Transfer rules concern Moyes



Everton manager David Moyes has called for an overhaul of the rules regarding the transfer of young players. His side face Fulham today with something of a new-look side with £22million (Dh134m) of new signings available for selection. But it was another transfer, that of 16-year-old Luke Garbutt from Leeds, which caused controversy this week, with the League One club unhappy about the amount of compensation they were awarded by a tribunal.

While Everton acted entirely within the rules, Chelsea were banned from registering any new players for the next two transfer windows after Fifa found them guilty of inducing a French teenager to breach his contract with Lens two years ago. Fifa have also told Chelsea they cannot recall any players on season-long loans under the terms of their transfer ban. The London club's actions led to a slew of allegations against Premier League clubs regarding signings of young players,

And Moyes believes the whole area needs new regulation. He said: "Should clubs be able to take players away from their clubs at such a low age? It has to be looked into. "There should be set prices for younger players. When I managed Preston I got annoyed when we lost players and just got a bit of compensation. "Now I am at a big club, we go to clubs to try to sign their players, so I have a foot in both camps.

"But if we are going to have smaller clubs that prosper, we have to have rules that let them keep their players for longer. "Clubs like Everton and Liverpool used to buy players from the likes of Burnley and Chester. "But that does not happen so much now, and is that because the big clubs are signing the younger players earlier? "Maybe we should do something about the money that goes out of the game to agents. We should legislate to not allow them to control a player until he is 18."

Everton hope to put the controversy behind them and build on their first league win of the campaign a fortnight ago when an injury-time penalty beat Wigan. Moyes will have new boys Sylvain Distin, John Heitinga and Diniyar Bilyaletdinov on show at Craven Cottage. Moyes says: "Fulham is always a hard place to go. Roy Hodgson has done a really good job and put together an excellent team that is well organised.

"It did not surprise me that he has produced a good team at Fulham, you just need to look at where he has worked and the quality of teams he has managed." Hodgson expects negotiations over a new contract for highly-rated Norwegian centre-half Brede Hangeland to speed up now the transfer window has closed. Hangeland had been linked with a big-money move to Arsenal while Everton and Liverpool were also reported to be interested, Hodgson has stated no bids were received during the summer, paving the way for a new deal.

"I believe Hangeland's agent, who has been waiting until the end of the transfer window, is quite keen to sit down with the chief executive to discuss his contract," Hodgson said. * PA Sport Fulham v Everton, KO 7.15pm, Showsports 1 & 2

UAE currency: the story behind the money in your pockets
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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
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. 

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.”

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The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

Opening Premier League fixtures, August 14
  • Brentford v Arsenal
  • Burnley v Brighton
  • Chelsea v Crystal Palace
  • Everton v Southampton
  • Leicester City v Wolves
  • Manchester United v Leeds United
  • Newcastle United v West Ham United
  • Norwich City v Liverpool
  • Tottenham v Manchester City
  • Watford v Aston Villa
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Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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

Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding