LONDON // Seven-time European champion AC Milan began a rare foray into the UEFA Cup confidently yesterday, and Tottenham secured its first win of the season in the first leg of the opening round.
Both teams have endured torrid starts to their league campaigns, but Milan beat FC Zurich 3-1 and Spurs secured a slender 2-1 advantage over Wisla Krakow.
Violence-plagued Napoli got a 3-2 victory over Benfica despite a bottle thrown onto the pitch in southern Italy, while Udinese won 2-0 at Borussia Dortmund. It was an easier night for Italian rival Sampdoria, which routed FBK Kaunas 5-0. English clubs Manchester City and Aston Villa both came from behind to beat inferior opposition, while Everton was held to a draw at home.
English clubs Manchester City and Aston Villa both came from behind to beat inferior opposition, while Everton was held to a draw at home.
A fifth-place Serie A finish last season denied Milan its accustomed Champions League spot and the pressure hadn't eased on coach Carlo Ancelotti after losing the opening two matches of the new campaign. But left back Marek Jankulovsi put Milan ahead by volleying in a rebound in first-half added time, Brazil forward Alexandre Pato found the target with a free kick in the 56th and second-half substitute Marco Borriello connected from beyond the area in the 74th.
Dusan Djuric pulled one back for Zurich with a long, rising shot that ricocheted in off the crossbar in the 78th.
After the game, tempers flared between police and the nearly 2,000 Zurich fans in attendance. Objects were thrown at the police but order was restored as the visiting fans were escorted out of the stadium.
Juande Ramos was also desperate for a victory after Tottenham's worst start to a domestic campaign in 34 years, but dire defending nearly gave Krakow a valuable away draw to take back to Poland for the second leg in two weeks. David Bentley had scored for Spurs in the 33rd only to see it cancelled out within a minute when the visitors ripped through the defensive line for Tomas Jirsak's equaliser.
But Darren Bent clinched Tottenham's first victory of the season with a 73rd-minute header.
Udinese used perfect counterattacks to beat Dortmund, taking the lead after eight minutes through Antonio Floro Flores while the home team's Mohamed Zidan was being treated on the sidelines. Udinese doubled its advantage in the 34th when Simone Pepe provided the pass for Gokhan Inker in another fast move and the latter scored easily.
Napoli beat a quality opponent for the second time in four days, edging Benfica 3-2 Thursday in the first leg of the UEFA Cup's opening round. The biggest club in south Italy got three successive goals from Luigi Vitale, German Denis and Christian Maggio in the 18th, 20th and 55th minutes, while David Suazo and Luisao tallied in the 16th and 60th for Benfica, a two-time European champion.
Some 60,000 fans attended the game at the San Paolo stadium, excited by the chance to see their team after violence-imposed bans have limited the number of supporters allowed into Serie A games.
The areas behind the goals where Napoli's "ultra" - or hard-core - fans sit has been closed for league games until next month after supporters of the club rioted on a train to Rome for the opening game of the season. No limits were imposed for the UEFA Cup match.
Still, a Napoli fan was taken away by police after throwing a bottle onto the field during play after other fans identified him, the ANSA news agency reported.
Manchester City rallied for a 2-1 win at Omonia Nicosia after Brazil striker Jo scored his first goals since his US$37.9 million move from CSKA Moscow in the off-season.
City fell behind four minutes after halftime when Albania midfielder Klodian Duro's free kick sailed past Joe Hart, but Jo levelled in the 59th minute and secured the win in the 72nd.
Aston Villa won 3-1 at NK Varteks despite a disastrous start. Ivelin Popov put the Croats ahead in the 10th, but a goalkeeping error and two red cards handed the initiative to the visitors. Nigel Reo-Coker levelled on the stroke of halftime, before Cedric Cambo was dismissed on the hour and Mihail Venkov was sent off after handling on the line in the 71st. Villa captain Gareth Barry converted the resulting penalty and Stiliyan Petrov clinched a 3-1 victory in stoppage time.
Portsmouth began its first ever European campaign with a 2-0 victory over Vitoria Guimaraes thanks to goals from Lassana Diarra and Jermain Defoe, while Belgian champion Standard Liege twice lost its lead as it was held 2-2 at Everton. Fernando Morientes gave Spanish Copa Del Rey winner Valencia a 1-0 victory at Madeiran side Maritimo.
In Serbia, Ajax cruised to a 4-1 victory at Borac. In Israel, goals from Dmitri Payet and Pascal Feindouno gave Saint Etienne a 2-1 win over Hapoel Tel Aviv.
FC Copenhagen beat FC Moscow 2-1 away after a winner substitute Libor Sionko late in injury time, while Feyenoord lost 1-0 at home against Swedish club Kalmar behind a goal by Viktor Elm.
UEFA Cup first round, first leg results on Thursday:
At Sofia
Cherno More 1 VfB Stuttgart 2
At Moscow
FC Moscow 1 FC Copenhagen 2
At Lovech, Bulgaria
Litex Lovech 1 Aston Villa 3
At Ostrava
Banik Ostrava 0 Spartak Moscow 1
At Tel Aviv
Hapoel Tel-Aviv 1 St Etienne 2
At Koprivnica, Croatia
NK Slaven Koprivnica 1 CSKA Moscow 2
At Nancy, France
AS Nancy 1 Motherwell 0
At Portsmouth
Portsmouth 2 Guimaraes 0
At Nicosia
Omonia Nicosia 1 Portsmouth 2
At Wolfsburg, Germany
VfL Wolfsburg 1 Rapid Bucharest 0
At Hamburg, Germany
Hamburg SV 0 Unirea Urziceni 0
At Rotterdam, The Netherlands
Feyenoord 0 Kalmar 1
At Bergen, Norway
Brann Bergen 2 Deportivo La Coruna 0
At Prague
Slavia Prague 0 Vaslui 0
At Vienna
Austria Vienna 2 Lech Poznan 1
At Zilina, Slovakia
Zilina 1 Levski Sofia 1
At Timisoara, Romania
FC Timisoara 1 Partizan Belgrade 2
At Istanbul
Besiktas 1 FC Metalist Kharkiv 0
At Nijmegen, The Netherlands
NEC Nijmegen 1 Dynamo Bucharest 0
At Basel, Switzerland
Bellinzona 3 Galatasaray 4
At Bern
Young Boys 2 FC Bruges 2
At Kayseri, Turkey
Kayserispor 1 Paris Saint Germain 2
At Santander, Spain
Real Santander 1 Honka Espoo 0
At Genoa, Italy
Sampdoria 5 FBK Kaunas 0
At Brondby, Denmark
Brondby 1 Rosenborg 2
At Milan
AC Milan 3 FC Zurich 1
At Zagreb
Dynamo Zagreb 0 Sparta Prague 0
At Seville, Spain
Sevilla 2 Salzburg 0
At Dortmund, Germany
Borussia Dortmund 0 Udinese 2
At Rennes, France
Rennes 2 FC Twente 1
At Belgrade
FK Borac 1 Ajax 4
At Naples, Italy
Napoli 3 Benfica 2
At Liverpool, England
Everton 2 Standard Liege 2
At London
Tottenham 2 Wisla Krakov 1
* AP
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Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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.”
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.