The San Jose netminder Evgeni Nabokov stopped 27 shots for his 49th career shutout as the Sharks crushed the Pittsburgh Penguins 5-0 in an early season clash of NHL division leaders on Saturday. Joe Pavelski, returning from a broken foot, joined Dan Boyle and Manny Malhotra as each delivered a goal and an assist to help the Pacific Division-leading Sharks remain unbeaten in five regulation games at home this season.
The San Jose coach Todd McLellen said of Pavelski's return: "He means so much to our team, a very intelligent player. He brings a calmness to the ice." Jamie McGinn and Dany Heatley also scored for San Jose. Pittsburgh, the Atlantic Division's top team and defending Stanley Cup champions, lost away for only the second time in nine games. McGinn and Pavelski, the latter on a power play, gave San Jose a 2-0 first-period lead. Boyle and Heatley made it 4-0 in the second with Heatley netting his 11th goal of the season. Malhotra scored on another power play in the third.
Elsewhere in the NHL, the New Jersey Devils made it eight away wins in a row at the start of the NHL season as they beat the Ottawa Senators 3-2. Goals from Zach Parise, David Clarkson and Andy Greene proved sufficient to defeat their hosts, who replied with scores by Milan Michalek and Brian Lee. The Carolina Hurricanes led the Columbus Blue Jackets heading into the third period but conceded three goals inside three minutes and went on to lose 3-2, a dismal 12th consecutive defeat for the Hurricanes.
Erik Cole had fired Carolina ahead in the first period, but strikes from Nikita Filatov, Jared Boll and Rick Nash meant a late goal from Tim Gleason was just a consolation. The Nashville Predators defeated the Los Angeles Kings 3-1, while the Tampa Bay Lightning beat the Montreal Canadiens by the same margin. The Washington Capitals beat the Florida Panthers 7-4, helped by two goals from Tomas Fleischmann, while the Toronto Maple Leafs were comfortably in control against the Detroit Red Wings, winning 5-1.
Also winning were the Boston Bruins, 4-2 against the Buffalo Sabres, and the Philadelphia Flyers, who beat the St Louis Blues 2-1 after a shoot out. The New York Islanders got off to a good start, scoring three times in the first period on their way to a 6-3 win against the Atlanta Thrashers, while the Minnesota Wild edged the Dallas Stars 3-2, the Anaheim Ducks beat the Phoenix Coyotes 4-3 and the Calgary Flames defeated the New York Rangers 3-1.
* With agencies
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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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.”
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
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Graphene can also detect cancer cells in the early stages of the disease.
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