Sport

Mahmudullah brings up his best knock

The Bangladesh batsman scores a fine century but his captain Shakib Al Hasan is cheated of his as they post a sizeable 408 in reply to the Kiwis' mammoth 553.

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After falling agonisingly short of a century in the recent Test against India, Mahmudullah was delighted to finally reach three figures against New Zealand in Hamilton today. The 24-year-old all-rounder came up four runs short against India but made no mistake at Seddon Park to notch a boundary-laden 115 as he and captain Shakib Al Hasan (87) helped Bangladesh post a strong reply of 408 to New Zealand's first-innings total of 553 for seven. "It's a really good day for me and for the team that we finally got a very good score on the board," Mahmudullah said. "I was a bit unhappy that I didn't get the hundred last time. This time I got the hundred and I'm very happy. "This innings might be the best one so far. The situation wasn't good because we had lost six wickets for 200 runs. But we coped with the crunch moments and capitalised on the bad balls.

"Shakib was aggressive as well and the ball was doing a bit so it was good fun." Mahmudullah was disappointed his captain failed to match him with a maiden Test ton after the pair put on a 145-run stand for the seventh wicket which hauled Bangladesh back from the brink in the one-off Test. Shakib's innings ended in controversial fashion when he was given out by Rob Tucker although replays suggested the ball did not carry to New Zealand wicket-keeper Brendon McCullum. At the time Shakib did not ask for the decision to be referred and afterwards Mahmudullah played down the incident. "I thought it was a fair catch the way the New Zealanders were coming (into a huddle)," the all-rounder said. "But it's part of the game. The boys were unhappy that Shakib didn't get the hundred because the chance was there. But it's part of cricket, it's part of life. You've got to accept it."

New Zealand captain Daniel Vettori admitted McCullum had not been sure if the ball had carried. "I actually haven't seen the replays but from our part Brendon wasn't sure and he asked me to ask the umpires and I went and asked the umpires and they were happy that it carried," said Vettori. "We did everything we could on our part. They could have used a referral. Like I said, Brendon wasn't 100% sure so I talked to the umpires and they were confident that Brendon caught it." Despite feeling the brunt of Shakib and Mahmudullah's aggression during the middle session, Vettori had nothing but praise for the pair's efforts.

"They played well and were aggressive and I think it made for good Test cricket which was good to watch if you weren't me," said the spin bowler, who saw Shakib smack nine boundaries off him between lunch and tea. "They played really well. I liked the intensity that they played with and they put the pressure back on us." New Zealand ended the day 154 runs ahead after bad light ended play early with them nine for one following the run out of BJ Watling. Vettori was coy though when asked if he had a particular target in mind for Bangladesh to chase with two days to go. "We want to bat well in the morning and bat two sessions and see where we are at that stage," he said.

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

Uefa Champions League semi-finals, first leg
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Financial considerations before buying a property

Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.

“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says. 

Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.

Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier. 

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