Venezuela's military said on Tuesday it was on "alert" at its frontiers following threats by US President Donald Trump and ordered its border with Curacao closed ahead of a planned aid shipment.
Opposition leader and self-declared interim president Juan Guaido vowed to bring aid in from various points on Saturday "one way or another" despite military efforts to block it.
But commanders doubled down on their allegiance to President Nicolas Maduro after Mr Trump warned them to abandon him.
"The armed forces will remain deployed and on alert along the borders... to avoid any violations of territorial integrity," said Defence Minister Vladimir Padrino.
Regional commander Vladimir Quintero later confirmed media reports that Venezuela had ordered the suspension of air and sea links with Curacao and the neighbouring Netherlands Antilles islands of Aruba and Bonaire.
Shipments of food and medicine for Venezuelans suffering in the country's economic crisis have become a focus of the power struggle between Messrs Maduro and Guaido.
Aid is being stored in Colombia near the Venezuelan border and Mr Guaido aims also to bring in consignments via Brazil and Curacao.
A Brazilian presidential spokesman said the country was cooperating with the United States to supply aid to Venezuela but would leave it to Venezuelans to take the goods over the border.
Mr Maduro says the aid plan is a smokescreen for a US invasion. He blames US sanctions and "economic war" for Venezuela's crisis.
Mr Guaido, the 35-year-old leader of the Venezuelan legislature, has appealed to military leaders to switch allegiance to him and let the aid through.
He has offered military commanders an amnesty if they abandon Mr Maduro.
But the military high command has so far maintained its public backing for Mr Maduro – seen as key to keeping him in power.
"We reiterate unrestrictedly our obedience, subordination and loyalty" to Mr Maduro, Mr Padrino said.
Mr Guaido posted a series of tweets calling by name on senior military leaders commanding border posts to abandon Mr Maduro.
He has branded Mr Maduro illegitimate, saying the elections that returned the socialist leader to power last year were fixed.
The United States and some 50 other countries back Mr Guaido as interim president.
Mr Trump has refused to rule out US military action in Venezuela. He raised the pressure on Monday, issuing a warning to the Venezuelan military.
He told them that if they continue to support Mr Maduro, "you will find no safe harbor, no easy exit and no way out. You will lose everything."
Mr Padrino rejected Mr Trump's threat, branding the US president "arrogant."
If foreign powers try to help install a new government by force, they will have to do so "over our dead bodies," Mr Padrino said.
Despite sitting on the world's biggest oil reserves, Venezuela is gripped by a humanitarian crisis, with a shortage of food and medicine.
It has suffered four years of recession marked by hyperinflation that the International Monetary Fund says will reach 10 million per cent this year.
An estimated 2.3 million Venezuelans have left the country since 2015.
Mr Guaido says 300,000 people face death without the aid but Mr Maduro denies there is a humanitarian crisis.
Mr Padrino said the military would not be "blackmailed" by "a pack of lies and manipulations."
Mr Maduro said that 300 tonnes of Russian aid would reach Venezuela on Wednesday. He previously announced the arrival of goods from China, Cuba and Russia, his main international allies.
In a series of tweets, Mr Guaido urged supporters to write to the generals "from the heart, with arguments, without violence, without insults," to win them over.
Mr Guaido says he has enlisted the support of 700,000 people to help bring in the aid on Saturday and is aiming for a million in total.
He thanked Britain, France, Germany, Italy and Spain for pledging "more than $18 million for the humanitarian aid."
British entrepreneur Richard Branson said he will hold a pro-aid concert just over the border in Colombia on Friday.
British rock star Peter Gabriel and Colombian pop singer Carlos Vives are among those scheduled to perform.
Former Pink Floyd singer Roger Waters weighed in on Mr Maduro's side in a video broadcast on Venezuelan state media, criticizing Messrs Branson and Gabriel and said the aid was being politicised.
Mr Maduro's government plans to stage a rival concert on its side of the border.
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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.”
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
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Date started: 2014
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Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
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ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
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