• Miss Universe winners through the years and the organisation's new owner Anne Jakkaphong Jakrajutatip at the Miss Universe Extravaganza in Bangkok, Thailand. From left, Catriona Gray (Philippines), Andrea Meza (Mexico), Jakrajutatip, Harnaaz Sandhu (India), Leila Lopes (Angola) and Natalie Glebova (Canada). All photos: AFP
    Miss Universe winners through the years and the organisation's new owner Anne Jakkaphong Jakrajutatip at the Miss Universe Extravaganza in Bangkok, Thailand. From left, Catriona Gray (Philippines), Andrea Meza (Mexico), Jakrajutatip, Harnaaz Sandhu (India), Leila Lopes (Angola) and Natalie Glebova (Canada). All photos: AFP
  • The group appeared together weeks after Jakrajutatip, the chief executive of Thai media and content company JKN Global Group, acquired the Miss Universe Organisation from IMG.
    The group appeared together weeks after Jakrajutatip, the chief executive of Thai media and content company JKN Global Group, acquired the Miss Universe Organisation from IMG.
  • Miss Universe 2005 Glebova on stage.
    Miss Universe 2005 Glebova on stage.
  • Miss Universe 2011 Leila Lopez.
    Miss Universe 2011 Leila Lopez.
  • From left, Miss Universe president Paula Shugart, Jakrajutatip and Miss Universe chief executive Amy Emmerich.
    From left, Miss Universe president Paula Shugart, Jakrajutatip and Miss Universe chief executive Amy Emmerich.
  • Jakrajutatip said she will work to evolve the Miss Universe brand for the next generation.
    Jakrajutatip said she will work to evolve the Miss Universe brand for the next generation.
  • Miss Universe 2018 Catriona Gray arrives at the event.
    Miss Universe 2018 Catriona Gray arrives at the event.
  • Miss Universe 2020 Andrea Meza on stage.
    Miss Universe 2020 Andrea Meza on stage.
  • Jakrajutatip is the first woman owner in the 70-year history of the global beauty competition.
    Jakrajutatip is the first woman owner in the 70-year history of the global beauty competition.
  • The gala event was held at the Siam Pavalai Royal Grand Theatre in Bangkok.
    The gala event was held at the Siam Pavalai Royal Grand Theatre in Bangkok.

Why are organisations cutting ties with Miss Universe?


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The organisation that sends Vietnam's representative to Miss Universe has severed ties with the annual competition, citing the "business orientations" of the global pageant's new owner.

On Sunday, Vietnam's Unicorp joined entities from Ghana, Belize, Mauritius, Seychelles and Indonesia in cutting ties with the Miss Universe Organisation over the introduction of a new business model that required them to bid for the rights to host pageants in their countries.

Unicorp said it will continue to host the annual Hoa hau Hoan vu Viet Nam beauty pageant but would "suspend co-operation with Miss Universe".

The decision was made "after a period of careful consideration and realising that the new business orientations of Miss Universe were no longer consistent with the strategy and long-term development goals of Hoa hau Hoan vu Viet Nam," it said.

  • Miss USA R'Bonney Gabriel celebrates after winning the 71st Miss Universe competition at the New Orleans Ernest N Morial Convention Centre in Louisiana. AFP
    Miss USA R'Bonney Gabriel celebrates after winning the 71st Miss Universe competition at the New Orleans Ernest N Morial Convention Centre in Louisiana. AFP
  • Gabriel on stage after being crowned Miss Universe at the 71st Miss Universe pageant, in New Orleans. AP
    Gabriel on stage after being crowned Miss Universe at the 71st Miss Universe pageant, in New Orleans. AP
  • Gabriel, back to camera, is hugged by other contestants after being crowned Miss Universe. AP
    Gabriel, back to camera, is hugged by other contestants after being crowned Miss Universe. AP
  • Gabriel celebrates after her win. Reuters
    Gabriel celebrates after her win. Reuters
  • From left, Miss Venezuela Amanda Dudamel, Miss USA Gabriel and Miss Dominican Republic Andreina Martinez hold hands before the final verdict during the 71st Miss Universe competition in Louisiana. AFP
    From left, Miss Venezuela Amanda Dudamel, Miss USA Gabriel and Miss Dominican Republic Andreina Martinez hold hands before the final verdict during the 71st Miss Universe competition in Louisiana. AFP
  • Gabriel reacts after being picked among the final three contestants in the final round. AP
    Gabriel reacts after being picked among the final three contestants in the final round. AP
  • The final five contestants, from left, Miss Dominican Republic Martinez, Miss Curacao Gabriela Dos Santos, Miss Puerto Rico Ashley Carino, Miss USA Gabriel and Miss Venezuela Dudamel. AP
    The final five contestants, from left, Miss Dominican Republic Martinez, Miss Curacao Gabriela Dos Santos, Miss Puerto Rico Ashley Carino, Miss USA Gabriel and Miss Venezuela Dudamel. AP
  • Thai businesswoman and owner of Miss Universe pageant Anne Jakkaphong Jakrajutatip speaks during the 71st Miss Universe competition. AFP
    Thai businesswoman and owner of Miss Universe pageant Anne Jakkaphong Jakrajutatip speaks during the 71st Miss Universe competition. AFP
  • Contestants take part in the final round. AFP
    Contestants take part in the final round. AFP
  • Gabriel on stage. Reuters
    Gabriel on stage. Reuters
  • Miss Trinidad and Tobago Tya Jane Ramey. Reuters
    Miss Trinidad and Tobago Tya Jane Ramey. Reuters
  • Miss Spain Alicia Faubel. Reuters
    Miss Spain Alicia Faubel. Reuters
  • Miss Australia Monique Riley. AFP
    Miss Australia Monique Riley. AFP
  • Miss Canada Amelia Tu. Reuters
    Miss Canada Amelia Tu. Reuters
  • Miss Haiti Mideline Phelizor. Reuters
    Miss Haiti Mideline Phelizor. Reuters
  • Jakrajutatip, left, as owner of the Miss Universe Organisation, presents the ImpactWayv Challenge Award to Miss Thailand Anna Sueangam-iam. AP
    Jakrajutatip, left, as owner of the Miss Universe Organisation, presents the ImpactWayv Challenge Award to Miss Thailand Anna Sueangam-iam. AP
  • Miss Colombia Maria Fernanda Aristizabal reacts after being selected as the last of the 16 finalists. AP
    Miss Colombia Maria Fernanda Aristizabal reacts after being selected as the last of the 16 finalists. AP
  • Jeannie Mai Jenkins and Olivia Culpo host the competition. Getty Images
    Jeannie Mai Jenkins and Olivia Culpo host the competition. Getty Images
  • Miss Seychelles Gabriella Gonthier walks through the crowd with fellow contestants for the start of the final round. AP
    Miss Seychelles Gabriella Gonthier walks through the crowd with fellow contestants for the start of the final round. AP

