Lee Westwood lines up a put at the Masters.
Lee Westwood lines up a put at the Masters.

Lee Westwood gets his nose in front at the Masters



AUGUSTA, Georgia // With his words and then his play, Lee Westwood shot down the notion Thursday that this Masters was a two-horse race.

On a busy opening day at Augusta National that featured mud, a little rain and a snowman on the final hole for Henrik Stenson, Westwood provided a steady hand Thursday with seven birdies for a 5-under 67 that gave him a one-shot lead.

It was the first time Westwood has led after the opening round of a major, though that was little comfort. Louis Oosthuizen made four birdies over the last five holes for a 68, while Peter Hanson of Sweden made six birdies for his 68. Bubba Watson, blasting tee shots with his pink driver, was among six players at 69.

Westwood had said it would be naive for anyone to think this major was only about Tiger Woods and Rory McIlroy.

Those two horses were happy to still be in the running.

Woods took two penalty shots, hit three tee shots that rattled the pines and was thrilled to make bogey on his last hole for a 72, the first time since 2008 that he failed to break par in the opening round of the Masters.

"I had some of the worst golf swings I've ever hit today," Woods said.

McIlroy opened with a double bogey, though his big moment was on the 10th hole. A year ago, that's where his Sunday collapse began with a hooked tee shot into the cabins for a triple bogey. This time, he pushed a 3-wood into the trees on the other side and managed a par.

"That was a bit of an improvement from the last time I played it," McIlroy said.

Better yet was a birdie-birdie finish, including a 15-foot putt from the fringe on the 18th that gave him a 71, making him one of 28 players who broke par and were within four shots of the lead.

"It was huge," McIlroy said. "I didn't feel like I had my best out there. To finish under par for the day, I'm very pleased."

Along with Woods smiling after a 72, three-time Masters champion Phil Mickelson was delighted with a 74. He sprayed tee shots all over the course, including one so far left on the 10th into bushes he didn't know existed that he never found his ball. Mickelson made a triple bogey there, then spent the rest of the back nine scrambling for his life.

He recounted all the bad shots, the missed opportunities, the triple bogey, and decided the glass was half full, almost spilling over.

"This is good news," Mickelson said. "Because if I can get hot tomorrow, I'm playing good enough to shoot 6 or 7 under, and I'll be right in it for the weekend. Fortunately, I didn't shoot myself out of it."

Luke Donald, the No. 1 player in the world, had a few nervous moments, and that was after he signed for a 75. When his card was sent to the scoring room to be entered into the computer, an official accidentally punched in a birdie 3 for the fifth hole, even though Donald three-putted for a 5. The leaderboard showed him with a 73.

It took about two hours to clear up the confusion.

"This place, if you are a little bit off, it can eat you up," Donald said.

Donald and Westwood are the only two players to be No. 1 without ever having won a major. Westwood is atop the list of the best who have never won a Grand Slam event - 36 wins around the world, formerly No. 1 in the world and a half-dozen close calls in the majors, including a runner-up finish at the Masters two years ago.

"I've come close," Westwood said. "I've won all there is to win other than a major championship. That's my primary focus and it's been a long time coming around since the PGA last year."

Westwood made his move on the front nine when he ran off four straight birdies, all of them inside 10 feet, including a difficult pitch from short of the par-5 eighth green that settled within tap-in range.

Despite the soft conditions from storms earlier in the week, the scoring wasn't as low as some thought. Westwood's caddie, Billy Foster, walked the course earlier in the day and sent back a scouting report.

"Billy had sent me a text saying that the pins were tough," Westwood said. "He used slightly more flowering language than that, but we'll stick to tough. So I knew it was a day for patience."

Stenson celebrated his 36th birthday with a 31 on the front nine, including eagles on both par 5s, and he was the only player to reach 6-under par during the round. It just didn't last.

He hooked his drive into the trees on the 18th, took two shots to get back to the fairway, sent a wedge over the green and took four shots to get down from there. He wound up with a quadruple-bogey 8 - known as a "snowman" in golf vernacular - which matched the highest score on the 18th hole in Masters history.

