Venezuela's president Nicolas Maduro (L) said on national television that he is not intimidated by threats or sanctions. Reuters / Miraflores Palace
Venezuela's president Nicolas Maduro (L) said on national television that he is not intimidated by threats or sanctions. Reuters / Miraflores Palace

Maduro says he will radically overhaul Venezuela's system



President Nicolas Maduro brushed off new US sanctions on him and condemnation at home and abroad of the newly chosen constitutional assembly, saying the vote has given him a popular mandate to radically overall Venezuela's political system.

Mr Maduro said on Monday evening he had no intention of deviating from his plans to rewrite the constitution and go after a string of enemies, from independent Venezuelan news channels to gunmen he claimed were sent by neighbouring Colombia to disrupt the vote as part of an international conspiracy led by the man he calls "Emperor Donald Trump".

"They don't intimidate me. The threats and sanctions of the empire don't intimidate me for a moment," Mr Maduro said on national television. "I don't listen to orders from the empire, not now or ever … Bring on more sanctions, Donald Trump."

A few hours earlier, Washington added Mr Maduro to a steadily growing list of high-ranking Venezuelan officials targeted by financial sanctions, escalating a tactic that has so far failed to alter his socialist government's behaviour. For now, the Trump administration did not deliver on threats to sanction Venezuela's oil industry, which could undermine Mr Maduro's government but raise US gas prices and deepen the humanitarian crisis here.

The sanctions came after electoral authorities said more than 8 million people voted on Sunday to create a constitutional assembly endowing Mr Maduro's ruling party with virtually unlimited powers — a turnout doubted by independent analysts while the election was labelled illegitimate by leaders across the Americas and Europe.

Venezuela's National Electoral Council said turnout in Sunday's vote was 41.53 per cent, or 8,089,320 people. The result would mean the ruling party won more support than it had in any national election since 2013, despite a cratering economy, spiralling inflation, shortages of medicine and malnutrition. Opinion polls had said some 85 per cent of Venezuelans disapproved of the constitutional assembly and similar numbers disapproved of Mr Maduro's overall performance.

Opposition leaders estimated the real turnout at less than half the government's claim in a vote watched by government-allied observers but no internationally recognised poll monitors.

An exit poll based on surveys from 110 voting centres by New York investment bank Torino Capital and a Venezuela public opinion company estimated 3.6 million people voted, or about 18.5 per cent of registered voters.

The electoral council's vote counts in the past had been seen as reliable and generally accurate, but the widely mocked announcement appeared certain to escalate the polarisation and political conflict paralysing the country.

"If it wasn't a tragedy … if it didn't mean more crisis, the electoral council's number would almost make you laugh," opposition leader Freddy Guevara said on Twitter. Mr Maduro has threatened that one of the constitutional assembly's first acts would be jailing Mr Guevara for inciting violence.

The constituent assembly will have the task of rewriting the country's constitution and will have powers above and beyond other state institutions, including the opposition-controlled congress.

Mr Maduro has said the new assembly will begin to govern within a week. Among other measures, he said he would use the assembly's powers to bar opposition candidates from running in gubernatorial elections in December unless they sit with his party to negotiate an end to hostilities that have generated four months of protests that have killed at least 120 and wounded nearly 2,000.

Along with the US, the EU and nations including Argentina, Canada, Colombia, Mexico, Panama, Paraguay, Spain and Britain criticised Sunday's vote. Mr Maduro said he had received congratulations from the governments of Cuba, Bolivia and Nicaragua, among others.

The monetary impact of the new US sanctions was not immediately clear as Mr Maduro's holdings in US jurisdictions, if he has any, were not publicised. However, imposing sanctions on a head of state is rare and can be symbolically powerful, leading other countries to similarly shun such a leader. For example, the US has had sanctions against Syria's president Bashar Al Assad since 2011. Other heads of state currently subject to US sanctions include Zimbabwe's Robert Mugabe and North Korea's Kim Jong Un.

Mr Maduro called the constitutional assembly in May after a month of protests against his government, which has overseen Venezuela's descent into a devastating crisis during its four years in power. Due to plunging oil prices and widespread corruption and mismanagement, Venezuela's inflation and homicide rates are among the world's highest, and widespread shortages of food and medicine have citizens dying of preventable illnesses and rooting through trash to feed themselves.

The president of the opposition-led National Assembly, Julio Borges, told Venezuelan news channel Globovision on Monday that Mr Maduro's foes would continue protesting until they won free elections and a change of government.

He said Sunday's vote gave Mr Maduro "less legitimacy, less credibility, less popular support and less ability to govern".

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THE BIO

Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.

Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.

She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.

She is the youngest of three children, and has a brother and sister.

Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring  the natural world.

RESULT

Manchester United 2 Tottenham Hotspur 1
Man United: Sanchez (24' ), Herrera (62')
Spurs: Alli (11')

Ms Yang's top tips for parents new to the UAE
  1. Join parent networks
  2. Look beyond school fees
  3. Keep an open mind
Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

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