Suns must focus to avoid being beaten by their own game


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PHOENIX // A week ago, the Phoenix Suns were talking about how they no longer were marshmallows on defence, that their team had a toughness its predecessors sorely lacked. That idea was buried by a scoring avalanche in Los Angeles, where the Lakers amassed a total of 252 points to go up 2-0 in the Western Conference finals, shooting 58 per cent in each game. Now the Suns must try to figure out how to slow a team that seems primed for another title. They get their next chance tomorrow night.

Pau Gasol of the Lakers acknowledged that "it must be frustrating" for the Suns to essentially be beaten at their own high-scoring, hot-shooting game. He expects a stiffer challenge as the series shifts to Phoenix. "It's going to take a much bigger mindset or focus to go there and be successful and put the type of games and wins that we put in here," Gasol said. History certainly is against the Suns. The Lakers are 41-1 when they are up 2-0 in a best-of-seven series. Phil Jackson, the Los Angeles coach, is 46-0 when his teams have won the first two games of a series. And no team has come back from 0-2 to win the West finals.

"We're not about to give up," said Alvin Gentry, the Suns coach. "You know when we won our two home games against San Antonio (in the conference semi-finals), everybody just said, 'Well, the only thing they've done is what they're supposed to do.' So the only thing they've done is what they're supposed to do. We'll go with that." Game 2 was much more competitive than the Lakers' Game 1 victory. A strong third quarter by the Suns tied it at 90 at the fourth.

"They got their offensive game rolling out there," Jackson said, "and we had to find a way to kind of buckle down and get our game going for us in the fourth quarter." Steve Nash had two of the Suns' three turnovers to start the final quarter. "They went down and got baskets," Gentry said, "and we never really got any control after that. We made a couple of baskets here and there, but we can't afford to turn it over, especially on three straight possessions." * AP

Boston v Orlando Game 1: Boston 92, Orlando 88 Game 2: Boston 95, Orlando 92 Game 3: Today at Boston Game 4: Monday at Boston Game 5: Wednesday at Orlando* Game 6: Friday at Boston* Game 7: May 30 at Orlando* LA Lakers v Phoenix Game 1: LA 128, Phoenix 107 Game 2: LA 124, Phoenix 112 Game 3: Tomorrow at Phoenix Game 4: Tuesday at Phoenix Game 5: Thursday at LA* Game 6: May 29 at Phoenix* Game 7: May 31 at LA* * if necessary

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

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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In the Restaurant: Society in Four Courses
Christoph Ribbat
Translated by Jamie Searle Romanelli
Pushkin Press 

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