It was Terrence Malick's The Tree of Life that took the Palme d'Or in Cannes on Sunday night. The film, which stars Brad Pitt, asks the big questions about life, and they were answered by the jury, headed by Robert De Niro, who disagreed with those critics that incredulously booed the film when it first screened last week.
The famously retiring director was not in the room to pick up the prize, leaving the honour to his producer Bill Pohan who stated: "I have big boots to fill. Terrence is too shy to come here tonight, but I spoke to him earlier and he showed great elation and was very honoured."
For my money, the jury did not make one bad choice in its deliberations. The best films picked up the top prizes and the strongest performances won the acting prizes, although Cécile De France who starred in The Kid with a Bike and Ryan Gosling for Drive may only have lost out because it is a Cannes tradition that no film receives more than a single prize. Gosling will have his day next February at the Oscars.
The Tree of Life is Malick's best film, and quite simply an astonishing work. It starts with the news that the son of Mr and Mrs O'Brien (Pitt and Jessica Chastain) has died at war. What follows is a remarkable treatise on life, creation and the self. It's a filmmaking masterclass.
Jumping to the present day (where Sean Penn plays Jack, a surviving son) Malick presents the metropolis with the same verve and reverence that previous films have reserved for nature. It's clear from all of his previous work that the spirit is a big part of his life, but his respect for man, or more accurately the power of nature and survival of the fittest, is here superbly incorporated.
The film looks at one of the most difficult questions anyone can ask: why are we here? Rather than try to come up with an answer, Malick shows the process that many people go through in thinking through these questions. It's incredibly ambitious, showing stars exploding, geological transformations and even dinosaurs, and deserves all the plaudits it gets.
Giving Malick a close run was Turkish director Nuri Bilge Ceylan, with his superb film Once Upon a Time in Anatolia. Showing on the final day of the festival, it is a homage of sorts to the Westerns of Sergio Leone. It opens with a murderer trying to help police find a body buried in the steppes of Anatolia. The magnificent film, like the best Westerns, investigates the relationship between the men, and, of course, nothing is quite as it seems. The action takes place over one day and ends with the autopsy of the victim. It's a mysterious film and one that deserves multiple viewing. Ceylan joked: "I don't think it is important for everyone to understand everything."
Once Upon a Time in Anatolia shared the festival's second highest honour, the Grand Prix, with Jean-Pierre and Luc Dardenne's The Kid with a Bike. The brothers have won the Palme d'Or twice before and in their new film the directors have employed De France in a leading role. It's unusual because the directors are famous for working with only non-professional actors, and when I chatted with De France on a hotel rooftop, the Belgian star told me: "I was amazed when they called me, as of course I looked at the works of the brothers and was sad that there was no chance that I could work with them."
The Kid with a Bike is about a child who is abandoned by his father. He befriends a hairdresser played by De France who takes him under her wing and agrees to be his guardian. The boy insists on finding his father and gets into plenty of trouble in this coming-of-age drama.
Of course, after Lars von Trier was declared persona non grata for his misconceived joke at a press conference about being a Nazi, there was debate about whether his film Melancholia, about the end of the world, should be kicked out of the competition. Luckily for Kirsten Dunst, it wasn't. She now joins Charlotte Gainsbourg and Björk in the ranks of those who have appeared in films created by the Danish director who have gone on to pick up Best Actress awards at Cannes.
With incredible understatement, the actress said when picking up the award: "What a week it has been. Thank you so much for the jury and it's an honour, this is a once-in-a-lifetime thing. Thanks, Lars, for giving me the opportunity of being so brave."
When she mentioned the Danish director's name, there were audible cheers from the audience at the ceremony, which was presented by Melanie Laurent.
The evening started off hilariously, with Robert De Niro flubbing his lines - although, he deserves credit for trying to deliver his opening address in French. The best moment came when he spoke of his "champignons" in the jury before correcting that to "companions". Of course, it was all in jest, but no doubt this year's jury will henceforth be known as Robert De Niro and his mushrooms.
