Sergio Perez bounced back from Red Bull team orders that denied him a chance to race for victory in Spain a week ago to pick up his first Formula One victory of the season in a rain-hit Monaco Grand Prix.
Perez earned his third career victory after a questionable strategy call by Ferrari cost Charles Leclerc a win on his home circuit despite starting from pole.
Although Leclerc finished the race for the first time in four attempts, his fourth place allowed reigning world champion Max Verstappen to extend his lead in the points standings. Carlos Sainz finished second for Ferrari and Verstappen was third for Red Bull.
Red Bull and Ferrari have claimed all seven races this season, but the win on the slick city streets of Monaco went to Verstappen's teammate just one week after Perez was ordered to hand over the lead to during the Spanish Grand Prix.
The team promised Perez he would be allowed to race for wins and held their word in Monaco.
“You dream of winning this, and after your home race, there is no place more special to win,” Perez said after waving the Mexican flag.
Red Bull team principal Christian Horner patted Perez on the back as he walked alongside the driver following the race.
“Checo was sensational,” Horner said. “It’s very tough in conditions like that but we got the calls right.”
Horner joined Perez on the podium and the driver struggled to hold back tears as he puffed his cheeks and wiped his eyes while the Mexican anthem played.
“It’s a massive day for myself and my country. I am very happy."
Verstappen celebrated with Perez, whom he considers the best teammate of his career. “Amazing result for Checo,” he said. “Very pleased for him.”
Leclerc led from pole and screamed in rage when told to pit for a second tyre change on lap 22 — at the same time as teammate Sainz. His engineer realised the mistake and yelled “stay out!” but it was too late and Leclerc returned to the track in fourth.
"What are you doing?” Leclerc shouted. After the race, he lectured Ferrari again. “No words, no words. We cannot do that,” he radioed.
Ferrari team principal Mattia Binotto accepted the team made the wrong call for Leclerc.
“I know he’s not happy. It’s normal that he’s not happy because we only made mistakes. If you’re first and end up fourth it’s obvious something didn’t work,” Binotto said. “We should have stayed out. We’ll look at why we made that decision.”
Leclerc also claimed pole a year ago but never got to compete because he crashed at the end of qualifying, and the car’s gearbox failed moments before the start. In 2018 and 2019, Leclerc retired from the race with crash damage.
The race was delayed by 70 minutes for heavy rain and began from a rolling start behind a safety car. It was then red-flagged on lap 30 after Mick Schumacher’s heavy crash sliced his Haas car in two. He escaped unharmed.
“I’m fine, very, very upset not to finish the race," Schumacher said. “I don’t know why the car split in two."
George Russell finished fifth for Mercedes ahead of McLaren’s Lando Norris and the Alpine of Fernando Alonso. Seven-time F1 champion Lewis Hamilton was eighth for Mercedes — extending his winless run with the Silver Arrows to eight races — while Valtteri Bottas was ninth for Alfa Romeo and Sebastian Vettel 10th for Aston Martin.
“Crazy afternoon. I thought the rain would make it more exciting but we struggled still on our cars,” Hamilton said. “Probably one of the worst (starts to the season).”
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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Killing of Qassem Suleimani
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Expert advice
“Join in with a group like Cycle Safe Dubai or TrainYAS, where you’ll meet like-minded people and always have support on hand.”
Stewart Howison, co-founder of Cycle Safe Dubai and owner of Revolution Cycles
“When you sweat a lot, you lose a lot of salt and other electrolytes from your body. If your electrolytes drop enough, you will be at risk of cramping. To prevent salt deficiency, simply add an electrolyte mix to your water.”
Cornelia Gloor, head of RAK Hospital’s Rehabilitation and Physiotherapy Centre
“Don’t make the mistake of thinking you can ride as fast or as far during the summer as you do in cooler weather. The heat will make you expend more energy to maintain a speed that might normally be comfortable, so pace yourself when riding during the hotter parts of the day.”
Chandrashekar Nandi, physiotherapist at Burjeel Hospital in Dubai
Understand What Black Is
The Last Poets
(Studio Rockers)
The Greatest Royal Rumble card
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Rusev
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v Kalisto
Youth YouTuber Programme
The programme will be presented over two weeks and will cover the following topics:
- Learning, scripting, storytelling and basic shots
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