A late goal from Roman Torres punched Panama's ticket to their first World Cup on Tuesday with a 2-1 win over Costa Rica, while the United States miss out for the first time since 1986 after Honduras pipped them to a playoff place.
With Honduras stunning group winners Mexico 3-2, the United States' 2-1 defeat to Trinidad & Tobago saw them finish fifth in the six-team North, Central American and Caribbean Concacaf final qualifying round.
Romell Quioto scored the winner in the 60th minute for Honduras, who will now face Australia in a two-leg play-off in November.
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Panama's win was not without controversy.
After the visitors went ahead through Johan Venegas' neat chip in the first half, a 53rd minute Panama corner bounced awkwardly off Gabriel Torres towards the net and while forward Blas Perez dived head first to try to force it home the ball was blocked on the line by Ronald Matarrita.
Somehow the Costa Rican defender scrambled it clear but the referee, who had been standing outside the box, awarded the goal.
There was no doubt about the winner from Roman Torres, however, after he hammered home a volley in the 88th-minute to spark wild celebrations in the stadium.
That goal not only sent Panama to their first World Cup but ensured the United States would miss out.
The Americans, who were sitting pretty in the final qualifying spot heading into Tuesday's game, fell behind to an own goal in the 16th minute from defender Omar Gonzalez and went two down when Alvin Jones scored eight minutes before half-time.
Christian Pulisic pulled one back shortly after the break but the United States failed to grab an equaliser.
"It was one of the most unlucky goals ever for myself and is one that will haunt me forever," a guilt-stricken Gonzalez said. "We let down an entire nation today."
Manager Bruce Arena said he will be taking responsibility for US exit.
"It's a blemish for us," Arena said. "We should not be staying home for this World Cup. We foolishly brought Trinidad into the game with the own goal. That was a big goal for Trinidad psychologically. That got them motivated."
American players were not aware of the scores of the other games until after the final whistle.
"When I looked over at the bench and everyone was sitting down," Gonzalez said, "I could just see from the looks on their faces that it wasn't good."
US captain Michael Bradley said: "You can go around in circles a million times over again, but the reality is that it was all there for us and we have nobody to blame but ourselves."
Missing the World Cup is a devastating blow to the USSF, which has steadily built the sport in the last quarter-century with the help of sponsors and television partners. It also is a trauma for Fox, which broadcasts the next three World Cups after taking the US rights from ESPN. The USSF hopes to co-host the 2026 tournament with Mexico and Canada, and Morocco is the only other bidder.
"Every time you have a setback you have to look at things, re-evaluate and get better," 38-year-old goalkeeper Tim Howard said. "And as a programme we have to get better. This hex [referring to the six-team group] proved that.
"There's some good teams on the up and up and we've got our work cut out for us."
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
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Day 2, stumps
Pakistan 482
Australia 30/0 (13 ov)
Australia trail by 452 runs with 10 wickets remaining in the innings
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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THE SPECS
Engine: 4.4-litre V8
Transmission: eight-speed automatic
Power: 523hp
Torque: 750Nm
Price: Dh469,000
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
Zayed Sustainability Prize
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
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