LONDON // The IAAF dismissed allegations Thursday that Sebastian Coe was aware of details of a Russian doping corruption case four months before it became public, or that he enlisted support for his presidential campaign from a key figure in the sport’s current doping scandal.
The BBC's Panorama program and the Daily Mail reported the allegations against Coe, who is now IAAF president, a day before he chairs a meeting in Vienna to decide whether to uphold the ban on Russian track and field athletes.
The media reports said Coe received an email in August 2014 detailing allegations about Russian marathoner Liliya Shobukhova being extorted out of hundreds of thousands of dollars to have a positive doping test covered up so she could compete in the 2012 London Olympics.
Coe, who was a vice president of the IAAF at the time, received the email from London Marathon director Dave Bedford. The allegations became public four months later when they were aired in a documentary by German broadcaster ARD in December 2014.
Related: Wada report says drug testers faced intimidation as IAAF set to decide on Russian athletes ahead of Rio Olympics
Read also: Ban on federations could be punishment for doping, says Olympic chief Thomas Bach
The BBC and Daily Mail accused Coe of misleading a British parliamentary committee in December 2015 when he said "we were not aware – I was certainly not aware – of the specific allegations that has been made around the corruption of anti-doping processes in Russia."
The IAAF said in a statement that Coe did receive an email from Bedford that included attachments related to an issue being investigated by the ethics commission.
“This was enough for Seb Coe to forward the email to the ethics commission,” the statement said. “He did not feel it was necessary to read the attachments. You may think this shows a lack of curiosity. He, and we, would argue that it shows a full duty of care. Ensuring the right people in the right place were aware of allegations and were investigating them.”
"Seb has never denied hearing rumors about corruption," the IAAF added. "In fact he has said on many occasions that when alerted to rumors he asked people to pass them on to the ethics commission to be investigated." The BBC and Daily Mail also alleged that Coe won the IAAF presidency with the help of Papa Massata Diack, son of disgraced former IAAF President Lamine Diack. The elder Diack is being investigated by French prosecutors on corruption charges linked to cover-ups of Russian doping cases. His son, who worked as an IAAF marketing consultant, is also wanted in connection with the allegations.
The media outlets obtained text messages allegedly showing how Papa Massata Diack helped secure African votes for Coe, who defeated Ukraine’s Sergei Bubka 115-92 in last year’s election.
The younger Diack said he met Coe three times during the campaign.
“If he had not the blessing of Lamine Diack or my support, he would have never been elected as the IAAF president,” he told the BBC. “He knows that.”
The IAAF dismissed Diack’s claims.
“The suggestion that Seb Coe was actively seeking Papa Massata Diack’s advice about his campaign is wrong,” the statement said. “As with any campaign, lots of people offer advice – wanted or not, some helpful, some not. You try to be civil but wary.”
“This was the case with Mr. Diack,” the IAAF said. “He sent messages of support while at the same time supporting other candidates and accusing Seb Coe of leading a British media campaign against both him and his father.”
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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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.”
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yallacompare profile
Date of launch: 2014
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
Dubai Women's Tour teams
Agolico BMC
Andy Schleck Cycles-Immo Losch
Aromitalia Basso Bikes Vaiano
Cogeas Mettler Look
Doltcini-Van Eyck Sport
Hitec Products – Birk Sport
Kazakhstan National Team
Kuwait Cycling Team
Macogep Tornatech Girondins de Bordeaux
Minsk Cycling Club
Pannonia Regional Team (Fehérvár)
Team Auvergne-Rhône-Alpes
Team Ciclotel
UAE Women’s Team
Under 23 Kazakhstan Team
Wheel Divas Cycling Team
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
Look%20Both%20Ways
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More from Rashmee Roshan Lall
SPEC SHEET
Display: 6.8" edge quad-HD dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz
Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core
Memory: 8/12GB RAM
Storage: 128/256/512GB/1TB
Platform: Android 12
Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW
Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps
Front camera: 40MP f/2.2
Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare
Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC
I/O: USB-C
SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano
Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red
Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE
Profile of Tarabut Gateway
Founder: Abdulla Almoayed
Based: UAE
Founded: 2017
Number of employees: 35
Sector: FinTech
Raised: $13 million
Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.