Vijay Kumar of India celebrates winning the silver medal in the Men's 50m Rifle Prone Shooting final at the London Olympic Games. India could be barred from future Olympics if needed reforms are not passed by Tuesday. Lars Baron / Getty Images
Vijay Kumar of India celebrates winning the silver medal in the Men's 50m Rifle Prone Shooting final at the London Olympic Games. India could be barred from future Olympics if needed reforms are not passed by Tuesday. Lars Baron / Getty Images
Vijay Kumar of India celebrates winning the silver medal in the Men's 50m Rifle Prone Shooting final at the London Olympic Games. India could be barred from future Olympics if needed reforms are not passed by Tuesday. Lars Baron / Getty Images
Vijay Kumar of India celebrates winning the silver medal in the Men's 50m Rifle Prone Shooting final at the London Olympic Games. India could be barred from future Olympics if needed reforms are not p

Inaction on reforms could cause India’s expulsion from Olympics


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LAUSANNE, Switzerland // India faces the ultimate sanction of expulsion from the Olympics unless it keeps corruption-tainted officials out of its ranks, said Thomas Bach, president of the International Olympic Committee (IOC).

Bach said the IOC is prepared to withdraw recognition of the Indian Olympic Association if it fails to comply with “rules of good governance” by Tuesday, a punishment that would leave the world’s second-most populous nation out of all Olympic competitions.

“It’s about the principles,” Bach said. “Good governance for the IOC is a key issue. We need to be strict and make sure rules of good governance are being applied.”

If India is thrown out, it would be the first time a country has been kicked out of the Olympic movement since South Africa was expelled for its racial segregation policies more than 40 years ago.

The Indian Olympic body is scheduled to meet today in New Delhi to consider the IOC’s directive. If there is no breakthrough, the IOC executive board is set to recommend “de-recognition” of the Indian committee at its meeting on Tuesday in Lausanne.

“We will see if there is any last-moment movement,” Bach said. “If not, then we have to consider to take the next step.”

The IOC suspended the Indian body a year ago because of government interference in its election process. While many of the issues have been resolved, the Indians have yet to bar officials who have been charged with a criminal offence – prompting the ultimatum.

“The [Olympic] charter is clear,” Bach said. “If the suspension leads to no solution, further steps could be withdrawal of recognition.”

It would be the first major ruling of the IOC board under Bach, who was elected president on September 10, succeeding Jacques Rogge.

The IOC executive board could take a preliminary decision on withdrawing recognition of India. A final ruling would go to the full IOC, which next meets in early February in Sochi, Russia, on the eve of the 2014 Winter Olympics. “Withdrawal of recognition would mean there is no NOC (National Olympic Committee) any more in India,” Bach said. “That means no participation, no subsidies.”

Under the current suspension, the Indian body has stopped receiving IOC funding and its officials have been banned from attending Olympic meetings and events. India’s athletes are barred from competing in Olympic events under their national flag.

Stripping India completely of IOC recognition would leave the country without any Olympic involvement. It would keep Indian athletes out of the Olympics and related events, such as the Asian Games. Other international federations could follow suit.

The IOC has given athletes from suspended nations the chance to compete as individuals under the Olympic flag.

“In the Olympics we would have to see whether we would find individual solutions, but they could in no way represent India,” Bach said. “We always want to protect the interest of the athletes. We have to consider a way. I cannot tell you what the result will be.”

The IOC said India has three athletes, including two skiers and a luger, who have qualified for the Sochi Games. Sanctions would hurt more for the 2016 Summer Olympics in Rio de Janeiro. India’s participation could be affected for the 2014 Asian Games in Incheon, South Korea.

The IOC has been involved in discussions with India for months. The main issue stems from last year’s election of IOA secretary-general Lalit Bhanot, who had been jailed for 10 months in a corruption case related to the 2010 Commonwealth Games in New Delhi.

The IOC has told the Indian body that anyone charged with an offence by Indian police should be barred from holding office. The Indians have proposed that the directive be limited to barring only those found guilty and sentenced to a jail term of two or more years by a court.

“This is the only remaining point,” Bach said. “It’s about good governance and nothing else at this moment. All the other issues have been solved in cooperation with the NOC, with the government.”

The IOC formally expelled South Africa from the Olympics in 1970. The country returned to the fold at the 1992 Barcelona Games.

In recent years, the IOC suspended the national Olympic bodies of Kuwait, Ghana and Panama for political interference, but all were eventually reinstated.

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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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BUNDESLIGA FIXTURES

Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 
RB Leipzig v Freiburg (4.30pm) 
Hoffenheim v Hertha Berlin (4.30pm) 
Fortuna Dusseldorf v Paderborn  (4.30pm) 
Augsburg v Wolfsburg (4.30pm) 
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

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Engine 8.4L V10

Transmission Six-speed manual

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Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

A timeline of the Historical Dictionary of the Arabic Language
  • 2018: Formal work begins
  • November 2021: First 17 volumes launched 
  • November 2022: Additional 19 volumes released
  • October 2023: Another 31 volumes released
  • November 2024: All 127 volumes completed
Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

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In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

LA LIGA FIXTURES

Friday

Granada v Real Betis (9.30pm)

Valencia v Levante (midnight)

Saturday

Espanyol v Alaves (4pm)

Celta Vigo v Villarreal (7pm)

Leganes v Real Valladolid (9.30pm)

Mallorca v Barcelona (midnight)

Sunday

Atletic Bilbao v Atletico Madrid (4pm)

Real Madrid v Eibar (9.30pm)

Real Sociedad v Osasuna (midnight)

England squad

Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale 

Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White

Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse

Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling

The five pillars of Islam
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Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment

Director: Prosit Roy

Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani

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