The document discusses various topics including the results of the Dubai Olympics 2024, which raised questions about its long-term value amidst significant costs and impacts on the local economy. It also highlights the decline of Toyota's market position due to increased competition from Google's automated vehicles, and the merger of two Islamic banking entities to create a major player in the global market. Overall, it underscores the intersection of sports, technology, and finance in shaping modern economic landscapes.

1. FINANCIAL TIMES Monday, September 1, 2025 | MIDDLE EAST
SudAmericana Dubai Olympics 2024 Monday Meeting
The latest common currency The Dubai Olympics was quite a spectacle to Karel Mogensen, CEO of Ethiqa
makes its debut. A day closer to behold at the cost of large financial Group speaks to us ahead of the
th
a universal currency? Page 3 commitments. Was it truly worth it? Page 2 company’s 10 Anniversary Page 5
News Briefing
Africa: The Eternal Divide
Corruption, health, politics. We
Google Auto Beats Toyota, becomes
look at some of the problems
plaguing Africa Page 5
Number 1 car company in the World
By Ritish Puttaparthi
Toyota Motors is no longer the largest car manufacturer in the
world, if we are to believe a report by NDTV News. From 1st
Jan 2025 to 30th June 2025, Toyota Motors sold 6.71 million
vehicles and for the same period, Google sold over 8.5 million
cars.
China: One-child policy Google recorded a record increase in sales of
We take a look at how China’s approximately 100% in the year to date sales figures, whereas,
one-child policy turned from a its Japanese counterpart failed to show a similar progress,
gradual controlled growth policy, instead Toyota sales declined by 45% in the same period.
to one that risks dethroning the Largely due to the cannibalization of the Toyotas car market
dragon. Page 4 share by Google‟s Unmanned automated robo car „The Bot‟.
According to auto analyst, Mr.Luqman Hakim, working
with the Tokyo based Carnorama, suggests, "It is highly
unlikely that the sales of Toyota will recover anytime soon.
Their decline is primarily due to the status quo maintained by
Toyota over the years. The Unmanned commercial vehicle‟s
being manufactured by Google which have taken over the
world by storm have been developed over the last 20 years.
Toyota never believed in this ideology of Unmanned vehicle
and now its paying the price. There is further downside risk
for Toyota as the demand for Hybrid manned cars where
Toyota holds the forte is shrinking day by day. Though
GCC: Solar value chain Toyota started focussing on the development of the
Will alternative energy be the commercial Unmanned vehicle in the last 18 months, It will
answer to sustainability in oil rich take years before they can actually hit the markets."
regions? Page 2 There is more bad news in store for Toyota Motors, after
getting dethroned from their No 1 spot, they do not get the 2nd
spot, instead they slip to the 3rd spot as Tesla Auto which
recently acquired Honda motor corp has higher who sold 6.8
million units in the same period has taken the second spot.
Tesla which was seen by many as the potential automaker to
take the top spot is also likely to lose its market share to the
Google Auto phenomenon unless they come up with some
Unmanned vehicle lineup.
RMG Group and CMN Islamic bank to merge and Indonesia and Pakistan have helped it
trounce Singapore as the favoured
create an $800bn Islamic Banking entity destination for Islamic investments.
Banking officials first gave news of
the merger on Thursday, saying the
The Islamic banking industry has banking. Islam is composed of many boards of the two lenders would sign on
Merger to be approved by
experienced a large consolidation phase fundamental principles that are common the terms of the deal on Monday morning,
shareholders in the past decade. RMG Group is a to the other major religions and Islamic with Khazanah Nasional Berhad, the
By Luqman Hakim Ilham product of the 2020 merger of the Saudi banking presented an attractive and viable investment holding arm of the
based Al-Rajhi Bank, Bank Melli of Iran option, driven by its socially supportive Government of Malaysia, set to become a
Middle East‟s RMG Group and Malay- and the Gulf-Kuwait Banking Corpo- elements, within the responsible banking major shareholder.
sia‟s CMN Islamic bank announce on ration, each having made many small arena.” - a quote from prominent Islamic Malaysia will inject capital via a 3.6
Monday a merger deal that will include acquisitions along the way. CMN bank is banking analyst Gale Abu Bashreeq of billion dollar convertible bond, another
share swaps and capital boosts from currently the largest Islamic bank in Asia Credit Suisse AG, in his opening address banking official involved with the deal
Khazanah Nasional to create the largest and represents the first major break- at the 16th Annual World Islamic Retail said on Sunday, and an 8 billion dollar
Islamic Banking entity the world has ever through in a Malaysian government led Banking Conference held in Kuala rights issue will follow.
seen. initiative to strengthen its Islamic banking Lumpur late last year. The new entity, which will form the
The merger, if approved by share- sector. CMN Islamic bank is a product of The Malaysian government has never biggest Islamic bank in the world, will
holders, will create an entity with more the 2016 merger of the Islamic arms of hidden its efforts to encourage the growth have assets over 800 billion dollars and
than 800 billion dollars worth of assets CIMB, Maybank and Bank Nasional of Islamic banking and has been very 500 billion worth of deposits, banking
and will go down as a huge milestone for Berhad. successful in spurring innovation in officials said. The deal, which will need
the Islamic Banking industry. The meteoric rise of Islamic banking is product structuring area. The KLSE is shareholder approval once it has been
“We are very happy to announce this a wondrous story to behold. Analysts home to 79% of sukuk issuance in Asia, backed by the bank‟s boards, is likely to
Subscribe now merger of two Islamic banking giants. believe the US credit crisis of 2007-08 and is a top choice for multi-national fuel increased Islamic banking related
The merger will involve share swaps, became the bedding ground that sowed banks to conduct its Islamic window activity worldwide.
In print and online followed by a rights issue, in cash. The the seeds of the current success as operations due to the abundance of talent. The Bloomberg ISLM Global Sukuk
past decade has seen large developments consumers began to notice more socially Government representatives have prev- index and the ISLM Shariah Equity index
Tel: +971 4 406 7178 in shariah space, both in the Middle East responsible alternatives to conventional iously hinted at talks with the Middle East has risen over 19% and 27% respectively
and Asia. We believe that the merger will banking. The large awareness campaigns for collaboration to speed up the proli- since the beginning of the year, as
email: FT@gulfnews.com
bring global benefits and increase in the years that ensued were successful in feration of shariah compliant banking growing confidence encouraged conv-
www.ft.com/
integration between the two main Islamic decoupling religious links and reshaped globally. Linking the two main Islamic entional banking fund flows into the
MiddleEastSubscriptions
hubs. This day will go down in history as perceptions of shariah compliant banking. hubs is part of the country‟s masterplan to Shariah compliant space. The merger
a milestone for the industry. ” Syed “There was no turning back once mass increase its Islamic banking dominance in comes at a perfect time and sheds light on
Al-Hamdi, CEO of RMG bank told FT on consumers broke the religious stigma Asia. The country‟s majorly Islamic the growing optimism on the future
© THE FINANCIAL TIMES population and its close ties with prospects of the industry.
Sunday. associated with shariah compliant
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2. 2 FINANCIAL TIMES MONDAY SEPTEMBER 1 2025
Middle East
The 78,600 capacity H.H. Sheikh Rashid Bin Saeed Al Maktoum Olympic Stadium, one of many sports related infrastructure projects
Dubai Olympics 2024: The Aftermath
By Karan Menon movement itself, as well as the youth of the Arab World. progress they‟ve made over the last decade.‟ Event costs are more short term and specific but their
Whilst I am satisfied that infrastructure and Dubai‟s An event such as the World Cup and the Olympic benefits would include more intangibles. Some of the
experience in hosting top class sports events would see Games is always seen as a way to redevelop or define a key event costs for the DOGOC were security,
As the sun sets on the Olympic movement in Dubai late us well placed to win a bid, I do believe that much more city. For Dubai, it was more than just a simple insurance, advertising and promotions in addition to the
in August 2024, the question on everyone‟s mind was has to be done in order to leave the lasting human legacy infrastructure project. Each one of the 32 sporting bid costs. The benefits of the event were more revenue
whether the entire spectacle and its impending legacy that celebrates the Olympic values.” disciplines had at least one arena/stadium/complex of an generated for the Dubai Tourism industry. Since the
was worth it. One year on, we assess the impact of the “I believe that a concentrated effort must now be international standard within the city. The key aspect of mid-1990s Dubai, with its declining oil resources,
„Games for a Peaceful tomorrow‟. made on grass roots sports activities, building our Dubai‟s bid was to ensure that the Olympic venues wanted to position itself on a level similar to that of
As Sheikh Hamdan bin Mohammed bin Rashid Al human resources and administrative framework. The underwent sufficient and rigorous quality checks and Macau, Hong Kong and Singapore. The city‟s economy
Maktoum, the Crown Prince of Dubai and the head of Arab Region is known for its hospitality and I do not and also any additional renovation or venue creation was to be fuelled by tourism, which generally meant
the Dubai Olympic Games Organizing Committee believe that our region is placing sports as a priority in would not be built for simply „acquiring the games‟. shopping and a visit to some of the more exotic spas and
(DOCOG), addressed the coterie of international these turbulent times. Peace is one of the main ambitions Construction costs in the UAE were at a more stable health resorts. The Olympic Games with the promise of
journalists, one saw the pride in this sense of of the Olympic movement and has been since the market price than the inflated prices in the pre-2009 more sporting events locked into the calendar year,
achievement for the city of Dubai. “The impact of the Olympic truce of 776 BC. Our energy needs to go first boom days. Even then the DOGOC had to ensure that especially the IAAF Athletics Grand Prix in December,
Olympic Games has not only galvanized Dubai, it has and foremost to achieving a just and lasting peace for any additional projects, that weren‟t of significance later has now resulted in a new concept of „Sport Tourism‟.
had an important effect on the Arab world. Everything our youth as the bedrock to a future bid which is most on weren‟t added to the Olympic Bid book, as they Athletes from all round the world now tend to prefer the
we set out to do and achieve since 2009 has been likely for the 2024 Olympic Games.” would add a negative factor to the entire project‟s NPV. cooler climes of Dubai‟s winter (November to
accomplished.” While the concept of creating a legacy is an oft The costs of bidding, planning and organizing an mid-February) for their yearly preparations implying
Dubai‟s Olympic journey since 2009 has been an repeated Olympic bid mantra, and Dubai‟s would be no Olympic games could be structured into two basic the use of the already existing sporting facilities.
interesting one. As the global economy was dealing different (even if the Arab Spring ushered in a new components: Event & Infrastructure. Infrastructure A key worry for any nation, city and organizing
with the effects of the sub-prime crisis of 2008, Dubai regional dynamic), for Dubai the Olympics was simply costs would include construction of „major venues, committee is the resultant decrease in usage of venues
seemed relatively immune – at least that was the belief. another step in the plan to establish the city state as an transit infrastructure (highways, road networks) and once the grand spectacle of an Olympic games is over.
But a statement on November 25, 2009 from the Dubai important tourist and economic destination. housing.‟ Dubai‟s need to extend the city‟s boundaries Dubai‟s strategy to renovate the current facilities and
government, asking all the all „providers of financing to On the eve of the 129th IOC session in Barcelona beyond the core trading base to cater to a growing only add relevant and key venues was something that
Dubai World and [its subsidiary] Nakheel to 'standstill' (July 2017), there was a quiet confidence within the expatriate working population and new foreign worked in the city‟s favor.
and extend maturities until at least 30 May 2010‟, Dubai camp. Was Dubai ready? After all this would be investment had meant the construction and The biggest impact that the Olympic Games have
created ripples in the European and Asian stock the first major global sporting spectacle that the city improvement of a more sophisticated transport system. had though, have come through the various youth sports
markets. It only served to elaborate the extent of the would host. According to the DOCOG and the IOC they While this isn‟t attributed as an Olympic Cost it and education schemes. With an emphasis on
recession that emanated from the USA. were. The level of sanctity involved in the selection of certainly was one aspect which did add credibility to the empowering the youth of the region and providing them
As Dubai and the entire Middle East started to take an Olympic venue was always of the highest standards bid. with more high quality opportunities the city and in turn
systematic steps to recovering from the crisis, the Arab and it ensured Dubai‟s bid had won enough credibility The major infrastructure costs were mainly in the the UAE may have benefitted with a population base of
Spring of 2011 dawned. And while Dubai, and the to secure votes over Durban and Toronto. creation of the magnificent 78600 capacity H.H. Sheikh locals expected to grow over at 8% over the next 4
UAE, weren‟t impacted negatively by the political The 2024 Olympics followed in the footsteps of Rashid Bin Saeed Al Maktoum Olympic Stadium. years.
