Decision is rough justice on Hamilton


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Staff at McLaren-Mercedes have had a bit of a persecution complex this season as it seems barely a race goes by in their eyes without them being harshly treated by the sport's governing body. Their ill-feeling towards the FIA will not have been improved by the controversial decision to strip Lewis Hamilton of the victory in Belgium on Sunday night, demoting him to third place instead.

Hamilton was judged to have gained an advantage by cutting the Bus Stop chicane at the end of lap 42 as he diced with the Ferrari of Kimi Raikkonen for the lead of the race, a tussle he eventually came out on top of. Normally in such an instance where a transgression is judged to have been made, a stop-go penalty is handed out, but as the drama happened with two laps left of the race the stewards added 25 seconds to Hamilton's race time - dropping him behind championship rival Felipe Massa's Ferrari and the BMW Sauber of Nick Heidfeld.

The decision has been lambasted by much of the Formula One fraternity, with the former world champion Niki Lauda lamenting: "It is absolutely unacceptable when three [stewards] influence the championship like this." To this pair of eyes the decision looked harsh. What it came down to is that while Hamilton did back off and allow Raikkonen through after cutting the Bus Stop chicane, he stayed close enough to the back of the Ferrari to re-pass his rival at the next corner.

What the stewards would have looked at is that if Hamilton had not cut the corner and backed off he would not have been in a position to pass Raikkonen at La Source. In hindsight if Hamilton had stayed behind the Ferrari through La Source he probably would not have been punished as he would have had no visible benefit. The Briton felt he had done enough to show nothing had been gained by him missing the corner, but unfortunately that was not enough to escape punishment.

The verdict is a bitter pill for Hamilton and McLaren to swallow and it will be a massive effort for them to bounce back in time for this Sunday's race in Italy. Hamilton has received penalties in Malaysia (blocking in qualifying), Canada (causing an accident in the pitlane), France (missing a corner and gaining an advantage) and now in Belgium this season. While driving into the back of Raikkonen in the pitlane in Montreal deserved sanctioning, the other punishments were all controversial.

Considering that Ferrari and Massa were let off with just a fine at last month's European Grand Prix after the Italian team released the Brazilian from his pit-box straight into the path of Adrian Sutil's Force India, an offence where in other races stop-go penalties had been handed out, and you can understand why McLaren are a little miffed at present. Barring an appeal turning things around, which is unlikely, the championship race has now been blown wide open with Massa now only two points adrift of Hamilton rather than eight.

Massa is undeniably a lucky man as he had given a rather lacklustre performance at Spa-Francorchamps. He was too tentative at the start and was never on the pace of his teammate Raikkonen or Hamilton. But the pressure is now on Hamilton. He needs a decent points lead to take to the final race in Brazil in November. He will not want to have to beat Massa on the track there, as the Brazilian is a mighty force at Interlagos.

So Hamilton is somehow going to have to put this controversy behind him and shine in Italy on Sunday. @Email:gcaygill@thenational.ae

MATCH INFO

Burnley 0

Man City 3

Raheem Sterling 35', 49'

Ferran Torres 65'

 

 

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MATCH INFO

Day 2 at the Gabba

Australia 312-1 

Warner 151 not out, Burns 97,  Labuschagne 55 not out

Pakistan 240 

Shafiq 76, Starc 4-52

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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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  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

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

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September 2021

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October 2021

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December 2024

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May 2025

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July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

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