AB de Villiers and JP Duminy hit centuries and Wayne Parnell took two wickets with his first three balls as South Africa put Australia under pressure on the second day of the second Test at St George’s Park on Friday.
In Port Elizabeth, Australia were 112 for four at the close in reply to South Africa’s first-innings total of 423. But South Africa missed three opportunities to increase their grip on the match.
“It could have been worse,” the Australia coach Darren Lehmann said.
David Warner, who made a dashing 65 not out off 67 balls, was dropped by wicketkeeper De Villiers off Morne Morkel on 43 and Nathan Lyon was lucky to survive twice in the last two overs. Lyon was given not out when he glanced a legside catch to De Villiers off Dale Steyn, but South Africa failed to call for a review. Replays showed clear deviation off the bat. Then he was dropped by a diving Duminy at gully off Parnell.
“They bowled very well,” Lehmann said of some fiery bowling by South Africa after the home side’s innings finally ended after Australia had been kept in the field for 150.5 overs.
“We’ve got to bat really well. Someone’s got to stand up and make some runs.”
Lehmann said Australia’s bowlers had done well on an unresponsive pitch.
“When a side bats for 150 overs, you expect them to get five or six hundred. We managed to keep them down to 423, which was a good effort.”
De Villiers (116) and Duminy (123) posted a sixth-wicket partnership of 149 as Australia conceded a total of 400 or more for the first time in 13 Test matches.
De Villiers continued his prolific form as he notched his 19th Test century, while Duminy ended a string of low scores to record his third Test hundred.
“I knew today was going to be a big day for the team and me personally,” Duminy said. “It was important for us to put in a big performance.”
Duminy said South Africa, who were beaten by 281 runs in the first Test at Centurion, were in “a really good position” but acknowledged more hard work is ahead on a pitch where bowlers have struggled after the ball has lost its hardness and shine.
It was De Villiers’s sixth century during a record sequence of 12 Test matches in which he has scored a half-century or better and never been dismissed for under double figures.
Vernon Philander struck early in the Australian innings when he trapped Chris Rogers leg before wicket for five – the third successive single-figure score by the left-handed opener.
Fellow opener David Warner counter-attacked, but Parnell plunged Australia into trouble.
Playing on his home ground in his first Test match in four years, he had Alex Doolan and Shaun Marsh caught behind with his first and third deliveries.
Philander returned for his second spell and had Australian captain Michael Clarke caught at cover for 19.
De Villiers and Duminy saw off the second new ball at the start of the day. Duminy, who had scored only 77 runs in his previous seven Test innings, was particularly impressive early on, hitting three boundaries in one over from Mitchell Johnson, whose pace was negated by a slow pitch with even bounce.
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THE SPECS
BMW X7 xDrive 50i
Engine: 4.4-litre V8
Transmission: Eight-speed Steptronic transmission
Power: 462hp
Torque: 650Nm
Price: Dh600,000
All or Nothing
Amazon Prime
Four stars
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.”
'C'mon C'mon'
Director:Mike Mills
Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman
Rating: 4/5
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
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On sale: December
Price: From Dh330,000 (estimate)
RESULTS
6.30pm: Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
Winner: Brraq, Adrie de Vries (jockey), Jean-Claude Pecout (trainer)
7.05pm: Handicap (TB) Dh102,500 (D) 1,200m
Winner: Taamol, Connor Beasley, Ali Rashid Al Raihe.
7.40pm: Handicap (TB) Dh105,000 (Turf) 1,800m
Winner: Eqtiraan, Connor Beasley, Ali Rashid Al Raihe.
8.15pm: UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
Winner: Soft Whisper, Pat Cosgrave, Saeed bin Suroor.
9.50pm: Handicap (TB) Dh105,000 (D) 1,600m
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9.25pm: Handicap (TB) Dh95,000 (T) 1,000m
Winner: Etisalat, Sando Paiva, Ali Rashid Al Raihe
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
SPECS
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Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
