Kevin Durant. Frederic J Brown / AFP
Kevin Durant. Frederic J Brown / AFP
Kevin Durant. Frederic J Brown / AFP
Kevin Durant. Frederic J Brown / AFP

Kevin Durant’s Golden State Warriors will be loved and hated, but cannot be missed


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Try to imagine it. Try, really, to visualise what it’s going to look like.

It’s kind of hard, actually, huh? Like there’s still something almost too surreal about the prospect of it, to actually conceive of it in a concrete way?

Kevin Durant is going to team up with Stephen Curry, Draymond Green, Klay Thompson and the Golden State Warriors, a development of such magnitude as to be practically unprecedented in NBA history.

One of basketball’s three best players is joining another of basketball’s three best players, one who already was playing with two more of the maybe 10-15 best players. Not even LeBron James’ formation of the “Heatles” in Miami can measure up to this one.

There are many angles – so many angles – to dissect out of this event.

Does it diminish Durant’s legacy? Considering he’s one of the most talented players of his generation and now stands to collect multiple titles, no. It would require a particularly dense obstinacy to take that position.

Podcast

• Kevin Durant joins the Warriors, and we try to make sense of it

Is it a good decision? This, frankly, is probably an irrelevant question. It was Durant’s decision to make, and how one judges its value will inevitably prioritise one’s preferences over Durant’s. Presumably, he wanted to win games and titles, and with this decision there is only reason to expect he will do lots and lots of both.

If you wanted Durant to defiantly take his “enemies” head-on, whether in Boston or Oklahoma City or elsewhere, that, well, is on you.

Is it bad for basketball? This is an argument to which maybe I can be more sympathetic. It is almost certainly bad for the competitiveness of basketball, and if one of the great pleasures of basketball is the directness with which its titans clash – more than any other team sport, really – than that pleasure has been diminished at least a little bit.

But basketball can also be at its most endearing in its glorification of greatness, of enormity, and the Fab Four Warriors (“Fourriors” as one colleague of mine put it) will be nothing if not enormous. And, in any case, it is not Kevin Durant’s job to the be the steward of basketball’s competitive health.

Are the Warriors the bad guys? Depends on who you ask. It’s not out of line for the many people who will do so to reject hegemonic Golden State. On the other hand, they promise to be aesthetically wondrous, and popular, personable talents like Curry and Durant will continue to be adored by wide swathes of the NBA fandom.

How on earth did this actually happen, anyhow? A good question. It seemed like a joke, like the fevered fantasies of a late-night NBA2K player, when rumours first floated six months ago that this move might be in play. What if Kevin Durant joined the Warriors? Yeah, sure, and what if LeBron came too.

But it has in fact happened, and it is a massive seismic event for the NBA’s power structure. It speaks to the audacious (some might also say arrogant) ambition of the Warriors, and to Durant’s higher aspirations.

And as inconceivable as it was that this would really come to pass, it is all the more inconceivable now that it is reality that it somehow will not live up to expectations.

This season’s NBA Finals, and to an extent last year’s too, showed that the Warriors, for as beautiful and dominant as they play at their best, are susceptible to losing the rhythm that is the engine to their offence. When Curry and Thompson have not been able to make magic happen behind the three-point line, when their passing flow has been disrupted against Cleveland, they ultimately have not have a lot to fall back on offensively.

One of the more underrated keys to their 2015 title, in fact, was when coach Steve Kerr dusted off David Lee. The reliable if unspectacular forward scored preciously needed easy points for Golden State last year when their attack was its most paralysed. He helped relieve the weight that can sometimes keep Curry and Thompson in particular from playing at their breeziest.

What they could not reliably do in a crunch was simplify things and get to the basket. Now they have maybe the most lethal attacker of the rim in the game.

He brings the added dimension of being better than any current Warrior at breaking down defences. Such that when there were times Golden State got stuck moving the ball aimlessly around the perimeter, a talent like Durant will be able to drive on his own, warp the defence’s shape and either score or spark better ball-movement.

