Layvin Kurzawa starred as last season's Champions League quarter-finalists AS Monaco took a big step towards the play-off round of this season's Champions League on Tuesday with a 3-1 win away at Swiss side BSC Young Boys in their third qualifying round first leg clash.
The 22-year-old French defender blocked a goalbound effort by Japanese striker Yuya Kubo on the line in the 62nd minute and then two minutes later scored at the other end with a skillful volley, from Fabinho’s cross, to set Monaco on their way.
This sparked a flurry where the three other goals came in the next 11 minutes.
They doubled their lead through Argentinian Guido Carillo, who had come on only a minute before for another new recruit, 21-year-old Portuguese forward Ivan Cavaleiro, as he headed home from playmaker Joao Moutinho’s 72nd minute freekick.
Young Boys – whose former PSG striker Guillaume Hoarau should have done better with two free headers – briefly got back into the match as veteran midfielder Raphael Nuzolo reduced the deficit with 16 minutes remaining.
However, their hopes were extinguished within a minute as Croatian Mario Pasalic, on loan from English champions Chelsea, scored with a fierce strike from the edge of the penalty area.
While the second leg should be a formality for Monaco a tougher task lies ahead with the likes of Manchester United and Valencia potential opponents in the final qualifying round which leads for the winners to the lucrative group stage.
However, coach Leonardo Jardim will have taken heart how his much changed line-up from last season – veteran Dimitar Berbatov, and younger stars such as Geoffrey Kondogbia and Belgian international winger Yannick Ferreira Carrasco having left – coped with a relatively challenging away clash.
Elsewhere Fenerbahce, another side who radically changed their squad during the close season, fared less well as they were held 0-0 at home in Istanbul by Ukrainian outfit Shakhtar Donetsk, who are no strangers to the group stages.
Despite fielding several of their big name signings such as Portuguese winger Nani the Turkish side were unable to unlock the Ukrainian defence.
Dutch striker Robin van Persie – signed amidst much fanfare earlier this month from Manchester United – came on for the last 20 odd minutes replacing Moussa Sow but contributed little.
Fenerbahce, who have returned to European competition after serving a two-year ban for their involvement in match-fixing, will have it all to do next week in the second leg to keep alive their hopes of a return to the group stage of the Champions League for the first time since the 2008/09 season.
CSKA Moscow were held 2-2 at home by Sparta Prague as Nigerian Kehinde Fatai and Ladislav Krejci put the Czech runners-up in fine position against the Russian side, while Czech champions Viktoria Plzen scored an away win 2-1 over Maccabi Tel Aviv.
Albania’s Skenderbeu beat Moldova’s Milsami 2-0 away, Apoel Nicosia of Cyprus beat Midtjylland of Denmark 2-1 away and Greek club Panathinaikos edged Belgium’s Club Brugge at home.
Dinamo Zagreb and Molde, as well as Bate Borisov – who reached the group stage last year – and Molde, drew 1-1.
Action continues on Wednesday with the highlight Scottish champions Celtic – who failed to make the group stages last season – at home to Azerbaijan side Qarabag.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Scoreline
Chelsea 1
Azpilicueta (36')
West Ham United 1
Hernandez (73')
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
The Laughing Apple
Yusuf/Cat Stevens
(Verve Decca Crossover)
RACE CARD
6.30pm Maiden Dh165,000 (Dirt) 1,200
7.05pm Handicap Dh165,000 (D) 1,600m
7.40pm Maiden Dh165,000 (D) 1,600m
8.15pm Handicap Dh190,000 (D) 1,600m
8.50pm Handicap Dh175,000 (D) 1,400m
9.25pm Handicap Dh175,000 (D) 2,000m
The National selections:
6.30pm Underwriter
7.05pm Rayig
7.40pm Torno Subito
8.15pm Talento Puma
8.50pm Etisalat
9.25pm Gundogdu
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.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Need to know
Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments.
Customers only need a valid Emirates ID and a working UAE mobile number to register for eWallet account.
