Legend Vasiliy Lomachenko on top of the world again after beating George Kambosos in Perth


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Ukrainian boxing legend Vasiliy Lomachenko became a two-time lightweight world champion and opened the door to some major fights after producing a vintage performance to stop Australia's George Kambosos Jr in the 11th round in Perth on Sunday.

In the main event at a sold-out 15,000-capacity RAC Arena, the strong favourite Lomachenko defied a rowdy home crowd and dominated from the first bell.

Lomachenko, who was controversially beaten on points by Devin Haney last May, left the Australian bloodied and bruised to seal the IBF 135-pound belt after dropping Kambosos several times before the fight was stopped.

It was the first IBF lightweight belt in the glittering career of former WBA and WBC champion Lomachenko, who has also won world titles at featherweight and super featherweight. He is also a two-time Olympic gold medallist.

The victory immediately sparked talk of a potential showdown with Americans Gervonta 'Tank' Davis or Shakur Stevenson. It's also possible Lomachenko faces the winner of next week's WBO lightweight title fight in San Diego between Emanuel Navarrete and Denys Berinchyk.

"I'm again world champion. I want to come back home and spend time with my family," said the 36-year-old Lomachenko when asked about his future.

"We trained hard for this moment. My plan was to adjust to my opponent. This is what I did during the fight and the end of the rounds I need to finish strong.

"I want to say big thank you to my opponent. He's a strong man, he's a true warrior. I want to say thank you to Top Rank who give me this chance, be a champion again, [promoter] Bob Arum and, of course, for all people who support boxing."

Kambosos, a former champion himself after a signature win over Teofimo Lopez in 2021, saw his pre-fight taunts of sending Lomachenko into retirement fall flat.

"He's one of the best of all time. We tried our best, but he's a true champion," said Kambosos, who was defeated for the third time in 24 outings. "I gave it my all. I gave it everything in my training camp."

Both fighters had a point to prove after losing to Haney in recent years.

Kambosos came out aggressively and targeted the body of Lomachenko, who got back into the contest through trademark swift footwork and counter-punching.

The partisan crowd was right behind Kambosos, but southpaw Lomachenko stepped up the intensity in the middle rounds and landed several stinging left jabs that shook his opponent.

He strengthened his grip on the fight in the later rounds, with several hard left-handed blows leaving Kambosos with blood flowing from his right eye. Lomachenko thought he had knocked Kambosos down in the 11th, though it was ruled a slip, but then a vicious body shot did drop the Australian.

Several more unanswered blows prompted the referee to stop the fight after Kambosos dropped to his knee, moments before the towel came in.

What's next for Lomachenko?

Gervonta 'Tank' Davis

Lomachenko hadn't quite finished off Kambosos by the time Davis was already teasing a potential fight. The American, known as 'Tank', faces Frank Martin on June 15 but let it be known through his social media channels that he would like to fight the Ukrainian legend.

Shakur Stevenson

WBC champion Stevenson, who like Lomachenko is promoted by Top Rank, wasn't happy with broadcaster ESPN bringing up Davis's name after the fight as he tweeted out that he should be next in line. In fairness, Bob Arum had said in the week that he is likely to be next in what would be a clash for the purists.

Emanuel Navarrete/Denys Berinchyk

If Lomachenko wants another avenue to unifying titles then a fight against the winner of next weekend's WBO lightweight championship bout between Navarrete and Berinchyk could be tempting. Should volume puncher Navarrete prevail, then it's another easy one to make given they are both under the Top Rank banner.

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.”

Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

UAE v Gibraltar

What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

Admission: Free

Online: The match will be broadcast live on Dubai Exiles’ Facebook page

UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

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War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
The specs

Price, base / as tested Dh100,000 (estimate)

Engine 2.4L four-cylinder 

Gearbox Nine-speed automatic 

Power 184bhp at 6,400rpm

Torque 237Nm at 3,900rpm

Fuel economy, combined 9.4L/100km

Company%20Profile
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Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

UAE currency: the story behind the money in your pockets
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