KOLKATA // India moved toward a series-clinching victory with the West Indies trailing by 283 runs and only seven second innings wickets remaining at stumps on the third day of the second Test at Eden Gardens.
West Indies reached 195 for three after being asked to follow on having earlier been meekly bowled out for 153 in reply to India's 631 for seven declared.
Darren Bravo (38) and Shivnarine Chanderpaul (21) were the not out batsmen at the close.
Opener Adrian Barath (62) and Kirk Edwards (60) defied the Indian attack with a 93-run stand for the second wicket after the early dismissal of Kraigg Brathwaite (nine), who was caught behind off paceman Umesh Yadav.
Barath and Edwards played some attractive shots before Ishant Sharma broke the stand immediately after the tea-break when he had Barath caught by VVS Laxman, who held a low catch to his left at first slip.
Barath hit 10 fours in his third Test half-century. Sharma struck again when he removed Edwards, trapped lbw after hitting one six and six fours in his second Test half-century.
Earlier, resuming on 34 for two at the start of the day, the tourists struggled against spinner Pragyan Ojha (four for 64) and pace bowler Umesh Yadav (three for 23) in just 48 overs.
Yadav, who took one wicket yesterday, struck twice in the morning to finish, while off-spinner Ravichandran Ashwin bagged two for 49.
The West Indies' batsmen failed to apply themselves in the first innings on a pitch offering turn and bounce to spinners, with Bravo top-scoring with 30.
Ashwin and Ojha did the early damage when they took one wicket each before Yadav jolted the West Indies by removing Bravo and Marlon Samuels (25) in successive overs.
Ojha got a wicket in the fifth over of the day when he trapped Edwards (16) lbw for his 50th Test victim in 13 matches after the batsman had added only four runs to his overnight score of 12.
Ashwin, who got married a day before the Test started, captured a big wicket in his opening over when he removed in-form Chanderpaul, who was also trapped lbw.
Chanderpaul, who scored 118 and 47 in the opening Test, was able to contribute just four runs this time.
Bravo and Samuels played some attacking shots during their 46-run stand for the fifth wicket before falling in the space of seven runs to leave their team struggling at 99 for six. Darren Sammy, the captain, tried to counter-attack but did not last long, caught behind off Ojha immediately after smashing the spinner for a straight six. He hit one six and two fours in his 14-ball 18.
Ojha finished the innings when he trapped Fidel Edwards lbw for 16.
India won the first Test in New Delhi by five wickets last week. The third and final Test in Mumbai starts next Tuesday.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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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Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
UAE currency: the story behind the money in your pockets
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
South Africa squad
: Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wkt), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wkt), Keshav Maharaj, Aiden Markram, Morne Morkel, Chris Morris, Wiaan Mulder, Lungi Ngidi, Duanne Olivier, Vernon Philander and Kagiso Rabada.
Mohammed bin Zayed Majlis
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona