Paramedics assist a man injured during clashes with security forces during protests in Venezuela. Ariana Cubillos / AP Photo
Paramedics assist a man injured during clashes with security forces during protests in Venezuela. Ariana Cubillos / AP Photo

Donald Trump's unorthodox political style has an upside ... but he should start watching the history channel



Donald Trump's habit of making threats off the cuff, such as his "fire and fury" remarks about North Korea, may be unnerving. But let us be charitable, or optimistic, and concede that it is possible that his unconventional approach to international affairs may have an upside. Problems that have persisted for years or even decades, from the illegal occupation of Palestine to the growing nuclear capabilities of the Pyongyang regime, could – just could – maybe benefit from someone who comes anew to past attempts to solve them, none of which, after all, have succeeded.

The resolution, decisiveness and power that the US president wishes to project could have positive effects. It is too early to tell as yet. But what is clear is that Mr Trump must be more collegiate and clever if the American assertiveness he wants to exercise is to provide the “wins” he has long promised to notch up.

His comments on Venezuela are a case in point. The country's decline under Nicolas Maduro, its president, has been tragic – especially for those who saw the years under his predecessor, Hugo Chavez, as offering a model of a "socialism that works", albeit one underpinned by massive oil revenues during a period when the price per barrel was generally far higher than today.

Whatever one thought of Mr Chavez, he was fairly elected time and again, and it was not unreasonable to regard his victories – as well as those of other left-wingers in the region - as triumphs for the masses whose interests had not historically been best served by subsequent ruling elites.

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Mr Maduro, on the other hand, lacks not only the charisma of "El Comandante", but also his popularity, his luck and any semblance of knowing how to improve the country's dire finances. Venezuela is not only failing economically; its democracy is being dismantled so grievously that on August 4, Brazil's foreign minister, Aloysio Nunes, declared: "It is intolerable that we have a dictatorship in the South American continent."

The very next day Mercosur, the regional trading bloc, voted to suspend Venezuela for "rupture of the democratic order", saying the country would not be returned to normal membership until democracy was restored.

As Mr Maduro attempted to replace the democratically elected national assembly with his illegal constitutional convention packed with his placemen, even previous allies, such as Britain's Jeremy Corbyn, found themselves unable to find anything to say in his defence. The Venezuelan leader appeared increasingly isolated.

That is until Mr Trump surprised the world – and quite possibly the secretaries of state and defence, certainly Gen McMaster who ruled out such a scenario earlier this month – by saying, "We have many options for Venezuela, including a possible military option if necessary." That same evening Mr Trump refused to speak to Mr Maduro when he tried to phone. "President Trump will gladly speak with the leader of Venezuela as soon as democracy is restored in that country," said a rather tart White House statement.

Cue: general uproar.

For it was not just Venezuela's defence minister Vladimir Padrino who attacked Mr Trump's threat of armed intervention as "an act of madness".

The foreign minister of Peru, Ricardo Luna, quickly responded: "All foreign or domestic threats to resort to force undermine the goal of reinstating democratic governance in Venezuela, as well as the principles enshrined in the UN charter." That was not from a friend of the Maduro regime, but from a government that had just played tit-for-tat expulsion of ambassadors with Venezuela.

President Juan Manuel Santos of Colombia, again, no ally of the Chavistas, was equally firm during a visit by Vice President Pence on Sunday. "The possibility of military intervention shouldn't even be considered," he said. "The Latin American continent, every country in Latin America, would not favour any form of military intervention. A transition in the Venezuelan regime toward democracy must be a peaceful transition."

So Mr Trump’s likely casual mention of military force in fact succeeded in uniting all Mr Maduro’s enemies – what Mark Schneider of the Center for Strategic and International Studies has called “the strongest Latin American consensus in support of democracy that I have seen since the end of the Pinochet regime” – in his support instead.

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As David Smilde, senior fellow at the Washington Office on Latin America, put it to Reuters: “Maduro could not have asked for a greater gift from Trump. He provided substance for Maduro's heretofore implausible conspiracy theories."

This ought to have been obvious. America's history of interventions in the region is long, inglorious and mired in hypocrisy, from its condoning the coup against Chile's Salvador Allende in 1973, to its overthrowing of the former CIA asset General Noriega in Panama in 1989, to its coordination of a coup against Mr Chavez in 2002. The latter was reversed after 48 hours, and the Bush White House tried to distance itself from the plot, but it has not been forgotten – and not just by the Chavistas.

Mr Trump's wish to help Venezuela – where 120 people have died during protests over the last four months – is admirable, as is his desire to bring an end to North Korea's nuclear menace. But he remains dangerously uninformed about the context and the past of such countries.

We know he doesn’t like reading books, and prefers to get his news from the TV. Perhaps his new chief of staff Gen Kelly can ensure it is switched permanently to the History Channel. Otherwise Mr Trump’s words – let alone his deeds – risk bringing about precisely the opposite of what he aims for.

Sholto Byrnes is a senior fellow at the Institute of Strategic and International Studies, Malaysia

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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.”

Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

 

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Three ways to limit your social media use

Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.

1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.

2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information. 

3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.

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How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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Why are you, you?
From this question, a new beginning.
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For you are a world, and a meeting of worlds.
Our dream is to unite that which has been
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with the unique light of art.

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The Penguin

Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz

Creator: Lauren LeFranc

Rating: 4/5

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Fourth Arab Economic and Social Development Summit

As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.

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Dir: Steven Spielberg
Starring: Tye Sheridan, Olivia Cooke, Ben Mendelsohn, Mark Rylance

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets