England's Matt Prior (left) and Ian Bell celebrate after beating South Africa during the second one day international cricket match.
England's Matt Prior (left) and Ian Bell celebrate after beating South Africa during the second one day international cricket match.

England thrash South Africa to go two up in series



LONDON // Stuart Broad returned a career-best five for 23 to help England thrash South Africa by 10 wickets in the second one-day international at Nottingham yesterday. The visitors went 2-0 down in the five-match series after collapsing to 83 all out in 23 overs, their second lowest total in a one-dayer. Wicketkeeper Matt Prior picked up six catches to equal the world record for a one-day international innings held by Australian Adam Gilchrist, England's Alec Stewart and Mark Boucher of South Africa.

The home team then raced to victory in 14.1 overs, Prior hitting 45 not out and Ian Bell an unbeaten 28. "We bowled exceptionally well," said the England coach, Peter Moores. "It is an exciting team on paper and Steve (Harmison) coming out of retirement has been a real boost. "We have had roughly the same players for the last 18 months but the roles are changing slightly. It looks a side with depth in bowling and batting as well as fielding so we must not let up."

Earlier, South Africa won the toss and chose to bat on a good Trent Bridge pitch for batting that also offered some sideways movement for the seam bowlers. Broad snapped up the first four wickets, with Andrew Flintoff (3-29) and Harmison (2-4 in one over) providing excellent support. The procession began when Herschelle Gibbs was caught down the leg side by Prior off Broad. Captain Graeme Smith, who should have been run out without scoring, was then brilliantly caught by Prior as he dived in front of first slip.

That gave the 22-year-old Broad his 50th wicket in a one-dayer, making him the second youngest after team mate James Anderson to achieve the feat. South Africa crashed to 26 for three when Jacques Kallis edged a square cut to Owais Shah at first slip off Broad. The England all-rounder added a fourth victim in the next over when left-hander JP Duminy edged to Prior. Flintoff trapped AB de Villiers lbw and had Boucher caught behind to reduce the visitors to 50 for six.

Broad completed his first five-wicket haul for his country when Johan Botha was caught behind. Harmison came on to bowl with seven wickets down and claimed the wicket of top scorer Andre Nel (13) with his first ball, his attempted slog being caught at mid-wicket. Albie Morkel's boundary took South Africa past their previous lowest total of 69 before he offered Prior his sixth catch of the innings.

"We can only apologise for what was a poor performance," said Smith. "A defeat like this can be demoralising but we have come back before. "Credit to England but we didn't apply ourselves as we should have done." The third match is at the Oval on Friday. *Reuters

COMPANY%20PROFILE
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'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

From Europe to the Middle East, economic success brings wealth - and lifestyle diseases

A rise in obesity figures and the need for more public spending is a familiar trend in the developing world as western lifestyles are adopted.

One in five deaths around the world is now caused by bad diet, with obesity the fastest growing global risk. A high body mass index is also the top cause of metabolic diseases relating to death and disability in Kuwait,  Qatar and Oman – and second on the list in Bahrain.

In Britain, heart disease, lung cancer and Alzheimer’s remain among the leading causes of death, and people there are spending more time suffering from health problems.

The UK is expected to spend $421.4 billion on healthcare by 2040, up from $239.3 billion in 2014.

And development assistance for health is talking about the financial aid given to governments to support social, environmental development of developing countries.

 

UAE currency: the story behind the money in your pockets
THE LIGHT

Director: Tom Tykwer

Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger

Rating: 3/5

UAE currency: the story behind the money in your pockets

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.”