Paul McCartney performs at Irving Plaza on February 14, 2015 in New York City. Theo Wargo / Getty Images / AFP
Paul McCartney performs at Irving Plaza on February 14, 2015 in New York City. Theo Wargo / Getty Images / AFP

McCartney rocks New York



The former Beatle Paul Mc-­Cartney performed a nearly two-hour Valentine's Day concert at New York City's Irving Plaza on Saturday night. "Tonight is about love," McCartney told his star-studded audience as rose petals fell. The singer – who also appeared in the 40th anniversary edition of TV comedy Saturday Night Live the same evening (see right story) – entertained admirers including Peyton Manning, Eddie Murphy, Emma Stone, Tom Hanks, Jim Carrey, Billy Crystal and US Secretary of State John Kerry. McCartney's set list included The Beatles classics such as Hey Jude, Drive My Car and Let It Be. Earlier in the day, Prince performed a star-studded gig in the city at Wall Street. – AP

Dubai band to support Thirty Seconds to Mars

Dubai-based alternative-rock band Juliana Down will support the American rockers Thirty Seconds to Mars, fronted by Hollywood actor Jared Leto, at their concert at Dubai World Trade Centre Arena on April 10. The pre-show entertainment for the gig, which is being hosted in collaboration with the Middle East Film and Comic Con 2015, will also feature Virgin Radio's Kris Fade, Rossi and the Virgin team. Veterans of the Dubai rock scene for more than a decade, Juliana Down in 2011 became the first band from the UAE to be signed to a major record label, Sony Music Middle East. They have opened for a string of big-name bands, including Maroon 5, Muse and Guns N' Roses. "It's an honour to open for Thirty Seconds to Mars and represent the UAE," says lead singer Dia Hassan. "This event is going to be one of our greatest performances to date and fans should get ready to rock out at DWTC." Tickets start at Dh295 from www.ticketmaster.ae. Meet-and-greet tickets are available from www.adventuresinwonderland.com. Visit www.MARSinDubai.com for more information. – The National staff

Spacey says he can’t be content

Hollywood star Kevin Spacey says there is still so much he wants to achieve in life, he will never be content and those who are happy to rest on their laurels are missing out. The actor, who was the artistic director of the Old Vic theatre in London for 10 years and who last month spent two weeks mentoring theatre students in Sharjah, told the British edition of GQ magazine: "People who are really happy with themselves are ... boring. The worst word in the world is 'content'. When I went to London, people thought I was ... crazy. Why not sit around a Beverly Hills pool collecting residual cheques? That is not the kind of life I want. I am not content because I have purpose.'' He also revealed that after struggling financially in his younger years, he is very careful with money: "I still worry about money. I came from a modest middle-class family. My mother was the main breadwinner, my father was unemployed a lot, and I saw how difficult that was and I saw what it did to him. I was determined I was not going to be like that." Spacey will next be seen in season three of TV drama House of Cards, which will be released on Netflix on February 27 and begins on OSN on March 1.– The National staff

Ranaut denies rumours of role in Dangal

Rumours that Bollywood star Kangana Ranaut would be playing Aamir Khan's daughter in the film Dangal are not true, the actress has revealed. There had been reports that she had been in talks to star as Geeta Phogat, the daughter of wrestler Mahavir Singh Phogat, in the film, directed by Nitesh Tiwari. But Queen star Ranaut, who will next be seen in Tanu Weds Manu 2, told dnaindia.com: "Dangal was never offered to me. I'd love to work with Mr Khan sometime soon, but we aren't working on Dangal together." – The National staff

Bond villain star Jourdan dies

Veteran French actor Louis Jourdan, who starred in Gigi and as a Bond villain in Octopussy, died of natural causes on Saturday at his Beverly Hills home in Los Angeles at the age of 93. "He embodied French elegance and Hollywood offered him the parts to go with that," said his official biographer, Olivier Minne. In a long career, he starred in dozens of films and TV shows, acting alongside greats such as Frank Sinatra, Grace Kelly and Shirley MacLaine. In one of his most memorable performances, he played a leading role in the Oscar-winning 1958 musical Gigi. He also notably starred opposite Roger Moore in the 1983 007 film Octopussy. Born in Marseille in 1921, Jourdan made his screen debut in France in 1939, acting in a string of romantic comedies before he put his career on hold during the Second World War to join the Resistance. He was lured to Hollywood by the producer David O Selznick and made his American debut in the 1947 Alfred Hitchcock drama The Paradine Case. His final appearance on the big screen was in the 1992 film Year of the Comet. – AFP

