Xavi 'sad and angry' as Barcelona are held by Napoli in Europa League


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Barcelona, who dropped out of the Champions League, now face a difficult task of qualifying for the round of 16 in the Europa League.

Making their first appearance in the second-tier European competition in nearly two decades, the Catalans were held 1-1 by Napoli at Camp Nou on Thursday in the first leg of one of eight play-offs between third-place finishers in the Champions League groups and Europa League group runners-ups.

It was the first time since 2003-04 that Barcelona are not in the knockout stages of the Champions League, a tournament they have won five times.

Barca dominated proceedings but found themselves a goal down to the Italians after Piotr Zielinski finished off a counter-attack in the 29th minute.

Barca forward Ferran Torres equalised before the hour mark from the penalty spot after VAR spotted a Juan Jesus handball from a Adama Traore cross inside the area.

Barca were on the front foot throughout with their new attacking trio of new signings Torres, Traore and Pierre-Emerick Aubameyang, but missed several chances to take the lead.

Napoli held on despite a late onslaught in the final ten minutes, with Torres and substitutes Luuk de Jong and Ousmane Dembele missing chance after chance in front of Alex Meret's goal.

"I'm sad because it makes me angry that [Barcelona] missed so many chances because it's a game to, at least win," Xavi said.

"I think that the only thing that we lacked was to convert the chances. We were good in the high press. After going behind, we generated 20 chances and six or seven were very clear.

"It was a complete game. The result should be a victory and, being fair, by at least a couple of goals. We played well, but we're competing in the Europa League. This isn't about feelings, it's about results, and the game was excellent."

Barcelona travel to Italy for the second leg on February 24.

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New Zealand 57-0 South Africa

Tries: Rieko Ioane, Nehe Milner-Skudder (2), Scott Barrett, Brodie Retallick, Ofa Tu'ungfasi, Lima Sopoaga, Codie Taylor. Conversions: Beauden Barrett (7). Penalty: Beauden Barrett

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

A Prayer Before Dawn

Director: Jean-Stephane Sauvaire

Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai

Three stars

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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.”

MATCH INFO

Austria 2
Hinteregger (53'), Schopf (69')

Germany 1
Ozil (11')

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Warlight,
Michael Ondaatje, Knopf 

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Updated: February 18, 2022, 4:09 AM