Moussa Sissoko hands Newcastle United manager John Carver his captain's armband as he leaves the pitch after being sent off in the club's 2-0 loss to Liverpool on Monday. Lee Smith  Action Images / Reuters / April 13, 2015
Moussa Sissoko hands Newcastle United manager John Carver his captain's armband as he leaves the pitch after being sent off in the club's 2-0 loss to Liverpool on Monday. Lee Smith Action Images / ReShow more

‘Shell of a club’ Newcastle United in no drop danger, but relegation-worthy all the same



Newcastle United are a shell of a club. They have one of the great stadia in English football, a ground where two stands rise into the skies as though it is the Camp Nou of the North-east. They have a fanbase that fills it. They have 10 outfield players in the famous black-and-white kit and a goalkeeper in a strangely luminous kit.

But they don’t have a team, just a dispirited, disjointed group. They don’t have a squad, after weakening it in January. They don’t have a defence, with two midfielders pressed into service at full-back. They don’t have a manager, only a stop-gap who is out of his depth. They don’t have any tactical formula, and were such obliging opponents they granted Raheem Sterling, Philippe Coutinho and Jordan Henderson complete control at Anfield. They don’t have a point in their last five games. They don’t have any real cause for optimism. Salvation will surely lie in the likelihood that three other teams won’t reach 35 points, rather than in anything Newcastle might do themselves.

They don’t have any discipline. Their top scorer, Papiss Cisse, is still suspended for spitting. For the second time in four games, Newcastle had their captain dismissed. Fabricio Coloccini saw red at Goodison Park, Moussa Sissoko at Anfield, both for awful, avoidable lunges. Now Newcastle’s best player will sit out their next two games.

Sissoko’s actions highlighted the crisis of leadership at the club. Newcastle have an unaccountable, seemingly uninterested owner, in Mike Ashley, and an unconvincing, unsuccessful imitation of a manager. John Carver argued a loss to Liverpool was prompted an admittedly awful bit of refereeing, when Dejan Lovren fouled Ayoze Perez and Newcastle were denied a penalty. “The game hinged on a huge decision,” said Carver. “I don’t want to be seen to be a moaner but it is fact we don’t get big decisions for whatever reasons: it could be me. Contracts and jobs and livelihoods rise on jobs like that but people on this side of the fence get punished.”

Yet this was a case of focusing on an isolated incident and ignoring a bigger picture of decline, decay and a deserved defeat. In any case, jobs depend, too, on Ashley’s whims. Carver’s temporary status as a top-flight manager could probably only happen at Newcastle. His elevation from the ranks, rather than hiring a permanent replacement for Alan Pardew, was not merely a case of cost-cutting. It showed complacency, a lack of ambition and a willingness to write off the rest of the season. Newcastle are likely to limp over the line. They will stay up by default, presuming the clubs beneath them will not catch them.

It is little wonder the fans are in revolt and talking about boycotting Sunday's Premier League game against Tottenham Hotspur. By Newcastle's standards, losing 2-0 to Liverpool ranked as one of their better results. Carver claimed there were "a lot of positives", an appraisal so upbeat that it was almost delusional but it certainly ranked as one of their less ignominious reverses. After all, their previous defeat was to Sunderland, a side so wretched they were thrashed 4-0 and 4-1 in their other two previous home matches.

Newcastle can’t beat their local rivals. It transpired they can’t escape them, either. It rather summed up their fortunes that the most influential player on the pitch was a Wearsider. They were beaten by Sunderland in their previous game and the former Black Cat Henderson was the architect of their downfall eight days later.

His perceptive pass led to Sterling’s glorious opener. Sterling against Ryan Taylor, who was pressed into service at right-back, was a mismatch. So was Mike Williamson against anyone. Williamson is the only actual centre-back who was available to Carver. His embarrassing inability to deal with Emre Can’s lofted pass allowed Joe Allen to score Liverpool’s second.

Darryl Janmaat, a right-back used alongside Williamson, illustrated his composure on the ball. Perez provided glimpses of his talent. In both cases, that is a mixed blessing. Newcastle are a selling club. They ought to make a profit on both, just as their season develops into one extended, embarrassing loss, even if the chances are they won’t lose their top-flight status.

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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 specs

Price, base / as tested Dh1,470,000 (est)
Engine 6.9-litre twin-turbo W12
Gearbox eight-speed automatic
Power 626bhp @ 6,000rpm
Torque: 900Nm @ 1,350rpm
Fuel economy, combined 14.0L / 100km

Quick facts on cancer
  • Cancer is the second-leading cause of death worldwide, after cardiovascular diseases 
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  • 70 per cent of cancer deaths occur in low and middle-income countries 
  • This rate is expected to increase to 75 per cent by 2030 
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    strategies 
  • The total annual economic cost of cancer is $1.16 trillion

   

THE SPECS

Engine: 3.6-litre V6

Transmission: eight-speed automatic

Power: 285bhp

Torque: 353Nm

Price: TBA

On sale: Q2, 2020

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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%3Cp%3EBy%202030%2C%20Abu%20Dhabi%20aims%20to%20achieve%3A%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2039.3%20million%20visitors%2C%3C%2Fstrong%3E%20nearly%2064%25%20up%20from%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20Dh90%20billion%20contribution%20to%20GDP%2C%3C%2Fstrong%3E%20about%2084%25%20more%20than%20Dh49%20billion%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%20178%2C000%20new%20jobs%2C%3C%2Fstrong%3E%20bringing%20the%20total%20to%20about%20366%2C000%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%2052%2C000%20hotel%20rooms%2C%3C%2Fstrong%3E%20up%2053%25%20from%2034%2C000%20in%202023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%207.2%20million%20international%20visitors%2C%3C%2Fstrong%3E%20almost%2090%25%20higher%20compared%20to%202023's%203.8%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E%E2%80%A2%203.9%20international%20overnight%20hotel%20stays%2C%3C%2Fstrong%3E%2022%25%20more%20from%203.2%20nights%20in%202023%3C%2Fp%3E%0A
Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

French Touch

Carla Bruni

(Verve)

Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.