uprisings in Egypt, Tunisia, Bahrain and Syria, it still the2022 FIFA World Cup in Qatar, showcasing the Another key component of infrastructure costs was the Dubai‟s gamble in bidding for the Olympics, as it did
added uncertainty to an already volatile region. The Middle East‟s rich heritage and progress over the years. procurement of the latest Photovoltaic Solar panels to seem at the time, was to re-invoke that spirit of
thought of hosting the Olympic Games in such an The IOC President, Thomas Bach, in Dubai as a part of power the stadium and other venues lighting, air entrepreneurial confidence which was lost after the
environment wouldn‟t be at the forefront of many the „legacy visit‟ believes that following Qatar was a big conditioning. Investing in solar technology has seen a 2009 crisis. It took years for the city to regain economic
leaders‟ thoughts even if the event was still 13 years step for Dubai and indeed the UAE. “Qatar‟s World Cup rapid surge over the last few years especially with the credibility but winning the bid albeit at a marginally
afar. bid had problems since the very beginning but they generally inflated oil and gas prices and also the higher cost (a point of debate at the time) than its rivals
Back in 2011, Sheikh Hamdan had a differing view. managed to pull it off despite the reservations of many. declining cost of components required to manufacture ensured that what was set in motion for the next few
“Hosting the Olympic Games in the Middle East would While it‟s true we had similar reservations about Dubai, PV solar panels. In addition the Middle East‟s strong years was something more tangible. The overall impact
be a dream come true for the entire region, and we fully especially with the heat, the Olympic calendar did allow Value chain dynamic, from manufacturing in Saudi and success of Dubai 2024 may have created a „halo
intend to place a bid once I am totally satisfied that we for certain flexibility. Plus Dubai‟s infrastructure was Arabia to key Concentrated Solar Powered plants across effect‟ and a sense of pride for the region but Dubai‟s
are prepared to host the greatest sporting event in the already of a high standard. Dubai, UAE and the entire the region provided an extended benefit in reducing the success is more to do with the sensible economic plan
history in a way that would add value to the Olympic Gulf can be proud of the significant sporting and human costs. that catered to a relatively profitable Olympic Games.
The GCC’s Solar Value Chain countries such as the UAE and Qatar followed suit with
similar manufacturing policies insisting that at least
35% of the project had to be domestically produced –
By Karan Menon the Arabian Peninsula (including southern Saudi the two country‟s successful Olympic 2024 and World
Arabia, and certain regions of Oman, and Yemen). Cup 2022 construction projects included Solar panels.
The call for alternative energy sources to replace oil has According to the Emirates Solar Industry Association This not only facilitated a strong Crystalline Wafer and
often been a „dream‟ rather than a practicality, mainly (ESIA) it receives enough solar energy per day to Thin Film manufacturing base in the region but also
because of a lack of sustainability. However, the GCC power two earths. Impressive as it does seem the helped establish a region wide Solar Value Chain. The
region is now leading the way in creating a mechanism abundance of such a resource needed to be channeled in rising prices of oil also helped in that selling a barrel on
that may lead to a more sustainable alternative energy a sustainable manner. the open market allowed for the likes of Saudi Arabia
future. Numerous stand-alone projects such as the famous and the UAE to cover the setup costs of solar projects.
Ask the locals in the GCC on their country‟s key Masdar City project, outside Abu Dhabi, UAE were In addition the availability of cheap power in the GCC
natural resources and they‟ll promptly tell you: „Oil considered grand initiatives into a „bright renewable had given the manufacturers the possibility of
and the sun‟. Oil has been the Arab world‟s trump card energy future‟. But what was simply lacking was a producing cheaper modules providing competition to
ever since the 1970s when they used the natural national policy in each of the GCC countries. Saudi the likes of China on the global stage. The UAE, with
resource as a mechanism to influence the global Arabia‟s renewable energy policies initiated in 2015 Dubai & Fujairah as key port and logistics hubs, has
political and economic scene for better and worse. Masdar City project, one of the many solar panel hubs
was the first time a key player in the region took the also been pro-active in establishing a strong exporting
scattered across the GCC
Petrodollars were also influential in the region‟s rapid initiative and that provided the catalyst for a region base for solar energy technology equipment catering to
infrastructural development over the late 1990s and wide regulatory solar framework. implying that Solar PV technologies/panels were Indian Sub-continent, Africa and Europe.
early 2000s. But the dependence on oil wouldn‟t last But why did it take so long to initiate such a policy looked at as a construction contract component instead Currently Solar energy has an availability factor of
for long, or at least one couldn‟t count on it forever. for the GCC? One answer was that the region was of a more sustainable ROI generating project. 45% as compared to Liquefied Petroleum Gas which
Add in factors such as carbon emissions from fossil waiting for the prices of components of Solar In February 2015, Saudi Arabia‟s Renewable has an availability of 91%, as per 2023 figures. And
fuels creating a climatic issue and suddenly the call for Photovoltaic technology to decline. Saudi Arabia was Energy policy specifically dictated that companies while there‟s still a long way to go for solar energy to
alternative energy sources grew higher. not too keen on undertaking vast projects in the region wanting to invest in its solar energy capacity had to set become the truly sustainable energy source and a key
Step in the Gulf‟s largest energy source and that too which would essentially be funding another country‟s up a base in the country as a part of „Off-Set‟ alternative to oil, the region‟s key value chain
with Zero carbons: Solar radiation. The „Rub Al manufacturing process, specifically China. Also, solar investment. Such projects would provide economic and dynamics has provided the GCC with another strong
Khali‟ or the Empty Quarter is a 650,000sq km patch of energy projects in the region were treated more on commercial value to the economy, equivalent to a exporting mechanism that could influence global
land which encompasses most of the southern third of „Low Cost‟ basis than a „Life Cycle Cost‟ basis, substantial percentage of the cost of a contract. Other economic policies for the next few decades.