Controversy began after Miss Universe's new owner, Thai millionaire Anne Jakrajutatip, introduced a new rule that required organisations and their national directors wishing to host competitions to select Miss Universe representatives to submit a bid annually.

Pageant fans said the new rules would mean that organisations that have had a long relationship with the Miss Universe Organisation were no longer assured of the right to host the event. There were also concerns that the move would start a bidding war, with the rights to host the contest going to the deepest pockets, and not necessarily to entities who have the contestants' best interests in mind.

"In the application, you will be asked for your highest bid for the opportunity to hold the Miss Universe licence. Please be advised that proposed licence fees deemed not aligned with the market value in your region will be rejected," read a Miss Universe memo sent to national directors and shared online.

Who has cut ties with Miss Universe?

On February 10, Malz Promotions, which has been sending a representative from Ghana for the past five years, said it was withdrawing from the Miss Universe pageant.

"The new and sudden implementation of the Miss Universe business model under the JKN Global Group's leadership are not aligned with Malz Promotions' brand objective and would hence like to discontinue the relationship with Miss Universe," its chief executive Menaye Donkor Muntari said in a letter posted on Instagram.

That same day, Nevin Rupear, the national director for Miss Universe Mauritius and Miss Universe Seychelles, wrote to the Miss Universe Organisation, saying he was relinquishing his role.

In the letter shared by pageant site Sash Factor, Rupear said "bidding is not for me".

"I am worth so much more than someone else bidding more to overtake all the hard work my team and I have put in since 2016. This cannot be quantified," he said.

They were followed by Miss Universe Belize national director Romeo Escobar, who said he was withdrawing from the competition because the bidding system "does not align with the way I conduct business and believe it is not a sustainable way to keep a partnership long term with its directors."

Some organisations, such as Yayasan Puteri Indonesia, which has been sending representatives for 30 years, claimed they were being sidelined despite years of relationship with Miss Universe's previous owners.

YPI posted a statement on Instagram saying it was "shocked" to learn that another company had been granted the licence and that it was "disappointed" by the lack of transparency in the bidding process.

On Saturday, Jakrajutatip announced Indonesian company PT Capella Swastika Karya as the new owner of Miss Universe Indonesia as well as Miss Universe Malaysia, at a glitzy event in Kuala Lumpur.

How has Miss Universe responded?

Jakrajutatip, whose JKN Global Group bought the rights to Miss Universe last year for a reported $20 million, has sought to clear the "drama" with an Instagram post, saying "something got lost in translation and information".

"The request of submission was meant to give voice and agency to the current directors — a way that they can speak truth to what they believe their business is worth," she said.

"How can someone criticise something without getting the right info or interviewing anyone in the organisation? Since when [did] the Miss Universe Organisation say that the submission was all about the highest amount of money? It’s making no sense to me and it’s not my business integrity to do so."

What does this mean for the coming Miss Universe pageant?

It's still unclear what the impact of the latest backlash will be, or whether it would affect the number of participants at the coming pageant. Since the rights to host national competitions are owned by private entities, it is also possible that another organisation can take over the rights and still send their country's representative to Miss Universe.

El Salvador is set to host the next 2023 event, although a date has not been set. The announcement was made by the country's President Nayib Bukele during the 71st Miss Universe in New Orleans, where Miss USA R'Bonney Gabriel took the crown, becoming the first Filipina-American to win the competition.

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

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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.”

Bullet%20Train
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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.

Abu Dhabi GP schedule

Friday: First practice - 1pm; Second practice - 5pm

Saturday: Final practice - 2pm; Qualifying - 5pm

Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

AL%20BOOM
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Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Company profile

Company: Rent Your Wardrobe 

Date started: May 2021 

Founder: Mamta Arora 

Based: Dubai 

Sector: Clothes rental subscription 

Stage: Bootstrapped, self-funded 

Company profile

Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

Based: Dubai, UAE 

Sector: Hospitality 

Size: 25 employees 

Funding stage: Pre-series A 

Investment: $1 million 

Investors: Seed funding, angel investors  

F1 drivers' standings

1. Lewis Hamilton, Mercedes 281

2. Sebastian Vettel, Ferrari 247

3. Valtteri Bottas, Mercedes 222

4. Daniel Ricciardo, Red Bull 177

5. Kimi Raikkonen, Ferrari 138

6. Max Verstappen, Red Bull 93

7. Sergio Perez, Force India 86

8. Esteban Ocon, Force India 56

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Updated: February 20, 2023, 10:40 AM