N Srinivasan, the newly-elected International Cricket Council chairman. AFP
N Srinivasan, the newly-elected International Cricket Council chairman. AFP

Srinivasan dismisses India walkout threat to ICC



N Srinivasan, the new International Cricket Council (ICC) chairman, has denied reports that India’s cricket board had threatened to pull out of the global body.

The Indian cricket chief has been put in charge of the ICC amid changes to its governance that have handed the majority of power and revenues to the sport’s “big three” nations – India, Australia and England.

Earlier this month Sanjay Patel, secretary of the Board of Control for Cricket in India (BCCI), was quoted as saying India had considered quitting the ICC unless it received a greater share of the global game’s revenues.

But asked if the reported threat to walk away from the ICC had played a driving force in the development of the “big three” proposals, Srinivasan said that was an “incorrect assessment”.

“India has at all times been very supportive of the ICC,” he said during the ICC annual conference in Melbourne.

“We may not always agree. But that doesn’t mean that one walks away.

“We [India] have a view. We always felt we had a right to express our view.

“That doesn’t mean at any time we would have even dreamt of walking away from the ICC.”

Patel had reportedly said the BCCI demanded a meeting with the ICC at its Dubai headquarters after commissioning a survey which showed India generated more than 70 per cent of the game’s revenues.

“We told them that if India is not getting its proper due and importance then India might be forced to form a second ICC of its own,” Patel said in speech in Hyderabad, according to the Press Trust of India news agency.

Srinivasan was appointed ICC chief on Thursday despite being suspended by India’s Supreme Court as the country’s top cricket official, after being named in a damning report into corruption allegations in the Indian Premier League (IPL).

But on Thursday the man regarded as world cricket’s most powerful figure said his conscience was clear.

“The media is entitled to have a view,” Srinivasan said.

“Ultimately the facts have to be there. Most of the criticism is not well-founded, as time will tell.

“Beyond that, it is difficult for me to go because there is a matter in some court that I do not want to overstep.”

Srinivasan was among 13 people named in the IPL corruption allegations.

The IPL Twenty20 competition has been embroiled in allegations of illegal betting and spot-fixing, including against Srinivasan’s son-in-law Gurunath Meiyappan, who was the team principal of the Chennai Super Kings.

After Srinivasan’s appointment, the Pakistan Cricket Board (PCB) confirmed that they and India will play six bilateral series in cricket’s future tours programme.

As reported in The National in May, Pakistan did not oppose the election of India's Srinivasan and has been rewarded with a six-series agreement between 2015 and 2023.

The PCB confirmed on Thursday that the Memorandum of Understanding signed earlier this year regarding the tours had been turned into “binding agreements straightaway”.

“Four of these series will be hosted by the PCB in the United Arab Emirates or Pakistan with mutual consent,” the PCB said.

The Asian nations have not played each other in a full test programme since 2007.

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Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.

A semen analysis of the father showed abnormal sperm so the couple required IVF.

Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.

A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.

On day three of the process, 14 embryos were biopsied for gender selection.

The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.

Day five of the treatment saw two male embryos transferred to the patient.

The woman recorded a positive pregnancy test two weeks later. 

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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.”

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Ireland (15-1):

Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy

Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour

Coach: Joe Schmidt (NZL)