3. 3 FINANCIAL TIMES MONDAY SEPTEMBER 1 2025
Editorial
The Cluster of Currencies TODAY ON FT.COM
Solar holiday
SudAmericana: Latest common currency. whirlwind speculation that can unhinge individual
Will it be a precursor to the Bancor? currencies. It also enhances the trade blocs or unions‟ Video: Gregory Lam
ability to project future market growth opportunities with a
By Karan Menon lesser degree of uncertainty. Unlike the Euro, which had
visits the Palma do Sol,
diverse economies at its inception, the likes of the Afro, a new boutique resort in
“Geo-Politics is an unsentimental discipline, constantly Khaleeji, Asean and now the SudAmericana have common
Brazil, located at the
morphing and changing the world. We’re constantly economic resources and trade objectives backing them.
searching for equilibrium in how we divide ourselves But not all economies are sold entirely on this concept. beautiful beach of Praia
across the planet. There now needs to be a focus on cross The North African countries (Egypt, Tunisia, Algeria,
Libya & Morocco) have not yet been sold on the merits of
de Pipa, albeit with a
border and infrastructure lines.”
Parag Khanna, International Relations Expert, TED the Afro, citing incompatibilities with their current twist. It self- generates
Conference 2009 political and trading conditions. These countries however
100% of its energy
Wednesday‟s landmark judgment, in Caracas, are now looking at setting up reserve accounts with the
Venezuela, saw 1st January 2027 as the official date set for Khaleeji, and have also been encouraged to join the Gulf requirements.
the launch of the common currency of the Union of South exception of Kuwait the idea was for the remaining currency unit to strengthen the co-operation between the
American Nations (UNASUR). After much deliberation members of the 6 nation bloc to delink from the US Dollar. Arab nations. Two of the world‟s strongest economies, www.ft.com/luxury-travel
and ironing out of the many legalities raised by Guyana, Jordan, Lebanon and Iraq joined the Khaleeji in late 2022, China & India, are procrastinating on the merits of aligning
Surinam and Bolivia, the BancoSur Working Committee with Syria and Yemen being currently for entry over the with the Asean, whereas Australia and New Zealand have
finally ratified the official launch date of the next 5 years. Over in the Far East, the 11 members of the forwarded proposals to co-operate with the Asean as well.
„SudAmericana‟. All 12 members of the UNASUR agreed ASEAN joined forces to form the basis of the Asean Over 50% of the countries across the world are now
that the SudAmericana would be the key step to strengthen currency unit in 2018. Japan and South Korea are still under the umbrella of a regional common currency. The
the Integration Initiative for South America, which has trading in their domestic currencies but have also set up remaining 50% though include some of the most powerful
already led to considerable economic benefits for the reserve accounts backing up the Asean, with a promise to economies in the world today namely China, India, Russia,
region and also served as a considerable leverage for join the currency sometime in the future. While Africa‟s Iran and the USA; with the first 3 now having substantial
trading with the USA and Canada. two common currencies the West African CFA Franc and representation in the IMF backed Special Drawing Rights
The SudAmericana is the latest in a series of common the Central African CFA Franc, along with the Eco along with the Asean, Khaleeji and the Afro.
currencies that are now becoming a key economic eventually amalgamated into the African Monetary With the trend now towards a common currency, many
representation of Trade blocs or zones across the world. Union‟s „Afro‟ in 2023. At present members of the developing nations are seeing a merit in joining a common
The overall success of the Euro, now comprising of 25 Commonwealth of Independent States, are in advanced interest trade bloc and subsequently a common currency. Which countries
member nations, despite the European sovereign debt crisis talks to accelerate the formation of the „Som‟, a proposed Borders are being transcended and perhaps now we‟re
of 2008-2017 led to many regions across the world common currency for the former Soviet States in a bid to seeing a version of John Maynard Keynes‟ vision of a tax the rich?
attempting to replicate such a model. strengthen their bargaining power in the region. supranational currency being implemented on a more
2020 finally saw the launch of the Khaleeji, the Are common currencies beneficial? In theory a common intra-regional basis. It may still be a utopian vision, but is Some wealthy
common currency unit of the GCC region with both Oman currency for a particular zone, should end instability by this trend a precursor to the eventual formation of a
fixing exchange rates between currencies and prevent Bancor?
individuals have called
and the UAE settling their issues on the concept. With the
for higher taxes and this
interactive graphic
explores what
high-earners pay in
personal tax around the
world
www.ft.com/taxation
1 Fears rise over China’s
woes
2 Social Private Equity
making headways
3
Holography and how it
can help your business
Stuck on where to
4 holiday? Ask the crowd
UNSC: India wields its might
Will our children
5 remember terrorism?
By Anantha Sriram
biological warfare. The US furthered obtained the support
India, in an act of what experts described as political of UK and France who have long since advocated
audacity, used its veto power in the United Nations sanctions against Iran. India meanwhile has its own set of
Security Council against imposing further sanctions on interests in the Iran- Pakistan region mainly to the Oil
Iran. Pipelines carrying Natural Gas from Iran to India and
Half of the world woke up today with the news that Pakistan. And though it has opposed to Iran developing
India‟s representative to the UNSC, Mr Mandeep Singh Nuclear and Biological Warfare, it has maintained that
had cast India‟s first ever veto against imposing sanctions issues with Iran can be resolved by diplomatic initiatives, a
against Iran under section on August 31st. proces initiated in January.
