Off-spinner Ravichandran Ashwin grabbed six wickets as India stopped Australia in their tracks to win a fiery second Test and level the series 1-1 on Tuesday.
Australia, needing 188 for victory, were bowled out for just 112 half-an-hour into the final session on Day 4 at Bangalore’s M. Chinnaswamy Stadium.
Tempers frayed between the world’s top two ranked sides as the hosts bounced back from a humiliating opening Test defeat in Pune.
Ashwin (6-41), who bagged his 25th five-wicket haul in his 47th Test, took the final wicket of Nathan Lyon, caught and bowled for two, sparking celebrations among the Indian players.
“After losing the first Test the way we did, we wanted to bounce back and not show anyone but ourselves what we are made of,” India captain Virat Kohli said.
“They showed the intent and the belief that we can win from any position. It was about taking responsibility. The way they showed heart and character, along with the crowd, is unbelievable.”
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Read more
■ Day 3: Pujara leads India revival after Jadeja limits Australia
■ Day 2: Shaun Marsh and Matt Renshaw keep Australia ahead
■ Day 1: Australia's intensity has Virat Kohli and Co on the ropes
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Cheteshwar Pujara (92) and Ajinkya Rahane (52) put on a crucial 118-run partnership for India’s fifth wicket before the Australian bowlers struck back in the morning session.
But the tourists faltered in their run chase to leave the series perfectly poised heading in to the third Test in Ranchi from March 16.
“This afternoon didn’t go to plan,” Australia captain Steve Smith said.
“Ashwin did what he’s done so well over here for a very long time — hit good areas and challenged our batters, and we weren’t up to it today.
“But I’m proud of the way the boys have competed over the last four days.”
Australia started their second innings briskly, scoring at over four runs an over, but were soon rattled as Ashwin got into his groove, trapping a dangerous-looking David Warner lbw for 17.
“One good thing I did was when wickets were not coming, I kept the runs down,” Ashwin said.
“We just spoke inside the dressing room to bowl some short spells and keep changing over. That is why we were rotating so we could attack through such short balls.”
Shaun Marsh became Yadav’s first lbw victim as he tried to pad away an inswinging delivery but was given out.
The batsmen decided not to waste their single remaining review but TV replays suggested the ball would have missed the off stump by quite a distance.
It was Smith’s dismissal that brought the home crowd to its feet, however, as Yadav’s delivery stayed low to hit the star batsman’s lower pad for lbw.
Drama followed after Smith apparently waited for a signal from the dressing room to seek a referral, something he is not allowed to do, before the on-field umpire quickly ushered him away.
India skipper Virat Kohli was angry at Smith’s antics and the umpires were required to cool tempers down.
Earlier Australian pace bowler Josh Hazlewood claimed career-best figures of 6-67 to help bowl out India for 274 before lunch.
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What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
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This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
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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.
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“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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