President of Venezuela Nicolas Maduro during the commemorative events of the Angostura Discourse Bicentennial, in Ciudad Bolivar, Venezuela. EPA/MIRAFLORES PRESS OFFICE
President of Venezuela Nicolas Maduro during the commemorative events of the Angostura Discourse Bicentennial, in Ciudad Bolivar, Venezuela. EPA/MIRAFLORES PRESS OFFICE
President of Venezuela Nicolas Maduro during the commemorative events of the Angostura Discourse Bicentennial, in Ciudad Bolivar, Venezuela. EPA/MIRAFLORES PRESS OFFICE
President of Venezuela Nicolas Maduro during the commemorative events of the Angostura Discourse Bicentennial, in Ciudad Bolivar, Venezuela. EPA/MIRAFLORES PRESS OFFICE

US raises pressure on Maduro via sanctions, aid


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The United States ratcheted up pressure on Venezuelan President Nicolas Maduro on Friday by sanctioning some of his top security officials and the head of the state oil company, and unveiling plans to airlift over 200 tons of aid to the Colombian border.

The US Treasury said it sanctioned PDVSA chief Manuel Quevedo, three top intelligence officials and Rafael Bastardo, who US officials say is the head of a national police unit responsible for dozens of extrajudicial killings carried out in nighttime raids on Mr Maduro's behalf.

Separately, the US State Department said on Friday it was working with the Pentagon and US aid agency to fly humanitarian assistance on Saturday to Cucuta, Colombia, on the Venezuelan border.

The steps are part of a wider effort by the United States to undermine Mr Maduro, whose 2018 election it views as illegitimate and whose government it has disavowed, and to strengthen opposition leader and self-declared president Juan Guaido. Mr Quevedo said on Twitter the Venezuelan officials were being sanctioned for guaranteeing peace, building homes and condemning the "coup and military plan of the United States, its allies" and Mr Guaido. US military aircraft were expected to deliver more than 200 tons of humanitarian aid to the border town, a US official said. The United States already has pre-positioned some relief supplies in Colombia and is coordinating with Mr Guaido to mobilise aid for Venezuelans, a State Department spokeswoman said.

It was unclear whether any of the US aid being ferried to Colombia would reach Venezuelans.

Mr Maduro, who has overseen an economic collapse in the oil-rich country that has left millions struggling to buy food and medicine and fuelled an unprecedented migration crisis in the region, has refused to allow supplies in.

"This man Maduro has created a humanitarian crisis," US Secretary of State Mike Pompeo told reporters in Reykjavik. "As soon as this weekend we will continue to deliver massive humanitarian assistance. Hopefully Mr Maduro will allow that in to his country."

The aid convoy dispatched by the United States and Colombia arrived in Cucuta last week, where it is being held in warehouses.

US President Donald Trump's national security adviser John Bolton worked to undermine Mr Maduro on Friday, saying economic and political pressure was squeezing his top government officials and claiming without offering any evidence that "a clear majority, maybe almost all of them" were talking to the opposition about supporting Mr Guaido or leaving the country.

Mr Bolton appeared to confirm reports that Venezuelan Foreign Minister Jorge Arreaza met in New York with US special envoy for Venezuela Elliott Abrams, and suggested Mr Maduro should ask himself what they talked about.

Mr Bolton also said he thought "Russia and China are hedging" their support for Mr Maduro because of concern about the Mr Maduro government's indebtedness to Moscow and Beijing.

EA Sports FC 24
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Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY%20PROFILE
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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
While you're here
Company%20Profile
%3Cp%3ECompany%20name%3A%20EduPloyment%3Cbr%3EDate%20started%3A%20March%202020%3Cbr%3ECo-Founders%3A%20Mazen%20Omair%20and%20Rana%20Batterjee%3Cbr%3EBase%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Recruitment%3Cbr%3ESize%3A%2030%20employees%3Cbr%3EInvestment%20stage%3A%20Pre-Seed%3Cbr%3EInvestors%3A%20Angel%20investors%20(investment%20amount%20undisclosed)%3C%2Fp%3E%0A
Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

Defending champions

World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack

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.”

Brief scores:

Day 2

England: 277 & 19-0

West Indies: 154

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The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now