Travis Padgett, left, and Darvis Patton react after the men's 4x100m relay qualification heat at the National Stadium in the 2008 Beijing Olympic Games on August 21, 2008.
Travis Padgett, left, and Darvis Patton react after the men's 4x100m relay qualification heat at the National Stadium in the 2008 Beijing Olympic Games on August 21, 2008.

USA to review Beijing failures



BEIJING // USA athletics chiefs will review the disappointing Olympic athletics performance that has seen the county's sprinters eclipsed by their Jamaican rivals, the chief executive officer of USA Track and Field said. "Once the Games are complete we will be conducting a comprehensive review of all our programmes," Doug Logan said in a statement. A miserable Games for a team that billed itself the world's best was highlighted by relay botches by both the men's and women's 4x100 metres teams last night.

"I, like all fans of Team USA, am extremely disappointed with the performance of our relays," Logan said, after the US men's and women's 4x100 teams dropped batons in last night's opening relay rounds. Logan said the review would be comprehensive, looking at all USA Track and Field's high performance programmes. One subject to be addressed, he said, would be "the way in which we select, train and coach our relays".

In remarks posted on his blog, titled "Shin Splints", Logan added the poor relay performance reflected a lack of preparation. "These are professional athletes who are the best in their field, and anybody who ever ran a high school relay cringes when that baton hits the track," he said. It is the first time since 1976 that the United States have competed and failed to win a sprint title at a Games. The Americans led the medals table at the 2004 Olympics and 2005 and 2007 World Championships.

Jamaican athletes swept all four individual sprints, with Usain Bolt setting world records in the men's 100 and 200 metres. "They (Jamaica) brought their A-game. I don't know where we left ours," said Lauryn Williams, who was involved in the women's botched relay exchange and missed out on a 100m medal after taking silver in 2004. The USA world champions were hard hit by the doom and gloom.

Men's 100 and 200 metres world champion Tyson Gay, still recovering from a hamstring injury at the US Olympic trials, went out of the 100 metres in the semi-finals. Then a botched relay, in which teammate Darvis Patton and Gay failed to connect, added further frustration. World women's 200 metres winner Allyson Felix and 400 metres favourite Sanya Richards also missed gold. World 1,500 metres winner Bernard Lagat, a two-times Olympic medallist for Kenya, missed the final this time, his first in a USA vest. He will seek redemption in Saturday's 5,000 metres, where he is also the World Champion.

The setbacks have implications beyond athletics, wiping out any chance the United States might have had of catching China for the Games's overall gold medals lead. "We have to go back to developing our sprinters," high-profile sprint coach Bob Kersee, who led Dawn Harper to the women's 100m hurdles crown and Felix to a 200m silver, said. "Whether it's the college system or just training and being prepared, we have to concentrate on taking it up to this level. We can be spoiled at times in the United States."

*Reuters

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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Captain Marvel

Director: Anna Boden, Ryan Fleck

Starring: Brie Larson, Samuel L Jackson, Jude Law,  Ben Mendelsohn

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A State of Passion

Directors: Carol Mansour and Muna Khalidi

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Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

Who is Tim-Berners Lee?

Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.

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