World Cup diary: Sneijder gets credit for goal against Brazil


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Fifa's technical study group (TSG) is in danger of making the contest to be the World Cup's top scorer a farce after awarding Wesley Sneijder both of Holland's goals against Brazil. The first goal came after Brazil's Felipe Melo headed on what was clearly a cross by Sneijder, the Inter Milan midfielder. The TDG - including the likes of Gerard Houllier, the former Liverpool manager - has ruled that he should be credited with the goal, which made him joint top scorer along with Gonzalo Higuain (Argentina), Robert Vittek (Slovakia), David Villa (Spain), Thomas Muller and Miroslav Klose (both Germany) before Spain played Paraguay last night. Fifa said in a statement: "Shots which are on target (ie goal bound) and come off a defender, or shots which rebound from the goal-frame and bounce off a defender or goalkeeper may be considered as an own goal, but in the instance of the Netherlands' opening goal against Brazil, the TSG have decided to credit the goal to the attacking player."

Fifa will not discipline Cristiano Ronaldo for spitting as he left the field after Portugal's second-round loss with Spain. Fifa says its disciplinary committee found no grounds to open a case against the Portugal captain. Ronaldo was being followed by a TV cameraman filming him after the final whistle of his team's 1-0 loss in Cape Town on Tuesday. The ex-Fifa World Player of the Year appeared to stare into the lens then spit near the camera operator's feet.

Diego Maradona's press conferences have become something of must-see event at this World Cup, if only to discover who he will offend next. The Argentina manager attended one smoking a cigar, against Fifa rules, and rebuked a journalist for "the longest question ever" at another. He then burst into a broad smile when a woman from Al Jazeera asked the spikiest question of the week: "Do you think you have got here by false pretences?" A direct reference to the offside goal scored by Carlos Tevez against Mexico. "I love to see a woman asking me a question," replied Maradona. At which point you suspect he lost the feminist vote.

World Cup organisers are hopeful that Nelson Mandela will make a long-awaited appearance at the event when the final is played in Johannesburg next week. The former South African president, who turns 92 this month, is increasingly frail and has yet to appear at the tournament. He had planned to come to the opening ceremony but cancelled after his great-granddaughter was killed in a car accident on the eve of the first game. Mandela has been following the tournament closely and sent a personal message to the Ghana squad ahead of their quarter-final against Uruguay. An appearance by Mandela at the final at Soccer City would crown what has been an historic tournament for South Africa. Mandela was instrumental in securing the World Cup for South Africa by visiting a number of Fifa executive committee members. World Cup sponsors Sony are jumping on the Mandela bandwagon by hosting a "3-D Mandela tribute" ahead of his birthday on July 18.

Richard Kingson, the Ghana goalkeeper, won plenty of admirers with his shot-stopping, but he clearly had done no homework whatsoever when it came to the penalty shoot-out. Sebastian Abreu, the Uruguay striker who clinched the shoot-out with a penalty dinked over the keeper, is famed for taking spot-kicks in that fashion and did so to beat Brazil in the 2007 Copa America. Abreu is nicknamed "El Loco" - the crazy one - but his coach Oscar Tabarez said: "It wasn't crazy, I call that class. He did that against Brazil in Copa America and the result was the same." Such penalties are known as "Panenkas" after Antonin Panenka scored one for Czechoslovakia to win the 1976 European Championship at the expense of Germany.

Nicolas Lodeiro, the Uruguay midfielder, is out of the World Cup after fracturing a bone in his right foot, the team said yesterday. Lodeiro, 21, who has been used mostly as a substitute, replaced Alvaro Fernandez at half-time against Ghana. Diego Lugano, the team's captain, is having tests after damaging the ligaments in his right knee, while fellow defender Diego Godin has returned to training, the statement added. Uruguay face Holland in the semi-final at Cape Town on Tuesday.

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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.”