Venezuela to probe Chavez poisoning claim



CARACAS // Venezuela will set up a formal inquiry into claims that deceased President Hugo Chavez's cancer was the result of poisoning by his enemies abroad, the government said.

Foes of the government view the accusation as a typical Chavez-style conspiracy theory intended to feed fears of "imperialist" threats to Venezuela's socialist system and distract people from daily problems.

Acting President Nicolas Maduro vowed to open an investigation into the claims, first raised by Chavez after he was diagnosed with the disease in 2011.

"We will seek the truth," Maduro told regional TV network Telesur. "We have the intuition that our commander Chavez was poisoned by dark forces that wanted him out of the way."

Foreign scientists will be invited to join a state committee to probe the accusation, he said.

Maduro, 50, is Chavez's handpicked successor and is running as the government's candidate in a snap presidential election on April 14 that was triggered by the president's death last week.

He is trying to keep voters' attention firmly focused on Chavez to benefit from the outpouring of grief among his millions of supporters. The opposition is centering its campaign on portraying Maduro, a former bus driver, as an incompetent who, they say, is exploiting Chavez's demise.

"Let's take the president (Chavez) away from the political debate, out of respect for his memory, his family, his supporters," opposition candidate Henrique Capriles' campaign chief Henri Falcon told reporters.

Polls from before Chavez's death gave Maduro a lead over Capriles of more than 10 percentage points. Capriles lost to Chavez by 11 percentage points in October.

Capriles has tried to jump-start his campaign with accusations that Maduro and other senior officials lied about the details of Chavez's illness, hiding the gravity of his condition from Venezuelans.

That sparked a torrent of attacks, with senior government officials using words like "Nazi" and "fascist" to describe Capriles, who has Jewish ancestors.

In a televised message, Information Minister Ernesto Villegas read a letter to the "sick opposition" from the late president's daughter, Maria Gabriela Chavez, who has at times been viewed as a possible future successor.

"Stop playing with the pain of a nation and a devastated family," she wrote. "It is unfair, inhuman, unacceptable that they now say we were lying about the date of his (death) ...

Focus on politics, don't play dirty."

Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press

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Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government

Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5

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.”

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors


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