Newcastle United manager Alan Pardew vowed that he would ride out the storm after facing calls for his head following a second successive home derby capitulation against Sunderland.
The Wearside club completed a run of three consecutive Tyne-Wear league victories for the first time in more than 90 years with a 3-0 win that left the home fans chanting ‘You’re getting sacked in the morning!’ at Pardew.
Newcastle are comfortably in mid-table, and even harbour hopes of securing a Europa League place at the end of the season.
However, that aim looks increasingly unlikely given a debilitating run of four straight home defeats that has derailed their season.
Fans unhappy at the sale of Yohan Cabaye to Paris Saint-Germain, coupled with the lack of incoming signings, left Pardew in little doubt as to their displeasure after a chastening afternoon at St James’ Park on Saturday.
There were three separate pitch incursions by disgruntled supporters as tempers flared, with owner Mike Ashley and director of football Joe Kinnear, both of whom were absent, coming in for most of the vitriol.
Pardew signed a lucrative long-term contract two years ago, tying him to the club until 2020, and he said: “I can understand the frustration of the fans. It’s the third straight defeat in the derby and the second at home.
“You have to accept the criticism that comes our way. We lose Cabaye, and we have no permanent transfers come in, so it’s been a tough week. We’ve had a few blows.
“When you lose a player of Cabaye’s class you want a replacement, but he didn’t arrive and I have to accept what I’ve got and get the best out of them going forward.
“It’s a defeat that scars the season. In terms of the league position, we’re OK, but this is a blow and it’s hard to take.”
Having seen a late move for Lyon midfielder Clement Grenier fail to come off during the January transfer window, Pardew will try to regroup this week ahead of Newcastle’s next game, a tough trip to face Chelsea at Stamford Bridge.
“We need to make sure we get a reaction in our next game,” he said.
“People talk about turning things round. We’ve lost a game and we’ve got 37 points. It’s back to basics on the training ground this week to make sure everyone knows their role. We didn’t show the professionalism needed after going behind.”
Newcastle had no answer to a Sunderland side who are on the up after securing a sixth win in eight games, which saw them climb two points clear of the relegation zone.
The League Cup finalists won at a canter, with Jack Colback’s late strike adding to two goals in the space of four minutes mid-way through the first half from Fabio Borini and the in-form Adam Johnson.
Manager Gus Poyet says that there is still much to be done to reach the 40-point safety mark, but he admitted that the result was among his best in football.
“It’s one of the best days I’ve had in the game,” Poyet said.
“We’re up to mid-table now and we need to keep going. We need to get safe and if we don’t stay up it would be a shame. It’s in our hands now and we need to take it.
“We have to do the right things for the rest of the season. We were looking for those elusive back-to-back wins, so it’s a great time to do that.
“The players are enjoying the way we play and they believe we can stay up. They’re confident in what they’re doing.”
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.”
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
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Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
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Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Apple product price list
iPad Pro
11" - $799 (64GB)
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MacBook Air
$1,199
Mac Mini
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Bharat
Director: Ali Abbas Zafar
Starring: Salman Khan, Katrina Kaif, Sunil Grover
Rating: 2.5 out of 5 stars
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
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Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
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Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
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Nico Hulkenberg (Renault)
Sergio Perez (Force India)
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Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)
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Kevin Magnussen (Haas)
Esteban Ocon (Force India)
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Sergey Sirotkin (Williams)
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Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)
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Charles Leclerc (Sauber)
arcus Ericsson (Sauber)