Chelsea's Conte could learn from Benitez's experience and learn to work with team at his disposal


Richard Jolly
  • English
  • Arabic

The eruption came after an FA Cup win.

Chelsea’s manager, a winner of major trophies in both his homeland and England, announced he would leave at the end of the season. He blamed the club for a climate where speculation surrounded his position.

Not Antonio Conte – or not yet, anyway – but Rafa Benitez, after beating Middlesbrough in 2013. History may not repeat itself on the Spaniard’s return to Stamford Bridge, but there are certain parallels with the recent past.

There are differences, too: while the choruses of “Antonio” are rarer than they were last season, the Chelsea fans have not turned on Conte. Benitez was persona non grata after his time at Liverpool.

His grievances centred around the way Chelsea had branded him "interim manager". That was, he said, “a mistake”.

Conte has been a permanent successor, but there is an increasingly interim feel to his regime. He highlighted the firing culture are Stamford Bridge on Friday, saying that 10 managers had been dismissed in 14 years.

It is only eight, but chances are that Conte will be gone in the summer. While he rowed back on them on Friday, his Wednesday assessment of Chelsea’s transfers – “sometimes I can have an impact, sometimes not” – had echoes of Benitez’s feeling that there was the club and the manager and they were different and distant.

It also has the feel of a reputation-saving exercise.

And yet that separation of powers perhaps necessitates a strategy that is not reliant on any one manager. Conte has a pulpit. Chelsea have a point. They have to plan for life after him.

They can seem a paradox, displaying institutionalised short-termism in the dugout but with a long-termist ethos behind the scenes: managers can come and go, but they rarely change the character of the club where there is a growing focus on signing younger players and finding value for money in the transfer market.

Ross Barkley is a case in point.

Conte was scarcely supportive of the midfielder after he was parachuted in for his debut in Wednesday's defeat to Arsenal. The January arrival is more club signing than Conte's choice. There was no true Benitez buy during his time in charge, either. Nor, for that matter, has there been one for Newcastle this January.

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Managers who have pursued strikers – they may eventually get Edin Dzeko and Nicolai Jorgensen respectively – may be studies in frustration. At Chelsea, however, it is pertinent to ask if Conte’s dissatisfaction and his fractiousness have proved counter-productive, and if his downbeat attitude has made difficulties a self-fulfilling prophecy.

Thus far, 2018, yielding a solitary win in 90 minutes, has been tough and exhausting. Chelsea’s team on Sunday will be patched up. Willian, Alvaro Morata, and Thibaut Courtois are injured. The Belgian’s absence means that Willy Caballero, a transfer target to elude Benitez last summer, will continue in the Chelsea goal.

Cesc Fabregas could be back. Whether or not he is, Barkley will be sent out for a first start. Michy Batshuayi, who would have left Stamford Bridge had a forward been signed, could be required.

Benitez has indicated he will not field a full-strength side. His priority is survival whereas he brought silverware to Chelsea. Three months after his outburst at Middlesbrough, Benitez departed a trophy winner, securing the Uefa Cup.

The FA Cup represents Chelsea’s best chance of silverware in Conte’s sophomore season.

It may not alter his destiny, however, just as it did not change Benitez’s. But five years on, the Spaniard still looks a man in search of an ideal role. The past provides warnings for Conte.

He recognises some, but perhaps not all.

First Person
Richard Flanagan
Chatto & Windus 

Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

• Bloomberg

RedCrow Intelligence Company Profile

Started: 2016

Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel 

Based: Ramallah, Palestine

Sector: Technology, Security

# of staff: 13

Investment: $745,000

Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors

'C'mon C'mon'

Director:Mike Mills

Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman

Rating: 4/5

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

US tops drug cost charts

The study of 13 essential drugs showed costs in the United States were about 300 per cent higher than the global average, followed by Germany at 126 per cent and 122 per cent in the UAE.

Thailand, Kenya and Malaysia were rated as nations with the lowest costs, about 90 per cent cheaper.

In the case of insulin, diabetic patients in the US paid five and a half times the global average, while in the UAE the costs are about 50 per cent higher than the median price of branded and generic drugs.

Some of the costliest drugs worldwide include Lipitor for high cholesterol. 

The study’s price index placed the US at an exorbitant 2,170 per cent higher for Lipitor than the average global price and the UAE at the eighth spot globally with costs 252 per cent higher.

High blood pressure medication Zestril was also more than 2,680 per cent higher in the US and the UAE price was 187 per cent higher than the global price.

Name: Colm McLoughlin

Country: Galway, Ireland

Job: Executive vice chairman and chief executive of Dubai Duty Free

Favourite golf course: Dubai Creek Golf and Yacht Club

Favourite part of Dubai: Palm Jumeirah