Ponting must write new chapter



The rain fell incessantly and the darkening skies engulfed a grim-looking Edgbaston, where not a ball was bowled yesterday. Sitting in the Australia changing-room, captain Ricky Ponting sat powerless as the puddles continued to form on the sodden outfield. Amid the gloom, England captain Andrew Strauss has already disregarded Australia's glowing "aura" as a relic of the past.

Now Australia - according to Strauss at least - are "just like any other team". Those words would have hit a nerve with Ponting, especially given the fact that he wore the baggy green during an era where Australia appeared invincible. With this likely to be Ponting's last Ashes series on English soil, the 34-year-old batsman remains determined to fill the only void on his glittering CV. The pain of 2005 has never healed for the diminutive player and despite having won nearly every team and individual honour in the game, the holy grail of the Ashes remains the premier prize.

In all probability, the tourists will now arrive at Headingley next Friday needing a single win from the two remaining matches to retain the famous old urn they won in such convincing fashion two years ago. Nobody could have imagined this scenario when Australia dominated so thoroughly in Cardiff - a match they would have won had it not been for the superhuman efforts of James Anderson and Monty Panesar.

Ponting will not panic. Losing at Lord's was painful, not just because it ended his side's 75-year unbeaten record at the home of cricket, but because of the manner of the defeat. Australia were comprehensively outplayed by an average England side led by a man in Andrew Flintoff who is determined to finish his Test career by fulfilling what he believes to be his destiny. Whereas in years past Ponting could have turned to some of the greatest men to have ever played the game, he now boasts a younger and far more inexperienced squad.

No longer can Ponting chuck the ball to Glenn McGrath or Shane Warne, nor can he rely on the prodigious talent of Adam Gilchrist to bludgeon his side out of trouble. Faith had been invested in Mitchell Johnson and Phillip Hughes, while more was expected of Michael Hussey in the middle order. This is not the first time that Ponting's captaincy has been tested to the limit. The home defeat by South Africa earlier this year finally ended Australia's dominance at the top of Test cricket.

A period of introspection followed amid a torrent of criticism which only served to make Ponting even stronger and more determined - a fact illustrated by his side's ability to bounce back almost immediately. The team's performance in winning 2-1 in South Africa against the side who had usurped them at the top of the rankings, spoke volumes for Ponting's capacity to reinvigorate his players. Now, amid the gloom of the English summer, he must do the same once again. What is certain is that Australia are very much still in this series, despite the failure of their key players to reach top form.

Johnson's personal problems, Hughes's failure to adapt to the English challenge and injuries to key players have cast a cloud on Australia's tour. Those factors must be cast aside with a new positive approach which can allow the green and gold to shine brightly once again. With a draw looking the most likely outcome in this monsoon- affected Test match, Ponting's eyes will now be on Headingley and the final clash at the Oval.

Ponting is a fighter and a winner. As captain and as the country's all-time leading run-scorer, he has the ability to bring the winning mentality back to this Australia side. They may not possess the great players of the past but in the likes of Ponting, Michael Clarke and the under-performing Hussey, they have men who can turn the series in their favour. It is time for Australia to leave their glorious past behind and instead forge a new legacy.

The success of years gone by should not be a burden but rather an inspiration to the current crop. Now, with their backs against the wall and the critics circling, it is time for this team to write their own chapter in Australia's proud history. sports@thenational.ae

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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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How to protect yourself when air quality drops

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.

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29