Durant is a skilled passer, even if the systems he has historically played in haven’t called on him to use that skill to its fullest. It would be a shock if he doesn’t fit in seamlessly to the Warriors’ flowing passing scheme right away.

He’ll be able to get to the free-throw line and he can drop a three with the best of them. Think of all the complementary things Harrison Barnes brought to Golden State, only magnified in ability and effectiveness by many orders of magnitude.

They also more quietly added Zaza Pachulia, a significant low-key reinforcement with Andrew Bogut a cost casualty of Durant’s addition. His passing ability, soft touch inside and rebounding ability are all fairly comparable to Bogut’s.

Defensively they will be more vulnerable inside without Bogut, but Pachulia is a big body who moves well and fills space capably. Durant can be an elite wing defender when the time calls for it, and he can better spot up a player like LeBron than Barnes. Thompson is a great individual defender and Green remains an all-purpose rock. They should mostly remain solid as a defence.

And if it sounds absurd to say it, consider at least that these are now officially absurd times – but these Warriors may be darn near perfect offensively.

The very suggestion of perfect is, among many things, polarising. If Durant is the perfect piece for a team that will style itself pretty near-perfect, it is no surprise that this moment has indeed been polarising. That these Warriors have instantly become incredibly polarising.

All the same, they sure are going to be something to see.

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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.”

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

Aayan%E2%80%99s%20records
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A cheaper choice

Vanuatu: $130,000

Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.

Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.

Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.

Benefits:  No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.

Brighton 1
Gross (50' pen)

Tottenham 1
Kane (48)

'Manmarziyaan' (Colour Yellow Productions, Phantom Films)
Director: Anurag Kashyap​​​​​​​
Cast: Abhishek Bachchan, Taapsee Pannu, Vicky Kaushal​​​​​​​
Rating: 3.5/5

SPECS
%3Cp%3EEngine%3A%20Supercharged%203.5-litre%20V6%0D%3Cbr%3EPower%3A%20400hp%0D%3Cbr%3ETorque%3A%20430Nm%0D%3Cbr%3EOn%20sale%3A%20Now%0D%3Cbr%3EPrice%3A%20From%20Dh450%2C000%0D%3Cbr%3E%3C%2Fp%3E%0A
The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

Results

6.30pm: Maiden Dh165,000 (Dirt) 1,600m

Winner: Celtic Prince, David Liska (jockey), Rashed Bouresly (trainer).

7.05pm: Conditions Dh240,000 (D) 1,600m

Winner: Commanding, Richard Mullen, Satish Seemar.

7.40pm: Handicap Dh190,000 (D) 2,000m

Winner: Grand Argentier, Pat Dobbs, Doug Watson.

8.15pm: Handicap Dh170,000 (D) 2,200m

Winner: Arch Gold, Sam Hitchcott, Doug Watson.

8.50pm: The Entisar Listed Dh265,000 (D) 2,000m

Winner: Military Law, Antonio Fresu, Musabah Al Muhairi.

9.25pm: The Garhoud Sprint Listed Dh265,000 (D) 1,200m

Winner: Ibn Malik, Dane O’Neill, Musabah Al Muhairi.

10pm: Handicap Dh185,000 (D) 1,400m

Winner: Midnight Sands, Pat Dobbs, Doug Watson.

WHAT ARE NFTs?

     

 

    

 

   

 

Non-fungible tokens (NFTs) are tokens that represent ownership of unique items. They allow the tokenisation of things such as art, collectibles and even real estate.

 

An NFT can have only one official owner at one time. And since they're minted and secured on the Ethereum blockchain, no one can modify the record of ownership, not even copy-paste it into a new one.

 

This means NFTs are not interchangeable and cannot be exchanged with other items. In contrast, fungible items, such as fiat currencies, can be exchanged because their value defines them rather than their unique properties.

 
The currency conundrum

Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”

Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.

This is a race to the bottom, and everybody wants to be a winner.

ALRAWABI%20SCHOOL%20FOR%20GIRLS
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