India's sports minister Vijay Goel addresses a conference in New Delhi on July 25,2016. He drew widespread criticism  for  his "aggressive and rude" entourage at the Rio ~Olympics on August 12, 2016.  Sajjad Hussain / AFP
India's sports minister Vijay Goel addresses a conference in New Delhi on July 25,2016. He drew widespread criticism for his "aggressive and rude" entourage at the Rio ~Olympics on August 12, 2016. Show more

Indian sports minister behaving badly in Rio



New Delhi // India’s sports minister could be stripped of his accreditation at the Rio Olympics after complaints of “aggressive and rude” behaviour by his entourage.

The Rio organising committee said it had received several reports of Vijay Goel trying to get unaccredited people accompanying him into Olympic venues.

“When the staff try to explain that this is not allowed, they report that the people with the minister have become aggressive and rude and sometimes push past our staff,” committee manager Sarah Peterson told India’s chef de mission, Rakesh Gupta, in a letter cited by the Press Trust of India news agency.

“Should our protocol team be made aware of further examples of this type of behaviour, the accreditation of your minister for sports will be cancelled and his privileges at the Olympic Games withdrawn,” she wrote.

Mr Goel has denied any wrongdoing, saying it was a “misunderstanding”.

“What is being said is that my staff may have done something wrong, but I am not aware of this or any misbehaviour. Nothing is being said about me, it is about my staff,” he told the NDTV news network in Rio.

But the charge has led to an outpouring of anger on social media in India, where politicians are frequently accused of abusing their position to skip queues or zip through traffic in their official cars.

“Sad to see our ministers carrying the ‘do you know who I am?’ attitude to Rio Olympics,” said one Twitter user, Karun Chandhok.

“Finally, India has won a medal at Rio Olympics. It’s for lunatic behaviour. Thank you sports minister,” tweeted another.

The Indian Express newspaper meanwhile accused Mr Goel of spending his time in Rio taking selfies with "exhausted Indian athletes".

India has sent a 118-strong contingent to Rio, its largest ever for an Olympic Games, and the sports ministry has set a target of 10 medals.

But athletes complain of substandard training facilities and a lack of government investment in sport in a country that has enjoyed two decades of rapid economic development and has a booming population of 1.25 billion.

* Agence France-Presse

Iran's dirty tricks to dodge sanctions

There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.

1 Going Dark

A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.

2. Ship-to-Ship Transfers

A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.

3. Fake Destinations

Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.

4. Rebranded Barrels

Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.

* Bloomberg

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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.”

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Rating: 3/5

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