• See also: Connor McDavid and five players to watch
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The Stanley Cup has finished its tour of the victorious players' home towns, the injured warriors have had their off-season surgeries, the World Cup of Hockey has been won (by Canada, obviously) and now the NHL's 30 teams are in the midst of their training camps for the 2016/17 campaign. The National's hockey writer Rob McKenzie previews the season ahead, from the elite teams to the dregs.
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A new season
The regular season begins on October 12 with four games. Two are all-Canadian contests – Toronto Maple Leafs at Ottawa Senators, and Calgary Flames at Edmonton Oilers. The other two are rematches from the spring’s play-offs – St Louis Blues at Chicago Blackhawks, and Los Angeles Kings at San Jose Sharks. At the end of this slideshow, one of these eight teams will be our pick to win the Cup this season (it’s not Toronto).
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Defending champs
On the league’s second night, Sidney Crosby’s Pittsburgh Penguins will lift the 2015/16 Stanley Cup banner to the rafters. Crosby, the reigning play-off MVP, was also the most valuable player at the World Cup of Hockey in September. Pittsburgh haven’t changed their line-up much. Matt Murray, the play-off sensation, could miss the first few weeks of the season because of a broken hand, but the team should not miss a beat with Marc-Andre Fleury in net. The Penguins are one of the five teams in the league’s elite.
• Update: Crosby suffered a concussion at practice on Oct 7 and his return date is uncertain; this news has cast a pall on the Pens' season.
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The elite
The other four teams in the elite? Those would be the Blackhawks, Washington Capitals, Tampa Bay Lightning and up-and-coming Florida Panthers. The Hawks are the only Western team on this list. Los Angeles and Anaheim not only lost but seemed weak in the play-offs. San Jose won the conference but is unlikely to get a second helping of the magic fairy dust that propelled the team to the Cup final. Their older players could show their age.
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Waning West
Chicago, winner of three Cups this decade, are the last team standing in the Western Conference. The Hawks have maintained their core and they shored up their defence by bringing back Brian Campbell. Their star forwards Patrick Kane and Jonathan Toews, at 27 and 28 respectively, are still in their prime years. The Hawks also have last season’s Rookie of the Year in 30-goal wingman Artemi Panarin.
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Underachievers
The Capitals were the league’s best team last year – in the regular season, that is, when they piled up 120 points. Only Dallas scored more goals, and only Anaheim allowed fewer. Then in the play-offs the Caps got smoked by Pittsburgh. Now Washington are what Pittsburgh used to be: a team that people get tired of having high expectations for, thus now underestimate. The Caps changed little in the off-season, but still have a ton of talent.
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The two Florida teams
The Tampa Bay Lightning are the consensus favourites to win the Cup, with stars at every position. The Florida Panthers (who play in Miami) are at an earlier stage but their young core – Aleksander Barkov, Jonathan Huberdeau and Aaron Ekblad – is the envy of the league. The Panthers were led in points last season by Jaromir Jagr, who turns 45 in February. But he stank in the play-offs. If Florida wants to succeed in the postseason, they should give grandpa a day off every now and then. A nap in the afternoon, and he’ll be perkier in the evening.
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The shift
No Canadian teams made the play-offs last season. But by and large the northern outposts will rebound. Edmonton have their hero in Connor McDavid, Calgary mended their hole in net by acquiring Brian Elliott from St Louis, while Montreal have the world’s best goalie, Carey Price, back from injury. Toronto and Winnipeg landed potential superstars with the draft’s first two picks in Auston Matthews and Patrik Laine. Ottawa, on the other hand, are spinning their wheels. As for Vancouver ...
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Dumbest team in the league
The Canucks are without a doubt the dumbest team in the league. Their mulish belief that they are play-off-calibre keeps them fixated on the Miss Havisham's cake of the Sedin twins, and adding good-to-OK players who supposedly can get the Vancouverites to the post-season. The smart thing to do? Ditch the twins, nuke the Nuks, bottom out and get high draft picks for a couple of years.
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Game of the year
The runner-up is the outdoor game in Winnipeg on October 23. Could be a little cold. Death toll under 50, and it’ll rank as a success. But the most anticipated game of the season surely is Nashville at Montreal on March 2. Expect wild applause for the beloved PK Subban – traded to Nashville in the off-season for Shea Weber – from fans who pine for the sight of him circling at the blueline, readying for a rush in the bleu blanc et rouge. And if the scoreboard somehow shows an image of Montreal’s general manager, the booing should be audible all the way to Ajman.
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Cup prediction
The experts say this is Tampa’s year. The Lightning were semifinalists last season and finalists the season before. They ooze offensive talent and have a great defenceman in Victor Hedman. But I like Chicago. While Tampa has failed to win it all, the Blackhawks have done so three times in the past seven seasons. I would rather pick winners to win than losers to win. Jonathan Toews and his Hawks are winners, and for once they have had some rest in May and June. Hawks over Lightning in six.
rmckenzie@thenational.ae
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The White Lotus: Season three
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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.”
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UAE currency: the story behind the money in your pockets
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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.
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