Boks expect All Blacks to be tougher than Lions



South Africa, winners of a bruising British and Irish Lions series, expect their opening Tri Nations match against holders New Zealand today to be the real test of their abilities. The world champions are predicting a high tempo game in Bloemfontein against the All Blacks who started their title defence with a 22-16 victory over Australia last weekend. "It was a very big series for us against the Lions because it only comes around once in 12 years, but the level will definitely lift against the All Blacks," the South Africa vice captain Victor Matfield said.

"I still believe the Tri Nations is the toughest competition in rugby. Playing the All Blacks is still the ultimate, to stand in your Springbok jersey and face the haka, it gives me goosebumps just thinking about it. "It's tough to say which way the series will go, particularly after New Zealand beat Australia last weekend. "It won't be easy but in my eight years of being with the Springboks I've only won one Tri Nations. It would be good to win another one."

New Zealand have made two changes to the team who beat the Wallabies, bringing in scrum-half Brendon Leonard and wing Joe Rokocoko to give them with more pace on a hard, dry surface in Bloemfontein that traditionally favours running rugby. "There was a certain amount of kicking against Australia, but when you look at the stats - Australia made 160-odd tackles and we made 110 - they show that we kept the ball in hand more. We will try to play more rugby this week too," the New Zealand coach Graham Henry said.

Rokocoko has dished up pain for the Springboks before, scoring nine tries against them, one short of Christian Cullen's record against South Africa. South Africa have lost their last two home matches against the All Blacks, having been beaten 19-0 in Cape Town last year and 26-21 in Durban in 2007. The All Black hooker Andrew Hore is confident the team will show further improvement in their scrums in today's game.

"It's a work in progress. We are building away. We are slowly getting up to where we were," he told Radio Sport. "We'll keep working on that and hopefully we can get better every game and be pretty good by the end of it." "It's always been pretty tough up front. Probably a good thing about their front row is they have played all the Super 14 together so they will know each other's strengths and how they can do stuff on different angles, which should mean quite a tough test.

"We went not too bad against Australia and hopefully we can take another couple of steps up and mix it with these big boys on Saturday." * With agencies

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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.”

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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Company name: Jaib

Started: January 2018

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TO ALL THE BOYS: ALWAYS AND FOREVER

Directed by: Michael Fimognari

Starring: Lana Condor and Noah Centineo

Two stars

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The years Ramadan fell in May

1987

1954

1921

1888

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