Relatives of late Spanish dictator Francisco Franco, carry the coffin after the exhumation at The Valle de los Caidos (The Valley of the Fallen). Reuters
Relatives of late Spanish dictator Francisco Franco, carry the coffin after the exhumation at The Valle de los Caidos (The Valley of the Fallen). Reuters
Relatives of late Spanish dictator Francisco Franco, carry the coffin after the exhumation at The Valle de los Caidos (The Valley of the Fallen). Reuters
Relatives of late Spanish dictator Francisco Franco, carry the coffin after the exhumation at The Valle de los Caidos (The Valley of the Fallen). Reuters

Spain exhumes remains of fascist dictator Franco


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The remains of Spain’s General Francisco Franco were exhumed on Thursday and moved from a grand mausoleum to a private family vault.

A heavy granite slab was moved by a crane from the tomb where the fascist dictator was laid to rest in a ceremony attended by a select few people including 22 of his family members, Spain’s justice minister and a priest.

His coffin was carried out of the basilica of the Valley of the Fallen to a car by his grandsons, while relatives saluted it with a cry of “Viva Franco!”

The Valley of the Fallen is a huge monument built on Franco’s orders around 64 kilometres from Madrid which houses the remains of more than 30,000 fighters from both sides of the Spanish Civil War.

The 1936-1939 war, fought between Franco’s nationalist forces and the Republican government of the time, killed 500,000 people. Franco’s forces won the war and he ruled over Spain as dictator until 1975.

The Valley of the Fallen, which houses thousands of Franco’s victims in unmarked graves, was built by forced labour.

Relatives of late Spanish dictator Francisco Franco, carry the coffin after the exhumation at The Valle de los Caidos (The Valley of the Fallen). Reuters
Relatives of late Spanish dictator Francisco Franco, carry the coffin after the exhumation at The Valle de los Caidos (The Valley of the Fallen). Reuters

The decision to move Franco’s body has caused controversy in Spain, where his legacy sparks deep division.

Socialist Prime Minister Pedro Sánchez, whose government had pledged to relocate the dictator, won backing to remove the remains from the mausoleum.

Mr Sánchez said last month that removing the remains was “a big victory for our democracy”.

“It was nonsense to have a monument to a dictatorship that did so much damage to our citizens for 40 years,” he said in an interview in New York.

The exhumation was contested by Franco’s family who lost a Supreme Court battle to keep his remains in the Valley of the Fallen.

A hearse containing the remains of Francisco Franco arrives at Mingorrubio cemetery in El Pardo neighbourhood, in Madrid, Spain. Getty Images
A hearse containing the remains of Francisco Franco arrives at Mingorrubio cemetery in El Pardo neighbourhood, in Madrid, Spain. Getty Images

Juan Chicharro, chairman of the National Francisco Franco Foundation, said Franco’s supporters would continue to fight to preserve his legacy.

“Mr Sanchez has brought back to life a division between Spaniards that didn’t exist,” he told state broadcaster TVE in an interview. “What we are seeing is nothing more than a partial victory — the war will continue.”

Critics of Mr Sánchez said the move was a political stunt ahead of Spain’s November 10 elections designed to draw attention away from tensions in Catalonia, which has seen violent demonstrations since the jailing of nine separatist leaders for their part in a failed independence bid.

Franco’s grandson, Francisco Franco y Martinez-Bordiu, said he was angry with the government’s decision.

"I feel a great deal of rage because [the government] has used something as cowardly as digging up a corpse as propaganda, and political publicity to win a handful of votes before an election," he told Reuters.

But for descendants of Franco’s victims, the move could not come soon enough.

Nicolas Sanchez-Albornoz, 93, who was a prisoner of Franco's regime and was forced to help build the Valley of the Fallen, said the exhumation was “long overdue”.

"We've waited many decades for (him) to disappear from this monument, which ... was the shame of Spain. All the dictators of Franco's ilk have vanished from Europe -- Hitler, Mussolini -- and were not honoured with such tombs," he told Reuters.

The Spanish people appear to be divided over the decision. An El Mundo poll this month said 43 per cent supported the move, with 32.5 per cent against and the rest undecided.

First Person
Richard Flanagan
Chatto & Windus 

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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Manchester City 3 (Silva 8' &15, Foden 33')

Birmginahm City 0

Man of the match Bernado Silva (Manchester City)

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Uefa Champions League semi-finals, first leg
Liverpool v Roma

When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome

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.”

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

Rating: 4/5

Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs 

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

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'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press

MATCH INFO

Newcastle United 2 (Willems 25', Shelvey 88')

Manchester City 2 (Sterling 22', De Bruyne 82')

Tips to keep your car cool
  • Place a sun reflector in your windshield when not driving
  • Park in shaded or covered areas
  • Add tint to windows
  • Wrap your car to change the exterior colour
  • Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
  • Avoid leather interiors as these absorb more heat
What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

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CHELSEA SQUAD

Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku. 

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THE BIO

Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old

Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai

Favourite Book: The Alchemist

Favourite quote: Failing to prepare is preparing to fail

Favourite place to Travel to: Vienna

Favourite cuisine: Italian food

Favourite Movie : Scent of a Woman