While footballers can take advantage of the global market to roam far and wide, there is often a correlation between success for club and country in areas where talent flowers. Then there is the polar opposite: Wales.
The best of times has doubled up as the worst of times.
With Swansea City promoted to the English Premier League and Cardiff City narrowly missing out, the club game in the Principality is arguably as strong as it is has been for half a century, but the national team has hit a historic low.
A world ranking of 117th is a numerical indication of their struggles, but it was illustrated most graphically last month. When the European nations were placed in pools ahead of the draw for 2014 World Cup qualifying, Wales were in the sixth group. The Faroe Islands were in the fifth pot.
Wales, it seemed, had hit rock bottom. But perhaps the bounce-back has begun.
A Montenegro side ranked 98 places above them were defeated on Friday, probably their biggest scalp in competitive internationals since Italy lost at the Millennium Stadium nine years ago.
They travel across the Severn Bridge to take on England tonight as outsiders. Then again, as Gareth Bale said: "We're always going to be massive underdogs whoever we're playing at the moment."
It is the consequence of John Toshack's ruinous reign when, with the exceptions of Craig Bellamy and James Collins, virtually every experienced player of note retired from international football. If the senior side almost doubled up as the Under 21 team, the reasons were two-fold. Able players were emerging, but there was no one left to block their path into the side.
It is why Gary Speed, Toshack's successor can say: "I played with some great players for Wales, but those sides were never as good as what we've potentially got now."
It is high praise when a team is at a low ebb, especially as Speed is a former teammate of Ryan Giggs, Ian Rush, Mark Hughes, Neville Southall and Kevin Ratcliffe in his country's colours.
They almost qualified for the 1994 World Cup, during a season when the highest-placed Welsh club in the English pyramid was a lowly 58th.
Now, in contrast, two of Speed's squad are at ambitious Cardiff and three others - Neil Taylor, Ashley Williams and Joe Allen - were among the promoted Swans.
They are an upwardly-mobile group. Among those elevated in England, Andrew Crofts went up with Norwich City, who promptly signed Steve Morison, while Queens Park Rangers recruited Danny Gabbidon.
Just as pertinently, there are Welsh representatives at three of the Premier League's big six: Bellamy has rejoined Liverpool, Bale is at Tottenham Hotspur and Aaron Ramsey is in the Arsenal midfield.
Each, in that respect, harks back to players such as Rush and Giggs, capable of competing on the highest stage for club, if not country.
For them, the Champions League had to serve a dual function as their World Cup, because international football deprived them of the real thing. It can be the lot of the Welsh superstar.
Now Bale and Ramsey are the poster boys for the next generation. The latter is the new captain, Bellamy relinquishing the armband so that a squad with 11 men aged 22 or under can be led by one of their own.
They are learning on the job: after this qualifying campaign began with five successive defeats, it has become a dress rehearsal for future attempts.
But the legacy of past defeats will impede them, with Wales' lowly ranking making for a tougher draw, while the perennial problem of the small nation - a lack of strength in depth - could be apparent tonight when Bellamy, harshly, and David Vaughan are suspended.
And yet there is a sense of renewed optimism.
"The Montenegro game showed the potential in this squad," Bale said. "The team's looking strong, we've a better squad now and we're definitely looking to a brighter future."
In one sense, that it is inevitable. Compared to the last few years, it could barely be bleaker. But from the depths of 117th, flanked by Haiti and Grenada, things may be finally looking up for Wales again.
sports@thenational.ae
Killing of Qassem Suleimani
Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
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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
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
EA Sports FC 24
MATCH INFO
Barcelona v Real Madrid, 11pm UAE
Match is on BeIN Sports
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
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THE SPECS
2020 Toyota Corolla Hybrid LE
Engine: 1.8 litre combined with 16-volt electric motors
Transmission: Automatic with manual shifting mode
Power: 121hp
Torque: 142Nm
Price: Dh95,900
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
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
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