GELSENKIRCHEN, Germany // Jose Mourinho’s Chelsea marched into the Uefa Champions League last 16 as Group G winners on Tuesday after their emphatic 5-0 win at Robert di Matteo’s Schalke 04.
Mourinho’s Premier League leaders brushed Di Matteo’s ineffective Royal Blues aside in Gelsenkirchen as captain John Terry put them ahead within just two minutes of the kick-off.
Further first-half scores by Willian and an own goal from defender Jan Kirchhoff were followed by second-half strikes from Didier Drogba and Brazil midfielder Ramires.
“I am very happy, it was a very impressive performance,” beamed Mourinho.
“We weren’t coming here to see if a point would be enough to put us through and we showed that from the first minute.
“It was 90 minutes of good football.”
The result matched Schalke’s record European home defeat when they were hammered 6-1 by Real Madrid in last season’s round of 16, first leg, in February this year.
Chelsea remain unbeaten in all 19 matches this season and are now four points clear in the table ahead of their final match at home to second-placed Sporting Lisbon in a fortnight.
Di Matteo’s unbeaten home record after four wins was ended by his former club in brutal fashion.
“It was already a difficult evening for us and we made it even harder by conceding so early,” said Di Matteo, who apologised to Schalke fans for the performance.
“I was surprised by our lack of confidence, we weren’t aggressive enough and we gave them far too much space.
“We have to look ahead now and put this behind us as quickly as possible.”
Schalke drop to third, having been leap-frogged by Sporting who won 3-1 at home to Maribor, who they must beat in Slovenia in their final game next month to stand any chance of progressing.
“It’s hard to find words for this,” said Schalke captain Benedikt Hoewedes.
“I can only apologise for our performance.
“We gave Chelsea too much space to play. They are so good individually and we let them score too many goals.”
Di Matteo, who is just eight games into the Schalke job, remains the only Chelsea manager to win the Champions League and Mourinho refused to even talk about him in the match’s build-up.
The self-styled ‘Special One’, who won the Champions League with Inter Milan in 2010 and Porto in 2004, is bidding to win the European crown at the fifth attempt with Chelsea and his side dominated their hosts in Gelsenkirchen.
Chelsea needed less than two minutes to take the lead at Schalke’s Veltins Arena.
Eden Hazard put Diego Costa away and the Spain striker tested Schalke goalkeeper Ralf Faehrmann, who palmed his shot away.
Cesc Fabregas floated in the resulting corner from which Chelsea captain John Terry rose highest to head home barely challenged.
Cameroon striker Eric Choupo-Moting gave Schalke brief hope on 13 minutes when his shot deflected off Gary Cahill’s boot and looped over Chelsea goalkeeper Thibault Courtois, but it clattered off the bar.
Chelsea were unpicking the Schalke defence with worryingy ease as they doubled their lead.
Hazard timed his pass to Willian perfectly and the Brazilian’s low drive under Faehrmann’s dive on 28 minutes to put the visitors 2-0 up.
Boos and whistles echoed around the Veltins Arena by the time defensive midfielder Jan Kirchoff turned the ball into his own net on 44 minutes and raised to a noisy crescendo when the referee ended a miserable half moments later.
With his side facing eight games in a busy December period, Mourinho replaced Costa, who has netted 11 goals this season, with veteran forward Didier Drogba after an hour.
He scored their fourth when Fabregas put through a superb pass to Willian, who squared to present Drogba with a simple tap in on 76 minutes.
The visitors’ fifth goal followed just two minutes later as Drogba crossed for Ramires, who out jumped the porous home defence.
Only good keeping by Faehrmann denied Chelsea replacement Andre Schuerrle, then Hazard, in the final five minutes as Chelsea hunted a sixth goal.
The home side were again booed at the final whistle.
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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Fixtures
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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.”
Tips on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
