Lionel Messi scored PSG's first goal and assisted the second for Sergio Ramos in a 2-0 win at Nice. Reuters
Lionel Messi scored PSG's first goal and assisted the second for Sergio Ramos in a 2-0 win at Nice. Reuters
Lionel Messi scored PSG's first goal and assisted the second for Sergio Ramos in a 2-0 win at Nice. Reuters
Lionel Messi scored PSG's first goal and assisted the second for Sergio Ramos in a 2-0 win at Nice. Reuters

Lionel Messi stars as PSG return to winning ways to ease pressure on Christophe Galtier


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Lionel Messi scored one goal and assisted the other as Paris Saint-Germain bounced back from successive defeats to win 2-0 at Nice on Saturday and ease the pressure on coach Christophe Galtier.

Messi converted a Nuno Mendes cross in the 26th minute before Gianluigi Donnarumma produced several key saves and Dante was denied by the woodwork as PSG's goal lived a charmed life on the Cote d'Azur.

Srgio Ramos then ended any doubt about the outcome when he headed in a Messi corner with 14 minutes remaining, as PSG restored their six-point lead at the top of Ligue 1.

Back-to-back home losses to Rennes and Lyon had left the Qatar-owned club with eight defeats in 18 games in 2023, including a Champions League last-16 exit to Bayern Munich, and piled the pressure on Galtier amid reports he may not even see out the season.

A win for nearest challengers Lens on Friday had cut PSG's lead at the top of the table to just three points before this game, and before the top two meet in Paris next weekend.

"It was a difficult match. We knew we had a lot of pressure on our shoulders both because of our poor performances and because of Lens winning, and especially because Nice are a really good team who have been on a great run," Galtier told broadcaster Canal Plus.

"It was definitely not our best performance of the season but the players fought for each other and it is obviously three important points.

"It is better to have a six-point lead than be chasing after a six-point deficit but we know we have a very important match next weekend."

It was a first defeat in 15 matches in all competitions for Nice since former PSG midfielder Didier Digard replaced Lucien Favre as coach in January. They remain eighth in the table.

Galtier was booed by sections of the home support in Nice, the club he left last year to join PSG, but he saw Messi silence the crowd with the opening goal.

The Argentine's 14th Ligue 1 goal of the campaign came at the end of a week in which it emerged he was likely to leave Paris when his contract expires in the summer.

Donnarumma saved well from Nicolas Pepe and Terem Moffi before half-time, and Dante then sent an effort off the underside of the bar six minutes into the second half, with the ball bouncing down onto the line and then hitting the post.

It was an incredible let-off for the league leaders, who were grateful to Donnarumma again as he made further stops from Pepe and Youssouf Ndayishimiye.

Ramos made it 2-0 but there was still time for Danilo to head against his own crossbar late on.

Marseille can rejoin Lens and close back to within six points of PSG with a win at Lorient on Sunday.

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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. 

Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
 

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.”

How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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2. Bathua 

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THE LOWDOWN

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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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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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The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

THREE
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Updated: April 09, 2023, 6:26 AM