England scent a rare win



England require five wickets this afternoon to wrap up their first Ashes victory at Lord's in 75 years after Michael Clarke provided an obdurate resistance for Australia yesterday. Andrew Strauss's side looked poised to complete victory with a day to spare after reducing the visitors to 128 for five in pursuit of an unlikely 522 for victory. But Clarke, the tourists' vice captain, made an exquisite 125 not out and shared a partnership of 185 with Brad Haddin (80 not out) for the sixth wicket to take Australia on 313 for five when bad light called for an early close.

The expected victory, however, could be claimed at a heavy price. Andrew Flintoff bowled heroically through the pain barrier yesterday but required treatment on his troublesome right knee after his first seven overs and again at lunch. He will be wrapped in cotton wool between now and England's next assignment at Edgbaston next week. Kevin Pietersen continues to be hampered by an Achilles problem and he also left the field yesterday for treatment to his back. He is in danger of ending his unbroken sequence of 54 successive Test matches.

The England selectors will give both players the maximum opportunity to be fit for the third Test but they will already be drawing up a contingency plan. Ian Bell would be the obvious replacement for Pietersen, which would probably see the Warwickshire right-hander bat at three and Ravi Bopara drop down to No 4. The all-round qualities of Flintoff would be more difficult to replace but the pace and bounce of Steve Harmison would make him a prime replacement.

On the rival front, the form of Mitchell Johnson will be the biggest concern for captain Ricky Ponting who is likely to have the fit-again pair of Shane Watson and Brett Lee at his disposal for the three-day game against Northants starting on Friday. @Email:kaffleck@thenational.ae Cricket s8-9

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.”

Moonfall

Director: Rolan Emmerich

Stars: Patrick Wilson, Halle Berry

Rating: 3/5

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

COMPANY%20PROFILE
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Red Sparrow

Dir: Francis Lawrence

Starring: Jennifer Lawrence, Joel Egerton, Charlotte Rampling, Jeremy Irons

Three stars

Cricket World Cup League 2

UAE squad

Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind

Fixtures

Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Citadel: Honey Bunny first episode

Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5


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