Follow-on looms for Pakistan



NOTTINGHAM, ENGLAND // England birthday boy James Anderson and the rookie pace bowler Steven Finn ripped through Pakistan's batting, reducing them to 147 for nine at stumps on the second day of the first Test at Trent Bridge. Anderson, 28 today, utilised the cloud cover to take five for 49 while Finn claimed three for 20 as Pakistan faced a daunting task of reaching England's first innings total of 354. Umar Gul (30 not out) and Mohammad Asif (nought not out) have the task of scoring the eight runs tomorrow after bad light stopped play at 5:12pm local time (8:12pm UAE). England had earlier lost their last six wickets for 23 runs but still were able to post a competitive first-innings total of 354 as Asif claimed five for 77 after some accurate out-swing bowling. Eoin Morgan made 130 and Paul Collingwood 82. Pakistan, seeking to avenge their 3-0 series loss in England in 2006, started badly by losing their captain and most dependable batsman Salman Butt before lunch, caught behind for one. Then, in a bizarre period, they lost five wickets for 15 runs, collapsing to 47 for six. Left-hander Imran Farhat (19) was bowled by a near-perfect Anderson delivery that swung into him only to straighten off the pitch. Farhat smashed his bat into the ground in anger but better players would have struggled to combat such a ball. Umar Amin (2), in his third Test, continued to struggle in the top arena and edged Finn to Graeme Swann at second slip. Azhar Ali (14), also in his third Test, was given out caught behind off Anderson but replays showed that the ball missed his bat and flicked the pocket of his trousers. Shoiab Malik (38) and teenage fast bowler Mohammad Aamer (25) briefly stopped the rot and helped the tourists recover to 90 for six at tea, but Anderson returned to complete his five-wicket haul shortly after the interval by claiming both wickets. Gul and Danish Kaneria (7) continued to move Pakistan towards 154, the score needed to prevent themselves batting again, before Broad clean bowled the leg-spinner.

* Reuters

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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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Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
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* Second leg in Australia scheduled for October 10

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724,000 cubic metres is the space it encloses

Stands taller than the leaning tower of Pisa

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Al Wasl means connection in Arabic

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Agnes Poirer, Bloomsbury

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