BANGALORE // VVS Laxman, the India hero, is in doubt for the second Test against Australia days after a match-winning innings in the one-wicket victory to open the series.
The unlikely win at Mohali may have given India confidence, but they have since been hit by injuries and the absence of Gautam Gambhir and Ishant Sharma and uncertainty over Laxman's fitness puts the hosts at a disadvantage for the second Test, starting today.
MS Dhoni, the India captain, said: "Laxman is much better now compared to what he was," but he was not confident the prolific batsman will play.
"Laxman did not practice today, but we would love to have him in the playing XI," Dhoni said. "We can't decide about that because in the longer format the body has to take the load over five days."
Laxman batted at No 10 in the first innings at Mohali due to a back problem and went to the crease at No 7 in the second innings. But he played a crucial knock of 73 not out to guide India to the remarkable triumph.
He was ably supported by Ishant, who produced a gritty knock of 31 in an 81-run stand for the ninth wicket on the last day. Ishant had also taken three crucial wickets in Australia's second innings but will miss the final Test due to injury. Compounding Dhoni's concerns is India's poor record at Bangalore's Chinnaswamy Stadium, where they have not won a Test since 1995. Ricky Ponting, the Australia captain, admitted after the first Test that he would always been wary of Laxman. "I hope his back's pretty sore for next week as well and he can't play," Ponting said in a half-joking kind of way.
India are likely to bring in Murali Vijay, the opening batsman, and Shantakumaran Sreesanth, the swing bowler, for Gambhir and Ishant, while Cheteshwar Pujara will be the likely replacement if Laxman does not recover from the back spasms which limited his participation at Mohali. India have drafted in two rookies as cover - Abhinav Mukund, an opening batsman, and Jaydev Unadakt, a seam bowler. Dhoni expects Australia to come back strongly in the second Test match.
"That is their culture," he said. "They do not give up easily, but we are ready." The only player in doubt for Australia is Doug Bollinger, the fast bowler, who complained of abdominal pain during the first match and was unable to bowl after lunch on the final day, when Australia only required only two wickets for victory.
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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.”
The First Monday in May
Director: Andrew Rossi
Starring: Anna Wintour, Karl Lagerfeld, John Paul Gaultier, Rihanna
Three stars
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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6.30pm: The Madjani Stakes (PA) Group 3 Dh175,000 (Dirt) 1,900m
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Winner: Golden Goal, Pat Dobbs, Doug Watson.
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Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
First ODI, Rangiri Dambulla Stadium
August 20
Second ODI, Pallekele International Stadium
August 24
Third ODI, Pallekele International Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6
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Results
ACL Elite (West) - fixtures
Monday, Sept 30
Al Sadd v Esteghlal (8pm)
Persepolis v Pakhtakor (8pm)
Al Wasl v Al Ahli (8pm)
Al Nassr v Al Rayyan (10pm)
Tuesday, Oct 1
Al Hilal v Al Shorta (10pm)
Al Gharafa v Al Ain (10pm)
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Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books