Manchester United escape with the points from Wales



Manchester United remain five points adrift of the Premier League leaders, Manchester City, after Javier Hernandez's early goal gave them victory over Swansea at the Liberty Stadium.

The Mexico international struck in the 11th minute, sliding home his fifth goal of the season from Ryan Giggs' pass after Angel Rangel had carelessly given away the ball on the edge of his own box, to give United their first win at Swansea at the ninth attempt.

Scott Sinclair missed the home side's best chance when he miscued with an empty goal at his mercy, but, although they had the better of the play in the second half, the Welsh side struggled to create against a well-organised United rearguard as they suffered a first home defeat of the campaign.

Former Wales international Giggs made his return from a hamstring injury as United made their first trip to Swansea since 1982.

Sir Alex Ferguson, the United manager, also restored goalkeeper David De Gea to his starting XI in place of Anders Lindegaard, while Michael Carrick was handed a place in midfield.

Danny Welbeck was absent due to a muscle strain but the visitors, who started the game eight points behind league leaders Manchester City, still had the threatening partnership of Javier Hernandez and Wayne Rooney to call on in attack.

Swansea manager Brendan Rodgers restored Scott Sinclair to the left wing with Wayne Routledge moving to the centre of midfield as a calf problem limited Joe Allen to a place on the bench.

Nathan Dyer and Sinclair both made encouraging early bursts down the flanks, and Mark Gower volleyed wide after Patrice Evra failed to clear a Rangel cross.

But Swansea's promising start was undone in the 11th minute when Hernandez struck.

The goal briefly rocked the hosts back on their heels but a wonderful jinking run from Dyer, which saw the winger beat Rooney, Giggs and Evra along the way, soon had the home crowd on their feet.

Swansea started the second half with more verve and vigour and it took a brave defensive block from Nemanja Vidic to prevent Ashley Williams getting on the end of Garry Monk's goalbound header.

Swansea were enjoying their best spell of the game and more good work from Sinclair, who was enjoying the better of his tussle with Phil Jones, forced Rio Ferdinand to head behind under pressure from Dyer. But, having survived, United took a stranglehold on possession.

Rooney had a chance to cap his fine individual display late on but chipped over the bar after getting a lucky ricochet from a Williams block, before Jones clipped the post and Nani fired wide as time ran out.

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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.”

Tailors and retailers miss out on back-to-school rush

Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”

A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.

“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”