France are the logical favourites to win Euro 2020. Being France, there is always the possibility they might be derailed from within. Ahead of their tournament opener in Munich on Tuesday night, internal tensions were already setting the agenda.
After coming off the field, with two goals to his name, in the final warm-up match against Bulgaria, Olivier Giroud, the veteran striker and Les Bleus all-time second-highest goalscorer, complained about a lack of service.
“I was making the runs but the passes weren’t coming to me,” said Giroud, who had replaced the injured Karim Benzema just before half-time. “If you didn’t see much of me earlier on, well, maybe we could have done better looking for me. I won’t claim to always make the right calls with my runs though I try to. But there’s no bitterness.”
If Giroud thought the episode was closed with that last remark, he was mistaken. His irritation that passes were not reaching him during his 50 minutes of action against Bulgaria was plain and he made it very public. Kylian Mbappe, playing wide of Giroud, felt implicated, suspected of being among those accused of not passing.
Mbappe wanted to address the media on the issue. “What [Giroud said] not worry me, because it’s what he felt. It was him coming out publicly, when we had seen each other and he had not said anything to me. I’d have preferred if he had come to me,” Mbappe told a press conference.
Mbappe is 22, but with a World Cup already to his name and superstar status, he regards himself as a leader of France’s gifted squad. Having made his point about Giroud's speaking out, he was keen to soothe fears of a damaging spat. “We’re not going to make a great big story out of this.” A “micro-episode”, he called it.
“It’s behind us,” insisted Hugo Lloris, the France captain, adding that Giroud and Mbappe had spoken to one another the day after the match “which is normal”.
Didier Deschamps, the head coach, talked to the strikers too. “I speak to all my players when I think there may be little adjustments to make,” said Deschamps.
Deschamps, a former World Cup and Euro-winning France captain and their coach at the triumph of Russia 2018, knows rows have a habit of fracturing team spirit and that he is in charge of a national team that in the past has been susceptible to internal implosion.
Most notoriously, there was the 2010 World Cup campaign, when a confrontation between the striker Nicolas Anelka and the then coach Raymond Domenech escalated to the point where the players effectively went on strike from training. France were eliminated at the group stage.
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Giroud on target in France win over Bulgaria
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Clashes between players and coaching staff undermined France’s Euro 2012, too, and though Deschamps, appointed head coach after that, has been an admired and stabilising manager, he has had his own awkward confrontations with players. Two of those expected to be in Tuesday’s starting XI have history: Adrien Rabiot, of Juventus, spent two years estranged from Deschamps’ squads after refusing to be on the stand-by list for the 2018 World Cup.
As for Benzema, his exclusion seemed indefinite after he was left out of the Euro 2016 squad following some off-the-pitch legal issues and a very public, barbed criticism of Deschamps.
Benzema, who has been in superb form for Madrid, later belittled Giroud’s talents compared with his own - “you can’t mistake a go-kart for a formula one car”, said Benzema - although Giroud made light of that remark when, last month, they were reunited as fellow-internationals.
What is clear is that 33 year-old Benzema's recall has directly affected Giroud's first-team status. Their respective club form - Giroud has been a substitute for Chelsea for most of the last year - demands that, if fit, the Madrid striker starts for Les Bleus, playing between Mbappe and Antoine Griezmann in attack. Benzema has fully recovered from the knock he picked up against Bulgaria.
Benzema marked his first match since his recall by having a penalty saved, against Wales, which may count against him at least in the hierarchy for spot-kick takers. Penalty duties have also emerged as a point of contention, since Griezmann last week claimed in L’Equipe, “I think, for the coach, I’m the first choice [for penalties].”
When that was put to Mbappe, who scored nine penalties for Paris Saint-Germain this season but saw a spot-kick for France saved in March, he said, bluntly: “The coach has said nothing [about penalties] yet. At the moment there is no hierarchy.”
Deschamps kept his counsel on the issue. “If I say to you [reporters] who is the first in line for taking our penalties, I’d be telling the opposition,” he smiled yesterday. Whoever is named chief penalty-taker, at least two from among Griezmann, Mbappe and Paul Pogba will feel put out.
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
ENGLAND SQUAD
For first two Test in India Joe Root (captain), Jofra Archer, Moeen Ali, James Anderson , Dom Bess, Stuart Broad , Rory Burns, Jos Buttler, Zak Crawley, Ben Foakes, Dan Lawrence, Jack Leach, Dom Sibley, Ben Stokes, Olly Stone, Chris Woakes. Reserves James Bracey, Mason Crane, Saqib Mahmood, Matthew Parkinson, Ollie Robinson, Amar Virdi.
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Previous men's records
- 2:01:39: Eliud Kipchoge (KEN) on 16/9/19 in Berlin
- 2:02:57: Dennis Kimetto (KEN) on 28/09/2014 in Berlin
- 2:03:23: Wilson Kipsang (KEN) on 29/09/2013 in Berlin
- 2:03:38: Patrick Makau (KEN) on 25/09/2011 in Berlin
- 2:03:59: Haile Gebreselassie (ETH) on 28/09/2008 in Berlin
- 2:04:26: Haile Gebreselassie (ETH) on 30/09/2007 in Berlin
- 2:04:55: Paul Tergat (KEN) on 28/09/2003 in Berlin
- 2:05:38: Khalid Khannouchi (USA) 14/04/2002 in London
- 2:05:42: Khalid Khannouchi (USA) 24/10/1999 in Chicago
- 2:06:05: Ronaldo da Costa (BRA) 20/09/1998 in Berlin
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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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Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
Killing of Qassem Suleimani
Four motivational quotes from Alicia's Dubai talk
“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”
“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”
“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”
“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”
The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
SPECS
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