Carlos Tevez during his Wet Ham playing days. His six goals in the last 10 games of the 2006-2007 campaign helped the Hammers avoid relegation.
Carlos Tevez during his Wet Ham playing days. His six goals in the last 10 games of the 2006-2007 campaign helped the Hammers avoid relegation.
Carlos Tevez during his Wet Ham playing days. His six goals in the last 10 games of the 2006-2007 campaign helped the Hammers avoid relegation.
Carlos Tevez during his Wet Ham playing days. His six goals in the last 10 games of the 2006-2007 campaign helped the Hammers avoid relegation.

West Ham face huge penalty


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The independent arbitation panel who ruled in favour of Sheffield United in the "Carlos Tevez affair" yesterday could cost West Ham upwards of £30million (Dh204m). The South Yorkshire club were relegated in the 2006-07 season, when, on the final day of the season, West Ham beat Manchester United at Old Trafford, thanks to a goal from the Argentine Tevez, and Sheffield lost at home to Wigan. Sheffield United claimed that under league rules regarding third-party ownership Tevez was ineligible to play. The Premier League eventually fined the East London club a record £5.5m. Sheffield United wanted West Ham to be docked three points, a punishment which would have seen the Londoners relegated in their place. Having failed in that regard, they then turned their attentions to achieving a financial settlement, which, after yesterday's ruling, could be almost 10 times West Ham's original punishment. The tribunal believed that Tevez was worth at least three points to West Ham. The judgment read: "We have no doubt that West Ham would have secured at least three fewer points over the 2006-07 season if Carlos Tevez had not been playing for the club. Indeed, we think it more likely than not on the evidence we heard that even over the final two games of the season West Ham would have achieved at least three points less overall without Mr Tevez. He played outstandingly well in the two wins West Ham secured in those last two games." The manager for the Yorkshire team for that fateful final day of the season was the outspoken Neil Warnock. He was left heartbroken when his hometown team were relegated and he quit after eight years in charge. Warnock, who may still be in charge had his team not been relegated, said: "It [relegation] was scandalous. It changed one or two lives and it shouldn't have happened. "The club itself is geared up for the top level and it knocked us back no end. It [relegation] is on my CV, which it shouldn't be. "It's a matter for justice and I think everyone in the country knows this is the right verdict. "They [United] have only claimed for one season [in lost revenues] and what they would have missed out on the field and off the field. "That's what it comes to in today's game. It's not an awful lot at the top level; it's one good player." Both clubs are mulling over the findings and with the legal process not yet finished - West Ham could appeal to the Court of Arbitration for Sport - neither had too much to say yesterday. The Sheffield United chairman, Kevin McCabe, said: "I can confirm that both clubs have been notified of the ruling. "The arbitration panel has awarded in our favour. "The matter is still legally in process so I do not wish to comment any further until we have completed that process." The club statement also raised the question of a further intervention by the Premier League. It read: "The Blades began their legal fight for reinstatement some 16 months which also included an arbitration hearing against the Premier League. This award could now pose a question as to what the Premier League will do." Warnock praised McCabe for not giving up after the initial Premier League ruling, which decided a monetary penalty was enough for West Ham. "This justifies what Kevin McCabe has said all along: that we were hard done by, that it wasn't done legally and we were fighting for our rights," he added. "It's the principle of the whole thing. We were appalled by the original verdict. This verdict puts your faith back into the justice system." A West Ham spokesman told the BBC: "We need to digest the full findings of the arbitration panel and will consult our lawyers on the next steps we might take before making any further comment. "It would not be appropriate to comment further at this stage."

akhan@thenational.ae

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.”

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

UAE currency: the story behind the money in your pockets
Profile of RentSher

Started: October 2015 in India, November 2016 in UAE

Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

Based: Bangalore, India and Dubai, UAE

Sector: Online rental marketplace

Size: 40 employees

Investment: $2 million

New process leads to panic among jobseekers

As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.  

“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.

Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE. 

“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.

“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”

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500 People from Gaza enter France

115 Special programme for artists

25   Evacuation of injured and sick

U19 World Cup in South Africa

Group A: India, Japan, New Zealand, Sri Lanka

Group B: Australia, England, Nigeria, West Indies

Group C: Bangladesh, Pakistan, Scotland, Zimbabwe

Group D: Afghanistan, Canada, South Africa, UAE

UAE fixtures

Saturday, January 18, v Canada

Wednesday, January 22, v Afghanistan

Saturday, January 25, v South Africa

UAE squad

Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon

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