Nigeria's Kelechi Iheanacho reacts to missing an opportunity during the 2019 Africa Cup of Nations qualifying football match against  South Africa. AFP
Nigeria's Kelechi Iheanacho reacts to missing an opportunity during the 2019 Africa Cup of Nations qualifying football match against South Africa. AFP

Africa Cup of Nations: Nigeria, Ivory Coast and Zambia suffer shock losses in qualifying



Former African champions Nigeria, Ivory Coast and Zambia all lost at home on Saturday on a day of upsets in the first qualifying round for the 2019 Africa Cup of Nations (Afcon).

Three-time champions Nigeria lost a competitive game against South Africa for the first time when they fell 2-0 in the southern Nigerian town of Uyo in Group E.

While in Group H the Ivory Coast, who had vowed to win in memory of former teammate Cheick Tiote, who collapsed and died in China this week, slumped 3-2 to fellow west Africans Guinea in Bouake.

Zambia, champions in 2012, fell 1-0 at home to a daring Mozambican side in Group K.

New South Africa manager Stuart Baxter labelled his team the underdogs going by their poor head-to-head record against Nigeria.

But goals by Tokelo Rantie and substitute Percy Tau in the second half sunk the home team and the visitors were unlucky not to have scored more goals in the Group E clash.

“My young team tried their best, there was a mistake for the first goal and the second goal was a gift,” said Nigeria manager Gernot Rohr.

Libya top Group E after a 5-1 spanking of Seychelles on Friday in Cairo, Egypt.

In Bouake, Ivory Coast went down to Guinea despite a double by Seydou Doumbia.

Germany-based striker Naby Keita fired the winner for Guinea in the 79th minute.

Zambia also got off to a losing start on the road to Cameroon 2019 when they lost for the first time to Mozambique at home.

Stanley Ratifo grabbed the last-gasp match winner when he stabbed home a low cross.

Before then, Chipolopolo goalkeeper and captain Kennedy Mweene had to pull off a point-blank save to deny the visitors.

Guinea-Bissau, shock qualifiers for the 2017 Cup of Nations, edged past Namibia thanks to a Jerson goal on 24 minutes in the other Group K fixture.

Cameroon and Malawi both won in Group B. Reigning champions Cameroon pipped Morocco 1-0 in Yaounde while Malawi beat the Comoros by the same scoreline in Blantyre.

In Group I, the Zebras of Botswana lost 1-0 to Mauritania in front of their fans in Francistown after they failed to put away many chances.

This gutsy contest was decided on 78 minutes when substitute Abdoulaye Soudani controlled a long ball before firing past the Botswana goalkeeper.

Hosts Burkina Faso won the other Group I tie against Angola 3-1 with big striker Aristide Bance bagging a brace.

Burundi beat South Sudan 3-0 in Group C with Mali fought back from a goal down to beat Gabon 2-1 in Bamako in the other group game.

Agence France-Presse

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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.”

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.