Latest: Boris Becker sentenced to two and a half years in prison.
A few years ago, we took our children to a “master class” at our local tennis club with Boris Becker.
The tennis star was not playing the game, not demonstrating his shots and skills, but telling the kids what it took to get to the top, the sacrifices that he made and the pressures involved. To be honest, the watching parents were more enthralled than their offspring.
Becker was charming, self-effacing and funny. What came across, though, was the weirdness of his life: first as a child prodigy, then when he sprang to international superstardom as a relative unknown, winning Wimbledon in 1985, aged just 17.
He went on to win two more Wimbledon titles, the Australian Open twice and the US Open. In all, he won 15 championships and was World Number One before retiring in 1999. His career earnings amounted to more than $50 million.
Those days and triumphs now seem like a distant memory. He was declared bankrupt in June 2017 over an unpaid loan of more than £3m on his estate in Mallorca, Spain. Today, Becker, 54, faces prison, having been found guilty in a London criminal court of transferring hundreds of thousands of pounds from his business account following his insolvency, failing to declare a property in Germany, and concealing €825,000 of debt. He could face a lengthy jail term when he is sentenced on April 29.
Becker told the jury the money went on an expensive divorce from his first wife in 2001, child maintenance payments and “expensive lifestyle commitments”, including his £22,000-a-month rented house in Wimbledon, south-west London. He spoke of being “shocked” and “embarrassed” when he was declared bankrupt and claimed he had co-operated with those given the task of securing his assets, including offering up his wedding ring.
The jury acquitted him of a further 20 charges, including nine counts of failing to hand over trophies and medals from his tennis career, including two Wimbledon men's singles trophies.
It was all so different when he was in his prime. On the tennis court, Becker cut a very different figure from the one seen recently. He was young, boisterous, oozing self-confidence with a dramatic serve and volley style that was exciting to watch. Becker’s play was never boring.
Nicknamed “Boom Boom” for his fast serve, he was famous as well for throwing himself at the ball during rallies, for diving across the court, usually at the net. All 6 feet 3 inches of him would leap horizontally, racket thrust out, to retrieve a shot. The Becker Hecht, or flying lunge, was an iconic spectacle and the fans adored him for it. His flaming ginger hair and his temper-fuelled outbursts merely added to the colourful mix.
But, as he told us parents and children that day, his daring, almost crazy, manner belied incredible discipline and dedication. Punishment, too, as he drove himself and was driven by his architect and tennis academy-owning father, Karl-Heinz.
Of course, there have been many sports stars who emerge at an early age. Some, though, are sheltered by their team and club. Tennis is not like that — it’s an individual sport, one where there is nowhere to hide, in which it’s all down to the player to win or lose. There is no club structure to act as a shield. You’re very much on your own.
Golf is similar and it cannot be coincidence that Tiger Woods, who was similarly thrust into global celebrity status, also suffered away from the course.
Listening to Becker talk to the children, even though he was on his best behaviour, holding back on details, it was possible to observe his inner torment. In the way he played tennis, and in many of his public dealings since, he is the swashbuckling Boris. He’s amusing, fast and witty — direct, too. As a TV commentator and panellist, he appears relaxed and jolly.
It’s off the tennis court, off camera, that the problems resided and the demons kicked in. When the cash was pouring in from playing, they were masked. So much was coming in that what he did with it hardly seemed to matter. He got used to the lifestyle, to free-spending. It was when he retired that the issues surfaced. The cash flow dried up but Becker did not rein it in.
He was searching, too, for something to replace the adrenalin rush of tennis. “I had won so much by 22, a number of Wimbledon titles, US Open, Davis Cup, World Number One. You look for the next big thing and that isn't in tennis.”
It’s off the tennis court, off camera, that the problems resided and the demons kicked in.
For a while it was poker — he’s a good player and took part in professional tours, winning more than $100,000 and a ranking in the world’s top 200. It was no substitute, however, and nothing really was — not forays into property, tennis equipment and clothing.
That constant drive meant he was always restless, unable to settle. It also made him easily influenced by advisers and moneymen, who were flocking to him with new ventures and projects, new routes for spending what funds he had left — with the promise of greater wealth ahead.
This is the tragedy of Becker: if he had settled down after quitting competitive play and opened his own tennis school, done some coaching, coupled with commentating, accompanied with charity work, all would have been fine. He would not be preparing to enter a prison cell.
He was not capable of doing that. It was humdrum, the rewards were not great enough, he was not the sort to stay in one place for any length of time. Same as in his tennis, he liked to go as near as possible to the white line, to the edge, to the very limit. That first materialised in 2002 when he stood trial in Germany for tax evasion.
It was a sign of what would later occur in London, when he was accused of deliberately making false statements on his tax return, saying he lived in tax-free Monaco when really, he was continuing to live in Germany. Famously headstrong as a player, he’d ignored warnings and bought an apartment in Munich. He received a suspended prison sentence, was fined €300,000 and was ordered to pay another €200,000 to charity.
It could have been worse, but for the fact he’d managed to pay off the tax debt. There was an element of that on display in his latest judicial escapade, when the picture painted was of someone ducking and diving, like he did on court, scrabbling to find a bit of cash here and there.
What was interesting about the tax case was that it related to the period between 1991 and 1993. That’s when he became an officially registered inhabitant of Monaco while purchasing a flat in Munich. He only 23 years old at the time, his head saying stay in Monaco and pay no tax, while his youthful heart yearned for home in Germany.
Becker broke the law and must be punished. It’s a terrible end, but as he described to us all those hours of practice, the early morning starts, the total commitment to tennis, in someone who was still a child, the image we were left with was one of loneliness. None of what has been revealed should shock; all of it was sadly predictable.
UAE currency: the story behind the money in your pockets
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
The biog
Favourite Emirati dish: Fish machboos
Favourite spice: Cumin
Family: mother, three sisters, three brothers and a two-year-old daughter
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
Company%20Profile
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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.”
UAE currency: the story behind the money in your pockets
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5