Chelsea's Thibaut Courtois celebrates their goal against Burnley on February 12, 2017 at Turf Moor. Phil Noble / Reuters
Chelsea's Thibaut Courtois celebrates their goal against Burnley on February 12, 2017 at Turf Moor. Phil Noble / Reuters

Chelsea saved by goalkeeper Thibaut Courtois and grab a point at Burnley’s tough Turf Moor



Burnley 1-1 Chelsea

Burnley: Robbie Brady (42’)

Chelsea: Pedro (7’)

Man of the Match: Joey Barton (Burnley)

When Chelsea sold Petr Cech to Arsenal, he departed with a eulogy. The Czech, said John Terry, would save his new club 12-15 points a season. It had the feel of a hyperbole, but the goalkeeper who displaced Cech at Stamford Bridge certainly saved them one yesterday.

Twice Burnley were presented with glorious chances, the outstanding Joey Barton piercing the offside trap with a pass for the overlapping Matt Lowton and David Luiz connecting with fresh air as he tried to intercept Ashley Barnes’ pass before it reached Andre Gray.

“Two very good chances,” said Burnley manager Sean Dyche.

Both players saw the goal gaping. Thibaut Courtois saved on both occasions, denying Burnley a first top-flight win over Chelsea since 1973 and a famous scalp, while illustrating why Real Madrid are credited with an interest in the keeper.

Chelsea have been a team defined by ruthlessness. On a day when they failed to record a shot on target in the second half, their prowess in their own penalty area nudged them closer to the title.

“If someone thinks this league is finished, I can tell you now: no,” claimed a cautious Antonio Conte. “There are six teams for me that can win the league.”

Yet his side are disappearing over the horizon, 10 points clear with 13 games to go, their position seems to get more dominant by the week. A draw was a positive result, though not for Conte.

“We must be very disappointed,” said the Italian, offering another indication of his demanding mentality.

This was an anomaly for him: the first time since a 2-2 draw with Swansea in early September that anyone other than the top six denied Chelsea victory, only the third team to halt them since their catalytic change of formation.

“You can use it as a guideline we have moved forward,” said Dyche.

Burnley have reached the 30-point barrier. “A fantastic marker,” their manager said, even as his side were denied an eighth straight victory at Turf Moor.

His Chelsea counterpart did the maths. “When you totalise 30 points with 29 at home it means at home you are very tough,” Conte said. “Burnley in the table at home is third.”

They shared the points, just as both possess a fine record at their own grounds. The similarities end there. This was a clash of styles and systems, Burnley’s old-fashioned 4-4-2 against Chelsea’s more modern 3-4-2-1 as founder members of the Football League faced a 21st-century powerhouse.

Conte’s system initially troubled Burnley. Dyche found an answer, dropping his strikers deeper to combat Chelsea’s central quartet of defensive and attacking midfielders. By then, his team trailed courtesy of clinical counter-attacking. It was a product of clinical counter-attacking. Victor Moses surged away from Robbie Brady and angled a pass into Pedro’s path. With similar precision, the Spaniard found the bottom corner of the net.

Brady’s full debut had begun badly. It soon improved. When Nemanja Matic tripped Barton 25 yards from goal, the newcomer stepped up and curled a free kick past Courtois and into the top corner of the Chelsea net. It was, remarkably, the first direct free kick Chelsea had conceded for four years. It was an early indication why Burnley were willing to pay a club record £13 million fee for the Irishman. He can conform to their work ethic and provide an injection of quality.

Brady settled quickly. Chelsea had to adjust, too. Conte bemoaned the “long balls” Burnley played, but Chelsea’s final ball was lacking. Both sides held their shape; both understood it. If the falling snow was a leveller, Burnley treated Chelsea as equals and, in a very different way, matched them.

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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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