CAPE TOWN // Simon Harmer and Dale Steyn shared seven wickets to negate a lengthy rain delay and set up South Africa for victory over the West Indies in the third and final Test at Newlands yesterday.
Harmer took four for 82 and claimed the key wicket of Marlon Samuels (74), helping Steyn to run through the West Indian middle and lower order and bowl the tourists out for 215 in their second innings.
Needing just 124 runs to win the match and claim a 2-0 series victory, South Africa went to stumps on nine for the loss of Alviro Petersen’s wicket. The opener was bowled by Sulieman Benn for a duck.
Persistent rain meant that no play was possible during the morning, but it finally gave way to sunshine after lunch and, after an extensive mop-up operation, the umpires scheduled a 53-over extended session.
Leon Johnson and Samuels had been largely untroubled by conditions on the third evening as they added an unbroken 61 to leave West Indies 88 for two overnight, but the fresh moisture gave the South African seam bowlers something to work with on Day 4.
Morne Morkel made it count in the third over when he had Johnson caught at slip for 44, but Samuels and Shivnarine Chanderpaul battled through a testing spell to find more benign conditions on the other side.
The pair put on 87 for the fourth wicket to move West Indies to 182 for three and plant a seed of doubt in the home crowd’s minds, but it did not last.
“We knew that if we could just hang in there and break up that one partnership, the history of Newlands showed that a cluster of wickets could fall and we could break the door down,” Morkel said.
Samuels enjoyed a running battle with Harmer, but his bullish approach ultimately brought about his downfall when he tried to hit the off-spinner out of the park and was caught at long-on for 74.
“I think we just missed the moment – that was the moment in the game when everything fell away. We were building things nicely, and it was just an awful shot,” West Indies coach Stuart Williams said.
Once Samuels fell, Steyn had a 7.5-over spell that brought him three wickets for 23 runs, as a hint of reverse swing helped him bowl Jermaine Blackwood for 13, have Denesh Ramdin caught for a first-ball duck and then have Benn caught behind.
Harmer claimed the wickets of Jason Holder and Jerome Taylor in the space of three balls as the West Indies lost their last six wickets for 13 runs. Steyn finished with three for 75, as he and Harmer ended with identical match figures of seven for 153.
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MATCH INFO
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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.”
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Sri Lanka World Cup squad
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Transmission: Continuously variable transmission
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Torque: 233Nm @ 4,000rpm
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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Match info
Uefa Champions League Group H
Juventus v Valencia, Tuesday, midnight (UAE)
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Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
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Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
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Founders: Marwan Chaar and Hassan Jaffar
Launched: 2017
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Funding to date: $5.5 million
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Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
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