Hungary goalkeeper Zoltan Szecsi makes a stop against the United States in the gold medal game in men's water polo at the Beijing 2008 Olympics in Beijing, Sunday, Aug. 24, 2008. Hungary beat the USA 14-10 to win the gold.
Hungary goalkeeper Zoltan Szecsi makes a stop against the United States in the gold medal game in men's water polo at the Beijing 2008 Olympics in Beijing, Sunday, Aug. 24, 2008. Hungary beat the USA Show more

Sport

Hungary wins third straight water polo gold

Peter Biros scores three goals to lead Hungary to a 14-10 win over the USA and a third consecutive gold medal in the men's water polo.

BEIJING // Peter Biros scored three goals to lead Hungary to a 14-10 win over the USA and a third consecutive gold medal in the men's water polo. Hungary became the first country to win three straight gold medals in the sport since Britain in 1920. The Hungarians stretched their Olympic unbeaten run to 17 games, with the latest victim being an American team that surprised just about everyone by getting to the final. The Americans kept it close early on and had the match tied at 9-9 in the third quarter. But the Hungarians pulled away down the stretch, scoring five unanswered goals and turning a close match into a convincing win. The USA goalkeeper Merrill Moses was substituted during the rout, but it was by no means his fault as the Hungarians just proved to be too strong. Hungary scored on three counter attacks, essentially beating the Americans across the pool and getting one-on-one shots against Moses. "They are well-coached, they've got good athletes and they beat us," the USA coach Terry Schroeder said. "They beat us good." The Americans (5-2) were content with returning to the medal stand for the first time since 1988. The USA came to Beijing ranked ninth in the world, and many expected the team would finish sixth or seventh - the same spot they had finished in for the last three summer Games. But the Americans upset Italy, Croatia, Germany and Serbia en route to the silver medal. The Hungarians (6-0-1) did not lose a match for the second consecutive Olympics. And for Biros, Zoltan Szecsi, Tamas Kasas, Gergely Kiss, Tibor Benedek and Tamas Molnar, it ended with their third gold medals. No other country has ever accomplished that feat in water polo. Britain had three players win three gold medals in 1920, and two Hungarians took home two when they won gold in 1952 and 1956. But the Hungarians are in a class of their own now. Daniel Rudolf Varga scored three times for the Hungarians, and Denes Andor Varga added two goals. The USA captain Tony Azevedo led the Americans with four goals on 4-of-5 shooting, but his teammates were a combined 6-of-23 in the water.

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UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

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May 10, v Qatar
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1. End poverty in all its forms everywhere

2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture

3. Ensure healthy lives and promote well-being for all at all ages

4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all

5. Achieve gender equality and empower all women and girls

6. Ensure availability and sustainable management of water and sanitation for all

7. Ensure access to affordable, reliable, sustainable and modern energy for all

8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation

10. Reduce inequality  within and among countries

11. Make cities and human settlements inclusive, safe, resilient and sustainable

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13. Take urgent action to combat climate change and its effects

14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss

16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels

17. Strengthen the means of implementation and revitalise the global partnership for sustainable development

MATCH INFO

Syria v Australia
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Venue: Hang Jebat Stadium, Malayisa
Kick-off: Thursday, 4.30pm (UAE)
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* Second leg in Australia on October 10

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16 Indoor cricket matches are 16 overs per side

8 There are eight players per team

9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.

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4 Batsmen bat in pairs, facing four overs per partnership

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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.”

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