President Nicolas Maduro raises his fist from an amphibious tank as he poses for photos alongside his wife Cilia Flores. AP
President Nicolas Maduro raises his fist from an amphibious tank as he poses for photos alongside his wife Cilia Flores. AP
President Nicolas Maduro raises his fist from an amphibious tank as he poses for photos alongside his wife Cilia Flores. AP
President Nicolas Maduro raises his fist from an amphibious tank as he poses for photos alongside his wife Cilia Flores. AP

Juan Guaido says he is taking control of Venezuela’s foreign assets


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Venezuela’s self-proclaimed acting president Juan Guaido said on Monday he was taking control of the country’s foreign assets as he piled pressure on leader Nicolas Maduro by calling for a new wave of protests against the embattled regime.

Mr Guaido, the opposition leader who has declared himself the country’s ruler amid violent anti-government protests, says “usurper” Mr Maduro’s rule is illegitimate and wants to set up a transitional government ahead of new elections.

In a statement published on social media, he said he was “beginning to take progressive and orderly control of our republic’s assets abroad to prevent, during his exit... that the usurper and his band try to empty the coffers.”

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Read more:

Pope Francis warns of Venezuela bloodbath as country braces for more protests

Nicolas Maduro rejects call for elections amid mounting pressure

Bank of England declines Nicolas Maduro's gold request

Sightline with Tim Marshall: Venezuela's boiling point

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Mr Guaido also called for a two-hour strike on Wednesday “to demand that the armed forces side with the people,” ahead of a “big national and international rally” on Saturday to acknowledge support from several European countries that have issued Maduro a deadline to hold new polls.

His remarks came as the death toll in last week’s protests rose to 35, according to NGO workers, with the government security forces accused of killing another eight in “extra-judicial executions.”

Pope Francis said on Monday following a trip to Panama that he was afraid the escalating political crisis in Venezuela would descend into “a bloodbath.”

The White House, meanwhile, urged Venezuela’s military to accept a “peaceful, democratic and constitutional transfer of power.”

National Security Advisor John Bolton told reporters in Washington that president Donald Trump was leaving “all options... on the table” when it came to considering getting the US military involved in the crisis.

Mr Maduro, 56, has refused to budge, telling Turkish television station CNN Turk: "No one can give us an ultimatum."

Millions of Venezuelans have been left in poverty or fled the country due to an economic crisis, marked by hyper-inflation and shortages of basic necessities, which began in 2014.

Mr Maduro devalued the currency by 35 per cent on Monday, aligning it with the exchange rate for the dollar on the black market, but analysts said it would only “make things worse.”

Mr Guaido, the 35-year-old head of the opposition-controlled National Assembly, says the election Mr Maduro won in May was not fair as it was boycotted by the opposition, while many in the international community branded it a fraud.

Last Wednesday, Mr Guaido launched a power struggle with Mr Maduro by declaring himself “acting president.”

He has the been recognised as Venezuela’s interim president by the United States and a dozen Latin American countries while Britain, France, Germany, Portugal, Spain and the Netherlands said they would follow suit unless Mr Maduro calls elections by February 3.

The EU has held back from joining the ultimatum, saying it would take "further actions" if elections were not called in the coming days, including the issue of recognition of the country's "leadership."

Russia, China, Turkey and leftist regional allies Cuba, Bolivia and Mexico continue to back Mr Maduro.

On Monday, the president of the Inter-American Court of Human Rights, Eduardo Ferrer, called for the leaders of both sides to meet “through peaceful channels” to find a way to “rebuild institutional democracy and full respect of human rights.”

Venezuela foreign minister Jorge Arreaza said Mexico and Uruguay are to present offers to host talks on solving the political crisis to the United Nations.

Canada said it would host an “urgent meeting” of the Lima Group of 13 Latin American nations plus Canada on February 4 to “discuss the steps we can take to support Juan Guaido and the people of Venezuela.”

That came as Rafael Uzcategui, director of the Venezuelan Program for Education-Action in Human Rights, accused the FAES police special forces unit of carrying out eight unlawful executions following last week’s protests, which he said had proved more deadly than previously thought.

