Alinghi, in last appeal, makes its case for RAK



NEW YORK // The reigning America's Cup sailing champions, Alinghi of Switzerland, argued in a New York court on Wednesday that it should not be deprived of its right to face its American challenger, BMW Oracle Racing, in Ras al Khaimah. The Swiss team asked New York Supreme Court's Appellate Division to overturn a lower-court ruling that RAK was ineligible to host the showdown beginning on February 8 because the 19th-century Deed of Gift, which governs the competition, prohibits racing in the northern hemisphere between November 1 and May 1.

Alinghi also asked that competition be delayed until May if the court does not reinstate RAK in February. That would allow its choice of RAK to comply with the Deed of Gift. The Alinghi spokesman, Lucien Masmejan, said that if the Swiss appeal failed the team would face BMW Oracle in Valencia, Spain, in February. Although Valencia is also in the northern hemisphere, neither side objected earlier in the long, twisting court fight to holding the series there. Valencia hosted the 2007 America's Cup, and both teams still have bases in the city.

There was no explanation why the panel included only four judges instead of the expected five. If the panel splits 2-2, it is believed the case will be reheard by a five-judge panel. The Swiss have had their 90ft catamaran, Alinghi 5, in RAK since late September. "We are in RAK and would prefer to stay in RAK," Mr Masmejan said after both sides gave oral arguments. "We selected the venue in good faith and now we have to move. If we cannot do it in February, we would like to do it in May in RAK. If not, let's go to Valencia in February."

Even as they pressed on with their appeal, the Swiss announced two weeks ago that they were preparing to race in Valencia. They also floated Australia as a possible compromise location. The court fight between the American software tycoon Larry Ellison and the Swiss biotech mogul Ernesto Bertarelli, who respectively finance the Oracle and Alinghi teams, has hinged on the court's interpretation of the Deed of Gift, written in 1887.

Although the Deed of Gift stipulates that racing between November 1 and May 1 must take place in the southern hemisphere, Justice Herman Cahn, who is now retired, ruled in May 2008 that "the location of the match shall be in Valencia, Spain, or any other location selected by SNG." That led Alinghi's backing yacht club, Société Nautique de Genève, to select RAK. BMW Oracle, backed by San Francisco's Golden Gate Yacht Club, fought back, citing not only the Deed of Gift but also concerns about safety because of RAK's proximity to Iran.

* Associated Press

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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" 

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Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne

2/5

Meydan race card

6.30pm: Maiden; Dh165,000; (Dirt) 1,200m
7.05pm: Handicap; Dh170,000; (D) 1,200m​​​​​​​
7.40pm: Maiden; Dh165,000; (D) 1,900m​​​​​​​
8.15pm: Handicap; Dh185,000; (D) 2,000m​​​​​​​​​​​​​​
8.50pm: Handicap; Dh185,000; (D) 1,600m​​​​​​​
9.25pm: Handicap; Dh165,000; (D) 2,000m

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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Factfile on Garbine Muguruza:

Name: Garbine Muguruza (ESP)

World ranking: 15 (will rise to 5 on Monday)

Date of birth: October 8, 1993

Place of birth: Caracas, Venezuela

Place of residence: Geneva, Switzerland

Height: 6ft (1.82m)

Career singles titles: 4

Grand Slam titles: 2 (French Open 2016, Wimbledon 2017)

Career prize money: $13,928,719

Punchy appearance

Roars of support buoyed Mr Johnson in an extremely confident and combative appearance

RESULTS

ATP China Open
G Dimitrov (BUL x3) bt R Bautista Agut (ESP x5)
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R Nadal (ESP x1) bt J Isner (USA x6)
6-4, 7-6

WTA China Open
S Halep (ROU x2) bt D Kasatkina (RUS)
6-2, 6-1
J Ostapenko (LAT x9) bt S Cirstea (ROU)
6-4, 6-4

ATP Japan Open
D Schwartzman (ARG x8) bt S Johnson (USA)
6-0, 7-5
D Goffin (BEL x4) bt R Gasquet (FRA)
7-5, 6-2
M Cilic (CRO x1) bt R Harrison (USA)
6-2, 6-0

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Engine: 3.0-litre six-cylinder MHEV

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ATP WORLD No 1

2004 Roger Federer

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2011 Novak Djokovic

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2015 Novak Djokovic

2016 Andy Murray

2017 Rafael Nadal

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Earth under attack: Cosmic impacts throughout history

4.5 billion years ago: Mars-sized object smashes into the newly-formed Earth, creating debris that coalesces to form the Moon

- 66 million years ago: 10km-wide asteroid crashes into the Gulf of Mexico, wiping out over 70 per cent of living species – including the dinosaurs.

50,000 years ago: 50m-wide iron meteor crashes in Arizona with the violence of 10 megatonne hydrogen bomb, creating the famous 1.2km-wide Barringer Crater

1490: Meteor storm over Shansi Province, north-east China when large stones “fell like rain”, reportedly leading to thousands of deaths.  

1908: 100-metre meteor from the Taurid Complex explodes near the Tunguska river in Siberia with the force of 1,000 Hiroshima-type bombs, devastating 2,000 square kilometres of forest.

1998: Comet Shoemaker-Levy 9 breaks apart and crashes into Jupiter in series of impacts that would have annihilated life on Earth.

-2013: 10,000-tonne meteor burns up over the southern Urals region of Russia, releasing a pressure blast and flash that left over 1600 people injured.

BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait