Reigning champions Bayern Munich extended their lead atop the Bundesliga on Saturday after winning at Cologne while Schalke won the Ruhr derby against bitter rivals Borussia Dortmund.
Bayern kept a clean sheet for their fourth straight Bundesliga match in a 2-0 victory to move to 14 points, two clear of Borussia Monchengladbach.
Pep Guardiola’s side opened the scoring on 19 minutes as Mario Gotze struck his third goal in the last two matches.
The visitors continued to press Cologne and finally doubled the lead midway through the second half as Daniel Halfar put through his own net.
“They didn’t do anything. They just played in the back and tried to counter and never really came out. But I congratulate the team, we remained calm and did our job,” said Bayern winger Arjen Robben
Meanwhile, Gladbach won 2-1 at Paderborn thanks to early goals from Patrick Herrmann and Raffael, with Jens Wimmer getting one back for the promoted club, who had been top before losing at Bayern in midweek.
Gladbach’s win took them above Leverkusen, who had to play more than an hour with 10 men but held on for a 0-0 draw away at Freiburg.
Leverkusen defender Emir Spahic was sent off in the first half, although Freiburg also finished the game a man down after Pavel Krmas was dismissed.
And the visitors might have won it, Karim Bellarabi hammering a shot off the crossbar in the 73rd minute before Son Heung-min also struck the woodwork two minutes from time.
“We were unfortunate today. They played really well and we just could not score,” said Leverkusen’s Omer Toprak.
In Gelsenkirchen, Schalke picked up their second straight victory with a 2-1 win at home over hated rivals Dortmund.
Dortmund’s recent defensive struggles continued as goals from Joel Matip and Eric Maxim Choupo-Moting left them trailing 2-0 by the midway point in the first half.
Jurgen Klopp’s side did reduce the deficit shortly afterwards courtesy of a Pierre-Emerick Aubameyang strike but they could not find an equaliser and have collected only seven points from six games this season, one fewer than Schalke.
“It was an important victory, especially for our fans. It’s fantastic,” said Schalke coach Jens Keller.
“We play in three days (in the Champions League against Maribor) so we can’t really celebrate that much. But we will enjoy it for a couple of hours,” said Matip.
Dortmund captain Mats Hummels, who was in the starting line-up for the first time this season, said his side cannot waste any more time to catch up.
“Luckily the other teams have not really had great starts. But now we need to really find our rhythm,” said Hummels whose team is winless in their last three matches.
Ivica Olic scored in the 57th minute to secure Wolfsburg a 2-1 victory at home against Werder Bremen to jump to seventh place with eight points.
After Ricardo Rodriguez pushed Wolfsburg ahead in the 15th minute, Marnon Busch equalised after 37 minutes.
Elsewhere, Hannover went down 1-0 at struggling Stuttgart, Daniel Schwaab scoring his team’s first goal at home this season in the 69th minute.
Mainz and Hoffenheim played out a scoreless draw on Friday, the result leaving both teams with 10 points.
Hamburg hope to finally exit the relegation zone on Sunday as they host Eintracht Frankfurt after Augsburg welcome Hertha Berlin.
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
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