SYDNEY // Ricky Ponting, the most successful captain in 134 years of Test cricket, resigned as the Australian Test and one-day skipper on Tuesday but will continue as a batsman with the team.
The 36-year-old, who has led Australia in one-day internationals (ODI) since 2002 and Tests since 2004, had been under increasing pressure after an Ashes defeat to England and a quarter-final exit as the defending champions at the World Cup.
"I've had the chance to think long and hard about it and today I've decided to stand down as captain of the Test team and the one-day team as of now," he told a news conference at the Sydney Cricket Ground (SCG).
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Also
• Ponting wants to emulate Tendulkar in prolonging international career
• Australia paceman Shaun Tait bows out of one-day cricket
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"The main reason for me is I think it's the right time.
"Getting through the Ashes series the way that we did and the World Cup now being over, I wanted to make sure that I gave the next captain every opportunity I possibly could to make sure he has as much experience going forward in the next couple of big events that we will play."
"All that being said I've made it very clear to selectors that I'm still available for selection in both forms of the games, so hopefully they will pick me and I'll be on a plane to Bangladesh in the next couple of days," added Ponting, referring to Australia's three ODIs against Bangladesh next month.
"I am keen to stay around and play a bit longer with the team where it is at the moment. I think I've got a lot to offer as a player and certainly as a leader for some of the younger players around, if and when required."
Cricket Australia declined to name a successor, but Michael Clarke, who stood in for the injured Ponting in the final Ashes Test and for the one-day series against England that followed it, is expected to replace his mentor as skipper.
Ponting endorsed the 29-year-old Clarke to take over the reins, adding that he would have no problems serving under his apprentice.
"I've actually taken orders most of my life, so it will be no different than anyone else here," Ponting said, smiling.
"I just want to do the best that I can for Australian cricket, for the next captain and for the team over the next period of time."
Cricket Australia are expected to name captains for Australia's Test, one-day and Twenty20 sides tomorrow.
Clarke stepped down from the Twenty20 captaincy following Australia's defeat in the Ashes in January, saying he wanted to concentrate on getting his batting form back. Cameron White assumed the role for two T20 matches against England in January.
Ponting reiterated his call that the selectors should resist calls to clear the decks of the national teams in a bid to blood new talent, with a number of senior players in their mid-30s.
"What I think you don't and you can't ever afford to have in the team is to have a mass exodus of all those sort of players at once," he said.
"I think we've seen that in the last couple of years when we had a lot of the greats move on at one time. It left us very bare. It's been hard for us to rebuild and get ourselves back to where we want to as a result of that."
While Ponting's batting record brooks no argument, his captaincy has often been criticised as Australia has declined as a force in world cricket, with three Ashes series defeats to England in particular damaging his reputation.
Australia went to the World Cup as double defending champions but returned home after defeat to India in the last eight, their unbeaten run of matches in the tournament having been ended at 34 by Pakistan in the group stage.
On his return to Australia at the weekend, Ponting acknowledged the pressure on him and said he would consider his position before the squad to tour Bangladesh was announced on Wednesday.
Ponting bucked a poor run of form to hit a defiant century in the quarter-final defeat to India in Ahmedabad, which will only have increased his determination to continue playing international cricket.
Despite former players and pundits calling for him to step down for months, Ponting said he had never been under any pressure from Australian selectors or administrators to relinquish the captaincy.
"I think if the decision was too late, I think I would have ... my bosses as in Cricket Australia telling me a while ago that they felt my time might have been up.
"I can go on record again and say that I've never received that sort of message."
MATCH INFO
Chelsea 1 (Hudson-Odoi 90 1')
Manchester City 3 (Gundogan 18', Foden 21', De Bruyne 34')
Man of the match: Ilkay Gundogan (Man City)
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A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
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This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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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.”
Brief scores:
Manchester City 3
Aguero 1', 44', 61'
Arsenal 1
Koscielny 11'
Man of the match: Sergio Aguero (Manchester City)
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
MATCH INFO
Chelsea 4 (Mount 18',Werner 44', Hudson-Odoi 49', Havertz 85')
Morecambe 0