Noriyuki Haga, right, leads Max Neukirchner around the Phillip Island circuit in the first race of the day.
Noriyuki Haga, right, leads Max Neukirchner around the Phillip Island circuit in the first race of the day.

Haga saves his best for race day



PHILLIP ISLAND, AUSTRALIA // Noriyuki Haga shrugged off a poor qualifying performance to claim the early lead of the 2009 FIM Superbike World Championship after a near-perfect display at the Phillip Island circuit in Australia. The Ducati Xerox ace won the first race of the day from 13th on the grid and nearly repeated the trick in the second only to miss out by just over a second after being held off by Yamaha's Ben Spies, who claimed his first WSB victory.

Haga's double podium puts him top of the embryonic championship standings with 45 points, 15 clear of Suzuki Alstare's Max Neukirchner who also recovered from a lowly starting position to finish second in race one before taking sixth in race two. The first race got under way amid the threat of rain but mercifully the heavens only delivered a light shower in the closing laps. By then the Superpole winner Spies had already thrown away his advantage as he sailed off on the second corner. The American regained the track but the damage had been done and he limped home 16th at the flag.

That left Haga to make his way through the pack, the Japanese picking off riders with ease before beating Neukirchner in a thrilling run to the flag that saw the German relinquish the victory after making an error on the final lap. Neukirchner's teammate Yukio Kagayama claimed third while Michel Fabrizio (Ducati Xerox) was fourth. Max Biaggi, who started second on the grid in Aprilia's first race in the series for seven years, dropped to 11th at the flag. "I'm very happy for the win, I have just switched to Ducati, I already had four crashes with the bike, but our team did a great job," Haga said. "In the last two laps it started to rain a bit then on the last lap Max passed me but I put big pressure on him thinking where to pass him. He made a mistake and I won." The second race was no less dramatic with Spies managing to keep the bike on the island for the opening lap before embarking on a race-long tussle with Haga which ended in the rookie's favour when the Ducati's tyres went away allowing the American through. The British rider Leon Haslam (Stiggy Racing Honda) was hugely impressive on his way to third place, ahead of Ducati duo Regis Laconi (DFX) and Fabrizio. Biaggi's miserable day was completed when he slid out of third place late on.

"The second race was really tough, we had a couple of goes in the lead and tried to break but couldn't do it so I sat and watched Nori," Spies said. "We were strong in the first half but really slow in the back two corners and I couldn't stay with him, then when the tyres went off we just went to the front with four to go and I put my head down. "WSB is so tight, people don't understand how many fast riders there are here, and it was really great out there today." *PA Sport

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Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

COMPANY PROFILE
Name: HyperSpace
 
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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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.”