Former president of the Spanish football federation Luis Rubiales and his lawyer Olga Tubau leave the Audiencia Nacional court in Madrid on September 15, 2023. AFP
Former president of the Spanish football federation Luis Rubiales and his lawyer Olga Tubau leave the Audiencia Nacional court in Madrid on September 15, 2023. AFP
Former president of the Spanish football federation Luis Rubiales and his lawyer Olga Tubau leave the Audiencia Nacional court in Madrid on September 15, 2023. AFP
Former president of the Spanish football federation Luis Rubiales and his lawyer Olga Tubau leave the Audiencia Nacional court in Madrid on September 15, 2023. AFP

Spain players to continue boycott as Rubiales is barred from any contact with Hermoso


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Almost all of Spain's women's World Cup squad said on Friday that the recent changes by the Spanish football federation did not go far enough for them to respond to a national call-up.

The statement came as the team's new coach Montse Tome was poised to announce the line-up for two upcoming international fixtures, which federation sources said would now be delayed.

“As we have informed the RFEF today, the changes put in place are not enough for the players to feel they are in a safe place where women are respected, where women's football is supported and where we can give our maximum performance,” they said in a statement released by the Futpro union.

The statement was signed by 39 players, among them 21 of the 23 players on the women's national squad.

Spanish football has been in turmoil since RFEF boss Luis Rubiales forcibly kissed midfielder Jenni Hermoso on the lips in front of the world's media after Spain defeated England in the Women's World Cup final on August 20.

In the statement, the players expressed their “enormous dissatisfaction” with the events after the World Cup and at a RFEF meeting five days later at which a belligerent Rubiales said he would not resign, winning widespread applause.

On August 25, 81 Spain players, including the 23 world champions, released a statement saying they would not play for the national team without significant changes at the head of the federation.

Since then, the RFEF sacked their manager Jorge Vilda and named Tome as his replacement, becoming the first woman to hold the post, as well as pledging further internal reforms.

Despite weeks of resistance, Rubiales finally resigned late on Sunday and was in court in Madrid earlier on Friday on charges of sexual assault and coercion over the kiss and his subsequent behaviour towards Hermoso.

Tome had been due to announce the line-up for Spain's Nations League matches against Sweden and Switzerland on September 22 and 26.

Earlier on Friday, Rubiales appeared in court where he was quizzed by Judge Francisco de Jorge who is heading up the investigation into the kiss, which sparked international outrage and saw him brought up on sexual assault charges.

At the end of the closed-door hearing, in which Rubiales repeated his claim that the kiss was consensual, the judge ordered him not to come within 200 metres of Hermoso and barred him from any contact with the player.

At the weekend, the 46-year-old had described the kiss as “a spontaneous act, a mutual act, an act that both consented to, which was … 100 per cent non-sexual” in an interview with British broadcaster Piers Morgan.

Hermoso, 33, has insisted it was not, describing it as “an impulsive, macho act, out of place and with no type of consent on my part”.

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British group

Coldplay

Foals

Bring me the Horizon

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British Female

Mabel

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Charli xcx

Mahalia​

British male

Harry Styles

Lewis Capaldi

Dave

Michael Kiwanuka

Stormzy​

Best new artist

Aitch

Lewis Capaldi

Dave

Mabel

Sam Fender

Best song

Ed Sheeran and Justin Bieber - I Don’t Care

Mabel - Don’t Call Me Up

Calvin Harrison and Rag’n’Bone Man - Giant

Dave - Location

Mark Ronson feat. Miley Cyrus - Nothing Breaks Like A Heart

AJ Tracey - Ladbroke Grove

Lewis Capaldi - Someone you Loved

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Sam Smith and Normani - Dancing with a Stranger

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Ariana Grande

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Bruce Springsteen

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Tyler, The Creator

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Best album

Stormzy - Heavy is the Head

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Celeste

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The company offers payments/bribes to win key contracts in the Middle East

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The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

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Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

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Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

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Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

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The High Court of England and Wales approves the company’s restructuring plan

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The Court of Appeal issues a judgment challenging parts of the restructuring plan

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Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

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Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

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Rating: 4.5/5

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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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