Newcastle United players celebrate with Joelinton after he scored the third goal in the 3-0 win over Leicester City at the King Power Stadium. PA
Newcastle United players celebrate with Joelinton after he scored the third goal in the 3-0 win over Leicester City at the King Power Stadium. PA
Newcastle United players celebrate with Joelinton after he scored the third goal in the 3-0 win over Leicester City at the King Power Stadium. PA
Newcastle United players celebrate with Joelinton after he scored the third goal in the 3-0 win over Leicester City at the King Power Stadium. PA

Newcastle up to second in Premier League after cruising past Leicester


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Newcastle United picked up right where they left off before the World Cup break as Monday's impressive 3-0 win at in-form Leicester City moved Eddie Howe's side up to second in the Premier League table.

Newcastle, who won five successive matches prior to the break for Qatar 2022, cruised to victory at King Power Stadium courtesy of a 29-minute spell of dominance in the first half.

Chris Wood, starting in place of the absent Callum Wilson, opened the scoring with a confident third-minute penalty, before Miguel Almiron extended his scintillating form with a well-worked move and cool finish just four minutes later. It was the Paraguayan forward's eighth goal in his last nine Premier League games.

"Confidence is so important and he has been lifted by the form of the players around him," Newcastle manager Howe said.

Joelinton then made it 3-0 in the 32nd minute when he rose to power home a header from Kieran Trippier's corner.

Leicester, who had won four of their last five league matches before the World Cup, improved markedly after the break and dominated possession in the second half but were limited to a few half chances.

The victory moves Newcastle above Manchester City into second, although the champions have played two games fewer and can move back above the Magpies if they avoid defeat at Leeds United on Wednesday night.

"We can do anything," Howe said when asked about Newcastle's title chances. "The season is still young enough for all possibilities to exist for us. I want the fans to believe we can do anything."

Elsewhere on Monday, Fulham continued their impressive return to the Premier League with a 3-0 win at nine-man Crystal Palace.

Bobby Decordova-Reid opened the scoring for Fulham just after the half-hour mark, and Crystal Palace's hopes of getting back into the game were dealt a severe blow when full-back Tyrick Mitchell was issued a straight red card for a high and late challenge on Kenny Tete.

Palace found themselves down another player in the 57th minute when James Tomkins received a second yellow card, and Fulham made their numerical advantage count as Tim Ream doubled their lead at Selhurst Park with 19 minutes remaining. Aleksandar Mitrovic then scored his 10th goal of the season to complete a comfortable win for Marco Silva's side, who move up to eighth in the standings.

Meanwhile, Brighton piled the misery on struggling Southampton with a 3-1 win at St Mary's Stadium. Adam Lallana and Solly March scored either side of a Romain Perraud own goal to put Brighton in control, before James Ward-Prowse scored a consolation for the hosts, heading home the rebound from his own saved penalty.

The result moves Brighton above Chelsea and their former manager Graham Potter, while Southampton slumped to the bottom of the table after Wolves' dramatic 2-1 win over Everton at Goodison Park, where Rayan Ait-Nouri scored deep in injury time after Daniel Podence had earlier cancelled out Yerry Mina's seventh-minute opener.

Why it pays to compare

A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.

Route 1: bank transfer

The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.

Total cost: Dh567.25 - around 2.9 per cent of the total amount

Total received: €4,670.30 

Route 2: online platform

The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.

Total cost: Dh74.10, around 0.4 per cent of the transaction

Total received: €4,756

The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.

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Fixtures

Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs

Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms

Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles

Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon

Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon

MATCH INFO

Euro 2020 qualifier

Fixture: Liechtenstein v Italy, Tuesday, 10.45pm (UAE)

TV: Match is shown on BeIN Sports

Company%20Profile
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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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Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now. 

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Updated: December 26, 2022, 7:22 PM