India, the newest member of the United Nations Security Notwithstanding the slow process of negotiations with
Council, had obtained the permanent seat on June 28th, Iran, the western heavyweights US, UK and France tabled
2018. It was obtained with the clause that veto power a draft council resolution in the United Nations Security
would not be granted for the first five years of its Council. While China and Russia abstained, India vetoed
membership (2018-2023), as this was a part of UNSC causing stunned gasps around the world. China and Russia
reforms - initiated by India, Germany, Japan and Brazil - to under considerable pressure from the western
not allow new Security Council entrants to wield the veto heavyweights chose to abstain from the vote.
in its initial years. The US immediately summoned the Indian ambassador,
Iran, over the last few years had stopped the protested and charged India with irresponsibly using its
development of Nuclear Missiles. But things changed veto power. It is important to note that India‟s veto power
when the president Omar Khorestani (who succeeded was only available to it since June 28th, 2023 little before 2
Mahmoud Ahmadinejad), a moderate liberal who brought years from today.
about various reforms in Iran and helped strengthen Iran‟s As the world woke up to this decision, in between some
foreign relationships was overthrown last year by the rebel silent rumbles and mumbles, there were mostly positive
Ayatollah Bilal Larijani, who headed the Green Movement comments among the world leaders to say about India‟s
against the government. After taking charge Larijani audacious attempt to behave as a responsible United
distanced Iran from what he proclaimed as the Nations Permanent member. What remains to be seen is
undemocratic world; he resumed the nuclear program and the reaction of the western world against India. Can they
further, as the US claims, fortified its arsenal with new age afford to protest this much, given India‟s economic might?

4. 4 FINANCIAL TIMES MONDAY SEPTEMBER 1 2025
China
One-Child Policy: an albatross around the Chinese Neck
The policy that helped China achieve decline, elderly parents were reliant on their children for
support. But the one-child policy has robbed the elderly
controlled growth is backfiring of the support they were entitled to. They were
dependent on communes in the country side and work
By Manjunath Tarikere organizations in urban areas for some economic support
until the economic revamp ended that lifeline too.
In 1979 China‟s one-child policy was born as a result of Welfare provisions from communes and work
the Chinese government‟s move to tackle economic organizations are history. Today, a socialized pension
stagnation post the Cultural Revolution. In that year, scheme takes care of a small portion of the urban
China housed a quarter of the world‟s population. Two population but it is grossly underfunded. The liabilities
thirds of the population were under the age of 30 years of the program are estimated to be around 200 per cent
and the baby boomers of 1950-1960 were on the of the GDP. The lopsided and skewed sex ratio has
threshold of their productive years. These facts were made brides so scarce that today it has left a large
reasons enough for the Chinese government to bring in number of Chinese men unmarried.
a policy for population containment – the one-child China could have started phasing out the one-child
policy. Though China finally decided to give up on the policy as early as in 2015, but alas, thanks to the
one-child policy sometime early this year, it is too little bureaucratic inertia it took them 45 years to realize the
too late. The policy today has probably become an magnitude of the social calamity and its undercurrents.
albatross around the Chinese neck. So what is the way ahead? It would require a lot of
The policy regulated size of the Chinese families by political courage and wisdom to get rid of the fertility
restricting the family size and spacing of children in plan that is deeply ingrained in the Chinese
cases where the second child is permitted. The State socio-economic fabric. Better late than never. A
Family Planning Bureau set the overall targets and the two-child policy would probably be a good option to
Family Planning committees at provincial and county start with. Even if the two-child policy results in a larger
levels devised strategies for implementation. The overall population, the proportionately greater increase
one-child policy applied only to a minority of the A woman and her daughter touch a structural model of the earth’s core at Nanjing Geological Museum in Nanjing, in the working population would help offset
population – the urban residents and government Jiangsu province. Daughters are dwindling, with many families favouring sons as their sole child. dependency costs at the individual level. A larger youth
employees. It was garnished by a system of rewards population would augur well for the future workforce
and penalties which was largely meted out at the defined as the mean number of children born per some urban Chinese made the choice to perform sex population, thereby giving a chance for the government
discretion of local officials. It ranged from economic woman, decreased from 2.9 in 1979 to 1.7 in 2011, with selection with the first pregnancy. to gradually transfer to families the financial
incentives for compliance to substantial fines and a rate of 1.3 in urban areas and just under 2.0 in rural Today, China is a middle aged kingdom. The policy responsibilities of the elderly. A larger workforce would
dismissal from work for non-compliance. Such was the areas. This trend in due course of time created a distinct has wreaked havoc over the years and today 13% of the also help prop up the GDP and rev up the economic
complexity of the policy that it had come close to demographic pattern of urban families with country‟s population is constituted by an aging growth engine. They say – a stitch in time saves nine!
resemble the US tax code. predominantly one child and rural families with population of 65+ years. 30% of the Chinese women are But with the Chinese socio-economic fabric so badly
The implication of the policy on the demographics predominantly two children. The policy also toyed with grandmothers aged 60 who have no sons. China is now damaged in 2025, this step would help weave it back
has been phenomenal. The total fertility rate, which is the sex ratios. The picture that emerged is that grappling to deal with them. Prior to the modern fertility together in due of course of time.
Chinese communist regime,
the beginning of the end?
By Manjunath Tarikere
In 2011, the Jasmine Revolution rocked Tunisia and it soon engulfed
a string of countries in the Middle East. And it just did not stop there!
The fragrant revolution spread ripples across countries and had
„flagrant‟ consequences in China too.
The Chinese pro-democracy protests of 2011 were reminiscent of
the Tiananmen Square Protests of 1989. A student-led,
pro-democracy movement in 1989 was crushed by the military and
hundreds, perhaps thousands, were killed. In Feb 2011, the jittery
Chinese authorities wary of any domestic dissent staged a concerted
show of force to squelch a mysterious online call for a “Jasmine
Revolution” apparently modeled after pro-democracy demonstrations
sweeping the Middle East. Authorities detained activists, increased
the number of police on the streets, disconnected some mobile phone
text messaging services and censored Internet postings about the call
to stage protests in Beijing, Shanghai and 11 other major cities. The
campaign did not gain much traction among ordinary citizens and the
chances of overthrowing the Communist government seemed slim
then, considering Beijing‟s tight controls over the media and Internet.
The Chinese thought they had done everything possible then to quell
these protests but little did they realize that the protests had already
sown seeds of democracy not only in the minds of the young Chinese
in China but also in the minds of those around the world!
There was one prominent man who really wanted to see the seeds
sprout and eventually turn into a green democratic expanse. Xui Li
landed in Beijing in the mid of 2020 and that was probably the
moment the torch of pro-democracy got lit. Harvard educated and
aged 34, this young man came back to China after a span of 10 years.
With splinters of a revolution in his heart he got into action
immediately and met all the pro-democratic student community
leaders. Li had kept track of all the pro-democratic protests that have
been happening in China each year like an annual event. The
pro-democratic protests over a period of time has weakened the
Chinese strangle hold on the media. The fact that a lot of Chinese
youth are leaving the country in search of better prospects has further
forced the Chinese government to relax policies. Li had networked
with the student community leaders and other pro-democratic leaders
across China while he was in the US. He used the social media
extensively to garner support from young Chinese across the country.
Over the past five years he has been able to influence the Chinese
youth to such an extent that even the youth that is getting into active
politics wants democracy in China. A recent survey reveals that 90%
of the aging population believes that the Communist regime and its
policies like the one-child policy are mainly responsible for their
financial miseries today. Hence they are also behind the young
Chinese in their pursuit of envisaging a democratic China. Majority of
the Chinese today feel that policies of the Communist Party have been
a road block to the growth of the economy over the past many years
and believe that if democracy is ushered in it would work wonders for
the Chinese economy putting it alongside other democracies like
India which is chugging on at a healthy growth rate of 11%. With Xui
Li rallying support from human right organizations the world over
and other major powers like Brazil, Russia, India and the Middle East
pushing the center for political reform, the Communist Party is in
handcuffs and is not able to dismantle dissident groups which are
mushrooming all over China.
All these developments indicate the beginning of the end of the
Communist rule. And with young revolutionaries like Xui Li and
pro-democratic, young Chinese politicians spearheading the
movement, the twilight for the Communist Rule seems to be not too
far away.

5. 5 FINANCIAL TIMES MONDAY SEPTEMBER 1 2025
World News
Africa: the eternal divide
By Anantha Sriram continued devastation of HIV/AIDS have affected the
prospects. Taibu goes on to say that people are quick to
Last week, the Berlin-based international anti- point out that Africa has become a democratic continent.
corruption organization, Transparency International But they fail to understand that the African imprint on
(TI) has released its annual Corruption Perception these democratic experiments has yet to be that
Index (CoPI) for 2025. The index provides the significant. If democracy in Africa is going to succeed,
international ranking of countries in terms of perceived African countries must develop distinctive democratic
degree of prevalence of political and administrative practices and institutions that are appropriate for their
corruption (with the least corrupt countries at the top of own social, historical, and political milieus. Taibu
the index). The Scandinavian neighbours continue to argues that the incorporation of traditional leaders have
hold sway within the top ten positions, with European been a problem. Though such leaders have sufficient
and North-American heavyweights closely following local legitimacy, one has to realize that they are
them. inherently non-democratic. These Chiefs, Kings,
But for the first time, in the history of the CPI, 2 Sultans and obas fit uneasily into traditional western
African countries Botswana and Tunisia took positions forms of democracy.
in the top 10. Overall a total of 5 African nations figure One tends to feel that for Africa as a continent to
in the top 25 which includes Ghana, Namibia and South „take charge‟ the big states of Africa have to be the
Africa. exemplars of success. Excellent domestic leadership of
FT‟s Political Analyst for the African region Dr. course is an inescapable requirement for countries to
Three young obas thugs pose for a portrait
Tatenda Taibu goes on to say “What really catches the succeed. But in case of Africa, there needs to be better
eye of the reader is the huge divide between the African continental leadership.
countries when one notices how far countries like the Regional institutions like AU/NEPAD have been
Democratic Republic of Congo, Chad, Angola and applying pressure on national leaders to improve their
Somalia are languishing at the bottom compared to performance. The African Union (AU) is increasingly
their more illustrious neighbours.” The focused on accelerating the economic and political
aforementioned four have been deemed the most integration of the continent, and the single currency
corrupt countries in the world with ranks of 161, 170, „Afro‟ implemented in 34 countries is a key step in this
175 and 178 respectively. The disparity has increased, direction. Despite some progress on the development
especially from the previous year 2024. of free trade areas, key challenges remain – particularly
These days, the African continent is remembered for the limited technical and regulatory capacity of regional
its unending supply of Hydrocarbons to satisfy the institutions, overlapping membership, and variable
seemingly insatiable appetite of the Asian and South political commitment to implement critical integration
American Countries and to some extent that of Europe agreements at the national level.
and the North Americas. But the stark reality is that Africa today in 2025 is a more diverse, more hopeful,
the continent‟s growth and prosperity has been but at the same a more dangerous place, because of how
concentrated only in a few countries. Political factors individual African countries have fared in the past few
have played a huge measure in this wide disparity. decades. The trend since independence in the 1960s has
Democratic changes happening over the last few been for the continent to become more heterogeneous.
decades on the continent have meant that economic More countries have collapsed under the devastating
growth, poverty reduction and democracy and burden of civil strife, economic bankruptcy, and disease.
improved governance may be connected to one another However, there is also the prospect that some other
in a virtuous circle. Improvements in the quality of countries will begin to consolidate their political order,
governance almost certainly have helped to sustain engage in the global economy, and develop a
democracy. But for some countries this process has comprehensive set of governance practices that will
been fragile. Countries like South Sudan (which allow their citizens to prosper. What remains to be seen
seceded from Sudan almost 15 years ago) have slipped is the balance between those who prosper and those who
back into stagnation after having initially promised collapse and how many countries manage to do no more
growth. In most cases political instability and the than simply muddle through the rough waters. A mother and her children who recently fled heavy fighting stand inside a schoolroom
Monday Interview: Karel T. Mogensen,
Social Private Equity’s White Knight
A Global “Meltdown”
By Sneha Kandian within them. The overall cumulative costs incurred by
By Luqman Hakim Ilham
the US government alone over the past decade has
Late in August 2011, the world was introduced to been, 12 billion USD in hurricane costs, 36 billion USD
Hurricane Irene, which unleashed havoc and in real estate losses, 28 billion USD in energy sector
Ethiqa Group‟s Pasedena headquarters are a blur of destruction in its wake in the Caribbean and eastern costs and 220 Billion USD in water shortage costs.
