ADELAIDE // Australia were on the brink of a crushing series sweep after reducing India to 166 for six in their pursuit of 500 runs for an unlikely victory at the close of play on the fourth day of the fourth Test on Friday.
The hosts declared at 167 for five shortly after lunch on another sweltering day at the Adelaide Oval and that tally, added to their 604 for seven declared, put them 499 runs ahead of India's first attempt of 272.
Gautam Gambhir, Virender Sehwag, Rahul Dravid, Sachin Tendulkar, VVS Laxman and Virat Kohli all crumbled once again before the Australia attack to leave the tourists 333 runs behind with a full day remaining.
"The job's not done yet," said Nathan Lyon, the Australia off-spinner, who took three for 57. "We've got another four wickets to get and we'll have to turn up tomorrow and be on our game and hopefully get these four wickets."
Ishant Sharma, who came in as a nightwatchman and had scored two, and Wriddhiman Saha, yet to score, will resume on the final day of the match.
"I thought before the game that the wicket looked a little flat and we thought we would bat pretty well," said Ravichandran Ashwin, the India off-spinner, who seems to have had the role of team spokesman foisted upon him.
"It's a team game. If we have failed we have failed as a unit."
Nothing the Indians have done so far in the series had suggested they can overhaul their target, especially as the Test record for a successful fourth innings run chase is the 418 West Indies scored against Australia in Antigua in 2003.
That impression was compounded when a brilliant diving catch from Brad Haddin off the pace bowling of Ryan Harris triggered Gambhir's departure for three with just 14 runs on the scoreboard.
Sehwag, replacing the banned MS Dhoni as captain for this Test, made deeper inroads into the target with some fine, aggressive stroke-making in his 53-ball 62.
The 33 year old's contribution was undermined, however, by the manner of his dismissal, playing a schoolboy shot to a Lyon full toss and holing out to Ricky Ponting at cover.
That brought Tendulkar to the wicket for his 25th attempt to secure his 100th international century in a partnership of the two most prolific test batsmen of all time with Dravid.
Dravid lasted until after tea before departing for 25 when he drove at a Harris delivery and got a thick edge to Mike Hussey at gully – at least avoiding the ignominy of having been bowled for the seventh time in eight innings.
Tendulkar had made 13 off 34 balls when what is likely to be his last Test innings in Australia came to an end after he attempted to fend off a Lyon delivery only for the ball to catch his glove and pad and land in Ed Cowan's hands at short leg.
Laxman, who has had a miserable series, had already been dropped by Ponting on 25 when he hit a Lyon delivery straight to Shaun Marsh at midwicket to end what could be his last test innings for 35.
Kohli, who had scored his first Test century on Thursday, fell for 22 two overs from the end of the day when a direct hit from Ben Hilfenhaus ran him out.
"Ben Hilfenhaus's run out was pretty special and there's a good feeling in the dressing room right now," Lyon added.
Resuming in the morning sun on 50 for three after losing their top order on Thursday, Michael Clarke, the Australia captain, and Ponting, who both hit double centuries in their first knocks, combined for 71 runs before Clarke was caught behind off Umesh Yadav for 37.
Ponting reached his 61st Test half-century soon afterwards with a single to the covers and Hussey angrily followed his captain back to the dressing room when he was adjudged lbw off an Ishant delivery for 15.
Ponting was 60 not out alongside Brad Haddin (11 not out) when Clarke decided the lead was big enough and waved the batsmen in just three overs after lunch.
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.”
Killing of Qassem Suleimani
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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"
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
FIXTURES
December 28
Stan Wawrinka v Pablo Carreno Busta, 5pm
Milos Raonic v Dominic Thiem, no earlier then 7pm
December 29 - semi-finals
Rafael Nadal v Stan Wawrinka / Pablo Carreno Busta, 5pm
Novak Djokovic v Milos Raonic / Dominic Thiem, no earlier then 7pm
December 30
3rd/4th place play-off, 5pm
Final, 7pm
A MINECRAFT MOVIE
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The Sand Castle
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Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
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