Cuba's Dayron Robles will lead the charge in the 110 metres hurdles final today.
Cuba's Dayron Robles will lead the charge in the 110 metres hurdles final today.
Cuba's Dayron Robles will lead the charge in the 110 metres hurdles final today.
Cuba's Dayron Robles will lead the charge in the 110 metres hurdles final today.

Fans flocking to the Bird's Nest will miss biggest name


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BEIJING // The packed crowd at the Bird's Nest will again lament the absence of China's greatest athlete today. Six medal events are scheduled in the athletics competition, including what should have been the long-awaited showdown between the Cuban world record-holder Dayron Robles and Chinese hero Liu Xiang in the 110 metres hurdles.

But Xiang withdrew from his heat on Monday, leaving Robles as the clear favourite. Liu, who won gold at the 2004 Athens Games for his country's first gold in track and field and had been the world record holder until Robles topped him in June, had been billed as the face of the Olympics in the most populous country in the world. But his bothersome right hamstring and a sore tendon in his right foot made him pull out of his heat before even clearing the first obstacle.

Liu took off out of the blocks, but when a second gun sounded for a false start, Liu walked off the track and back to the locker room. The other finals are in the women's 20 kilometre walk, 200m and javelin, and the men's 400m and triple jump. Allyson Felix, who failed to make the United States team in the 100 metres, will be trying to keep the Jamaicans from sweeping the two sprints. Her main competition in the women's 200m will come from Veronica Campbell-Brown and Kerron Stewart.

In the men's 400 metres, the defending champion Jeremy Wariner is the one to beat. He will be looking to break his manager Michael Johnson's 1999 world record of 43.18 secs. His teammate LaShawn Merritt will be hoping to add another upset to his win at the US trials. "He's ready. I'm ready, time to go," he said. "We're here. It's the Olympic Games. It's time for a showdown - a throwdown." Besides the six on the track, 17 other gold medals will be awarded, including cycling, swimming, beach volleyball, sailing, wrestling, water polo, diving, modern pentathlon, taekwondo, softball equestrian and football.

Three teams of American women have a chance to pick up gold today - the top-ranked women's water polo team, the undefeated softball team and the football team. The softball team is undefeated through eight games and will play for its fourth straight gold medal in what could be the sport's last Olympic hurrah. Baseball and softball will be dropped from the 2012 London Games, though both are still hopeful of reinstatement for future Games.

In beach volleyball, the defending champions Kerri Walsh and Misty May-Treanor of the United States take on the top-seeded Chinese team of Tian Jia and Wang Jie. * Reuters

Sri Lanka squad for tri-nation series

Angelo Mathews (c), Upul Tharanga, Danushka Gunathilaka, Kusal Mendis, Dinesh Chandimal, Kusal Janith Perera, Thisara Perera, Asela Gunaratne, Niroshan Dickwella, Suranga Lakmal, Nuwan Pradeep, Dushmantha Chameera, Shehan Madushanka, Akila Dananjaya, Lakshan Sandakan and Wanidu Hasaranga

TEACHERS' PAY - WHAT YOU NEED TO KNOW

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

UAE currency: the story behind the money in your pockets
'Midnights'
%3Cp%3E%3Cstrong%3EArtist%3A%3C%2Fstrong%3E%20Taylor%20Swift%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ELabel%3A%3C%2Fstrong%3E%20Republic%20Records%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A

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.”

THE SPECS

Cadillac XT6 2020 Premium Luxury

Engine:  3.6L V-6

Transmission: nine-speed automatic

Power: 310hp

Torque: 367Nm

Price: Dh280,000

SPEC%20SHEET%3A%20APPLE%20IPHONE%2014
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