earth tones and cloudless sky. Bathed in southern cities of USA. As the days developed,Irene was billed The fundamental reason for the inflation is the
California sun, the offices hold a glow befitting the to be amongst one of the costliest catastrophes to hit excess in demand as compared to the available supply
gilded career of the company‟s CEO, Karel Mogensen. USA with the cost of the storm pegged at of especially food items. The global population has
Mr Mogensen, best known as the man who secured half approximately 7-10 billion USD. As natural calamities been on a steady rise and has crossed the nine billion
of the late Warren Buffett‟s estate, the quintessential are becoming a way of life, it compels us to look mark in the previous census of 2024. At the same time,
man behind the famous Berkshire Hathaway, is settled beyond the usual for answers. A study by a team of the rising temperatures and scarcity of water has led to
deep into his chair. His lips parted to a wide smile, the budding economists from the Sloan School of poor yield of crops overall. While the population has
59 year old billionnaire peers through thick glasses. Management, MIT, 2024 have uncovered the link been growing at the rate of 1.3%, the crop yield, despite
Over years, the community of investors, chief between global warming and the ever increasing the technological advances in agriculture, has not
executives and journalists have wondered why Mr inflation across the globe. increased proportionately, leading to a global rise in
Mogensen has shyed away from media spotlight and Greenhouse gas emissions are undoubtedly on a food prices by 14.3%. The most significantly hit by this
stayed happily in the background for almost a decade, rise. With the consequence that the polar ice caps are inflation is the United States; problems are further
especially in a philantropic industry where limelight is melting, twisting the oceanic currents which regulate aggravated by the struggling economic situations in the
a de facto reward. climate, leading to hurricanes and floods and cold US. Other regions bearing the brunt of the food
“Well, you can say I‟m the silent protagonist in this waves and thus bringing with it large scale destruction inflation are Saharan Africa, countries in South
play called „The Altruist‟,” says Mr Mogensen, after a of man and property, disruption of transportation on andSoutheast Asia (such as Bangladesh, India, and
muted chuckle that seemed to exude a calming one end and rising global temperatures on the other. Vietnam), and some countries in Latin America.
atmosphere to the room. “I‟d like to think that the cause Consequences are tremendous: losses in real estate, Undoubtedly, global warming a threat that has been
is more important than the ones responsible. It has scarcity of water and dwindling natural resources looming large over our heads for the past few decades
always been about fulfilling a greater purpose and I Mr Karel T. Mogensen, CEO of Ethiqa Group including oil and food, leading to migration, diseases has an adverse snowball effect on an already struggling
don‟t see why basking in the limelight is necessary. I and rising energy costs. Governments are pushed into global economy which is then translated into inflation.
don‟t want people to associate what we do at Ethiqa In one of the due diligence drives conducted by his spending more revenue into energy and water resources The ghost of our mistakes, past and present, which led
with me, but rather to the beliefs we all share. And I team, he was invited to come down to Africa to speak and public health domains in between beefing up the to this precipitous global warming seems to be
guess we all like it that way.” with several business associations. “That was in 2014. security of their borders and/or diffusing tensions haunting us.
It is a charming story of a stubborn idealist, who Africa was starting to come to terms with its own
clung strongly to his utopian views and vehemently poverty and some of the bigger conglomerates decided
looked for ways to incorporate it into business. Mr it was time to take action. I never really knew how poor
Mogensen is a well known veteran in private equity and the country was until the visits to their rural villages. It were the talk of the town and journalists dived into the funds. “We weren‟t bound by profit mandates common
has an impressive CV, boasting stints in The Carlyle was heart wrenching.” publicity. “That will probably be the last time you will to SRI players and the sheer size of our resource pool
Group and Goldman Sachs. His turning point came He returned to headquarters and pitched the board catch me giving a press conference in front of a huge allowed us to enter into businesses that required longer
after leaving Goldman Sachs to pursue an MBA at the idea of supporting the social movement by crowd. I was never really hooked on public speaking, periods to achieve success. It wasn‟t before long that
Harvard. “I never really understood the corporate race investing into communally supportive fledgling even after HBS,” says Mr Morgensen after a round of the Stichting INGKA and Li Ka Shing Foundations
these American bankers put themselves to. They try so businesses. “They turned me down that day and I laughter. came aboard. Shortly after that came the flows
hard to get ahead to a point where waking up is a chore. realised the whole SRI thing was just a fad. It was It took him only 4 months to fully assemble his ofMiddle Eastern money. I always thought Islamic
I suppose we Danes are different. We‟re very much always about profits, only with a stricter investment team, a major feat in such short notice, largely due to money had to revolve around religion and never
happier. After the credit crisis, I became disillusioned mandate. I resigned the next morning, but I guess I his burgeoning reputation. “There I was with a kitty of realised that its socially supportive elements were so
with all that was Wall Street. Bankers were at each made enough of a name for myself that word got 20 billion, more than 10 times what I had managed at similar to ours.”
other‟s throats, all crying foul at the lucky few who round.” Blackstone. I didn‟t really know where to start, so I Ethiqa Group will mark its 10th anniversary in a
were in more sheltered business units. What‟s the point Word did get around and he received a call from the returned to where I left off. I remember the first month‟s time, and the 60th birthday of its founder and
of a good life if all your neighbours are struggling?” Bill & Melinda Gates Foundation a week later. “Bill company we bought. It was a major manufacture of CEO Mr Morgensen, soon after. It has achieved an
Mr Mogensen knew that he could no longer be and Melinda met me and spoke about my achievements mosquito nets in Africa and after a year, we made it annualised return of 26%, and has over 200 billion
associated with such a profit orientated industry and his in the SRI space. The great Warren Buffett had passed into the 3rd largest exporter of mosquito nets and low invested in socially supportive businesses worldwide.
