Todd Bachman, father of the 2004 volleyball Olympian Elizabeth Bachman, was stabbed on a visit to a historic site.
Todd Bachman, father of the 2004 volleyball Olympian Elizabeth Bachman, was stabbed on a visit to a historic site.
Todd Bachman, father of the 2004 volleyball Olympian Elizabeth Bachman, was stabbed on a visit to a historic site.
Todd Bachman, father of the 2004 volleyball Olympian Elizabeth Bachman, was stabbed on a visit to a historic site.

Father of former Olympian killed in Beijing


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BEIJING // The fatal stabbing of the father of a former Olympian at a Beijing landmark cast a sad shadow over the first full day of Olympic competition yesterday, just hours after China's jubilant opening of the Summer Games. Todd and Barbara Bachman of Lakeville, Minnesota - parents of the 2004 volleyball Olympian Elisabeth "Wiz" Bachman and in-laws of the US men's volleyball coach Hugh McCutcheon - were attacked by a Chinese man while visiting the 13th-century Drum Tower.

The US Olympic Committee confirmed Mr Bachman died from knife wounds and that Barbara Bachman suffered life-threatening injuries. She and their Chinese tour guide, who was also injured in the attack, were being treated in a Beijing hospital. The US Olympic Committee said today that Mrs Bachman suffered multiple lacerations and stab wounds. She underwent eight hours of surgery and was in critical but stable condition.

The statement said family members were at the hospital and that Mr McCutcheon would "not be on the bench today" for the US men's volleyball team's opening game against Venezuela. Elisabeth Bachman was with them at the time of the attack, but uninjured. Her father was the chief executive officer for Bachman's, a home-and-garden centre based in Minneapolis. The assailant, Tang Yongming, 47, leapt to his death from a 40-metre -high balcony on the Drum Tower, just eight kilometres from the main Olympics site, the official Xinhua News Agency reported.

Relatives said Barbara Bachman had undergone surgery and was in intensive care at a Beijing hospital. "The next 24 hours will be critical," said Dale Bachman, Todd's second cousin. Two of Todd and Barbara Bachman's other adult daughters were flying to China to be with their mother and Elisabeth, Dale Bachman said at a news conference in Minneapolis. According to Dale Bachman, Todd Bachman was walking a few steps behind his wife and daughter at a Beijing tourist site when he was attacked by a knife-wielding stranger.

Barbara Bachman heard the commotion and turned to help her husband. "That's when she was attacked," Dale Bachman said. "To me, that was a strong indication of her love. She is a fabulous person." *AP

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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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- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

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Pool B Abu Dhabi Harlequins, Jebel Ali Dragons, Dubai Knights Eagles, Dubai Tigers

 

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6.40pm, Pitch 8, Abu Dhabi Harlequins v Dubai Knights Eagles

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