Fans of BTS were shocked when the K-pop group announced they would be taking a “hiatus” to focus on solo projects in a video that has since gone viral.
The news came just days after they released their three-album anthropology series Proof.
It sparked confusion among adoring followers, known as Army, and pandemonium from financial backers, who saw 28 per cent wiped off the record label's stock price, after the video announcement was published.
The video showed the band's seven members sitting down during their Festa Dinner, an annual fan celebration event, on Tuesday.
However, the entertainment company behind them has insisted the video had been mistranslated.
What did BTS say?
During the one-hour pre-recorded video, members RM, J-Hope, Jin, Suga, Jimin, V and Jungkook reminisced about their time together.
During the dinner, they discussed South Korea’s "idol system", where pop groups are characterised by the highly manufactured star system, and how it made it difficult for individual artists to mature and branch out on their own.
Members also questioned the identity of the group after releasing English tracks Butter and Permission to Dance.
“We have to accept that we’ve changed,” RM says as his bandmates looked on with more serious expressions. “For me, it was like the group BTS was within my grasp until On and Dynamite, but after Butter and Permission to Dance, I didn’t know what kind of group we were anymore.”
At one point, as the band begins discussing their future, Suga speaks and this is where things get tricky.
"We're going into a hiatus now. Should we talk about why we're not doing the Festa or making content?" he asks in Korean, which has been subtitled into English.
It is the word “hiatus” that, according to the band's label, has been unintentionally used in the subtitles provided by YouTube.
Scroll the gallery below to see images from BTS Permission to Dance on Stage concert in Las Vegas.
Are BTS going on a hiatus?
Hybe, the band's record label, has since told Associated Press that “BTS are not taking a hiatus. Members will be focusing more on solo projects at this time," hinting that the mistranslation has caused major confusion.
So what did the band actually say? According to Ewha Kim of the Korean Cultural Centre in Abu Dhabi, in literal translation, the words mean: “Yes, we are into off time” or “we will have off time”.
However, the word “hiatus” is the one that’s mostly been used to report about the band’s temporary break, with fans worried that this might mean the group will break up.
Since news of the impended "off time", Hybe’s stock has plummeted, with shares falling 28 per cent, reportedly losing $1.7 billion of market value in the first hour of trading on Wednesday.
Perhaps in reaction to the drop in shares, Hybe has since responded by saying that BTS want time to improve as individuals but will continue with group and solo activities, with a stronger focus on individual projects.
The band will continue Run BTS, their Korean variety show, and still have plans to appear and perform on music programmes such as Mnet Countdown and SBS Inkigayo.
Why are they taking a break?
It’s thought that the group’s announcement may be tied to the mandatory South Korean military service as some of the oldest members are nearing the deadline to complete it. Jin's 30th birthday is in December, while Suga turned 29 in March.
In 2020, an amendment was made to change the age limit that men have to complete the service from 28 to 30, however it still did not absolve the boy band from needing to complete it.
Over the last few years, there’s been mounting pressure to exempt the group members from having to complete conscription.
“It’s time to create a system for incorporating popular culture-art figures as art personnel,” said Culture, Sports and Tourism Minister Hwang Hee in May, as reported by the Yonhap news agency.
Hwang said he aimed to push a new law through parliament allowing stars to serve their country outside the military.
“The [exemption] system has been operated meaningfully to give those who have enhanced the national status based on their excellent skills more chances to contribute to the country, and there is no reason the popular art-culture field should be excluded from this,” he said.
“Somebody should be a responsible voice at a time when there are conflicting pros and cons ahead of the enlistment of some of the BTS members.”
Currently exemptions and reduced terms of service are offered to top classical musicians, folk music acts and Olympic medal winners.
It is not the first time that the group has taken time off for themselves.
In 2019, BTS announced an "extended break" from music, where members would be undergoing a period of “rest and relaxation" that would "provide them with a chance to enjoy the ordinary lives of young people in their 20s, albeit briefly". It lasted around one month.
After their Permission to Dance On Stage concerts in Los Angeles last year, the members took time off to rest and get "re-inspired".
Scroll through the gallery below to see BTS at the White House.
The biog
Hobby: "It is not really a hobby but I am very curious person. I love reading and spend hours on research."
Favourite author: Malcom Gladwell
Favourite travel destination: "Antigua in the Caribbean because I have emotional attachment to it. It is where I got married."
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
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.”
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Zayed Sustainability Prize
1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
More from Neighbourhood Watch:
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