big break came after The Blackstone Group invited him on two weeks ago and had donated a large portion of cost weather proof tents. It still supplies over 50% of Today, it symbolises the pinnicle of altruism,
to head their newly established socially responsible his estate to the foundation. They wanted me to have the third world and mercy relief demand for free.” philantropy and socially responsible business.
investment (SRI) division, a role that propelled him to half of it.” There were many other similar investments and his “In the end, it has always been about the cause. I
maverick status. Within a year, he managed a 77% Ethiqa Group was incorporated in October 2015, talented team soon found more businesses that could want to be remembered as the man who left the legacy
return for the division‟s account. They were doing very with a seed capital of 20 billion. The resulting media generate profits while uplifting society. The first 3 of hope and belief,” Mr Morgensen says. “Utopia may
well, and started a new expansion initiative delving for buzz made the front page in all of the major years saw Ethiqa Group generate 22% annualised never truly exist in this modern world, not in a very
opportunities in frontier markets. newspapers. The Morgensen, Buffett and Gates names returns, putting it within the running pack of hedge long time. But we sure as hell can get very close.”

6. 6 FINANCIAL TIMES MONDAY SEPTEMBER 1 2025
Technology
World’s first commercial Holographic Virtual Environment
CAM Corp to unveil simulator at this
year‟s CAMTech Summit in October
By Ritish Puttaparthi
"The breakthrough in the next generation of Virtual
education has finally arrived" announced Joe Rickson
of CAM corp. Joe will not only be taking the
CAMTech stage for the first time after he took over the
mantle from Tim Cook but also he will be showcasing
the first major product launch from CAE corp after the
three major corporations Cisco, Apple and Educomp
solution joined hands to form CAM corp amidst falling
revenues. The success of this launch is crucial for the
survival of entity as a whole especially in the backdrop
of the heavy investments made by the consortium over
the last 3 years in the product development.
Early reports last week have showed that the product
has been tested by around 1000 students of S.P.Jain Early stage test photos of the lab simulated environment,
center of management in countries such as India, UAE,
Singapore and Sydney. The reports that we are getting use this technology and beam their projections to a Officer at CAM Corp.
from the participants of this pilot testing have been virtual class room and attend a lecture at Stanford “The beauty of this technology is that the hardware
highly positive. University. A soldier sitting in US will be able to cond- that the user needs to posses to beam himself into the
As a part of pilot testing done by CAM corp, the uct a rescue operation in Iraq without he being virtal classroom is very minimalistic and moreover this
holographic projections of around 1000 students were physically present in the location. The kind of technology has been built on the open source platform
beamed into a single class room and these projections applications that we are talking about today were just which makes it open for developers to tweak with and
of 1000 students were able to interact with each other unthinkable a few years ago, But now it‟s a reality and bring in more applications more exciting”
like in real life. what we will be witnessing in the CAMTech summit Many technology blogs around the world including
“Now children in remote areas of Africa and Kenya will mark the beginning of new era in the field of virtual Engadget and Gizmodo who were invited for the demo
who have limited access to educational facilities can communication” said Ravi Chandra, Chief Technology. earlier this year have given rave reviews for the product.
Government of India
will invest another
$100m in Telemedicine
and Telediagnosis
By Sneha Kandian
Telemedicine the much hyped idea floated in the
beginning of this century is now a reality. Critics came
down heavily saying that machine could never replace
the human touch. Moreover, using a computer requires
some amount of technical knowhow. India, like most
developing countries exists in a state of paradox.
Though many a times there is often lack of secondary
and tertiary health care centers accessible to the
common man, technology especially in the forms of
mobiles and its myriad applications has percolated to
every single family in every single village in this
country thanks to the aggressive marketing and network
coverage provided by the telecom companies. It has
been estimated that there are 5 major service providers
in India with an average 89% of people using a mobile
telephone. Thus here is a goldmine just waiting to be
tapped. As Dr. Alok Rasal, Senior Consultant
Cardiologist, AIIMS, Delhi states “Yes, human touch is
of supreme importance; but people suffering from
chronic illness like asthma, diabetes, hypertension and
other lifestyle disorders require periodic review.
Majority of the times this review though necessary is
meant only for consolidating the well being of the
patient or to tinker the dosage of drugs. Patients have to
travel miles and then wait for prolonged periods to meet
the doctor just for this „touch‟, leading to loss of time,
money and man-hours. A more convenient option for
both the parties would be to contact each other over
some method that is universal, convenient and
cost-effective. Telemedicine is the perfect solution for
better time management.”
Governments of then, whose political theme was
„aam adami’ (the common man) knew that if this option
proved successful it could change the medical scenario
and be a win-win situation for them. Industry giants
such as Infosys Technologies Ltd. were roped in and it
is to their credit that they brought this humungous task
to fruition. Now that the Government of India in willing
to invest another 100 million USD after an initial
investment of 10 million USD last year goes on to show
that this project has gone down well with the Indian
population over the past few years.
Telemedicine has also extended to telediagnosis
with the availability of mobile camera mounted
microscopes allowing for diagnosis. Images could now
be digitized leading to enumeration in the number of
parasites or bacteria especially in cases of malaria and
tuberculosis wherein the most sensitive and specific test
even in this age remains smear microscopy. As Dr.
Jaspreet Bhatia, Infectious Disease Specialist,
PGIMER, Chandigarh says “A technician in the field
collects the sample and processes it, pictures taken and
the specialist sitting far away can interpret the slides
leading to early diagnosis and faster initiation of
therapy even without the patient having to enter a
tertiary care centre!”
Many of us who have been unfortunate enough to
have had to experience long waiting time outside the
doctor‟s office or a few minutes of consultation will
vouch for the fact that telemedicine is a boon. This
technology will make our lives simpler.

7. MFP: FINANCIAL TIMES – 2025 ASSIGNMENT
GROUP - 16, Division B
Group Member Roll No
Karan Menon GAPR11IBWM022
Ritish Puttaparthi GAPR11ACFBM010
Luqman Hakim Bin Ilham GAPR11CM098
Anantha Sriram GAPR11IT042
Sneha Kandian GAPR11IT085
Manjunath Tarikere GAPR11IT059
GMBA APRIL 2011
SP Jain Center of Management, Dubai