Pulitzer-winning poet laureate loses cancer battle

Philip Levine, a former poet laureate who won the Pulitzer Prize in writing that celebrates the lives of the working class, died at his home in Fresno, California, his wife said on Sunday. He was 87. Born and raised in industrial Detroit, Levine was known for books such as What Work Is and News of the World. He won the Pulitzer for poetry in 1995 for a collection called The Simple Truth, and served as the country's poet-in-chief from 2011 to 2012. Before becoming a full-time writer, Levine worked in factories and driving lorries – experiences that fuelled his poetry. His wife, Frances Levine, said that her husband's second passion after writing was mentoring the next generation of poets. "He loved teaching," she said. "Out of his classes came a lot of really good poets." Levine had been diagnosed with pancreatic and liver cancer less than a month ago, Frances said. The couple had been married for 60 years and have three sons. – AP

Results:

6.30pm: Al Maktoum Challenge Round-2 (PA) | Group 1 US$75,000 (Dirt) | 2,200 metres

Winner: Goshawke, Fernando Jara (jockey), Ali Rashid Al Raihe (trainer)

7.05pm: UAE 1000 Guineas (TB) | Listed $250,000 (D) | 1,600m

Winner: Silva, Oisin Murphy, Pia Brendt

7.40pm: Meydan Classic Trial (TB) | Conditions $100,000 (Turf) | 1,400m

Winner: Golden Jaguar, Connor Beasley, Ahmad bin Harmash

8.15pm: Al Shindagha Sprint (TB) | Group 3 $200,000 (D) | 1,200m

Winner: Drafted, Pat Dobbs, Doug Watson

8.50pm: Handicap (TB) | $175,000 (D) | 1,600m

Winner: Capezzano, Mickael Barzalona, Sandeep Jadhav

9.25pm: Handicap (TB) | $175,000 (T) | 2,000m

Winner: Oasis Charm, William Buick, Charlie Appleby

10pm: Handicap (TB) | $135,000 (T) | 1,600m

Winner: Escalator, Christopher Hayes, Charlie Fellowes

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Results

2.15pm: Maiden (PA) Dh40,000 1,200m

Winner: Maqam, Fabrice Veron (jockey), Eric Lemartinel (trainer).

2.45pm: Maiden (PA) Dh40,000 1,200m

Winner: Mamia Al Reef, Szczepan Mazur, Ibrahim Al Hadhrami.

3.15pm: Handicap (PA) Dh40,000 2,000m

Winner: Jaahiz, Fabrice Veron, Eric Lemartinel.

3.45pm: Handicap (PA) Dh40,000 1,000m

Winner: Qanoon, Szczepan Mazur, Irfan Ellahi.

4.15pm: Sheikh Hamdan bin Rashid Cup Handicap (TB) Dh200,000 1,700m.

Winner: Philosopher, Tadhg O’Shea, Salem bin Ghadayer.

54.45pm: Handicap (PA) Dh40,000 1,700m

Winner: Jap Al Yassoob, Fernando Jara, Irfan Ellahi.

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
MORE FROM CON COUGHLIN
Profile of RentSher

Started: October 2015 in India, November 2016 in UAE

Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

Based: Bangalore, India and Dubai, UAE

Sector: Online rental marketplace

Size: 40 employees

Investment: $2 million

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
THE APPRENTICE

Director: Ali Abbasi

Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong

Rating: 3/5

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

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.”

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
Racecard

2pm Handicap Dh 90,000 1,800m

2.30pm Handicap Dh120,000 1,950m

3pm Handicap Dh105,000 1,600m

3.30pm Jebel Ali Classic Conditions Dh300,000 1,400m

4pm Maiden Dh75,000 1,600m

4.30pm Conditions Dh250,000 1,400m

5pm Maiden Dh75,000 1,600m

5.30pm Handicap Dh85,000 1,000m

 

The National selections:

2pm Arch Gold

2.30pm Conclusion

3pm Al Battar

3.30pm Golden Jaguar

4pm Al Motayar

4.30pm Tapi Sioux

5pm Leadership

5.30pm Dahawi

Where can I submit a sample?

Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.

Collection centres in Abu Dhabi include:

  • Abu Dhabi National Exhibition Centre (ADNEC)
  • Biogenix Labs in Masdar City
  • Al Towayya in Al Ain
  • NMC Royal Hospital in Khalifa City
  • Bareen International Hospital
  • NMC Specialty Hospital, Al Ain
  • NMC Royal Medical Centre - Abu Dhabi
  • NMC Royal Women’s Hospital.