His superstitious habit of standing on once leg when the score reached 111 never failed to win a cheer from the crowd.
His superstitious habit of standing on once leg when the score reached 111 never failed to win a cheer from the crowd.

UAE

An umpire with the air of a genial butcher

David Shepherd was an institution in the world of cricket. A player of distinction, he went on to carve a solid career as an umpire.

David Shepherd, known to all as "Shep", was an institution in the world of cricket. A player of distinction, he went on to carve a solid career as an umpire, presiding at matches from Thailand to Durham, Lords to Melbourne. Celebrated for his sense of fair play, notable for his quirks, he umpired 92 Test matches and 172 one-day internationals. He knew from an early age exactly what he wanted to do, practising his batting and bowling for hours with his brother, Bill. Educated in Barnstaple and Exeter Devon, he was briefly a teacher before becoming a full-time cricketer.

From 1965 until 1979 he played for Gloucestershire, and scored more than 10,000 runs. On one unfortunate occasion he hit the ball so hard it knocked a spectator out. Loyal to his hometown of Instow, north Devon, Shep appeared for the local cricket club and helped his brother run the family post office when his hectic schedule permitted. "Devon is permanently in my nostrils," he once said, and he was always glad to be home after a world tour.

In 1981, Shep's career as a first-class umpire began. He went on to officiate at World Cup finals in 1996, 1999 and 2003. His solid build and ruddy complexion, combined with his umpire's white coat, gave him the air of a genial butcher. His superstitious habit of standing on one leg when the score reached 111, known as a "Nelson" (the name is thought to refer to Lord Nelson's lost eye, arm and, incorrectly, leg), or multiples thereof, which are considered unlucky in the sport, never failed to win a cheer from the crowd.

When the International Cricket Council introduced the first panel of neutral umpires in the 1990s, Shep was among their number. He was awarded an MBE for his services to cricket in 1987 and given a guard of honour by the New Zealand and Australian teams during the series between the two countries in March 2005. In June of that year, he umpired his last Test, West Indies against Pakistan, in Kingston, Jamaica.

On his retirement, cricket's loss was theatre's gain, when he took part in the pantomimes staged by the local Women's Institute. David Shepherd was born on December 27, 1940, and died on October 27. He is survived by his wife. * The National

War on waste

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.”

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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How has net migration to UK changed?

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.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.