Katy Perry has failed to win over two elderly nuns whose former convent she wants to turn into her home. The hillside Italianate complex, valued at $15 million (Dh55m), is situated near Silver Lake in Los Angeles. In the latest legal salvo, sisters Rita Callanan, 77, and Catherine Rose Holzman, 86, challenged the authority of the archdiocese to sell the property. The motion, dated on Monday, accused the archdiocese of unilaterally changing the bylaws of the convent, known as the California Institute of the Sisters of the Most Holy and Immaculate Heart of the Blessed Virgin Mary. Perry has visited the nuns, reportedly singing for them and telling them that she hopes to live in the property with her mother and grandmother. Callanan recently told the Los Angeles Times that she found Perry’s videos online and “if it’s all right to say, I wasn’t happy with any of it”. The nuns instead signed to sell the property to restaurateur Dana Hollister. The archdiocese countered that Hollister offered only $44,000 upfront with no promise to make payments to the ageing sisters for another three years. The archdiocese said that the three other remaining sisters supported the sale to Perry. The five sisters no longer live in the convent. – AFP
50 Cent testifies about his finances
Rapper 50 Cent, ranked by Forbes as one of hip-hop's five richest artists, downplayed his wealth on Tuesday as he testified in court about his finances and the media attention surrounding his recent bankruptcy filing. The multiplatinum-selling artist appeared at Manhattan state Supreme Court in a proceeding to decide possible additional punitive damages in an invasion-of-privacy lawsuit. A jury has already ordered him to pay $5 million (Dh18.3m) in a lawsuit brought by a woman who said he didn't have her permission when he released a sex tape she made with a boyfriend. Questioned by a lawyer representing the woman, Lastonia Leviston, the musician denied owning many luxury items – including cars and jewellery – saying he rents, borrows and leases instead. Days after the jury ordered he pay $5 million, Jackson filed for personal bankruptcy protection in Connecticut. – AP
Writer E L Doctorow dies at 84
Writer E L Doctorow, who wryly reimagined the American experience in novels such as Ragtime and The March and applied its lessons to the past and future in fiction and nonfiction, has died. He was 84. He died on Tuesday at a New York hospital from complications of lung cancer. He lived in New York and Sag Harbor. Considered one of the major authors of the 20th century, Doctorow enjoyed critical and popular success over his 50-year career. He won the National Book Award for fiction in 1986 for World's Fair and the National Book Critics Circle award in 1989 for Billy Bathgate and in 2005 for The March. – AP
Neha Dhupia trolled on Twitter
Bollywood star Neha Dhupia has been relentlessly trolled on Twitter ever since she raised questions on Tuesday about “good governance” after Mumbai ground to a standstill in a deluge of rain. The actress tweeted: “One rain n the city comes to a standstill. Good governance is not about selfies n main us do yoga, it’s making sure ur citizens r safe.” The tweet references Indian prime minister Narendra Modi and his #SelfieWithDaughter and Yoga Day public campaigns. The 34-year-old actress’s comment has been regarded as mostly vicious. The tweet has been shared more than 2,700 times and has over 2,000 favourites, but attracted plenty of vitriol from social-media users, who accused Dhupia of “seeking publicity” and “dumbness”. She was also taunted about her flagging career. The actress has not responded to comments. – The National staff
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Company%20Profile
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World Sevens Series standing after Dubai
1. South Africa
2. New Zealand
3. England
4. Fiji
5. Australia
6. Samoa
7. Kenya
8. Scotland
9. France
10. Spain
11. Argentina
12. Canada
13. Wales
14. Uganda
15. United States
16. Russia
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
World ranking (at month’s end)
Jan - 257
Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
Currently: 88
Year-end rank since turning pro
2016 - 279
2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
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Company%20Profile
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
More from Rashmee Roshan Lall
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Company%20profile
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MATCH INFO
Hoffenheim v Liverpool
Uefa Champions League play-off, first leg
Location: Rhein-Neckar-Arena, Sinsheim
Kick-off: Tuesday, 10.45pm (UAE)
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
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.”
Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Big%20Ape%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20LucasArts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20PlayStation%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
The specs
Engine: 5.2-litre V10
Power: 640hp at 8,000rpm
Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
Price: From Dh1 million
On sale: Q3 or Q4 2022
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: seven-speed automatic
Power: 592bhp
Torque: 620Nm
Price: Dh980,000
On sale: now
The%20Specs
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