Ryan Lochte won the individual medley gold, his fifth of the championships, to help push USA's gold rush in Shanghai.
Ryan Lochte won the individual medley gold, his fifth of the championships, to help push USA's gold rush in Shanghai.
Ryan Lochte won the individual medley gold, his fifth of the championships, to help push USA's gold rush in Shanghai.
Ryan Lochte won the individual medley gold, his fifth of the championships, to help push USA's gold rush in Shanghai.

Lochte seals the issue for the US


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A strong finish on the final day of the world swimming championships pushed the United States to the top of the gold medal table, as Ryan Lochte won the 400m Individual Medley for his fifth gold and Michael Phelps helped carry the 4x100 medley relay team to victory.

Lochte had a one-second lead after the opening butterfly leg and expanded it to two seconds over the backstroke and breaststroke legs before powering home in the freestyle to win by more than four seconds in 4mins 07.13secs.

"I'm glad this meet's over. It's been a long, long eight days," Lochte said. "Getting five gold medals is definitely great. The times I went, I know I can go faster."

Phelps finished with four golds after pushing the Americans in front during the butterfly leg in the medley relay. Nathan Adrian held off a comeback attempt by Australia's James Magnussen in the anchor leg.

In other events yesterday, Therese Alshammar, 33, of Sweden, won the women's 50m free and America's Elizabeth Beisel took gold in the women's 400m. Another American, Jessica Hardy, reclaimed the 50m breaststroke title she lost two years ago during a doping ban, and Liam Tancock gave Britain their second gold in as many nights in the 50m backstroke.

The Americans' performance on the final night moved them in front of China on the overall medals table - including diving and other sports - with 17 golds to China's 15.

Lochte leaves Shanghai having won all four of his individual events - and he beat Phelps in two of them. He took another gold, plus a bronze, with the US relay teams. Lochte also beat Phelps in two events at last year's US championships, then won six golds to Phelps's five at the Pan Pacific Championships in 2010 - prompting Phelps's coach, Bob Bowman, to acknowledge that Lochte was the best swimmer last year.

Now it is fair to say Lochte has had the edge over Phelps this year, too, setting up an enticing duel at next year's London Olympics.

Alshammar, a four-time Olympian, won the 50m free in 24.14secs ahead of two Dutch swimmers — Ranomi Kromowidjojo and Marleen Veldhuis. Britta Steffen, the defending champion and world record holder of Germany, withdrew earlier in the meeting.

Hardy missed the 2009 worlds while serving a one-year doping ban. She won in 30.19secs, while Yuliya Efimova, the 2009 winner of Russia, took the silver and another American, Rebecca Soni, got bronze.

Tancock's victory followed British teammate Rebecca Adlington's 800m free victory a day earlier, but his win will not create as much clamour going into next year's Games because the 50 backstroke is not an Olympic event.

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A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

UAE currency: the story behind the money in your pockets
THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

Mercedes-AMG GT 63 S E Performance: the specs

Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor

Power: 843hp at N/A rpm

Torque: 1470Nm N/A rpm

Transmission: 9-speed auto

Fuel consumption: 8.6L/100km

On sale: October to December

Price: From Dh875,000 (estimate)

Zidane's managerial achievements

La Liga: 2016/17
Spanish Super Cup: 2017
Uefa Champions League: 2015/16, 2016/17, 2017/18
Uefa Super Cup: 2016, 2017
Fifa Club World Cup: 2016, 2017

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

FIXTURES

December 28
Stan Wawrinka v Pablo Carreno Busta, 5pm
Milos Raonic v Dominic Thiem, no earlier then 7pm

December 29 - semi-finals
Rafael Nadal v Stan Wawrinka / Pablo Carreno Busta, 5pm
Novak Djokovic v Milos Raonic / Dominic Thiem, no earlier then 7pm

December 30
3rd/4th place play-off, 5pm
Final, 7pm

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now

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.”

MATCH INFO

What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany

Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)

Look north

BBC business reporters, like a new raft of government officials, are being removed from the national and international hub of London and surely the quality of their work must suffer.

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