It is rare that an entire football club exhibits most of the symptoms of clinical depression. A lack of confidence; an irritability; a feeling there is no future, or not one to enjoy anyway; an inability to perform even the simplest task; a mood of incessant misery. Liverpool Football Club ticks all the boxes.
The sense of fatalism is so advanced that setbacks can be both shocking and utterly unsurprising. As Blackpool joined lower league teams Reading and Northampton Town among the unlikely victors at Anfield in 2010 - registering a 2-1 win on Saturday - it was notable that the visitors display precisely the qualities Liverpool lack: buoyancy, fearlessness, adventurousness. No praise is too high for the improbable collection of cast-offs and cut-price signings yet it is easy to conclude that it wasn't Blackpool winning as much as Liverpool losing. Their self-destructive streak is that pronounced.
Perhaps posterity's verdict will be that it was a dysfunctional club the moment the American profiteers, Tom Hicks and George Gillett, bought Liverpool in February 2007. It is over the past 14 months that it has become apparent, however, cemented by the fact three directors have vowed to stop a fourth, Hicks, buying out the other, Gillett. A £237 million (Dh1.37 billion) loan has to be renegotiated later this month and the managing director, Christian Purslow, has had to deny that administration is imminent.
The backdrop has become part of the picture; impossible to ignore even before the fans took to the streets in protest. It explains why Xabi Alonso and Javier Mascherano, who both left for the Spanish league, were not replaced by players of the same calibre and why a transfer-market profit was made in both 2009 and 2010. Now the mediocre form means the asset strippers are left with assets of depreciating value. Champions League football already looks a pipe dream, players' prices plummet with every evidence of underachievement.
Dissent against the owners is nothing new. A public vote of no confidence in the manager is unheard of at Anfield; whatever reservations are held tend to be voiced privately or away from the ground. Yet the chants of "Dalglish" from fans in the Kop, in reference to club legend Kenny, in the final few minutes of the defeat to Blackpool were an indictment of Roy Hodgson. His troubled start is both an indication of an awkward inheritance and a sign that his much-criticised predecessor, Rafa Benitez, wasn't the sole problem.
For some supporters, Benitez's popularity was ring-fenced by the 2005 Champions League trophy. Hodgson has no such safeguard and scrutiny of his short reign is far from flattering. For a manager whose sides are notable for their defensive and positional discipline, Liverpool were shambolic against Blackpool, with Glen Johnson erring for both goals and the creaking back four afforded little protection.
A clarity of thought tends to characterise his management, yet an £11m central midfielder - Raul Meireles - is being deployed on the right and Christian Poulsen, possibly the least ambitious passer of a ball Anfield has witnessed, is an ineffective, plodding presence in the middle. Both are Hodgson signings, both yet to make an impact.
Neither Benitez nor Gerard Houllier were cavalier coaches but the excessively cautious approach employed at Birmingham City - a 0-0 draw - and in the first half at Old Trafford against bitter rivals Manchester United - a 3-2 defeat which could have been 6-2 - appears an admission of low expectations. Hodgson's teams tend to be balanced, yet last week Sunderland were the tactically coherent, well-organised side at Anfield.
His tetchiness and defensive interpretations of events do not serve to reassure. The first seven games suggest that, for all his experience, Hodgson is struggling with both the expectations and the demands of the job.
The consequence of seven matches of confused thinking, deteriorating displays and frequent rethinks is that Liverpool find themselves in the relegation zone. When great institutions sink, there is always the temptation to think that they have reached rock-bottom. Such assumptions could have been made when Northampton, who play three divisions below the Premier League, knocked Liverpool out of the Carling Cup. Yet that was the second-string side; Blackpool beat the first team. And Liverpool, like a manic depressive, threaten to get lower still.
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Last week, Carlo Ancelotti was praising Manchester City for their power in midfield when Chelsea were beaten at Eastlands. Fast forward eight days and his trio of Michael Essien, John Obi Mikel and Ramires were similarly effective against Arsenal, with the Brazilian capping the most impressive display of his brief Chelsea career by winning possession for the opening goal.
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The fixture list pitted Sunderland against Manchester City, Arsenal, Liverpool and Manchester United in their first seven matches. That they have emerged unbeaten from those four games is a fine achievement for Steve Bruce. One of the peculiarities of the run is that it has come with his £13m record buy Asamoah Gyan on the bench and Darren Bent alone in attack. Given the excellence of the central midfield trio of Jordan Henderson, Steed Malbranque and Lee Cattermole, it would be harsh to drop any to incorporate a second striker. It is the right sort of dilemma to have, though.
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A slightly stranger sight of a striker on the bench at the Stadium of Light was that of Dimitar Berbatov among the Manchester United replacements in the 0-0 draw against Sunderland. As an international break beckons and Berbatov no longer plays for Bulgaria, it was especially odd.
sports@thenational.ae
Andor
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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.”
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Most wanted allegations
- Benjamin Macann, 32: involvement in cocaine smuggling gang.
- Jack Mayle, 30: sold drugs from a phone line called the Flavour Quest.
- Callum Halpin, 27: over the 2018 murder of a rival drug dealer.
- Asim Naveed, 29: accused of being the leader of a gang that imported cocaine.
- Calvin Parris, 32: accused of buying cocaine from Naveed and selling it on.
- John James Jones, 31: allegedly stabbed two people causing serious injuries.
- Callum Michael Allan, 23: alleged drug dealing and assaulting an emergency worker.
- Dean Garforth, 29: part of a crime gang that sold drugs and guns.
- Joshua Dillon Hendry, 30: accused of trafficking heroin and crack cocain.
- Mark Francis Roberts, 28: grievous bodily harm after a bungled attempt to steal a £60,000 watch.
- James ‘Jamie’ Stevenson, 56: for arson and over the seizure of a tonne of cocaine.
- Nana Oppong, 41: shot a man eight times in a suspected gangland reprisal attack.
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Brief scores:
Toss: Rajputs, elected to field first
Sindhis 94-6 (10 ov)
Watson 42; Munaf 3-20
Rajputs 96-0 (4 ov)
Shahzad 74 not out
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EXPATS
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If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
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