On his final match as head coach of Everton, 11 months ago, Carlo Ancelotti went to the Etihad Stadium to play the English champions. Within 14 minutes, his team were trailing 2-0, Riyad Mahrez having set up a Kevin de Bruyne goal while some spectators were still taking their seats, and Gabriel Jesus, with an elegant turn away from his marker, taking advantage of a De Bruyne pass.
On his next visit to the same stadium last Tuesday, Ancelotti experienced an alarming deja vu. The defence he is now in charge of organising allowed Mahrez to cross for De Bruyne to score, and, very soon, Gabriel to spin away from a marker and make good on a De Bruyne pass. Manchester City had a 2-0 lead within 12 minutes this time, against Ancelotti’s Real Madrid in a Champions League semi-final first leg.
Only the other day, Ancelotti was explaining, without making it sound like a boast, that in his long career in management he seldom makes the same mistake twice in quick succession. After a quarter of a century in management, and a warehouse full of trophies, he can say that with authority.
Conceding two sets of replica goals to City within less than a year looks like an oversight, except that what happened next was very distinct. Everton lost their last match of their single season under Ancelotti 5-0 (and finished in the top half of the Premier League, a good deal better off than Everton are now).
Ancelotti’s Madrid finished up 4-3 losers at City and kept alive their chances of making it into a European Cup final after next Wednesday’s second leg.
On Saturday, Madrid can boost their confidence by claiming the point they need to confirm, with four games to spare, the Spanish Liga title. They are at home to Espanyol. Ancelotti will rest some senior players from the starting XI and still expect his less-used squad members to help deliver the right result at the Bernabeu.
The significance of the title for the head coach will be immense. Winning La Liga, the major trophy that eluded Ancelotti in a previous, European Cup-winning, Copa del Rey-lifting two-year spell at Madrid from 2013, will give ‘Carletto’ a unique grand slam of leagues.
His has already tasted success in Serie A as head coach of AC Milan in 2004, in Premier League with Chelsea in 2010, with the Ligue 1 crown at PSG in 2013 and in Bundesliga with Bayern Munich five years ago.
With La Liga, those are the five strongest domestic competitions in the world. An understated 62 year-old Italian is close to conquering them all.
He was genuinely surprised last summer to be asked back at Madrid, sincere in telling Everton he would not have walked away from Goodison Park for any other offer.
He had not been lobbying for a job that, once Zinedine Zidane stepped down having fallen short in a gripping title race against Atletico Madrid, Real were minded to fill with a younger coach. “The decision came from Madrid,” explained Ancelotti this week. “They had confidence in what I could do and I’m enjoying it.”
He did not enjoy losing 4-0 at home to Barcelona last month, although the gap in the table by then was large enough that Madrid were still firm favourites for La Liga. He did not delight in City going 2-0 up so early in Tuesday’s riveting contest, an evening when some of the complications of the Madrid squad Ancelotti inherited were apparent.
When Ancelotti came back to the Bernabeu, after six years away, two of the pillars of the team were leaving - Raphael Varane to Manchester United and Sergio Ramos to PSG.
Ancelotti’s work with a new-look central defence has been one of his achievements, and the moments when madridistas have longed for the authority of Ramos and Varane very few. But at the Etihad, the flaws in the performances of Eder Militao and David Alaba in defence did provoke some longing for Ramos and Varane.
Appreciation for Ancelotti’s coaching would start at the front of the team. Vinicius Junior’s improvement as a finisher has been startling over the last eight months. Karim Benzema, 34, has never looked a more complete centre-forward. He scored his 40th and 41st goals of the season at City in midweek. “We’re lucky to have him,” says Ancelotti.
Madrid may also be deemed lucky that Barcelona have have been at a low ebb for much of the past year, and that Atletico turned unusually loose and inconsistent in their defence of the title.
But Ancelotti is tired of hearing what he calls “so many people saying ‘but’ while we are top of the league”. He will enjoy confirmation of his grand slam of titles when it comes, knowing that very quickly judgement will be reserved on what happens in the second leg against City.
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The five pillars of Islam
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THURSDAY'S ORDER OF PLAY
Centre Court
Starting at 10am:
Lucrezia Stefanini v Elena Rybakina (6)
Aryna Sabalenka (4) v Polona Hercog
Sofia Kenin (1) v Zhaoxuan Yan
Kristina Mladenovic v Garbine Muguruza (5)
Sorana Cirstea v Karolina Pliskova (3)
Jessica Pegula v Elina Svitolina (2)
Court 1
Starting at 10am:
Sara Sorribes Tormo v Nadia Podoroska
Marketa Vondrousova v Su-Wei Hsieh
Elise Mertens (7) v Alize Cornet
Tamara Zidansek v Jennifer Brady (11)
Heather Watson v Jodie Burrage
Vera Zvonareva v Amandine Hesse
Court 2
Starting at 10am:
Arantxa Rus v Xiyu Wang
Maria Kostyuk v Lucie Hradecka
Karolina Muchova v Danka Kovinic
Cori Gauff v Ulrikke Eikeri
Mona Barthel v Anastasia Gasanova
Court 3
Starting at 10am:
Kateryna Bondarenko v Yafan Wang
Aliaksandra Sasnovich v Anna Bondar
Bianca Turati v Yaroslava Shvedova
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
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
Mane points for safe home colouring
- Natural and grey hair takes colour differently than chemically treated hair
- Taking hair from a dark to a light colour should involve a slow transition through warmer stages of colour
- When choosing a colour (especially a lighter tone), allow for a natural lift of warmth
- Most modern hair colours are technique-based, in that they require a confident hand and taught skills
- If you decide to be brave and go for it, seek professional advice and use a semi-permanent colour
Results
Final: Iran beat Spain 6-3.
Play-off 3rd: UAE beat Russia 2-1 (in extra time).
Play-off 5th: Japan beat Egypt 7-2.
Play-off 7th: Italy beat Mexico 3-2.
The years Ramadan fell in May
What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
At a glance
Fixtures All matches start at 9.30am, at ICC Academy, Dubai. Admission is free
Thursday UAE v Ireland; Saturday UAE v Ireland; Jan 21 UAE v Scotland; Jan 23 UAE v Scotland
UAE squad Rohan Mustafa (c), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
Meydan race card
6pm Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
6.35Dubai Trophy – Conditions(TB) $100,000 (Turf) 1,200m
1,800m
7.10pm Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m ,400m
7.45pm Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
8.20pm Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
8.55pm Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
9.30pm Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MO
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The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
KILLING OF QASSEM SULEIMANI
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
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster with a decades-long career in TV. He has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others. Karam is also the founder of Takreem.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
Zayed Sustainability Prize
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
RESULTS
5pm: Maiden | Dh80,000 | 1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap | Dh80,000 | 1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel
6pm: Handicap | Dh80,000 | 2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle
6.30pm: Handicap | Dh85,000 | 2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel
7pm: Shadwell Farm for Private Owners Handicap | Dh70,000 | 2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly
