Indian PM will step down and says Modi is a ‘disastrous’ candidate

NEW DELHI // Indian Prime Minister Manohan Singh endorsed Rahul Gandhi as his successor on Friday after announcing he would step aside following this summer’s general election.

“I will hand over the baton to a new prime minister,” said Mr Singh, 81, of his widely expected decision.

In disclosing his political plans after a decade in office, the outgoing premier threw his weight behind Mr Gandhi, the 43-year-old heir to India’s Nehru-Gandhi political dynasty, as the next head of the Congress party and the country’s next prime minister.

“Rahul Gandhi has outstanding credentials,” Mr Singh said in only the third formal news conference of his premiership. I do hope the party will take the right decision at the appropriate time.”

By tradition, party officials choose the party’s nominee to be premier only after elections take place.

Mr Singh also denounced Narendra Modi, the candidate of the main opposition Bharatiya Janata Party (BJP) for the election due take place in May, saying it “would be disastrous” for India to have the chief minister of Gujarat state as its prime minister.

The BJP has often claimed that Mr Modi would be a strong leader, contrasting him with the perceived weaknesses of Mr Singh. But the prime minister challenged the BJP’s definition of strength. “If by ‘strong prime minister’, you mean you preside over the massacre of innocents on the streets of Ahmedabad, that is not the kind of strength I will like to have.”

He was referring to anti-Muslim riots in Gujarat in 2002, in which more than 1,000 people were killed. Mr Modi has been widely accused of inaction, if not complicity, in the bloodshed.

The decision by Mr Singh not to seek another term as premier came as no surprise.

He has presided over India for ten years at the head of coalition governments led by the Congress party, which has been battered recently by corruption scandals, internal feuding and an inability to deal with a stumbling economy and deep-rooted problems with poverty, infrastructure and education.

In his comments to reporters, Mr Singh emphasised his government’s achievements even as he acknowledged deficiencies in dealing with inflation and corruption.

“I have done as well as I could under the circumstances,” he said. “Historians will perhaps be kinder than the contemporary media and the opposition.”

This is not the first time that members of the Congress party have, in their individual capacities, expressed their support for Mr Gandhi as prime ministerial candidate.

Mr Singh himself said last September that Mr Gandhi “would be an ideal choice” for the post of prime minister. Manish Tewari, the information and broadcasting minister, said earlier this week: “Rahul Gandhi is the natural leader of the Congress.”

With Mr Singh’s announcement and endorsement, the spotlight now turns upon the Congress party to break with tradition and speedily name its candidate, said Sushant Singh, a fellow at the Takshashila Institution, a Chennai-based think tank.

“Realistically speaking, apart from Rahul Gandhi, there is nobody else whom the Congress could name before the election as a candidate,” Mr Sushant Singh said. The Congress has a history of not naming a candidate in both national and state polls. Instead, the party high command selects the prime minister or chief minister after the party is ensured of victory.

“They may well decide to take that option now too,” Mr Sushant Singh said. “They realise that they’re not in a strong position, and that there’s a strong possibility they’re not going to come back to power. They aren’t blind to that.”

“So why announce a candidate beforehand and cause heartburn within dissenters in your party if you’re not even really in the race?”

ssubramanian@thenational.ae

Florence and the Machine – High as Hope
Three stars

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

THE%20SPECS

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The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

Stage 5 results

1 Tadej Pogacar (SLO) UAE Team Emirates 3:48:53

2 Alexey Lutsenko (KAZ) Astana Pro Team -

3 Adam Yates (GBR) Mitchelton-Scott -

4 David Gaudu (FRA) Groupama-FDJ 0:00:04

5 Ilnur Zakarin (RUS) CCC Team 0:00:07

General Classification:

1 Adam Yates (GBR) Mitchelton-Scott 20:35:04

2 Tadej Pogacar (SlO) UAE Team Emirates 0:01:01

3 Alexey Lutsenko (KAZ) Astana Pro Team 0:01:33

4 David Gaudu (FRA) Groupama-FDJ 0:01:48

5 Rafał Majka (POL) Bora-Hansgrohe 0:02:11

'Falling%20for%20Christmas'

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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

Recent winners

2002 Giselle Khoury (Colombia)

2004 Nathalie Nasralla (France)

2005 Catherine Abboud (Oceania)

2007 Grace Bijjani (Mexico)

2008 Carina El-Keddissi (Brazil)

2009 Sara Mansour (Brazil)

2010 Daniella Rahme (Australia)

2011 Maria Farah (Canada)

2012 Cynthia Moukarzel (Kuwait)

2013 Layla Yarak (Australia)

2014 Lia Saad (UAE)

2015 Cynthia Farah (Australia)

2016 Yosmely Massaad (Venezuela)

2017 Dima Safi (Ivory Coast)

2018 Rachel Younan (Australia)

Explained

Who are the bidoon?

The specs

Engine: 2.7-litre 4-cylinder Turbomax

Power: 310hp

Torque: 583Nm

Transmission: 8-speed automatic

Price: From Dh192,500

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Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Company%20profile

%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHakbah%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENaif%20AbuSaida%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ESaudi%20Arabia%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E22%20%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24200%2C000%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Epre-Series%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EGlobal%20Ventures%20and%20Aditum%20Investment%20Management%0D%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Key facilities

Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
Premier League-standard football pitch
400m Olympic running track
NBA-spec basketball court with auditorium
600-seat auditorium
Spaces for historical and cultural exploration
An elevated football field that doubles as a helipad
Specialist robotics and science laboratories
AR and VR-enabled learning centres
Disruption Lab and Research Centre for developing entrepreneurial skills

Christopher Robin
Starring: Ewan McGregor, Haley Atwell, Jim Cummings, Peter Capaldi
Three stars

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

Match info

Costa Rica 0

Serbia 1
Kolarov (56')

How our nine-month-old has made the Canadian winter a little bit warmer for us

Canadians rallying around a targeted Syrian restaurant is telling about attitudes to migrants

Don Cherry and the real issue with being one of 'you people'

While you're here

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The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape

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Mia Man’s tips for fermentation

- Start with a simple recipe such as yogurt or sauerkraut

- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.

- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.

- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.

The rules on fostering in the UAE

A foster couple or family must:

be Muslim, Emirati and be residing in the UAE
not be younger than 25 years old
not have been convicted of offences or crimes involving moral turpitude
be free of infectious diseases or psychological and mental disorders
have the ability to support its members and the foster child financially
undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially

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.”