tikoland - it belongs to him. "The perception that has become very prominent is that you can co-opt the state to defend your business interests - there has not been a clear gap between private business interests and political interests in Madagascar."

Rising food prices and reports of a vast land deal, leasing half the country's arable terrain to a Korean firm, Daewoo Logistics, have done nothing to dissipate that impression. But at the same time, Mr Zounmenou warned that a Rajoelina administration was unlikely to bring change either, and the dispute was largely a contest between two rival political and business elites, with the ordinary Malagasy caught in the middle.

Both men are from the Merina ethnic group, he said, and while Mr Rajoelina is a Catholic and Mr Ravalomanana a Protestant and the vice president of the Church of Jesus Christ in Madagascar, the unrest is not religiously driven. "Rajoelina is not much different from Ravalomanana," he said. "None of them is capable of responding to the needs of the people. "Those supporting the young mayor, they may be disappointed after a few months. The people are caught in the crossfire and have to bear the brunt of this conflict."

Looming over it all is the spectre of Adm Ratsiraka, who ran a despotic one-party state for more than 15 years from 1975. His nephew Roland, a former mayor of the coastal city of Toamasina, his uncle's old power base, has been blamed for the violence by the president, who has demanded his arrest. The army, which has supposedly agreed to stay out of politics, is said to be divided, with many officers still loyal to the "ancien régime" despite Mr Ravalomanana's attempts to build up a patronage network in the military since he came to power.

"There are a lot of folks wondering who is behind the mayor," said Doug Tilton, the southern Africa liaison for the Presbyterian Church of the United States who has just returned from a two-week trip to Madagascar. "Some people feel he is being manipulated by the old guard. He's riding a tiger." The protests were not going to die down, he said. "Madagascar has not had a very good record in peaceful transitions of power.

"I worry about the precedent that's set by people figuring the only way they can change leadership is by this kind of mass action." sberger@thenational.ae

Safety 'top priority' for rival hyperloop company

The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.

He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.

“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.

“Only once the system has been certified and approved will it move people,” he said.

HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon. 

With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.

Citadel: Honey Bunny first episode

Directors: Raj & DK

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

Rating: 4/5

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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EVarious%0D%3Cbr%3E%3Cstrong%3E%0D%3Cbr%3EStars%3A%20%3C%2Fstrong%3EHenry%20Cavill%2C%20Freya%20Allan%2C%20Anya%20Chalotra%3Cstrong%3E%0D%3Cbr%3E%0D%3Cbr%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Call of Duty: Black Ops 6

Developer: Treyarch, Raven Software
Publisher:  Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5

Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Five personal finance podcasts from The National

 

To help you get started, tune into these Pocketful of Dirham episodes 

·

Balance is essential to happiness, health and wealth 

·

What is a portfolio stress test? 

·

What are NFTs and why are auction houses interested? 

·

How gamers are getting rich by earning cryptocurrencies 

·

Should you buy or rent a home in the UAE?  

PRO BASH

Thursday’s fixtures

6pm: Hyderabad Nawabs v Pakhtoon Warriors

10pm: Lahore Sikandars v Pakhtoon Blasters

Teams

Chennai Knights, Lahore Sikandars, Pakhtoon Blasters, Abu Dhabi Stars, Abu Dhabi Dragons, Pakhtoon Warriors and Hyderabad Nawabs.

Squad rules

All teams consist of 15-player squads that include those contracted in the diamond (3), platinum (2) and gold (2) categories, plus eight free to sign team members.

Tournament rules

The matches are of 25 over-a-side with an 8-over power play in which only two fielders allowed outside the 30-yard circle. Teams play in a single round robin league followed by the semi-finals and final. The league toppers will feature in the semi-final eliminator.

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
Result

UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')

The Birkin bag is made by Hermès. 
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.

Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

What is hepatitis?

Hepatitis is an inflammation of the liver, which can lead to fibrosis (scarring), cirrhosis or liver cancer.

There are 5 main hepatitis viruses, referred to as types A, B, C, D and E.

Hepatitis C is mostly transmitted through exposure to infective blood. This can occur through blood transfusions, contaminated injections during medical procedures, and through injecting drugs. Sexual transmission is also possible, but is much less common.

People infected with hepatitis C experience few or no symptoms, meaning they can live with the virus for years without being diagnosed. This delay in treatment can increase the risk of significant liver damage.

There are an estimated 170 million carriers of Hepatitis C around the world.

The virus causes approximately 399,000 fatalities each year worldwide, according to WHO.

 

'Peninsula'

Stars: Gang Dong-won, Lee Jung-hyun, Lee Ra

Director: ​Yeon Sang-ho

Rating: 2/5

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.

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

The Uefa Awards winners

Uefa Men's Player of the Year: Virgil van Dijk (Liverpool)

Uefa Women's Player of the Year: Lucy Bronze (Lyon)

Best players of the 2018/19 Uefa Champions League

Goalkeeper: Alisson (Liverpool)

Defender: Virgil van Dijk (Liverpool)

Midfielder: Frenkie de Jong (Ajax)

Forward: Lionel Messi (Barcelona)

Uefa President's Award: Eric Cantona

The specs: 2018 Opel Mokka X

Price, as tested: Dh84,000

Engine: 1.4L, four-cylinder turbo

Transmission: Six-speed auto

Power: 142hp at 4,900rpm

Torque: 200Nm at 1,850rpm

Fuel economy, combined: 6.5L / 100km