Real Madrid 2-1 Bayern Munich
(4-4 on aggregate, Bayern win 3-1 on penalties)
Rare are the occasions when a semi-final in club football's greatest competition disappoints. After the engrossing study in defensive defiance provided by a triumphant Chelsea in Barcelona 24 hours earlier, the capital of Spain hosted a showdown of gripping ebb and flow and greater brilliance than the previous night.
For that, Bayern Munich, who knocked out Real Madrid at the Bernabeu via a penalty shoot-out, will certainly start as favourites to lift the Champions League in their own stadium, on May 19th.
The goals in open play had been compacted into a dynamic first-half, two of them from Real's Cristiano Ronaldo and one, in reply, from Arjen Robben.
Both converted penalties in normal time that would eventually send the tie to its denouement via pot-shots from 12 yards.
There is always a sense of regret for the team who loses via that method and for the individuals who do not convert.
Ronaldo, Kaka and Sergio Ramos failed to score their penalties for Real; only Toni Kroos and Philipp Lahm had their spot-kicks saved for Bayern, leaving Bastian Schweinsteiger to put the German club into a final they must contest without the supended David Alaba and Holger Badstuber, who were booked last night.
For three and a half hours, these sides had matched each other goal for goal, blow for blow, strength for strength, weakness for weakness.
After 90 minutes, the 2-1 scoreline in favour of the home side from the first leg had been mirrored in the second. Just as a Madrid left-back, Fabio Coentrao, had suffered a tortured evening in Munich eight days ago – he was dropped from the starting XI last night, in favour of Marcelo – the torture would be applied the other way early on in Spain.
Alaba, at 19, is the youngster in Bayern’s XI, a talented Austria international; he converted his penalty in the shoot-out but earlier the Bayern left-back had been the target of Real's early pressure.
Real started aggressively. Jose Mourinho, their head coach, had urged Xabi Alonso, his best long passer, to test Alaba with long diagonal balls to Angel di Maria, wide on the Real right.
One invited Di Maria to squirm past Alaba, and angle back a cross. The advancing Sami Khedira struck it, hard, but directly at Manuel Neuer. Bayern were in retreat, and poor Alaba would soon be stung.
A Di Maria cross, hit on the volley, struck the full-back on the arm as he tried to keep his balance. He received a yellow card. Worse, Real were awarded a penalty.
Ronaldo scored from it. Though he would have his effort in the shootout saved by Neuer in the shootout, that is not his habit. The world’s most expensive footballer put Real ahead in the 90 minutes with his 25th consecutive successful penalty. There are some things he genuinely does better than Lionel Messi.
A terrific semi-final was under way. Alaba, showing gumption after his personal setback, dashed down his flank to send in a menacing cross. Robben met it, with Casillas vulnerable, and volleyed over the crossbar. The Dutchman had been inside the six-yard box. It looked a bad miss.
Mario Gomez would later be guilty of inefficient finishing, not for the first time, but the Bayern centre-forward was working himself into useful positions, which encouraged the visitors. A Gomez drive, of great power, would thunder against the palms of Casillas. Only Khedira’s alertness prevented Ribery capitalising on the loose ball.
If Khedira was impressive in the first half in his twin roles as buttress in front of Real's back four and a useful bulldozer joining in attack, his compatriot Mesut Ozil also provided pleasing moments for Jogi Low, the watching Germany head coach.
Low looks mainly to Bayern for his team’s spine, but Real's German duo are key players for him. Only Ozil can regularly provide brilliant, measured, swift through balls like the one that set up Ronaldo’s second goal, another polished finish.
Real had the lead on aggregate, though not for long.
Gomez won Bayern’s penalty, judged to have been pushed by Pepe. Robben, ex of Real, took the spot-kick against the goalkeeper he once knew as a club colleague and Casillas guessed rightly which way to dive, reaching the effort with his fingertips, though the power behind Robben’s shot was just sufficient for it to squeeze inside Casillas’s right-hand post.
Just before the interval, Robben ought probably to have another chance from the penalty spot, his own free-kick deflected off Pepe’s arm when the Portugal defender was in the 18-yard box.
The sheer energy of the opening period was bound to fade. With the teams level, a caginess took hold. Benzema frightened Bayern when he escaped close attention and drew a sharp save from Neuer; Arbeloa collected a rather inevitable yellow card when for the umpteenth time in the tie Ribery outfoxed him.
With so much at stake, and the spectre of extra-time looming, and symptoms of fatigue showing, nobody wanted to be the man who made a decisive error. Nobody wanted to be the man who fluffed in the shoot-out, but three senior Real players would be.
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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.”
Du Football Champions
The fourth season of du Football Champions was launched at Gitex on Wednesday alongside the Middle East’s first sports-tech scouting platform.“du Talents”, which enables aspiring footballers to upload their profiles and highlights reels and communicate directly with coaches, is designed to extend the reach of the programme, which has already attracted more than 21,500 players in its first three years.
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Russia's Muslim Heartlands
Dominic Rubin, Oxford
Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.
The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.
The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
Ferrari 12Cilindri specs
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if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
Match info
Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')
Southampton 0
The specs
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Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
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