“We have the corroborated figure, with first name, surname, place and presumed guilty parties, of 35 people murdered in the context of the protests” since Monday last week, Mr Uzcategui said.

Another NGO, Foro Penal, said 850 people, among them 77 children, have been arrested.

The US has warned there will be a “significant response” if US diplomats, Mr Guaido or the opposition-controlled National Assembly are targeted with violence and intimidation.

Encouraged by the international support for his cause, Mr Guaido is on a mission to weaken the military’s support of Maduro’s regime, which has been essential to keeping him in power since 2013.

His appeals have included promises of amnesty, and mass protests against Mr Maduro, who has presided over the collapse of the economy and a severe humanitarian crisis, with shortages of food and medicine.

Venezuela's defence minister Vladimir Padrino on Monday dismissed the amnesty offer as a “deception” and an “instrument of manipulation,” insisting that “no-one in the armed forces believes it.”

The military has backed the leftist regime, which was ushered into power 20 years ago by the late Hugo Chavez, a former military officer.

But Venezuela’s military attache in Washington, army colonel Jose Luis Silva, switched his support to Mr Guaido while Washington also accepted exiled opposition leader Carlos Vecchio as Venezuela’s new charge d’affaires to the United States.

Scarlet Salazar, a Venezuelan consular officer in Miami, said Monday she was also throwing her support behind Mr Guaido in a recorded statement.

Company%20Profile
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New schools in Dubai
Race card

6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m

7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m

7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m

8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m

8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m

9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Hydrogen: Market potential

Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.

"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.

Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.

The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.

MATCH STATS

Wolves 0

Aston Villa 1 (El Ghazi 90 4' pen)

Red cards: Joao Moutinho (Wolves); Douglas Luiz (Aston Villa)

Man of the match: Emi Martinez (Aston Villa)

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.5-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20101hp%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20135Nm%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%20Six-speed%20auto%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh79%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

MATCH INFO

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

WIDE%20VIEW
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Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
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THE POPE'S ITINERARY

Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport


Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial


Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport

RESULTS

5pm: Watha Stallions Cup Handicap (PA) Dh 70,000 (Dirt) 2,000m

Winner: Dalil De Carrere, Bernardo Pinheiro (jockey), Mohamed Daggash (trainer)

5.30pm: Maiden (TB) Dh 70,000 (D) 2,000m

Winner: Miracle Maker, Xavier Ziani, Salem bin Ghadayer

6pm: Maiden (PA) Dh 70,000 (D) 1,600m

Winner: Pharitz Al Denari, Bernardo Pinheiro, Mahmood Hussain

6.30pm: Maiden (PA) Dh 70,000 (D) 1,600m

Winner: Oss, Jesus Rosales, Abdallah Al Hammadi

7pm: Handicap (PA) Dh 70,000 (D) 1,400m

Winner: ES Nahawand, Fernando Jara, Mohamed Daggash

7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m

Winner: AF Almajhaz, Abdul Aziz Al Balushi, Khalifa Al Neyadi

8pm: Maiden (PA) Dh 70,000 (D) 1,000m

Winner: AF Lewaa, Bernardo Pinheiro, Qaiss Aboud.

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

'Project Power'

Stars: Jamie Foxx, Joseph Gordon-Levitt, Dominique Fishback

Director: ​Henry Joost and Ariel Schulman

Rating: 3.5/5

Keane on …

Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”

Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”

Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”

It Was Just an Accident

Director: Jafar Panahi

Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr

Rating: 4/5

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.”

PREMIER LEAGUE FIXTURES

Saturday (UAE kick-off times)

Watford v Leicester City (3.30pm)

Brighton v Arsenal (6pm)

West Ham v Wolves (8.30pm)

Bournemouth v Crystal Palace (10.45pm)

Sunday

Newcastle United v Sheffield United (5pm)

Aston Villa v Chelsea (7.15pm)

Everton v Liverpool (10pm)

Monday

Manchester City v Burnley (11pm)

COMPANY%20PROFILE
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