Derek Jeter hits a single in the seventh inning at the Yankee Stadium which tied him with Lou Gehrig's record of 2,721 hits.
Derek Jeter hits a single in the seventh inning at the Yankee Stadium which tied him with Lou Gehrig's record of 2,721 hits.
Derek Jeter hits a single in the seventh inning at the Yankee Stadium which tied him with Lou Gehrig's record of 2,721 hits.
Derek Jeter hits a single in the seventh inning at the Yankee Stadium which tied him with Lou Gehrig's record of 2,721 hits.

Jeter joins the Iron Horse


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NEW YORK // Derek Jeter has tied with the great Lou Gehrig for the most career hits for the New York Yankees as his Major League-best team rallied to beat the Tampa Bay Rays 4-2 on Wednesday. The Yankees captain made three hits to join Gehrig at 2,721 for his career, a record that has stood for more than 70 years.

Jorge Posada smashed a three-run homer in the eighth to help New York (91-50) take the four-game set against the Rays (72-68). It was a celebratory night for the home crowd - including his parents - who showered Jeter with applause in the seventh inning as the Yankees shortstop stood at first base and doffed his helmet after reaching the franchise mark. Jeter said he was reluctant to acknowledge the mark because he didn't want to "disrespect" the Rays but the rival players and coaches also clapped in approval during a two-minute ovation.

"I didn't know what to do - we were losing at the time," Jeter said of his special moment. "I took a moment to soak it in. When I saw them giving me an ovation, I really appreciated it. "The fans have been great this whole homestand, I've been trying to do it for them. That's why I bunted (for a hit) in the first inning, because I needed to get at least one hit." Jeter was mired in a zero-for-12 slump, his longest stretch this season, heading into the night but snapped it with an emphatic performance. He will have a chance to break the record today when the Yankees host the Baltimore Orioles.

Jeter also swiped second base in the first inning for his 300th career steal, which ranks second on the franchise list behind Rickey Henderson (326). Gehrig's final hit came on April 29, 1939, a single against the Washington Senators. The man dubbed Iron Horse had held the club record for hits since September 6, 1937, when he passed Babe Ruth. On Wednesday, trailing 2-0, New York rallied when Alex Rodriguez led off the eighth with a single and later scored on a throwing error from Tampa Bay first baseman Chris Richard. Posada came on to pinch-hit and sent a drive over the right-field fence against reliever Grant Balfour, his 21st homer of the year.

The New York relievers Brian Bruney and Phil Coke combined to close out the ninth inning, stranding the third baseman Evan Longoria at third. The starter Joba Chamberlain was pulled after the third inning for the third straight start and has now gone six outings without a win. The Tampa Bay shortstop Jason Bartlett led off the game with a solo home run and Pat Burrell added an RBI single as the visitors scored twice in the first inning.

The Rays starter Jeff Niemann struck out eight Yankees and allowed one run in seven innings before being relieved in the eighth as Tampa Bay lost for a season-high eighth consecutive time. * With agencies

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War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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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.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Results

6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m 

Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer) 

6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m 

Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor 

7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m 

Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer 

7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m 

Winner: Desert Fire, Hector Crouch, Saeed bin Suroor 

8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m 

Winner: Naval Crown, William Buick, Charlie Appleby 

8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m 

Winner: Al Tariq, Pat Dobbs, Doug Watsons 

9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m 

Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor  

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