Vincent Tan, Cardiff City’s controversial Malaysian owner, has promised to reconsider his decision to change the club’s colours but only after the Welsh side regain English Premier League status.
Promoted last season, the Bluebirds were resigned to an immediate return back to the second-tier Championship after they lost 3-0 at Newcastle United a week ago.
Tan ruled out leaving the club but was ready to review last year’s rebranding that irked many fans as Cardiff changed from its traditional blue to a new red strip and replaced the bluebird on its club crest with a red dragon.
“I would like to focus on getting back to the Premier League and after we are there I will definitely agree to sit down and find a solution – maybe we can have a compromise,” the businessman told the BBC.
“I am not a quitter. I will stay until we get ourselves up and then we will see whether we can work out this colour change and compromise. If we can, maybe I will stay for a long time.”
Tan had earlier said that the fans would have to find a new investor if they had problems with his way of functioning. He appeared to have mellowed down since, as he spoke of his commitment with the club.
“No one should question my commitment. I will not quit while we are in this situation. I am not a quitter, nor a loser. A quitter never wins; a winner never quits,” he added.
“I won’t walk away and let it go bust because if I want to walk away I must go and look for a new owner to take my place. That is being responsible. I don’t do things in an irresponsible manner. I have a better chance of recouping my investment if it’s in the Premier League.”
Tan welcomed former manager Malky Mackay’s decision to drop a legal case against the side after his mid-season dismissal and claimed he had been victim of negative image perception.
“I said before, one day some people will apologise to me for what they have done. Some people made me out like the villain. I’m supposed to be the Bond villain, but actually I’m James Bond,” Tan said.
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Start the week as you mean to go on. So get your training on strong on a Monday.
Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.
Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.
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The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
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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.
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“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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4pm: Mahab Al Shimaal Group 3 | US$350,000 | (Dirt) | 1,200m
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
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- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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