England's Graeme Swann, second from right, celebrates with his teammates after dismissing Bangladesh's Shakib Al Hasan on Saturday.
England's Graeme Swann, second from right, celebrates with his teammates after dismissing Bangladesh's Shakib Al Hasan on Saturday.

England enjoy the high tea session



MANCHESTER // Faced with Bangladesh's opening batsmen on 96 for no loss, many England supporters were fearing the worst by the time tea came in the second day of the second Test at Old Trafford yesterday. England had only reached 419 earlier in the day thanks to Ian Bell hitting 128 and Matt Prior reaching 93. There was no panic in the England dressing room though, and they eventually came out to dismiss the entire Bangladesh side in a dramatic final session. "Going into tea time things weren't great for us. We've come to expect bit from Bangladesh, they can really take the game away from you with their opening batsmen," said the spin bowler Graeme Swann. "We regrouped and had a discussion with the bowling coach David Saker and manager Andy Flower. We came up with a plan that worked perfectly because we took 10 wickets in the last session. "We talked about the length we would bowl and a few variations here and there, it worked perfectly." Swann was the main benefactor of the plan. After changing his bowling end, he went on to claim five wickets as Bangladesh were dismissed for 216. "Old Trafford is one of those grounds spinners look forward to bowling on. It was enjoyable to bowl on once I changed ends - I felt much more comfortable from the Stretford End," he said. "Sometimes you feel slightly more comfortable coming from one end. At Lord's for example I feel much more comfortable coming from the Nursery End for no apparent reason and here it was the Stretford End." Bangladesh looked well on course as Tamim Iqbal and Imrul Kayes made the most of initially lacklustre bowling from England. They treated the opening pair of Jimmy Anderson and Steven Finn unkindly. The bowlers had the last laugh though, with Finn getting the wicket of Kayes to break the partnership and Anderson removing Tamim to spark the Bangladesh collapse. Swann went on to capitalise with five wickets, while debutant Ajmal Shahzad saw off three batsmen. Tamim's batting was the highlight of the Bangladesh innings, but he was disappointed that he could not prolong the partnership with Kayes. They managed 126, 59 short of the 185 they had put on at Lord's in the first Test last week. That 185 was the highest opening partnership in Bangladesh history. "Imrul understands his job and I understand what my role is, we have had good partnerships and are scoring highly," he said. "He is a good player and he needs to learn from his mistake and I need to learn from my mistake. Maybe next innings we will get a bigger partnership." @Email:lthornhill@thenational.ae

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'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press

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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Planes grounded by coronavirus

British Airways: Cancels all direct flights to and from mainland China 

Hong Kong-based Cathay Pacific: Cutting capacity to/from mainland China by 50 per cent from Jan. 30

Chicago-based United Airlines: Reducing flights to Beijing, Shanghai, and Hong Kong

Ai Seoul:  Suspended all flights to China

Finnair: Suspending flights to Nanjing and Beijing Daxing until the end of March

Indonesia's Lion Air: Suspending all flights to China from February

South Korea's Asiana Airlines,  Jeju Air  and Jin Air: Suspend all flights

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Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

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How to get there: Emirates currently flies from Dubai to Orlando five times a week.