John Terry, centre, takes part in a training drill yesterday. Clive Rose / Getty Images
John Terry, centre, takes part in a training drill yesterday. Clive Rose / Getty Images

In Fernando Torres we trust, says Chelsea coach Carlo Ancelotti



The pressure should be off Chelsea - and their misfiring striker Fernando Torres - against Copenhagen in the Champions League tonight.
A Nicolas Anelka double in the first leg has given Chelsea a 2-0 lead going into the game and a good chance of advancing to the quarter-finals.
But in five matches since his £50 million (Dh295m) move from Liverpool, Torres has failed to score.
"For the strikers it's important to score," Carlo Ancelotti, the Chelsea manager, said yesterday. "In my opinion [Torres] has played well for the team and has done what I asked him to do on the pitch.
"The only problem is because he's a new player and he needs to know our kind of play better, but I think he will score."
Torres has struggled to adapt to life in the English capital since leaving Liverpool on January 31.
"I do not know London, and have spent time looking for somewhere to live, and it's all been a bit of a mess," he was quoted in the British media as saying. "What I want to do now is settle down, be quiet, stop thinking about other things and enjoy my life."
His teammates have no doubts that Torres will eventually successfully link up with Anelka and Didier Drogba.
"Fernando is great, he is a fantastic, world-class player of a different quality," Branislav Ivanovic, the Chelsea defender, said. "He can give a lot of things to Chelsea. It's difficult at the moment because he needs to adapt to a new club, but the players trust him and he knows he can be important to us."
Copenhagen, who have a nine-point lead in the Danish league, have nothing to lose and will be going on the attack.
"It is stupid to [be] defensive when you're behind 2-0," Stale Solbakken, the Copenhagen coach, said. "If we score they will be nervous. I can guarantee that.
"The key to the game is who scores the first goal. If we do, it will be the inverted psychology no matter how Chelsea has prepared for the game."
Should Copenhagen stage a fightback, Solbakken said "it will be the greatest [achievement] in my football career".
Meanwhile, Alex, the Chelsea defender, is in line to make his long-awaited return from injury in Sunday's Premier League game against Manchester City.
Alex, 28, who has been out since November and was forced to undergo surgery on a knee, trained with the first team at Cobham yesterday after returning from rehabilitating in his native Brazil.
He will not play against Copenhagen, but will boost Ancelotti's defensive options in the long run, especially in the Champions League, for which new signing David Luiz is ineligible.
11.45pm, Aljazeera Sport +3 & +4

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

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.”

JAPANESE GRAND PRIX INFO

Schedule (All times UAE)
First practice: Friday, 5-6.30am
Second practice: Friday, 9-10.30am
Third practice: Saturday, 7-8am
Qualifying: Saturday, 10-11am
Race: Sunday, 9am-midday 

Race venue: Suzuka International Racing Course
Circuit Length: 5.807km
Number of Laps: 53
Watch live: beIN Sports HD

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Movie: Saheb, Biwi aur Gangster 3

Producer: JAR Films

Director: Tigmanshu Dhulia

Cast: Sanjay Dutt, Jimmy Sheirgill, Mahie Gill, Chitrangda Singh, Kabir Bedi

Rating: 3 star

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital