Two teams from the most free-spending league in the rugby world meet to contest Europe's ultimate club prize today.
Meanwhile, at the other end of their domestic division, a club that overreached their financial means have been relegated after entering administration, and are now frantically trying to balance the books to stave off extinction.
What would Michael Platini, the president of Uefa, European football's governing body, have to say about that?
It has not taken long for professional rugby to look like football. While today's Heineken Cup final in Paris between Toulouse and Biarritz - the Chelsea and Manchester United of French rugby - points to a league in rude health, everything that glistens in France is not necessarily gold.
"If I was still the chairman of the national league, I would yell a huge cock-a-doodle-do," Serge Blanco, the former France great and now Biarritz president, was quoted as saying.
If Toulon beat Cardiff in the Challenge Cup final tomorrow, it will provide France with a cleansweep of European trophies, so there is, indeed, much to celebrate. The overwhelming success of French clubs this season speaks much of their overwhelming financial clout. In some cases, however, their ambitions have outweighed the bank balances.
For example, Stade Francais, the Paris giants who have always been among the biggest players in the transfer market, have been summoned before the Top 14's financial watchdog to explain a substantial budget shortfall.
Stade's players recently agreed to a three per cent pay cut for next season in order to avoid a similar fate to that suffered by Montauban, who were handed a mandatory relegation from the French top division after being forced into administration by spiralling costs.
Platini, who has been a staunch critic of the "big liberalism" which has let English Premier League football clubs rack up massive debts, while still competing at the top end of the game, might have counselled against overspending. Or said "cock-a-doodle-don't."
At least Biarritz have been rewarded for their outlay with a place in the final against Toulouse, the most-successful side in Heineken Cup history.
However, having finished a disappointing seventh in the Top 14, they are looking to recruit again, and are reportedly in talks with Johnathan Thurston, the Australian rugby league half-back, over a change of code and country.
How they plan to shoehorn his reported ?775,000 (Dh3.5m) per year wages into the French pay scale, which has salaries capped at a collective ?8m (Dh36.8m) remains to be seen. In England, the salary cap lies at just £4m (Dh21m) - which some claim is a reason for the absence of Guinness Premiership sides at the business end of the Heineken Cup.
While British and Irish clubs will be looking on in Paris with envy, at least some English players will be able to enjoy the party.
Ayoola Erinle, Iain Balshaw and Magnus Lund may not feature in the thinking of Martin Johnson, the England manager, but all have a chance of a Heineken Cup winners' medal with Biarritz in Paris.
Erinle, who played in last year's final for Leicester in their 16-19 defeat by Leinster, was on the winning side with Wasps in the 2007 final against the Tigers.
Erinle and co have their work cut out, however. Biarritz start as underdogs against a Toulouse side that are going for their fourth title in their sixth Heineken Cup final.
* Compiled by Paul Radley
MATCH INFO
Bangla Tigers 108-5 (10 ovs)
Ingram 37, Rossouw 26, Pretorius 2-10
Deccan Gladiators 109-4 (9.5 ovs)
Watson 41, Devcich 27, Wiese 2-15
Gladiators win by six wickets
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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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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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books