Manchester City's Raheem Sterling shown during his side's 4-1 pre-season friendly loss to Real Madrid in the International Champions Cup on Friday. Jason O'Brien / Action Images / Reuters
Manchester City's Raheem Sterling shown during his side's 4-1 pre-season friendly loss to Real Madrid in the International Champions Cup on Friday. Jason O'Brien / Action Images / Reuters

A Real Madrid reminder that Manchester City still seeking a winning European formula



First the Champions League, now the International Champions Cup. Manchester City's brushes with Europe's finest have tended to be dispiriting affairs. It is a pattern that has extended from northern hemisphere to southern, from Iberia to Australia. Pre-season encounters do not confer the same importance, but Real Madrid gave City an unwanted reminder of the gap they have to bridge if ambitions are to be realised.

In City's defence, their 4-1 defeat came as Real began with 10 of their strongest 11 – only James Rodriguez was absent – whereas Manuel Pellegrini fielded two rookie centre-backs and perhaps only five of his preferred team. Yet the Spanish season starts two weeks after its English equivalent so the Premier League side ought to have been the sharper. Instead, Real possessed the greater incision.

Their capacity to prove devastating was highlighted by a four-minute, two-goal salvo in the first half, as well as the identity of the scorers: Karim Benzema and the reigning World Player of the Year Cristiano Ronaldo. Real’s well of superstars never runs dry. Their suppliers included the influential Isco, who had excelled under Pellegrini’s tutelage at Malaga and who the Chilean had hoped to take to City in 2013. This proved a chastening reunion for Pellegrini, whose sole season in charge of Real was also Ronaldo’s first at the club and yielded 96 points but no trophies.

Barcelona proved his nemesis then and have eliminated City in successive Champions League games. The other half of Spain’s dominant duo proved similarly formidable opposition. They began with a quickfire double. Benzema’s volley, following Gareth Bale’s cross, was finely judged. Toni Kroos’s subsequent pass to Ronaldo was similarly precise and, while Joe Hart got a hand to the Portuguese’s shot, it still crept over the line.

It amounted to a chastening affair for the 20-year-old Belgian Jason Denayer and 16-year-old Cameron Humphreys, although far more seasoned centre-backs have struggled against Real’s Galactico-based forward line.

They were not the only culprits as City failed at the fundamentals, leaving both Sergio Ramos and Pepe unmarked when the latter headed in Isco’s corner. After Yaya Toure reduced the deficit with a wrongly-awarded penalty, substitute Denis Cheryshev added a fourth when Gael Clichy failed to cut out the cross.

By then Ronaldo had gone off, having secured Real’s first win under Rafa Benitez. He represents the role model for wingers everywhere, a one-man example of how the raw ingredients of speed and skill can be used to create the most potent forward of his generation.

Comparisons may be invidious but there are certain common denominators with City’s record signing. They were highlighted when Raheem Sterling was pressed into service in attack. He was used as a striker at times for Liverpool last season and reprised that role. Given the primacy of Sergio Aguero in the City attack and the probability Pellegrini will only pick one out-and-out forward, it may be a short-term measure but, with Edin Dzeko and Stevan Jovetic both probable departures, it illustrated that the £49 million (Dh278.5m) man figures as a possible alternative to the Argentine, who has not been on the trip to Australia after his exertions in the Copa America.

Sterling had a trio of penalty appeals, all rejected, but whereas Ronaldo is the finisher and the finished article, he is a £49 million work in progress, an expensive, embryonic talent. He has the skills to make him malleable, though Brendan Rodgers was too inventive when selecting him as wing-back.

Pellegrini highlighted another newcomer’s versatility by picking the debutant Fabian Delph on the left of midfield. His was not an auspicious bow. Delph was hurt and replaced within 20 minutes when the more attack-minded Jesus Navas came on. Real relished the extra room they were afforded afterwards as City reverted to 4-4-2. Systemic failings have been a theme in some of their beatings by the best, too. Once again, history repeated itself.

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New process leads to panic among jobseekers

As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.  

“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.

Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE. 

“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.

“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

What went into the film

25 visual effects (VFX) studios

2,150 VFX shots in a film with 2,500 shots

1,000 VFX artists

3,000 technicians

10 Concept artists, 25 3D designers

New sound technology, named 4D SRL

 

Stamp duty timeline

December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%

April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.

July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.

March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.

April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.

Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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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.”

A cheaper choice

Vanuatu: $130,000

Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.

Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.

Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.

Benefits:  No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.