• Lautaro Martinez on the ball under pressure from Empoli midfielder Samuele Ricci (C) defender Ardian Ismajli. EPA
    Lautaro Martinez on the ball under pressure from Empoli midfielder Samuele Ricci (C) defender Ardian Ismajli. EPA
  • Lautaro Martinez attempts a shot on goal during Inter Milan's match against Empoli. Reuters
    Lautaro Martinez attempts a shot on goal during Inter Milan's match against Empoli. Reuters
  • Lautaro Martinez during the warm up before Inter Milan's Serie A match against Empoli. Reuters
    Lautaro Martinez during the warm up before Inter Milan's Serie A match against Empoli. Reuters
  • Lautaro Martinez attempts to control the ball under pressure from Juventus defender Leonardo Bonucci. Reuters
    Lautaro Martinez attempts to control the ball under pressure from Juventus defender Leonardo Bonucci. Reuters
  • Lautaro Martinez celebrates with Arturo Vidal and Edin Dzeko after Vidal's goal against Sheriff Tiraspol in the Champions League. EPA
    Lautaro Martinez celebrates with Arturo Vidal and Edin Dzeko after Vidal's goal against Sheriff Tiraspol in the Champions League. EPA
  • Lautaro Martinez in action for Inter Milan against Sheriff. AP
    Lautaro Martinez in action for Inter Milan against Sheriff. AP
  • Lautaro Martinez, left, breaks clear of Sheriff's Dimitris Kolovos. AP
    Lautaro Martinez, left, breaks clear of Sheriff's Dimitris Kolovos. AP
  • Lautaro Martinez holds the ball during the Serie A between Lazio and Inter. AFP
    Lautaro Martinez holds the ball during the Serie A between Lazio and Inter. AFP
  • Lautaro Martinez clash with Lazio's Sergej Milinkovic-Savic. Reuters
    Lautaro Martinez clash with Lazio's Sergej Milinkovic-Savic. Reuters

Lautaro Martinez commits future to Inter Milan after signing contract until 2026


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Lautaro Martinez has ended speculation regarding his future after the Argentine forward signed a new contract with Inter Milan, which will keep him at the Serie A champions until 2026.

Martinez's contract is an important statement from Inter after a turbulent offseason, which saw coach Antonio Conte leave because he was unhappy that he would not be able to build on his title-winning squad, and Inter sell two of its top players in Romelu Lukaku and Achraf Hakimi.

“I’m really happy to be staying at this club for many years to come,” Martinez said in a video posted on the club’s social media accounts. “See you at the stadium! Forza Inter!”

Martinez, 24, has scored 54 goals in 144 matches for Inter. The Argentine forward, who has also established himself as a regular for his national side, has scored five in nine league appearances this season.

Martinnez had been linked with a move to Barcelona in the summer of 2019, although any potential move to the Catalan giants would have been scuppered by their financial problems, and he had also been rumoured to be on Manchester City's shortlist to replace Sergio Aguero, who incidentally joined Barca this summer.

Also on Thursday, the results for the 2020-21 financial year were approved at a shareholders meeting. Inter reported a record loss of €245.6 million ($285 million) — the highest ever for a Serie A club — last month.

Inter’s owner, retail giant Suning, is also struggling because of the impact of the pandemic and halted operations at its Chinese football club. But Inter president Steven Zhang used his speech at the meeting to deny reports they are also looking to offload the Serie A club.

“Over the last year many were the rumours that surrounded the club and the commitment of the ownership into Inter. However, none of them are true,” Zhang said. “We are Inter and as one of the most important clubs in Europe we know we are always in the spotlight, fake and unfunded rumours and speculations will always surround us.

“Our project and commitment are long-term, with a clear and defined vision. The work we have done over the past five years and this 19th Scudetto are the best proof … We are looking to the future, with huge ambition and a rebuilt and rediscovered winning mentality.”

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Who is Mohammed Al Halbousi?

The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.

The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.

He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.

He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.

He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.

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MOUNTAINHEAD REVIEW

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Director: Jesse Armstrong

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Champions League Last 16

Red Bull Salzburg (AUT) v Bayern Munich (GER) 

Sporting Lisbon (POR) v Manchester City (ENG) 

Benfica (POR) v Ajax (NED) 

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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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Updated: October 29, 2021, 6:17 AM