2019/20 Premier League preview - Newcastle United: Steve Bruce faces a season of struggle

Exit Rafa Benitez, enter Steve Bruce.

It looks a downgrade with the new manager’s problems compounded by the reality fans are annoyed owner Mike Ashley did not do more to keep their beloved Benitez and the fact he only took charge three weeks before the season started, when Newcastle had lost two key players, in Salomon Rondon and Ayoze Perez.

One way for Bruce to endear himself to fans would be to reduce the number of home defeats; there were 10 last season. But with Arsenal, Tottenham Hotspur and Liverpool in the first five games, there is the potential for a bad start to put him under pressure.

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Who finishes where in 2019-20?

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Key player: Miguel Almiron

When Newcastle belatedly broke a club transfer record that had stood for 14 years, they probably expected Almiron to have opened his account by now.

But while the Paraguayan helped Rondon and Perez flourish, both are gone now and it is more important Almiron shows the eye for goal he demonstrated for Atlanta FC.

Signing to watch: Joelinton

Newcastle’s new No 9 and new club record signing, the £40 million (Dh182m) forward from Hoffenheim represents a rare statement of ambition from the club. At 22, he is one for the future, but much rests on how quickly the Brazilian, who has never scored more than eight league goals in a season, settles.

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The best summer transfers

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Talking point: Will Ashley’s risk backfire?

The Newcastle owner is looking for a formula to ensure survival while making a transfer-market profit. As United stayed up by 11 points last season, in theory they have plenty of leeway.

Yet they have lost the scorers of 26 of their 42 goals last season, meaning much will rest on what proved the best defence in the bottom half and the rookie attacker Joelinton, who may have been acquired with resale value in mind.

They have an inferior manager, and at a time when relegation rivals are strengthening. Newcastle had more talented teams in the two seasons that went down under Ashley.

Prediction: 18th

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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.”

Business Insights

As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.

- Abdullah Ishnaneh, Partner, BSA Law

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Elvis

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