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Holly to Bolly: Jimmy Kimmel to host Oscars, Helen Marten wins Turner Prize for art, and more

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Jimmy Kimmel to host Oscars

Late night television presenter Jimmy Kimmel has been give Oscar hosting honours for the next instalment of the Academy Awards in February. It will be a first for the comedian, who has hosted Jimmy Kimmel Live! on ABC since 2003. Kimmel was praised for his work as host of this year's Emmy awards. Kimmel tweeted, "Yes, I am hosting the Oscars. This is not a prank. And if it is, my revenge on @TheAcademy will be terrible & sweet". Academy president Cheryl Boone Isaacs says she is thrilled to have a host who "knows who he is, he knows the audience", while CEO Dawn Hudson described Kimmel as "razor sharp, funny and unpredictable". The 89th Oscars ceremony will air live on ABC on February 26. — AFP

Bob Dylan writes speech for Nobel Prize ceremony

Bob Dylan won't accept his Nobel Prize for Literature in person, but he has written a speech for the occasion. Dylan declined the invitation to this weekend's ceremony in Stockholm, but has penned a speech of thanks that is to be read aloud. Patti Smith will also be on hand to perform Dylan's A Hard Rain's A-gonna Fall as a tribute to the singer. Nobel spokeswoman Annika Pontikis says Dylan's diploma and medal will be handed over to him at a later date. — AP

Shah Rukh Khan gets Icon of the Year award from Kids

Bollywood actor Shah Rukh Khan has won the Kid’s Icon Of The Year award at the Kids’ Choice Awards 2016 in Mumbai. After receiving the award Khan said “I was told that as an artiste if I can win the heart of a kid I am a true entertainer. Today, winning this award is proving to that. I am very happy and it is special. Though I was busy shooting, I am here today because this award is by the kids”. Actress Deepika Padukone won Best Actor (Female) for Bajirao Mastani and actor Salman Khan won Best Actor (Male) for Sultan. Sultan was also named the Best Bollywood film. Motu Patlu won the Best Show on Kids Channel and Motu won as the Best Indian Cartoon Character. — IANS

Helen Marten wins Turner Prize for art

Helen Marten, who turns the rubbish of everyday life into sculpture, has won the Turner Prize for art. Judges who awarded the prize at London's Tate Britain gallery praised the "poetic and enigmatic qualities" of Marten's work, made from found objects including nails, shoe soles, cotton buds and bicycle chains. Founded in 1984 and given annually to a Britain-based artist under the age of 50, the prize often sparks heated debate about the value of modern art. Named for 19th-century landscape painter JMW Turner, the award has helped make stars of potter Grayson Perry, shark pickler Damien Hirst and 12 Years a Slave director Steve McQueen. — AP

Actress and politician, Jayaram Jayalalithaa, has died

Jayaram Jayalalithaa, the popular south Indian actress who later turned to politics and became the highest elected official in the state of Tamil Nadu, has died at the age of 68. Jayalalithaa passed away after undergoing surgery following a heat attack in Chennai. Tamil Nadu declared a seven-day mourning period in honour of the politician known by her followers as ‘Amma,’ which means ‘Mother’ in the Tamil language. Jayalalithaa inspired loyalty among film fans and political supporters alike. As news of her death spread, thousands of people filled the street, well after midnight, to watch a motorcade escort the ambulance carrying her body from the hospital to her home. Police had a hard time controlling people from rushing onto the road. Many people wept and beat their chests overcome by grief. Indian prime minister Narendra Modi said he was “deeply saddened” by Jayalalithaa’s death. “Her demise has left a huge void in Indian politics,” Modi tweeted. — AP

France hopes to attract Indian tourists through film

As France contends with a drop in tourist numbers following a series of deadly attacks, the government is hoping a new Bollywood romantic comedy can help it lure Indian visitors. From the beaches of the Cote d'Azur to the roof of the Paris opera house and the historic bridges of the Seine, the movie Befikre ('Carefree' in English) is filled with postcard scenes of France. The movie hits theatres in India on Friday, December 9. Makers of the movie say Befikre is the first Bollywood film to be shot entirely in the French mainland. The movie stars Ranveer Singh and Vaani Kapoor. French ambassador to India Alexandre Ziegler says, "In a country like India, the effect of movies on the dreams people have of visiting an unknown place and on the desire to discover is absolutely huge. It is without doubt the biggest influence over travel today for the Indian middle classes." India's burgeoning middle class is travelling abroad in growing numbers, with 50 million forecast to do so by 2020, up from just 20 million in 2014. — AFP

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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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