The IPL has been a moneymaking venture for players with the franchises, who bid and buy them at an auction, recovering the huge amounts of investment partly through selling merchandise. Noah Seelam / AFP
The IPL has been a moneymaking venture for players with the franchises, who bid and buy them at an auction, recovering the huge amounts of investment partly through selling merchandise. Noah Seelam / AFP
The IPL has been a moneymaking venture for players with the franchises, who bid and buy them at an auction, recovering the huge amounts of investment partly through selling merchandise. Noah Seelam / AFP
The IPL has been a moneymaking venture for players with the franchises, who bid and buy them at an auction, recovering the huge amounts of investment partly through selling merchandise. Noah Seelam /

IPL money not enough to ensure clean event


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In the days after three Pakistan players were found spot-fixing by an undercover tabloid investigation in 2010, much was made of possible motives. An easy line to cling to was that Pakistani players had been barred from playing in the most lucrative league in cricket, the Indian Premier League (IPL).

Salman Butt and Mohammad Asif did play a season but Mohammad Amir had not. One of them, in fact, had bought property on the basis of payment he was expecting from the IPL, payment which had been grossly delayed.

These pressures, and the fact that Pakistani players were missing out on the money the world was making, could then be extrapolated into a reason for them trying to make money illegally. It is easy to see that making sense.

Except that it overlooked the fact the three were legally earning the kind of money that in their own country placed them among a tiny elite. In no way were they poor.

And that kind of rationalising cannot possibly explain away the pickle cricket finds itself in today.

Because wasn't one of the underlying benefits of the IPL, and every other domestic Twenty20 league, supposed to be that it will remunerate players so well they will not need to resort to corruption?

Sreesanth was on a US$400,000 contract this season with the Rajasthan Royals, and if the allegations are true, then he bowled a poor over – and risked ending his career – for around US$73,000.

Ajit Chandila and Ankeet Chavan were not earning that kind of money, but in this age of Indian cricket, few IPL-contracted, regular domestic players can be expected to be badly off.

What came to mind was a statement Imran Khan made after the 2010 scandal. "Greed is endless," he said. "You can't have enough. It is a deficit of the mind."

That seemed like an appealing assessment when he said it but on reflection, is it a deficit or just a sub-condition of modern humanity?

Each individual case will have its own points of reference and motivating forces of course.

But taking together the state of cricket since the mid-90s, for example, and asking in a general way why there is corruption is like asking why there is crime and criminal behaviour in life.

Who really knows beyond that spot-fixing and corruption exists because humans exist. And that is why all the policing and anti-corruption units in the world cannot do anything to stop it from happening if someone wants it to happen.

It will happen again and it will continue to happen as long as humans continue playing cricket.

If we're lucky, from time to time, players and bookmakers will be exposed. Bodies such as the ICC's anti-corruption unit will help educate players, maybe assist in monitoring and collecting evidence and keeping a level of vigilance alive.

But entirely eradicate? Look around: the number of incidents of corruption in sport is not decreasing. It is increasing.

To wipe out would require us to morph into another species and move to another planet.

It does not feel surprising, however, that domestic Twenty20 leagues are the environments in which this seems to be occurring more and more.

It is not necessarily the big money in these leagues that is the problem, but the sense of looser governance around them. And yet cricket is happy creating more and more of them.

The default reaction is to say some sacred trust has been broken when something like this happens, between those who play and those who watch.

It is less dramatic than that, but more unnerving, like being caught on the outside of a big, permanent in-joke.

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In numbers

1,000 tonnes of waste collected daily:

  • 800 tonnes converted into alternative fuel
  • 150 tonnes to landfill
  • 50 tonnes sold as scrap metal

800 tonnes of RDF replaces 500 tonnes of coal

Two conveyor lines treat more than 350,000 tonnes of waste per year

25 staff on site

 

The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

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The five pillars of Islam

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.”

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

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What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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PROFILE OF HALAN

Started: November 2017

Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga

Based: Cairo, Egypt

Sector: transport and logistics

Size: 150 employees

Investment: approximately $8 million

Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar

Dunki
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The specs

Engine: 2.0-litre 4-cylinder turbo

Power: 258hp from 5,000-6,500rpm

Torque: 400Nm from 1,550-4,000rpm

Transmission: Eight-speed auto

Fuel consumption: 6.1L/100km

Price: from Dh362,500

On sale: now

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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law