Dmytro Chygrynskiy, front, disappointed at Barcelona and was sold back to Shakhtar Donetsk to raise much-needed funds.
Dmytro Chygrynskiy, front, disappointed at Barcelona and was sold back to Shakhtar Donetsk to raise much-needed funds.
Dmytro Chygrynskiy, front, disappointed at Barcelona and was sold back to Shakhtar Donetsk to raise much-needed funds.
Dmytro Chygrynskiy, front, disappointed at Barcelona and was sold back to Shakhtar Donetsk to raise much-needed funds.

Sums do not add up as Rosell inherits massive Barca debts


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Javier Faus, Barcelona's vice-president for economic affairs, has accused the club's former board of presenting false financial figures after revealing that the Spanish champions lost more than ?77million (Dh358m) last season. The previous board, led by Joan Laporta, the former Barca president, had announced the club was ?11m in the black at the end of their mandate in late June, but a new audit carried out by Deloitte for new president Sandro Rosell's team has revealed a far less healthy scenario for the Catalans.

The new audit shows that Barca had an income of ?408.9m for the 2009/10 season, but costs amounting to ?477.9m. Further spending of around ?8m means the overall deficit is calculated at ?77.1m. "The figures presented by the former board don't reflect the real image. They have cheated," Faus said. "There is a structural problem. The sporting excellence in the last few years has not been reflected in economic excellence. The new board's goal is to bring economic excellence alongside sporting excellence."

Barca recently took out a loan of ?155m after falling behind with the payment of player wages at the end of June. Dmytro Chygrynskiy, the central defender bought for ?25m a year ago, was hastily sold back to Shakhtar Donetsk for around half the price earlier this month to raise much-needed funds for the club. Nevertheless, Barca have already signed David Villa, the Spain striker, this summer for ?40m from Valenca and are willing to spend as much or even more to bring Cesc Fabregas, the Arsenal midfielder, to Camp Nou.

The new audit also puts the club's total net debt at ?442m (?552m gross). In Italy, Cagliari have put Federico Marchetti, the goalkeeper, up for sale after the player asked to leave the club. Marchetti, Italy's second-choice goalkeeper, had been linked with Serie A rivals Sampdoria but the deal broke down leaving the player disappointed after he had set his sights on a move. A statement from the club said: "Cagliari Calcio takes note that the player Federico Marchetti has expressed his desire to leave across the media. The club will now do everything to make him happy."

The 27-year-old Marchetti made three appearances at the World Cup this summer, coming on as a substitute after an injury to Gianluigi Buffon in the opening match and then keeping his place for the next two matches before Italy were knocked out in the group stages. German clubs Duisburg and Schalke have agreed to stage a benefit game in memory of the victims of last weekend's Love Parade tragedy. Twenty people lost their lives at Saturday's event, staged in the Westphalian city of Duisburg, with several hundred more injured in the crush which caused the fatalities.

German second division club Duisburg asked their top-flight neighbours from Gelsenkirchen if they would be willing to meet in a fixture in the coming weeks and Felix Magath, the manager of the Royal Blues, immediately agreed. All funds raised at the match, for which a date has to still be arranged, will be directed to the family members and close friends of those who lost their lives. * Agencies

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The specs: Macan Turbo

Engine: Dual synchronous electric motors
Power: 639hp
Torque: 1,130Nm
Transmission: Single-speed automatic
Touring range: 591km
Price: From Dh412,500
On sale: Deliveries start in October

Yemen's Bahais and the charges they often face

The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.

The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran. 

Today, some 2,000 Baha'is reside in Yemen, according to Insaf. 

"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said. 

Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer. 

The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy. 

 

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

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: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

Fines for littering

In Dubai:

Dh200 for littering or spitting in the Dubai Metro

Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle. 
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle

In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches 

Company%C2%A0profile
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Sri Lanka squad

Dinesh Chandimal, Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Angelo Mathews, Lahiru Thirimanne, Niroshan Dickwella, Sadeera Samarawickrama, Rangana Herath, Suranga Lakmal, Nuwan Pradeep, Lakshan Sandakan, Vishwa Fernando, Lahiru Kumara, Jeffrey Vandersay, Milinda Siriwardana, Roshen Silva, Akila Dananjaya, Charith Asalanka, Shaminda Eranga and Dhammika Prasad.

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Innotech Profile

Date started: 2013

Founder/CEO: Othman Al Mandhari

Based: Muscat, Oman

Sector: Additive manufacturing, 3D printing technologies

Size: 15 full-time employees

Stage: Seed stage and seeking Series A round of financing 

Investors: Oman Technology Fund from 2017 to 2019, exited through an agreement with a new investor to secure new funding that it under negotiation right now.