Tracy Morgan files lawsuit against Wal-Mart

The comedian Tracy Morgan has filed a lawsuit against Wal-Mart Stores in which he claims the company was partly responsible for a crash on the New Jersey Turnpike last month that seriously injured him and killed another comedian. Morgan has been released from a rehabilitation facility to continue treatment at home. The former 30 Rock star suffered a broken leg and broken ribs when the limousine van he was riding in was hit from behind on June 7 by a Wal-Mart lorry on the New Jersey Turnpike. The wreck killed the 62-year-old comedian James "Jimmy Mack" McNair. The comedian Ardley Fuqua and another passenger, Jeffrey Millea, were also injured. – AP

Bachchan’s new TV series debuts today

Amitabh Bachchan's much-awaited television drama Yudh (War) will debut on Monday, July 14. The veteran actor, 71, plays an ailing business tycoon named Yudhisthir "Yudh" Sikarwar, who owns a construction company and has to decide who will inherit his empire – his daughter from a previous marriage, or his son. Co-produced by Bachchan's production company Saraswati Creations, Yudh is being promoted as a "first of its own kind" TV series. The filmmaker Anurag Kashyap is the creative director. Yudh will premiere on Sony Entertainment Television at 9pm (UAE) and will run from Monday to Thursday. – IANS

Shakira: I thank World Cup for changing my life

Preparing to perform at her third World Cup, Shakira said she thanks football for changing her life. The pop star says she "will never forget that I met the love of my life at the World Cup". She met the Spanish defender Gerard Piqué when promoting her 2010 World Cup anthem, Waka Waka. The couple have an 18-month-old son. Speaking ahead of Sunday's closing ceremony concert, Shakira said: "If it wasn't for the World Cup my son Milan would not be here." In Maracanã Stadium before the Argentina versus Germany final, she was due to perform La La La (Brazil 2014) with the Brazilian musician Carlinhos Brown. – AP

Kangana Ranaut is Anju Modi’s couture week showstopper

The Bollywood actress Kangana Ranaut will walk the ramp for the veteran designer Anju Modi at the forthcoming edition of Shree Raj Mahal Jewellers India Couture Week 2014 in Mumbai. Modi said the Bollywood fashion icon was chosen as the showstopper for "her old-world charm". The six-day event, starting on Tuesday, will be held at The Taj Mahal Palace hotel with Modi showcasing on day two. Modi's collection is titled Manikarnika, which depicts "a woman of the past, reborn in the present". – IANS

Colin Farrell seeks return to True Detective

Colin Farrell is reportedly negotiating to star in the second season of the hit television crime drama True Detective. The first season starred Matthew McConaughey and Woody Harrelson as police detectives trying to solve a 17-year-old murder case in the 2014 anthology series. A new set of actors is due to take over the lead roles for the second season, with Farrell at the top of the list. The Total Recall star last appeared on the small screen in 2005, with an appearance on the television series Scrubs. Christian Bale and Jessica Chastain were previously linked to True Detective, but have denied any involvement with the project. – IANS

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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.”

UAE currency: the story behind the money in your pockets

Tracy Morgan files lawsuit against Wal-Mart

Plus, Amitabh Bachchan’s new TV series debuts on Monday, July 14; Shakira thanks World Cup for changing her life; Kangana Ranaut is Anju Modi’s couture week showstopper; and Colin Farrell seeks return to True Detective

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UAE currency: the story behind the money in your pockets