Australia's Hughes will bounce back from failures



WORCESTER // Marcus North has urged detractors of his teammate Phillip Hughes not to make too much into the Australia opener's failures ahead of the first Ashes Test, a point also reinforced by Steve Harmison, the batsman's nemesis so far. The highly rated Hughes has just four days to solve the dilemma of how to handle the predictable bouncer barrage heading his way in Cardiff after twice being found out by the England's discarded paceman in the final warm-up match in Worcester.

North, who scored an unbeaten 106 on Friday to cement his place at No 6, said Hughes had coped well with the short-pitched deliveries which came his way in South Africa earlier this year and would not be intimidated facing England at Sophia Gardens. "I wouldn't read too much into his two dismissals in this game. He was facing a guy [Harmison] who is one of the tallest blokes in world cricket. He's always going to get a bit of bounce," North justified.

"If you look back to the first innings I'd be surprised if that ball didn't get a lot of us out." Hughes, the New South Welshman who averages more than 69 after his first three Tests, scored just seven and eight in the match and saw his technique questioned for the first time. Hughes was out fending chest-high deliveries to the slips and gully, but Harmison urged England's bowling attack not to underestimate the talented newcomer.

"There's a lot been made of Phillip Hughes's dismissals in the last two innings, but that doesn't count for anything," said Harmison, who had a match haul of six for 135 in the two innings. "He's got an idea of where people are going to bowl at him, but he's got four or five days to put things right. I'm sure he'll come back strong," he added. The 30-year-old fast bowler also warned his England colleagues to avoid bowling too short too often at Hughes.

"There's a difference between me bowling short balls and other people bowling short balls because the lengths do vary," he cautioned. Harmison also defended his teammate Andrew Flintoff after he was criticised for missing the team bus as the players went to the Flanders War Graves in Belgium on a team-bonding trip. "Andrew is a fantastic all-round cricketer and is somebody that this country needs to do well because of what he stands for in this country," Harmison said in his defence. "He is a larger-than-life character, and if he gets on a roll he will take 18,000 people with him at Cardiff next week.

"A lot of the stuff that has been said about him is untrue. We keep kicking our big sportsmen and it is horrendous. "In a few weeks time, if he is holding a stump in the air after winning the Ashes, we will all be clapping our hands and saying Freddie's brilliant," Harmison said. Flintoff was man of the series in 2005 when England beat Australia for the first time since 1986-87. He was also captain of England when they subsequently lost the Ashes 5-0 in 2006-07.

* with agencies

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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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Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA