BARCELONA // Spanish football would rather forget the start of this season.
A players' strike forced the postponement of the first weekend of fixtures in the top two divisions, with big stars and lesser names standing shoulder to shoulder to demand payment of the €50 million (Dh265m) they are owed in unpaid wages.
Threats of strikes in Spanish football are not uncommon, though actual strikes are. The last was in 1984 and most onlookers thought that a resolution would be found ahead of attractive fixtures like Malaga v Barcelona last weekend.
It was not, and there seemed a genuine prospect that there would be no games this weekend, either.
With the next two weeks reserved for international matches, the Spanish league would not have kicked-off until September 10 at the earliest.
That is not ideal preparation for those clubs starting in the Champions League the following week and there was the added spectre of fixture congestion in an already packed football calendar. The players remained unbowed, and they were right.
This was not about reclaiming back pay for the big stars of Barcelona and Real Madrid, who earn in excess of €100,000 a week, but the professionals who receive as little as €800 per month, the minimum contract for a player in Spain.
These players cannot afford to not receive their wages for one week, let alone six months.
Under the agreement finally reached at 5am on Thursday morning after 13 hours of talks, they will be allowed to be released from their contracts if their wages are not paid.
The Spanish national team may be the best in the world and Barcelona the best club side, but Spanish football is beset by problems which are routinely met with a shrug of the shoulders.
Serious issues are seldom dealt with, from unfair distribution of television money, offering financial incentives to other teams, atrocious attendances below the top level and games scheduled just eight days before the fixture are due to take place.
The coaching side of the game may be in rude health, but the administration side is not. Once the strike was called by the players, it took six talks between the Players Union (AFE) and the Primera Liga (LPF) before Thursday's resolution.
Everyone is happy that there will be football this weekend.
Spain loves football as much as any nation and can look forward to Zaragoza v Real Madrid tomorrow, two promoted sides, Granada and Betis, meeting tonight and another Andalusian derby between big-spending Malaga and the region's established top dogs Sevilla tomorrow.
Barcelona will not start their campaign until Monday night with an appealing clash against Villarreal, following the Catalans' European Super Cup match against Porto in Monaco last night. The postponed games from last weekend will be played on January 22 and the fixtures from that weekend shifted to May 2.
With no football to discuss, the strike and actions of Jose Mourinho occupied much of the country's attention.
Mourinho's ego and arrogance ensured he was not popular with many in Spain when he took charge of Real in 2010, but he benefited from a begrudging respect for his abilities as a coach, even from Barca fans. His stock has plummeted following his actions during two games against Barcelona.
He was banished to the stands during the Champions League semi-final first leg in April, after which he accused Uefa and Barca of having a conspiracy against Real.
More recently, he pulled the ear of Barca's assistant coach Tito Vilanova during an epic but ill-tempered Spanish Super Cup second leg. It is not just the Spanish public who want to see less of Mourinho and more football.
The Special One needs to be coaching and doing what he does best, so that he can begin a path to redemption with the majority of Spaniards who think he is unhinged.
AROUND EUROPE
Italy
The start of the Serie A season this weekend was postponed yesterday after the Italian Players’ Union (AIC) called a strike after failing to reach an agreement with clubs over a new deal over players’ rights.
The Lega Serie A, representing Italy’s 20 top-flight clubs, refused to agree to a last-minute proposal from the AIC to sign a one-season deal to avert strike action, prompting the postponement of today’s and tomorrow’s fixtures.
Damiano Tommasi, the AIC president, yesterday had proposed signing a temporary contract, good through June of next year, along existing lines while negotiations continued, but clubs’ president Maurizio Beretta rejected the bid.
“Our assembly has been clear. We will sign an agreement only if it contains the two points under discussion – the solidarity contribution and that of training outside the first-team squad,” Beretta told the Italian news service Ansa.
The two disputed points are over the interpretation of the so-called article seven concerning players who are no longer wanted by their coaches, and who should pay a new austerity tax introduced by the government.
AIC wants those players to be allowed to train with the squad until they reach the end of their contracts while the clubs want autonomy for the coaches.
The clubs also want any new agreement to include a clause stipulating the players, rather than the clubs, must pay the government’s recently introduced solidarity tax on wages over €90,000 (Dh477,000) per year.
Without compromise following weeks of deadlock, there is now a distinct possibility more Serie A fixtures could be postponed.
"I have the distinct impression that 15 days will not be enough," Tommasi said. "We may need months."
The dispute has rumbled on since the end of the 2009/10 season, when a previous agreement expired.
Germany
Bayern Munich will have to put aside thoughts of the Champions League today when they travel to Kaiserslautern in the Bundesliga.
Bayern were put in the same group as Villarreal, Napoli and Manchester City in Thursday’s draw. “From the eight groups, we have definitely got the toughest,” said Bastian Schweinsteiger on his club’s website. “But that doesn’t matter: if we want to be among the best teams in Europe, then we have got to get through it, and I am certain that we will.”
Also, Jupp Heynckes, the Bayern coach, said Arjen Robben needs “complete tranquillity” to recover from the injuries that have plagued the Dutch winger recently.
Heynckes said yesterday that having endured injuries when he played, “if you don’t do corrective exercises now, it will be difficult to treat”.
Robben has been beset by back and groin problems since Bayern’s season began.
France
Rene Girard, the Montpellier coach, is keeping a level head after his side’s impressive start to the season as he prepares for tonight’s “dangerous” trip to Lyon.
Montpellier sit atop the Ligue 1 standings for the first time in their history after winning their opening three matches, leaving them as they only side in the division still boasting a 100 per cent record.
Montpellier finished 14th last term and Girard knows the chances of Montpellier finishing at the top of the table are remote, with his thoughts on securing their top-flight status.
“We have nine points, which means there are that many fewer points needed to ensure that we stay in Ligue 1 this season,” Girard said on ligue1.com. “But we won’t get carried away; we’re not playing for the title.”
Holland
Erik Pieters has confirmed he may have made his last appearance for PSV Eindhoven as he closes in on a move to the English Premier League side Newcastle United.
Pieters, 23, was reportedly due in England yesterday to discuss a move to St James’ Park after Newcastle agreed a fee with PSV following weeks of negotiations.
And Pieters conceded Thursday’s 5-0 defeat of SV Ried in the Europa League may have been his PSV swansong.
He told the Algemeen Dagblad newspaper: “If a club from the Premier League says they want you, and that is the case, then you know the financial means they have. Whether I play for PSV at Excelsior or am already at Newcastle I do not know.
“I have not seen much of Newcastle myself but my friend [and fellow Dutchman] Tim Krul keeps me informed.”
Pieters joined PSV from Utrecht in 2008 and has made 78 league appearances.
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
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 language of diplomacy in 1853
Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
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Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
4) Try not to close the sale at night
5) Don't be rushed into a sale
6) Call 901 if you see any suspicious behaviour
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
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if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
