Indian businessman Lalit Modi has confirmed that he is in a relationship with actress Sushmita Sen.
Modi, 58, revealed that the pair are together on Instagram with a series of photos and a caption that describes Sen, 46, as his "better looking partner".
He described a "new beginning, a new life finally" for the pair, and said he was "over the moon".
However, Modi clarified that despite confirming they are in a relationship, they are not yet married or engaged.
"In love does not mean marriage YET," he wrote, adding in upper case: "BUT ONE THAT BY GODS GRACE WILL HAPPEN. I JUST ANNOUNCED THAT WE ARE TOGETHER."
On Twitter Modi added: "Just for clarity. Not married - just dating each other. That too it will happen one day."
Modi was the founder and first chairman and commissioner of the Indian Premier League, he headed the tournament for three years until 2010. He moved to London in the same year, after India's Enforcement Directorate accused him of financial irregularities.
He was married to Minal Modi from 1991 until her death in 2018. The couple had two children, Ruchir Modi and Aliya Modi, and the businessman is step-father to Minal's daughter Karima Sagrani.
Sen was crowned Miss Universe in 1994 and went on to forge a career in Bollywood, starring in successful films such as Main Hoon Na, Biwi No. 1 and Samay: When Time Strikes, as well as her turn as the titular character in the popular television show Aarya (streaming on Disney+ Hotstar).
The announcement of their romance seems to have taken the actress's brother Rajeev Sen by surprise, who told India Today: "I am pleasantly surprised too. I will speak to my sister about this."
Sushmita Sen's Miss Universe journey
In December 2021, Harnaaz Sandhu became the third Indian woman to be crowned Miss Universe, following in the footsteps of Sushmita Sen in 1994, and Lara Dutta in 2000.
Sen made history in 1994, when she was only 18 as the first winner from India to win Miss Universe.
Her journey to the crown began after she won Femina Miss India the same year, beating out the favourite Aishwarya Rai.
At the Miss Universe contest in Manila, she ranked third overall in the preliminaries behind Miss Colombia and Miss Venezuela.
Scroll through the gallery for all the Miss Universe 2022 contestants who've been named so far:
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
MATCH INFO
Barcelona 4 (Messi 23' pen, 45 1', 48', Busquets 85')
Celta Vigo 1 (Olaza 42')
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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UAE currency: the story behind the money in your pockets
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
