Nick Kyrgios withdraws from US Open due to coronavirus concerns

Nick Kyrgios has withdrawn from the US Open because of his concerns over the coronavirus pandemic.

Kyrgios, the world No 40, said his decision "hurts me at my core" and also criticised some of his fellow players in a video posted on social media.

"I've got no problem with the USTA putting on the US Open and if players want to go, that's up to them so long as everyone acts appropriately and acts safely," he said.

"But tennis players, you have to act in the interests of each other and work together.

"You can't be dancing on tables, money-grabbing your way around Europe or trying to make a quick buck hosting the next exhibition. That's just so selfish.

"Think of the other people for once. That's what this virus is about. It doesn't care about your world ranking or how much money you have. Act responsibly."

The US Open is scheduled to start behind closed doors at Flushing Meadow on August 31.

Fellow Australian Ashleigh Barty, the current women's world No 1, withdrew from the tournament earlier this week and Andy Murray said he expected more players to follow.

Reading an open letter on his video, Kyrgios said the global economy and tennis could rebuild, "but we can never recover lives lost".

"Dear Tennis, let us take a breath here and remember what is important, which is health and safety as a community," Kyrgios said.

"To those players that have been observing the rules and acting selflessly, I say good luck to you. Play at your own risk – and I have no problem with that.

"I will not be playing this year at the US Open. It hurts me at my core not to be out there competing at one of the sport's greatest arenas, Arthur Ashe Stadium.

"But I'm sitting out for the people, for my Aussies, for the hundreds and thousands of Americans who have lost their lives. For all of you."

Kyrgios has been outspoken over health and safety concerns throughout the coronavirus outbreak.

He was critical of Novak Djokovic after he and several other top players tested positive after playing in an exhibition tournament, the Adria Tour, which the world No 1 helped organise.

Former world No 1 Andy Murray also criticised those who took part in the ill-fated tournament. "I don't think it has been a great look for tennis," the Scot said.

Dominic Thiem, who also played in the tour, has since admitted that players who took part made "a mistake".

Another one of the players, Borna Coric, and Kyrgios have since been at loggerheads over comments made by the Australian regarding the Adria Tour.

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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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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.