That dropped him to a 71, not bad considering his last two opening rounds at Augusta were an 80 and an 83, but still not what he wanted.

"You make a little mistake, and then you compound it with another one, and it just keeps on snowballing," Stenson said. "And I got the snowman in the end. What to do?"

Paul Lawrie made two eagles on the back nine to join the group at 69 that included Miguel Angel Jimenez, Edoardo Molinari, Ben Crane and Jason Dufner, who lost in a playoff at the PGA Championship last summer.

Only nine players managed to break 70, and the scoring was so bunched that only eight of the 96 players were 10 shots behind, the measure for making the cut on Friday.

"There's still a lot of world class players there and a lot of them playing well, and majors are hard to win as it is," Westwood said. "I'm going to have to play as good, if not better, than I did today to carry on in the position I'm in."

Woods had an inkling of what to expect. He was on his way to the putting green when he ducked into the clubhouse, glanced at the computer and was surprised to see so few birdies. Once he teed off, it all made sense.

The pins were tucked in some of the tougher positions at the Masters, especially for the opening round, such as a right pin on the par-3 12th typically only seen on a Sunday.

"It was what I expected throughout the week, but maybe not on Thursday," Zach Johnson said after a 70.

And it sure wasn't easy getting at some of those pins with splotches of mud on the ball. Keegan Bradley had to deal with it on the opening hole. His shot went left of the bunker and he made double bogey. Steve Stricker was trying to lay up on the par-5 eighth hole when mud on his ball caused it to veer sharply to the left and into the pines. He made bogey.

Kyle Stanley was asked where he had to cope with mud.

"One, two, five, 10, 11, 13, 15," he said. "That was it."

Woods had other issues.

With thousands of fans lining the first fairway, they looked toward the sky to find the flight of his ball and figured out where it went by the sound of a hard, hollow knock striking Georgia pine. On the next hole, he pulled his tee shot toward the creek for a penalty shot. In both cases, he escaped with par by making putts of 8 and 5 feet.

But there was no escaping the finish. A tee shot to the left on the 17th left him no angle to get on the green, so Woods hit into the front bunker and failed to save par. And on the 18th, another wild hook went into the trees. Woods had to take a penalty stroke to get relief, and only a delicate pitch left of the green allowed him to save bogey.

Woods usually talks about the shots that got away. This time, there weren't many.

"Today I squeezed a lot out of that round," he said. "I just felt my way around today. I know how to play this golf course. I think it's just understanding what I need to do."

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How to get exposure to gold

Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.

A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.

Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.

Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.

London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long

However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.

How to turn your property into a holiday home
  1. Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
  2. Research equivalent Airbnb homes in your location to ensure competitiveness.
  3. Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
  4. Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
  5. Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
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BEETLEJUICE BEETLEJUICE

Starring: Winona Ryder, Michael Keaton, Jenny Ortega

Director: Tim Burton

Rating: 3/5

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The specs

Engine: 6.2-litre V8

Transmission: seven-speed auto

Power: 420 bhp

Torque: 624Nm

Price: from Dh293,200

On sale: now

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

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FIGHT%20CARD
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The Bio

Name: Lynn Davison

Profession: History teacher at Al Yasmina Academy, Abu Dhabi

Children: She has one son, Casey, 28

Hometown: Pontefract, West Yorkshire in the UK

Favourite book: The Alchemist by Paulo Coelho

Favourite Author: CJ Sansom

Favourite holiday destination: Bali

Favourite food: A Sunday roast

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Scoreline

Swansea 2

Grimes 20' (pen), Celina, 29'

Man City 3

Silva 69', Nordfeldt 78' (og), Aguero 88'

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UAE currency: the story behind the money in your pockets
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Tips on buying property during a pandemic

Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.

While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.

While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar. 

Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.

Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.

Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities. 

Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong. 

Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.

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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The specs

Engine: 3.5-litre twin-turbo V6

Power: 380hp at 5,800rpm

Torque: 530Nm at 1,300-4,500rpm

Transmission: Eight-speed auto

Price: From Dh299,000 ($81,415)

On sale: Now