New Zealand 142-8 (20 ov)
Australia 134-9 (20 ov)
New Zealand won by 8 runs
New Zealand beat Australia by eight runs Friday in a thrilling match at cricket’s World Twenty20, with recalled paceman Mitchell McClenaghan taking three wickets for 17.
After New Zealand had made 142 for eight in their 20 overs at Dharamshala, Australia had appeared well set to chase down a modest total.
But they lost four wickets in their last two overs with McClenaghan and Corey Anderson holding their nerve at the death, giving the Black Caps revenge after losing last year’s final of the 50 over World Cup to Australia.
McClenaghan was a surprise replacement for Nathan McCullum, one of the heroes of New Zealand’s dramatic victory over the hosts India on Tuesday.
But captain Kane Williamson’s switch was vindicated in spectacular style while Australia were left to rue their decision to pick two rookie spinners, Ashton Agar and Adam Zampa.
Agar had a game to forget, carted for three sixes in what was his one and only over. His first two balls were full tosses, gratefully dispatched over the ropes by Martin Guptill, who top-scored with a brisk 39 off 27 balls.
Guptill and Williamson put on 61 in the first seven overs but the Black Caps’ hopes of putting on a score close to 200 soon subsided.
But poor shot selection and tight bowling from the veteran Shane Watson and allrounders Glenn Maxwell and James Faulkner put the brakes on one of T20 cricket’s biggest-hitting teams.
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Guptill was the first to go after racing to 39 off 27 balls, caught on the boundary by Maxwell off the bowling of Faulkner as he tried to go for another six at the beginning of the eighth over.
Williamson and Corey Anderson were then out in quick succession, both taken after they miscued expansive strokes.
New Zealand never recovered their momentum and no batsman ever really looked settled on what proved to be a slow pitch.
Watson’s first three overs yielded just 11 runs and he took the key wicket of Ross Taylor in his final over, one ball after being hit for six by the former Kiwi captain.
Usman Khawaja and Watson got the Australian innings off to brisk start, putting on 44 before Watson fell.
Khawaja stroked six fours in an attractive innings of 38 off just 27 balls before he was run out just as he looked poised to post a big score.
Australia seemed comfortably placed at the mid-way point in their innings, having put 66 on the board.
But David Warner perished in the first ball of the 11th over, holing out at deep mid-wicket after mistiming a pull shot off the bowling of Mitchell Santner.
Spinners Santner and Ish Sodhi, the heroes of the win over India, again bowled tidy spells.
Sodhi conceded just 14 runs in his four overs while Santner took two for 30, his figures slightly tarnished at the end when he conceded two sixes off his last three balls.
McClenaghan was handed the ball for the penultimate over and did his captain proud by taking the wickets of both Marsh and Agar, conceding just three runs in the process.
New Zealand’s second win in two games makes them firm favourites to reach the semi-finals of the tournament but is a big blow to Australia’s hopes of winning a trophy that has so far proven elusive.
Also read: Joe Root masterclass delivers England win over South Africa
Sri Lanka’s Malinga ruled out of World T20 due to knee injury
MUMBAI // Sri Lanka’s World Twenty20 title defence suffered a huge blow after fast bowler Lasith Malinga was ruled out of the tournament due to a knee injury, the team said on Friday.
Malinga was forced to hand over the captaincy to Angelo Mathews last week due to a slow recovery from the injury and missed the Super 10 opener against Afghanistan on Thursday.
“Malinga’s knee injury flared up before the match against Afghanistan yesterday,” a team spokesperson said. “He has been ruled out of the World Cup and has flown back to Sri Lanka this afternoon.”
The paceman, 32, with blond-tinted hair and an unorthodox action is not quite the same player who was a key figure in Sri Lanka’s progress to three World Twenty20 finals in the last four tournaments.
He was, however, considered key to their success in India, where he has performed admirably in the Indian Premier League.
“Sri Lanka team management on tour have observed that Malinga whose niggling injury has been flaring up would be better off resting it, and have recommended he return to Colombo,” Sri Lanka Cricket said in a statement.
The selectors will choose Malinga’s replacement after practice matches between the remaining players in the World T20 squad to be played in Colombo later on Friday.
Sri Lanka will take on 2012 champions West Indies in their second Group One match in Bangalore on Sunday.
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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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