The Hurricanes' goalie Cam Ward tries to stop the puck as New York's Erik Christensen falls on him.
The Hurricanes' goalie Cam Ward tries to stop the puck as New York's Erik Christensen falls on him.

Rangers back on track after heavy defeat



Erik Christensen figured there was only one way for the New York Rangers to atone for their most embarrassing loss of the season. Go hard for three periods and win. Christensen, claimed off waivers from the Anaheim Ducks on December 2, had a goal and an assist as the Rangers beat the Carolina Hurricanes 2-1 on Thursday night.

The Rangers, who lost 6-0 at home to Philadelphia on Wednesday, outshot the Hurricanes 35-18. "We had to come back and play well," Christensen said. "It was a tough night [against Philadelphia] and for whatever reason we weren't ready to play and I don't know why. I don't think it was the turkey. "The thing [coach John Tortorella] was saying was that we had a good stretch and it's okay to maybe come down a bit, but you can't just plummet and have no effort at all. The sign of a good team is that we came back and showed some character."

Brandon Dubinsky, who called Wednesday's loss "the worst game" he had played in the NHL, scored the winning goal midway through the third period, on the second assist of the night from Marian Gaborik. Gaborik, who has 26 goals, became the fourth NHL player to reach 50 points this season. "It's obvious we competed harder," Tortorella said. "It was important not to lose two in a row, and I thought we answered well in all aspects of the game."

Elsewhere, the San Jose Sharks' rookie Thomas Greiss made his first NHL shoot-out look easy. Greiss stopped all six shots he faced in the tie-breaker, and Ryane Clowe scored the lone goal in the sixth round to lift the Sharks to their seventh straight win, 3-2 over the Phoenix Coyotes, who saw their 10-game winning streak come to an end. "I was used to the shoot-out from the AHL," said Greiss, who was making his eighth appearance of the season. "I just tried to focus in the same way."

"We were fortunate to get out of the game with a point," the Coyotes' coach, Dave Tippett, said. "We had a good burst of energy early, had shots but not a lot of quality. Then they started competing at a level where we didn't get to." Ryan Shannon was the hero for the Ottawa Senators with the decisive goal in a shoot-out win over the New York Islanders. Shannon netted Ottawa's third straight goal after Alex Kovalev and Mike Fisher also beat Dwayne Roloson in the shoot-out to secure a 3-2 victory.

There was also drama in Ohio as David Legwand scored 28 seconds into overtime to give the Nashville Predators a 2-1 victory over the Columbus Blue Jackets. The Detroit Red Wings finally found their scoring touch with a 4-2 win over the Colorado Avalanche. The Montreal Canadiens made it six wins out of seven on their long road trip, beating the Florida Panthers 5-4.

Alexander Frolov scored twice as the Los Angeles Kings eased to a 5-2 win over the Minnesota Wild. Christian Ehrhoff scored a power-play goal in overtime as the Vancouver Canucks came from three goals down to beat the St Louis Blues 4-3. Loui Eriksson scored a hat-trick as the Dallas Stars beat the Anaheim Ducks 5-3 and the Chicago Blackhawks cruised to an easy 5-1 win over the New Jersey Devils.

Craig Conroy and Curtis Glencross grabbed the goals as the Calgary Flames beat the Edmonton Oilers 2-1. * With agencies

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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.”

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

Sources: Jayanti Maitra, www.adach.ae

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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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