Euro 2016 semi-final: Germany v France, Thursday, 11pm (UAE time)
Despite a mounting injury list, Germany manager Joachim Low is relishing facing the hosts in Thursday's Euro 2016 semi-final under the motto – 'Bring on France'.
“It’s great that there’s a game like this. I love playing knockout games against teams of this calibre,” Low said in Evian on Monday.
Lows’s cause for optimism over the Marseille semi-final is not obvious with three key players definitely ruled out, while captain Bastian Schweinsteiger is doubtful with a new knee injury.
Germany have defender Mats Hummels suspended while Mario Gomez and Sami Khedira are out with injury – Gomez for the rest of the tournament.
As Low acknowledged, France were buoyed by Sunday's 5-2 hammering of Iceland in their quarter-final.
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And the hosts can expect near fanatical support in Marseille, the heartland of the nation’s diehard fans.
Nevertheless Low can barely wait for kick-off as Germany rest up after Saturday's tense quarter-final penalty shoot-out win over Italy.
“I’m not worried about who the favourite is,” Germany’s manager said. “It would be easy to say that we have a few injuries and France are favourites as they played really well.
“But that does not matter at all over 90 or 120 minutes. It is like it was against Italy: a game of two teams with outstanding individuals.
“Both have a clear direction, even if France naturally plays offensively. I love games like this.”
Low was very clear that Schweinsteiger, who has a strained knee, will only face France if fully fit.
The Manchester United midfielder had only recently recovered from tearing the medial ligament in his right knee in March.
“If a player is less than 100 percent fit, then I won’t play him,” Low said.
“I made that mistake once before in my career and I won’t do it again.”
Low refused to be drawn about the mistake he referred to – passing it of from earlier in his career as a club coach.
But he has been in this situation before with Germany.
Low played Michael Ballack in the Euro 2008 final, when Germany were beaten 1-0 by Spain, when the defensive midfielder was carrying a calf injury.
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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.”
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.”
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