It is easy right now to be distracted by the bigger picture surrounding India’s tour to New Zealand, the first Test of which begins on Thursday in Auckland.
It has been reported, for example, that the financial windfall from the broadcast rights of this tour for New Zealand Cricket (NZC) is approximately US$35 million (Dh128.55m). That makes it the biggest such windfall for any sport body in the country, surpassing even the $25m the New Zealand Rugby Union raked in for all revenues including broadcasting, attendance and sponsorship from the 2005 British & Irish Lions tour.
The last time India toured, in 2009, NZC pulled in $25m. So if New Zealand sides with the “Big Three” boards in the midst of restructuring international cricket, it is easy to see why.
There is an irony to this stance though, as the former England captain Michael Atherton pointed out in a typically perceptive column. Taking India’s shellacking by the hosts in the one-day series as a starting point, Atherton argued that New Zealand had been a better performing side than one of the big three (England) and probably the most progressive board of the three.
To pit New Zealand as the smaller team and lesser worthy board in cricket’s current shake-up was, Atherton argued, misplaced and representative of the arrogance with which the big three are taking over the game.
Be that as it may, the smaller picture, of battles on the field, has suddenly become as compelling, on its own because of the results of the ODI series, and also because of the bigger picture. Atherton was articulating what was, after all, a running theme through the ODI series: that of the underdog, smaller seven side, beating one of the big three and thus confirming that on-field performances had nothing to do with the power grab.
Suddenly, the Test series looks more difficult for India than might have been the case a few months ago. They were far better than many had expected in South Africa, or at least their batting was.
But gains there overshadowed that their loss in the second Test at Durban was a ninth in 10 away Tests and stretched a winless away streak to 12 Tests. The fact that is not their worst such streak is revealing of how poor India have been away historically (their next away Test defeat will be their 100th).
They lost, for example, 12 of their first 18 Tests away after gaining Test status in 1932 and did not win a single one abroad until their 44th attempt, in 1968, against New Zealand. That win was preceded by 17 consecutive losses away from home, dating back to 1959.
They went 26 away Tests without a win between 1981 and 1986 and then, having won in England, another 26 away Tests without a win until 1993. And then until 2000, 23 more Tests abroad without a win. So, this recent streak is not even close. But it should rankle more because it has come on the back of their most successful period away from home, starting from 2000.
The praise their batting received in South Africa was justified but it also dampened some of the criticism their bowling should have received. They failed, after all, to win a Test having set a target of 458, coming within two hits of losing it.
How much their bowling is struggling was particularly evident through the ODI series against New Zealand; Ravichandran Ashwin, for instance, picked up a single wicket in five ODIs and has just two wickets in his last nine internationals (including Tests).
The returning Zaheer Khan was initially impressive in South Africa but, at 35 and with a particularly weary body in tow, even a mind as sharp as his might struggle to sustain his performances over two back-to-back Tests (there is a three-day gap between the two Tests here).
The burden should fall to Umesh Yadav, Mohammed Shami, and maybe even Ishant Sharma. Alongside Ravindra Jadeja it is how their attack goes that is likelier to steer the fate of this series. India’s batting should hold up, even against what is a hugely underrated, but swiftly improving, New Zealand pace attack.
Combine this history, both recent and longer-term, with New Zealand’s own little home streak – just one loss in their last 11 Tests and a drawn series against England last year – and ask whether India failing to break their losing run will actually be a shock or not?
osamiuddin@thenational.ae
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.”
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
