Almost 170 farmers commit suicide in Vidarbha in three months



MUMBAI // More than 160 farmers in Maharashtra's Vidarbha region have killed themselves in the first three months of the year, a farmers' advocacy group announced yesterday.

Situated in central India and known for its orange orchards and cotton fields, Vidarbha is home to two thirds of the state's mineral resources, three quarters of its forest resources and several wildlife sanctuaries. But poverty and malnutrition remain high in its 11 districts.

As of the end of March, 168 farmers had committed suicide this year, according to police reports.

"This averages 56 deaths a month, defining the many years of agrarian crisis of the region, not to mention the apathy of the administration," said Kishor Tiwari, president of Vidarbha Jan Andolan Samiti, a farmer advocacy group.

Rising costs of cultivation and falling returns were the main reasons farmers decided to kill themselves, Mr Tiwari said.

The trend, however, is not new and is mirrored across the country, although Maharashtra consistently provides some of the highest numbers of suicides.

According to the National Crime Records Bureau (NCRB), one farmer kills himself every 37 minutes in India. About 14,000 farmers committed suicide in 2011.

A NCRB report showed that from 1995 to 2011, 270,940 farmers committed suicide in the country.

Of these, nearly 20 per cent were from Maharashtra, where 53,818 suicides were reported.

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Price: Dh649,000 (Dh549,000 for GTS) 

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Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

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Scoreline

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Jebel Ali Dragons 20

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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.”

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

THE LIGHT

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Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

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