Milos Raonic of Canada celebrates his win against Jack Sock of United States during Rogers Cup at Rexall Centre in Toronto. Ronald Martinez / Getty Images / AFP
Milos Raonic of Canada celebrates his win against Jack Sock of United States during Rogers Cup at Rexall Centre in Toronto. Ronald Martinez / Getty Images / AFP

Milos Raonic saves Canada the blushes with gritty win



It was last call at Canada’s biggest tennis party on Wednesday until Milos Raonic delivered a nail-biting 4-6, 7-6, 7-6 second-round win over American Jack Sock to keep home hopes alive at the Rogers Cup.

After two party-pooping days in Toronto and Montreal, where a WTA Tour event is being staged simultaneously, Raonic is the last Canadian standing in the two tournaments that had been hyped as a turning point for the sport in the Great White North.

With Raonic the toast of Toronto – sitting at a career high No 6 in the world rankings riding the momentum from a tournament win in Washington on Sunday – and Wimbledon finalist Eugenie Bouchard, hailed as the new face of women’s tennis and the belle of the ball in her native Montreal, the week was supposed to be a national tennis celebration.

But the celebration quickly turned into a funeral march with eight of the nine Canadians entered already shown the exit before Raonic had stepped onto centre court for his first match.

With Tennis Canada officials, sponsors, television executives and fans still reeling from Bouchard’s shock 6-0, 2-6, 6-0 opening loss to American qualifier Shelby Rogers on Tuesday, a new wave of panic swept through the stadiums on Wednesday when Sock easily claimed the opening set from an unsteady Raonic.

The big-hitting Canadian, however, would not disappoint and displayed the steel, grit and heart Bouchard lacked to survive two nervy tie-breaks and leave tournament officials and fans happy.

“Today had nothing to do with that [pressure],” said Raonic. “Today was just first match of a new tournament, and it’s never going to be pretty.

“You’ve just got to go and fight through and I was able to do so.”

The two Rogers Cups had been heavily promoted in both Montreal and Toronto and on national television commercials aired across the entire country.

In both cities, the faces of Raonic and Bouchard smiled out from magazines, newspapers and televisions while the buildup to the two tournaments had national news outlets chronicling the extraordinary rise of the sport in the ice hockey-crazed country.

But the disappointing results offered a sobering reminder that expectations run high whether you are wielding a tennis racquet or a hockey stick.

“I just want her to sort of forget it as quickly as possible,” Raonic said of Bouchard’s shock defeat.

“Grand scheme of things, whatever may happen, obviously you want to play well but people, she will realise people are not going to remember Montreal.

“They’re going to remember at the end of this year Wimbledon, Paris, and Melbourne. Not Montreal.”

sports@thenational.ae

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Nayanthara: Beyond The Fairy Tale

Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni

Director: Amith Krishnan

Rating: 3.5/5

Wonka
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First Person
Richard Flanagan
Chatto & Windus 

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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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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
  • Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
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Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
MATCH INFO

Brescia 1 (Skrinia og, 76)

Inter Milan 2 (Martinez 33, Lukaku 63)

 

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THE SPECS

Engine: 3-litre V6

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Power: 424hp

Torque: 580 Nm

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Dates: July 1-23
Distance: 3,540km
Stages: 21
Number of teams: 22
Number of riders: 198

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
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box

COMPANY PROFILE

Company name: Letstango.com

Started: June 2013

Founder: Alex Tchablakian

Based: Dubai

Industry: e-commerce

Initial investment: Dh10 million

Investors: Self-funded

Total customers: 300,000 unique customers every month

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6.30pm: Emirates Holidays Maiden (TB) Dh 82,500 (Dirt) 1,900m
Winner: Lady Snazz, Richard Mullen (jockey), Satish Seemar (trainer).

7.05pm: Arabian Adventures Maiden (TB) Dh 82,500 (D) 1,200m
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9.15pm: Emirates.com (TB) Dh 95,000 (D) 2,000m
Winner: Firnas, Xavier Ziani, Salem bin Ghadayer.

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

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Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
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Engine: 1.5-litre 4-cylinder petrol

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Transmission: 7-speed automatic with 8-speed sports option 

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Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

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