Madonna was criticised for self-indulgence when she recalled her early days as an aspiring singer and dancer Reuters
Madonna was criticised for self-indulgence when she recalled her early days as an aspiring singer and dancer Reuters
Madonna was criticised for self-indulgence when she recalled her early days as an aspiring singer and dancer Reuters
Madonna was criticised for self-indulgence when she recalled her early days as an aspiring singer and dancer Reuters

Music

Madonna defends herself after Aretha Franklin tribute backlash

"I was asked to present video of the year by MTV! And then they asked me to share any anecdotes I had in my career connected to Aretha Franklin!" Madonna said

Reuters

August 22, 2018

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Madonna on Tuesday hit back at critics of her speech about the late Aretha Franklin at the MTV Video Music Awards (VMA) show, saying she had been asked only to share an anecdote about the late Queen of Soul.

The Rebel Heart singer sparked a backlash with a 10-minute speech focused mostly on her own early career at Monday's live show, which organisers had said would pay honour and tribute to Franklin four days after her death at age 76.

"I was asked to present video of the year by MTV! And then they asked me to share any anecdotes I had in my career connected to Aretha Franklin!" Madonna said in an Instagram posting on Tuesday.

"I did not intend to do a tribute to her! That would be impossible in 2 minutes with all the noise and tinsel of an award show. I could never do her justice in this context or environment." She also defended her outfit saying "I love my dress,"

The only other mention of Franklin during the almost three-hour show from New York was a brief video clip of her singing early in her career and the playing of R.E.S.P.E.C.T over the closing credits.

MTV did not respond to a request for comment on Tuesday.

Madonna was criticised for self-indulgence when she recalled her early days as an aspiring singer and dancer, including one audition where she performed an a cappella version of Franklin's hit song (You Make Me Feel Like) A Natural Woman.

She made no comment about Franklin's own career.

"Whoever at the #VMAs let Madonna get on stage and give a tribute to @ArethaFranklin or whatever that was really should be out of a job right about...now," tweeted Alicia Garza, co-founder of the Black Lives Matter movement.

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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.”

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  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
Safety 'top priority' for rival hyperloop company

The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.

He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.

“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.

“Only once the system has been certified and approved will it move people,” he said.

HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon. 

With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.

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