Jack Bauer's 24 to return in 2014

Jack Bauer’s 24 to return in 2014

The television thriller 24 will return in summer 2014 with its lead star, Kiefer Sutherland, after a four-year hiatus, Fox network said. The show 24: Live Another Day brings Sutherland back as the counter-terrorism agent Jack Bauer in a 12-episode mini-series that represents 24 hours in Bauer's life. "The response is unlike anything I have experienced as an actor," Sutherland said in a statement. "Reuniting with Jack Bauer is like finding a lost friend." – Reuters

Astronaut music video goes viral

A Canadian astronaut on the International Space Station is bowing out of orbit with a music video, his own version of David Bowie's Space Oddity. It's the first music video made in space, says Nasa. Chris Hadfield's rendition of Space Oddity was posted on YouTube on Sunday, a day before his departure from the orbiting lab. After a five-month mission, he safely returned on Monday aboard a Russian Soyuz capsule that landed in Kazakhstan. Hadfield, 53, a guitarist who has played in an astronaut rock 'n' roll band, recorded the video throughout all over the space station. The five-minute song got nearly five million hits on YouTube on Tuesday morning and drew a salute from Bowie's official Facebook page: "It's possibly the most poignant version of the song ever created." – AP

Swift and Bryan to sing at country awards

Taylor Swift leads a list of big stars set to perform at the CMT Music Awards next month. Swift, Miranda Lambert, Luke Bryan, Hunter Hayes and Little Big Town are the first performers announced for the awards show on June 5. Jason Aldean and Kristen Bell are set to host the fan-voted awards show when it is broadcast live from Nashville. Lambert, Bryan and Eric Church are this year's top nominees. – AP

Aretha Franklin pulls out of shows

Aretha Franklin has cancelled appearances in the US on a doctor's recommendation. A Monday news release says Franklin will need treatment during the time the shows were scheduled: May 20 in Chicago and May 26 in Connecticut. – AP

American Idol finale to air on OSN

American Idol's two-part season finale will be broadcast exclusively on Thursday and Friday, 9pm, on OSN First HD. The reality contest is down to two female singers competing for the record deal grand prize: the 23-year-old R&B vocalist Candice Glover and the 22-year-old country crooner Kree Harrison. – The National staff

@LifeNationalUAE

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.”

Jack Bauer's 24 to return in 2014

Plus: American Idol finale to air on OSN; astronaut music video goes viral; Aretha Franklin pulls out of shows; Swift and Bryan to perform at country awards.