America's Lindsey Vonn, whose participation had been threatened by injury, hurtles downhill to Olympic gold at Whistler.
America's Lindsey Vonn, whose participation had been threatened by injury, hurtles downhill to Olympic gold at Whistler.

Trio are golden in banner day for US



VANCOUVER // Lindsey Vonn, Shaun White, and Shani Davis all struck gold on Wednesday as the United States transformed a bleak Vancouver Olympics into their own winter wonderland with a dazzling show of gravity-defying stunts, brute strength and old-fashioned courage. A fearless Vonn overcome a painful injury that almost ruined her Olympic dream before it began as she hurtled down a treacherous Whistler mountain course to become the first American to win the women's downhill, one of the most spectacular and dangerous events at the Olympics.

A week ago, Vonn hobbled into Vancouver with a shin injury that prevented her from hitting the slopes, but she summoned up the determination to fly down a slippery course that brought some of her main rivals to grief. "I had to attack and I did that. I made it down," Vonn said. "It's awesome, it's all I ever wanted." White showed why he is one of the most recognisable and highest paid athletes in winter sports as he wowed a new generation of Olympic fans at Cypress Mountain with a breathtaking display of somersaults, twists and aerial tricks.

The flame-haired 23-year-old from California was so dominant that he had the gold wrapped up after his first run so used his second to unveil a special double backward flip he had never performed in competition before. "I just felt like I didn't come all the way to Vancouver not to pull out the big guns," said White. Not to be outdone, Davis powered home over the final lap at the Richmond Olympic Oval to become the first man to win the 1,000 metres speed skating title at successive Olympics as the US soared to the top of the medal standings.

The three victories gave the team a total of five gold medals after the fifth full day of competition, ahead of Germany, South Korea and Switzerland, who each had three golds on a day when the heavy snowfalls and thick fog that forced the postponement of some earlier events finally gave way to clear blue skies. In the men's ice hockey, the defending champions, Sweden, the Czech Republic and Finland all made winning starts.

Second period powerplay goals from Mattias Ohlund and Loui Eriksson gave the Swedes a 2-0 win over Germany as Henrik Lundqvist recorded a shutout, although he was saved by his posts on several occasions. "When they were hitting posts and crossbars it felt like my day," said Lundqvist. "It always feels good to get a shutout. But the funny thing about hockey, you feel like you're in control but you make one mistake and it's different." The Czechs beat neighbours Slovakis 3-1 while the Finns overcame Belarus 5-1.

Playing in his fifth Olympics, the Finnish winger Teemu Selanne picked up an assist on Olli Jokinen's first period powerplay goal to join Canadian Harry Watson, former Soviet Union great Valeri Kharlamov and Czechoslovakia's Vlastimil Bubnik at the top of the all-time Olympic scoring list with 36 points. "It's a big honour but it is not my goal," Selanne said. "I have been around a long time and I have always played with good players and good things happen."

* Reuters.

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.”

'My Son'

Director: Christian Carion

Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis

Rating: 2/5

COMPANY PROFILE

Company: Bidzi

● Started: 2024

● Founders: Akshay Dosaj and Asif Rashid

● Based: Dubai, UAE

● Industry: M&A

● Funding size: Bootstrapped

● No of employees: Nine

The biog

Favourite food: Tabbouleh, greek salad and sushi

Favourite TV show: That 70s Show

Favourite animal: Ferrets, they are smart, sensitive, playful and loving

Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can

Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A

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