Despite this missed putt for a birdie on the 18th at Warwick Hills, Tiger Woods went on to with the Buick Open comfortably.
Despite this missed putt for a birdie on the 18th at Warwick Hills, Tiger Woods went on to with the Buick Open comfortably.

Woods bids farewell to Warwick Hills with win



GRAND BLANC TOWNSHIP, MICHIGAN // Tiger Woods cruised to his easiest victory of the year, getting away with an awful round to win what was an average Buick Open. However, Woods' schedule during the next few months is sure to present a much tougher challenge than the one he faced in Michigan as he gets set to play two straight tournaments before the PGA Championship, his final chance to win a major this year.

Woods shot a three-under 69 and coasted to a three-shot victory with a 20-under 268 total at Warwick Hills, which hosted its first Buick Open in 1958 and seemed to stage its final one on Sunday. Woods, whose previous three wins this year were each by one shot, spent much of Sunday ahead by two before he took a three-stroke lead with the birdie at the 16th. His workmanlike final round included three birdies and no bogeys and he won without trailing in the final round for the first time since Bay Hill in 2008.

He will play at the Bridgestone Invitational this week before going to Hazeltine for the PGA Championship, the first time in his career he has scheduled himself to compete in two straight tournaments going into a major. "I feel good," Woods said. "The win helps." Woods won the Buick Open for a third time and claimed his 69th PGA Tour victory, but the end-of-an-era feel made it more than a ho-hum experience.

"I've played all around the world, and I've never seen a day like this," said Woods, also the 2002 and 2006 winner at Warwick Hills. "This event has always been special, but today was something else." He acknowledged thinking about his walk up to the 18th at Warwick Hills being his last, leading to him throwing his ball with a lot of velocity back down the fairway to fans. He also tossed a ball into the gallery at 17.

"I never do that, but today was different," Woods said. "We aren't coming back here, and I wanted to thank all these people." GolfWeek Magazine reported on its official website today that General Motors would end the PGA Tour's longest partnership. GolfWeek also reported The Greenbrier in West Virginia is waiting for the PGA Tour to confirm it will replace the Buick Open in 2010. "Hopefully, we'll get back to this region soon," Woods said. If a sponsor does not step up with about US$7 million (Dh25.7m) to lure a PGA Tour event back to Michigan, the best golfers in the world might not play in the state again until late in the next decade when the US Open could possibly return to Oakland Hills.

"Hopefully, I'll be back sooner than that," Woods added. *AP

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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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July 5, 1994: Jeff Bezos founds Cadabra Inc, which would later be renamed to Amazon.com, because his lawyer misheard the name as 'cadaver'. In its earliest days, the bookstore operated out of a rented garage in Bellevue, Washington

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1998: Amazon acquires IMDb, its first major acquisition. It also starts selling CDs and DVDs

2000: Amazon Marketplace opens, allowing people to sell items on the website

2002: Amazon forms what would become Amazon Web Services, opening the Amazon.com platform to all developers. The cloud unit would follow in 2006

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2009: Amazon introduces Amazon Basics, its in-house label for a variety of products

2010: The foundations for Amazon Studios were laid. Its first original streaming content debuted in 2013

2011: The Amazon Appstore for Google's Android is launched. It is still unavailable on Apple's iOS

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Sarfira

Director: Sudha Kongara Prasad

Starring: Akshay Kumar, Radhika Madan, Paresh Rawal

Rating: 2/5