Napoli's Marek Hamsik, left, vies with Inter Milan's Juan Jesus during an Italian Cup match at the San Paolo Stadium on February 4, 2015 in Naples, Italy. (Photo by Francesco Pecoraro/Getty Images)
Napoli's Marek Hamsik, left, vies with Inter Milan's Juan Jesus during an Italian Cup match at the San Paolo Stadium on February 4, 2015 in Naples, Italy. (Photo by Francesco Pecoraro/Getty Images)
Napoli's Marek Hamsik, left, vies with Inter Milan's Juan Jesus during an Italian Cup match at the San Paolo Stadium on February 4, 2015 in Naples, Italy. (Photo by Francesco Pecoraro/Getty Images)
Napoli's Marek Hamsik, left, vies with Inter Milan's Juan Jesus during an Italian Cup match at the San Paolo Stadium on February 4, 2015 in Naples, Italy. (Photo by Francesco Pecoraro/Getty Images)

Sport

‘We’re gifting other teams goals’ says Inter coach Roberto Mancini after late loss to Napoli

Gonzalo Higuain pounced on an Inter Milan defensive error to hit an injury-time winner for Napoli in a 1-0 win that sent the holders into the Italian Cup semi-finals.

Agence France Presse

February 05, 2015

  • English
  • Arabic

Milan // Gonzalo Higuain pounced on an Inter Milan defensive error to hit an injury-time winner for Napoli in a 1-0 win that sent the holders into the Italian Cup semi-finals on Wednesday.

Inter coach Roberto Mancini, who spent four success-laden seasons at the helm of the Nerazzurri from 2004-2008, had led Inter into four Cup finals, winning twice, in his previous spell in charge.

The match looked to be heading for extra-time but in the 93rd minute Algerian international Faouzi Gholam, in his first game for Napoli since returning from the Africa Cup of Nations, found Higuain in space down the left with a long throw-in.

It caught defender Andrea Ranocchia off guard and the Inter Milan captain could only look on as Higuain outpaced him before beating Juan Pablo Carrizo with a superbly-placed shot inside the ‘keeper’s far post.

Napoli will now meet Lazio in a semi-final over two legs with the winner meeting either Juventus or Fiorentina in the June 7 final.

Mancini refused to blame Ranocchia but hit out at his players, who have dropped to 13th in Serie A following a disastrous run of results.

“There was only 30 seconds remaining... how can we possibly concede like that?” groaned the Italian on Rai Sport.

“It was a great game but we need to score and not concede. Instead, every Sunday we’re gifting other teams goals.”

Napoli coach Rafael Benitez, who coached Inter for a brief spell in 2010, said Higuain was among the best strikers in the world.

“He’s very strong, among the best in the world,” said the Spaniard.

Mancini conceded Higuain had caught his team out.

“The Argentinian was too clever, he knew exactly where the ball was going but we should never have conceded a goal like that.”

Juventus beat Parma 1-0 last week to book their semi-final spot while AC Milan were ousted from the competition by Lazio after a 1-0 defeat.

Napoli won the fifth Italian Cup in their history last season with a 2-1 defeat of Fiorentina at the Stadio Olimpico in Rome.

However the club’s success, and the match, was overshadowed by violent incidents outside and inside the stadium.

One fan, Ciro Esposito, was shot in the chest and died on June 25 after being in a coma for two months.

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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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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

NapoliSerie AInter MilanItaly