Stage 2
1. Mathieu van der Poel (NED) Alpecin-Fenix 4:18:30
2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06
3. Primoz Roglic (SLV) Jumbo-Visma 0:00:06
4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06
5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08
UAE Team Emirates rider and defending champion Tadej Pogacar clinched a podium finish and moved to second spot overall after stage two of the Tour de France on Sunday.
The Slovenian finished second ahead of countryman Primoz Roglic of Jumbo-Visma in the 183.5-kilometre second stage, which was won by Mathieu van der Poel of Alpecin-Fenix.
An emotional Van der Poel was in tears after the race, dedicating his stage win to his late grandfather Raymond Poulidor who finished on the Tour’s podium eight times but never wore the yellow jersey.
“I have no words, really,” the Dutchman said. “Imagine if he was here how proud he would have been. He isn’t here anymore to see but as I said, imagine how proud he would be.”
The result gave UAE Team Emirates a timely boost after the issues they faced on the opening day. On Saturday, rider Marc Hirschi was among a group of riders involved in a crash when Team Jumbo Visma's Tony Martin collided with a fan who strayed onto the road. Swiss rider Hirschi was passed fit by the medical team to compete on Sunday.
Van der Poel made two attacking forays in the final 20km. He led from stage one winner Julien Alaphilippe of Deceuninck-QuickStep, before dashing to the line from the final 150m eight seconds ahead of Pogacar and Roglic.
The 10 bonus seconds on the line, and the eight Van der Poel claimed on the first ascent of the climb, moved him into yellow with an advantage of eight seconds to Alaphilippe.
“I just launched my first attack with one lap to go and no one followed,” Van der Poel added.
“I kept on going until I had the bonus seconds and that was my only and last chance to grab the yellow jersey.
“The last 500 metres were really painful but I knew that I had to keep on going as fast as I could just to get the gap. I didn’t know until five minutes after the finish that I had the yellow jersey. It’s unbelievable.”
Van der Poel caught everyone by surprise with an early attack. He was unable to build a significant advantage though, and he was within sights just as the riders approached the summit of the Mur-de-Bretagne.
Van der Poel did take the eight bonus seconds on offer for the first rider across the summit, though, with Pogacar taking a crucial five bonus seconds, and Roglic two.
The race then entered a moment of calm, headed by Ineos Grenadiers, before the final ascent began with two kilometres to go.
Richie Porte of Ineos Grenadiers set a searing pace on the front, and with 1.3km to go Nairo Quintana (Arkea-Samsic) attacked from deep.
That move ignited a response from Van der Poel. Pogacar and Roglic were also attentive, as was Sonny Colbrelli (Bahrain-Victorious), who made his move with 900m between him and the line.
The sight of Colbrelli forced a second reaction from Van der Poel, Pogacar and Roglic, and within 150m Van der Poel had jumped clear and this time his attack was to stay.
It was surprising how Alaphilippe, especially, didn’t respond to the Dutch superstar, with the Frenchman seemingly content to gift the yellow jersey to his biggest rival.
Van der Poel rode to an emotional victory eight seconds ahead of Pogacar and Roglic, the Slovenians taking second and third and the bonus seconds on offer, an early reminder that they are the race’s two favourites for yellow come Paris.
The Tour continues with stage three on Monday, a 182.9km from Lorient to Pontivy which should see the race's first sprint finish.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
THE%C2%A0SPECS
%3Cp%3EEngine%3A%204-cylinder%202.5-litre%20%2F%202-litre%20turbo%0D%3Cbr%3EPower%3A%20188hp%20%2F%20248hp%0D%3Cbr%3ETorque%3A%20244Nm%20%2F%20370Nm%0D%3Cbr%3ETransmission%3A%207-speed%20auto%0D%3Cbr%3EOn%20sale%3A%20now%0D%3Cbr%3EPrice%3A%20From%20Dh110%2C000%0D%3C%2Fp%3E%0A
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.”
How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
Stage 2
1. Mathieu van der Poel (NED) Alpecin-Fenix 4:18:30
2. Tadej Pogacar (SLV) UAE Team Emirates 0:00:06
3. Primoz Roglic (SLV) Jumbo-Visma 0:00:06
4. Wilco Kelderman (NED) Bora-Hansgrohe 0:00:06
5. Julian Alaphilippe (FRA) Deceuninck-QuickStep 0:00:08
