French police patrol a square in downtown Lille ahead of the Euro 2016 Group B match between Russia and Slovaki. Darko Bandic / AP Photo
French police patrol a square in downtown Lille ahead of the Euro 2016 Group B match between Russia and Slovaki. Darko Bandic / AP Photo

Euro 2016: Lille ‘flooded by police’ over fears of new clashes between Russia and England fans



French authorities were on high alert for fresh violence Wednesday when Russian and English supporters come up against each other again ahead of high-risk Euro 2016 games.

Some 65,000 English, Welsh and Russian supporters are expected to flood into the northern city of Lille and neighbouring Lens, creating a security headache.

Europe’s four-yearly football tournament has been marred by the scenes of Russian and English supporters fighting pitched battles in Marseille on Saturday, leaving more than 30 people injured.

Russian fans then charged into a section occupied by England supporters at the Russia-England game at Marseille’s Stade Velodrome.

Uefa told the Russian Football Union on Tuesday, their team will be kicked out of the tournament if its fans cause more stadium trouble.

Europe’s governing body found Russia responsible for the stadium disorder and ordered the “suspended disqualification” of the team. It also fined the Russian Football Union €150,000 (Dh618,000).

But the tournament schedule has put Russia in Lille to play Slovakia on Wednesday, with England to face Wales just 35 kilometres (22 miles) away in Lens on Thursday.

French authorities expect between 40,000 and 50,000 England and Wales fans and 15,000 Russians to travel to the cities.

The tension was evident in Lille on Tuesday as rival groups gathered in bars, with a handful of Russian fans briefly throwing chairs and bottles at England fans who were chanting taunts.

One Russian supporter told AFP: “If the English are brave enough to come, we’ll crush them. We hate the English.”

But another Russian fan, Stanislav, said: “We are here for the game, not for the conflict.”

More from Euro 2016:

• Ian Hawkey: Wales, with no shortage of confidence, out to claim place as dominant British nation of Euro 2016

• Euro 2016 daily five: Iceland freeze Ronaldo and Co; Paul Pogba carries the hopes of a nation

• Poll: Who has been the standout player of Euro 2016 so far?

Bars in Lille city centre shut at midnight on Tuesday and on the night of the game and the city will be “flooded with police” to prevent rival supporters from clashing, top local official Michel Lalande said.

French authorities rounded up a group of more than 40 Russian supporters in a hotel near Marseille on Tuesday.

Alexander Shprygin, a Russian far-right figure who is head of a Russian football supporters’ group, said he was part of the group.

Marseille prosecutors believe they have enough proof to charge some of them over the worst violence at an international tournament since the 1998 World Cup.

“We have sufficiently accurate information that at least some of them took part in the unacceptable violence,” top local official Adolphe Colrat said.

Uefa’s disciplinary commission warned Russia that it had to bring its fans under control or face expulsion from the championship.

“This disqualification is suspended until the end of the tournament,” Uefa said.

“Such suspension will be lifted if incidents of a similar nature (crowd disturbances) happen inside the stadium at any of the remaining matches of the Russian team during the tournament,” it added.

Russia’s Sports Minister Vitaly Mutko said Moscow accepted the ruling.

“We will comply with Uefa’s decision. What other position can there be?” he said, but later described the decision as “excessive”.

Russian striker Artem Dzyuba said he was frustrated at the portrayal of England supporters as “like angels”.

French prosecutors have said 150 Russian supporters who were “extremely well-prepared” and “extremely violent” evaded arrest in Marseille.

But six England fans have been sentenced to prison terms in France for their roles in the violence.

Uefa has also warned England it could be disqualified if there is more trouble, but only Russia was charged over the conduct of its fans.

English Football Association chief executive Martin Glenn urged supporters “to act in a positive and respectful way”.

That followed a video plea from England captain Wayne Rooney and coach Roy Hodgson for fans to avoid putting their country’s participation in jeopardy.

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Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

MATCH INFO

Uefa Champions League semi-final, second leg
Real Madrid (2) v Bayern Munich (1)

Where: Santiago Bernabeu, Madrid
When: 10.45pm, Tuesday
Watch Live: beIN Sports HD

Teams

Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq

Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi

Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag

Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC

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Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

Venue Sharjah Cricket Stadium

Format 10 overs per side, matches last for 90 minutes

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Popular Vote Tally

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Name: HyperSpace
 
Started: 2020
 
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Based: Dubai, UAE
 
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Name: Qyubic
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Sector: E-commerce
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How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

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Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

Based: Bangalore, India and Dubai, UAE

Sector: Online rental marketplace

Size: 40 employees

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Name: Infinite8

Based: Dubai

Launch year: 2017

Number of employees: 90

Sector: Online gaming industry

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Batti Gul Meter Chalu

Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5

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.”