HONG KONG // The International Cricket Council (ICC) will stick with a 12-team format for the World Twenty20 championship despite complaints from the associate members and will push to ensure all national boards hold free and open elections before the next annual meeting.
Haroon Lorgat, the ICC chief executive, said at the conclusion of the annual conference today that the T20 championship format had to stay after cricket's international governing body rescinded a decision to reduce the number of countries contesting the next 50-over World Cup.
The ICC reversed its decision to limit the 2015 World Cup to only the 10 full members and reinstated the 14-team format used at this year's event won by India. But in turn, it has cut back numbers at next year's World Twenty20 in Sri Lanka from a planned 16 to 12, meaning only two associates will qualify.
"We had to take this decision to make sure we retained the balance between the 2015 World Cup and the 2012 World Twenty20," Lorgat said.
But associate members have vowed to continue fighting for more participation in the shortest form of the international game.
"The associates have resolved to press the ICC for more places at the 2012 ICC World Twenty20. We are unhappy. They give with one hand and take from the other," said John Cribbin, Hong Kong Cricket Association secretary, who represents the associate members on the ICC chief executives committee.
"We will challenge that decision, we won't sit back," added Cassim Suleiman, chief executive of the Africa Cricket Association. "It's about giving opportunity to everyone and globalising the game."
Lorgat acknowledged the concerns of the associate members but said "Financial implications also had a role in this decision and it is now cast in stone."
He said the ICC realised expansion was central to the game's development, but added that the new strategic plan for 2011 to 2015 was designed to build a bigger and better global game.
Among the other decisions taken at the five-day conference: the 2019 World Cup will be scaled back to 10 teams with the top eight places awarded to the top-ranked teams and the last two places going to qualifiers; the Decision Review System (DRS) will be mandatory in all Tests and one-day matches, with some modifications; and finalising the Future Tours Program for the next eight years.
"It has been a very busy week in Hong Kong. Tough decisions have been made," the ICC president Sharad Pawar said. "I am confident we have made decisions which are in the best interests of the game. There have been challenges, as always, but the great community of cricket showed that it was ready and capable of facing those challenges."
One unresolved issue was the concept of scrapping the rotational policy for the appointment of the ICC president in 2014. That decision has been delayed until the executive board meeting in October.
Both the Pakistan and Bangladesh Cricket Boards — whose turn it will be in 2014 to take over the ICC hierarchy of president and vice president — had opposed moves to abandon the traditional rotation of the posts every two years.
"This has been put on hold for the moment. We will address the issue again until we get the recommendations from our independent governance review," Lorgat said.
In the meantime, the annual conference unanimously supported a proposed to the amend to the ICC Articles of Association to insist on free elections and the independence of member boards.
All member boards must implement the new provisions, which mean national federations should be autonomous and free from government interference, before the next annual conference in June 2012.
"This is a significant step toward achieving best practice and, together with the independent governance review, I am excited by the commitment of the ICC to introduce best possible corporate governance," Lorgat said.
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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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Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The specs
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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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Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
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ULTRA PROCESSED FOODS
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
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Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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