Golden oldies are having a ball



LONDON // Sri Lanka's Sanath Jayasuriya, at 39, may be the oldest cricketer in the World Twenty20, but he has just as much chance of achieving success as any youngster. The batting exploits of retired Australians Matthew Hayden and Adam Gilchrist in the recent Indian Premier League (IPL) have only made the "age versus youth" debate more interesting in the latest format of the game.

The 37-year-olds comfortably won the opening round, with Hayden emerging the tournament's leading scorer with 572 runs in 12 matches and Gilchrist the second-best with 495 in 16. Wicketkeeper-batsman Gilchrist was also named the player of the tournament for leading the 2008 bottom-placed Deccan Chargers to title triumph this year. "The success of the senior players in the IPL highlights the fact that Twenty20 can accommodate all cricketers - if they are good enough - regardless of their age," said Gilchrist. "Like baseball, you will see that as T20 continues to develop, older players and especially batsmen will start extending their careers to their late thirties and beyond."

Also highlighting the veterans' contribution were India's Anil Kumble, 38, Sri Lankan Muttiah Muralitharan, 37 and Australian Shane Warne, 39. The spinners proved with their match-winning spells that performance mattered more than age. The leg-spinner Kumble, who quit international cricket last year, set the IPL on fire with an amazing 5-5 performance against Rajasthan Royals before ending up the tournament's second-highest wicket-taker with 21.

Muralitharan, the world's leading bowler in Tests (770 wickets) and one-day internationals (505), was as disciplined as ever, grabbing 14 wickets for semi-finalists Chennai Super Kings. The wily Sri Lankan off-spinner had an economy-rate of 5.22 - the best by any bowler with 10 or more matches in this year's competition. "I think Twenty20 is ideally suited for us [older players]. It's good knowing that you only have to bowl four overs," said Kumble, who led Bangalore to the final.

"I agree it's a young man's game and you need to be supremely fit and athletic, but if you have six or seven guys like that, experienced guys can take the pressure and use their skills to pull a team through." India's Sachin Tendulkar, who has opted out of Twenty20 internationals, also batted for the veterans, saying that age was no barrier to success. "It's a cricketers' game, so it doesn't matter whether you are young or old. It's a cricket match," said Tendulkar, the world's top scorer in Tests and one-day internationals.

If further proof was needed of the veterans' significance, it was provided by Warne who marshalled his limited resources well to lead the Rajasthan Royals to victory last year besides excelling as a bowler. "You need to pinch yourself to believe that he [Warne] can still spin a web around the batsmen," the Indian off-spinner Harbhajan Singh said. "He retired in 2007, but give him the ball and the magic resumes."

* AFP

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Election pledges on migration

CDU: "Now is the time to control the German borders and enforce strict border rejections" 

SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom" 

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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.”

Company name: Farmin

Date started: March 2019

Founder: Dr Ali Al Hammadi 

Based: Abu Dhabi

Sector: AgriTech

Initial investment: None to date

Partners/Incubators: UAE Space Agency/Krypto Labs 

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

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