Shanju Bao, left, and Tianshi Zhong, of China, celebrate their gold medals during a ceremony for the track cycling women's team sprint finals.
Shanju Bao, left, and Tianshi Zhong, of China, celebrate their gold medals during a ceremony for the track cycling women's team sprint finals.
Shanju Bao, left, and Tianshi Zhong, of China, celebrate their gold medals during a ceremony for the track cycling women's team sprint finals.
Shanju Bao, left, and Tianshi Zhong, of China, celebrate their gold medals during a ceremony for the track cycling women's team sprint finals.

IOC suspends protest probe into grieving Saunders while Mao case continues


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The International Olympic Committee said on Wednesday it is still waiting for a formal explanation from the Chinese Olympic officials as to why two gold medallists wore badges featuring the head of the country's former leader Mao Zedong on the podium at the Tokyo Olympics.

The IOC also said it had suspended its investigation into a gesture on the podium by American silver medallist shot-putter Raven Saunders, following the death of the athlete's mother.

The Chinese Olympic Committee has said they will provide a report "soon" and assured the IOC there would be no repeat of its athletes wearing the badges.

"We are in contact with the Chinese Olympic Committee who have assured us that we will receive a full formal answer soon," IOC spokesperson Mark Adams said. "But they have also assured us already that this will not happen again."

Cyclists Bao Shanju and Zhong Tianshi wore the badges featuring the head of China's former leader during a medal ceremony on Monday, in a potential breach of Olympic rules on the display of political paraphernalia.

The duo wore the badges, commonplace in China for half a century but a potential breach of Rule 50 of the Olympic charter, after retaining the women's cycling team sprint title at the Izu Velodrome.

While the IOC last month relaxed Rule 50 to allow gestures, such as taking the knee on the field of play provided athletes do so without disruption and with respect for fellow competitors, it has banned any such gestures on the podium.

Earlier this week, the IOC said it was investigating after shot put silver medallist Saunders had raised her arms in an X above her head in Sunday's medal ceremony, which she later indicated was an expression of support for the oppressed.

Silver medallist, Raven Saunders of the United States gestures on the podium at the medal ceremony for the women's shot put.
Silver medallist, Raven Saunders of the United States gestures on the podium at the medal ceremony for the women's shot put.

The IOC said that investigation had been suspended for now.

"We heard the very sad news this morning of the passing of Raven Saunders' mother," Adams said. "The IOC extends its condolences to Raven and her family. You will understand that given these circumstances the process is fully suspended for the time being."

The United States Olympic and Paralympic Committee said Saunders' gesture did not breach its rules as it was a "peaceful expression in support of racial and social justice [that] was respectful of her competitors".

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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

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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.”

Real Madrid 1
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Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
  • Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.

David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

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The Voice of Hind Rajab

Starring: Saja Kilani, Clara Khoury, Motaz Malhees

Director: Kaouther Ben Hania

Rating: 4/5

The specs

Engine: 2.9-litre twin-turbo V6

Power: 540hp at 6,500rpm

Torque: 600Nm at 2,500rpm

Transmission: Eight-speed auto

Kerb weight: 1580kg

Price: From Dh750k

On sale: via special order

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

UAE currency: the story behind the money in your pockets

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Directed by: Walt Dohrn, David Smith

Starring: Anna Kendrick, Justin Timberlake

Rating: 4 stars

Updated: August 04, 2021, 5:58 AM