Following are some of the reactions to the sacking of Chelsea manager Jose Mourinho on Thursday:
Chelsea midfielder Cesc Fabregas, on Twitter:
“Thank you for all you have done for me. I owe you a lot and we will all miss you. Good luck in the future.”
Former Arsenal striker Thierry Henry, on Skey Sports:
“They needed a change to spark a reaction, but they have sacked the best manager in their history and the best manager in the game. The players should be held accountable. You cannot sack all the players so sack the manager, whether right or wrong. What happened in some of the games is not all down to Mourinho. There was a lack of desire and commitment.”
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Former Liverpool manager Graeme Souness, on Sky Sports:
“I think I know that he has lost his dressing room and that some major players in the dressing room have given up on him. And if you fall out with two or three of the main men in the dressing room, that would quickly become all of the dressing room. And I think that has happened. There has been something fundamentally wrong in the last few months at Chelsea. That is why part of me says I am not shocked, but the other part of me thinks that because of what Jose Mourinho has done for Chelsea, both first time round and second time, would have bought him a bit of time.”
Former Chelsea striker Chris Sutton:
“Previously he was perceived as intelligent, charming and witty but some of his antics this season he has really let himself down. There were cracks appearing when he subbed [Nemanja] Matic and had a dressing down with [Eden] Hazard. He clearly had lost the players earlier in the season. Performance-wise, he must have seen things weren’t getting any better. You can’t doubt Mourinho’s coaching credentials but he has clearly lost the dressing room.”
Former England striker Alan Shearer, in Radio 5 live:
“I’ve never known a capitulation like it from a football club. I have never known players to perform like they did last season and then be so bad now. It’s unprecedented. Once you fall out with players then it is a very difficult situation you find yourself in. If you fall out with two or three you can move them on. But when you go over that you’re talking about half a dressing room. You can’t sack all the players. Then you have a decision to make.”
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Sunderland manager Sam Allardyce:
“I’m shocked to say the least. They must already have somebody lined up to have done it now. I’m sad to see Jose go because I got to know him quite well and he’s a great manager with great character. He’s a loss to the Premier League.”
Former Arsenal defender Martin Keown:
“This has been an accident waiting to happen. Mourinho talked about betrayal this weekend. Go back to October and he was talking about rats within the camp. There have been big problems right from the start of the season. He has lost the players. There is no trust there, respect is gone. Ultimately it is easier to change a manager than 22 players.”
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Palestine and Israel - live updates
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.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Labour dispute
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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