Heavily tipped French actor Jean Dujardin picked up the award for Best Actor for his turn in The Artist. It was a performance of note, as the film is a dialogue-less movie about a silent movie star whose career is derailed by the coming of the talkies. Dujardin broke his silence when he picked up the award, thanking his co-star and wife in what was a popular win.
By far the most amazing acceptance speech, however, came from French director and actress Maïwenn Le Besco, who was gasping for breath and almost in tears when she won the Jury Prize. Her excellent film about the child protection unit in France reflects the actress's verve and bravado. It has numerous characters and is as much about the office politics of the protagonists as it is about investigating terrible crimes against children.
Joseph Cedar deservedly won the Best Screenplay prize for Footnote. The drama set among academics in a university revolves around the moral dilemma that is created when a father is awarded a major prize, when it was intended for his son.
When the official selection was announced it created a buzz, after the lacklustre edition last year. In the event, the festival more than lived up to its billing, with not only great films but also great stories. The market was buoyant for the first time in years, although it was the bigger star vehicles from Hollywood that most benefited, while the smaller independent films continue to struggle.
This year's edition was also the year that the recent investment in film from the Middle East began to bear fruit. The last two films in competition were both about the Arab world; the Ceylan award-winner and the Moroccan-set fairy tale The Source by the Romanian director Radu Mihaileanu, which starred Hiam Abbass and Hafsia Herzi. The Source was a film aiming to address women's politics in the Islamic world.
The Middle East filmmakers Nadine Labaki and Leila Kilani both made impressions. Labaki's film Where Do We Go Now? was particularly strong. There was also a large number of deals being done on the market involving the region.
Cannes 2011 will perhaps be remembered most for the directors who were absent from final night, however: Terrence Malick and Lars von Trier.
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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.”
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs: Fenyr SuperSport
Price, base: Dh5.1 million
Engine: 3.8-litre twin-turbo flat-six
Transmission: Seven-speed automatic
Power: 800hp @ 7,100pm
Torque: 980Nm @ 4,000rpm
Fuel economy, combined: 13.5L / 100km
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
RESULTS
5pm: Watha Stallions Cup Handicap (PA) Dh 70,000 (Dirt) 2,000m
Winner: Dalil De Carrere, Bernardo Pinheiro (jockey), Mohamed Daggash (trainer)
5.30pm: Maiden (TB) Dh 70,000 (D) 2,000m
Winner: Miracle Maker, Xavier Ziani, Salem bin Ghadayer
6pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Pharitz Al Denari, Bernardo Pinheiro, Mahmood Hussain
6.30pm: Maiden (PA) Dh 70,000 (D) 1,600m
Winner: Oss, Jesus Rosales, Abdallah Al Hammadi
7pm: Handicap (PA) Dh 70,000 (D) 1,400m
Winner: ES Nahawand, Fernando Jara, Mohamed Daggash
7.30pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: AF Almajhaz, Abdul Aziz Al Balushi, Khalifa Al Neyadi
8pm: Maiden (PA) Dh 70,000 (D) 1,000m
Winner: AF Lewaa, Bernardo Pinheiro, Qaiss Aboud.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
UAE currency: the story behind the money in your pockets
Roll of honour: Who won what in 2018/19?
West Asia Premiership: Winners – Bahrain; Runners-up – Dubai Exiles
UAE Premiership: Winners – Abu Dhabi Harlequins; Runners-up – Jebel Ali Dragons
Dubai Rugby Sevens: Winners – Dubai Hurricanes; Runners-up – Abu Dhabi Harlequins
UAE Conference: Winners – Dubai Tigers; Runners-up – Al Ain Amblers
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Engine: 80 kWh four-wheel-drive
Transmission: eight-speed automatic
Power: 402bhp
Torque: 760Nm
Price: From Dh280,000
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SQUADS
UAE
Mohammed Naveed (captain), Mohamed Usman (vice-captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Nepal
Paras Khadka (captain), Gyanendra Malla, Dipendra Singh Airee, Pradeep Airee, Binod Bhandari, Avinash Bohara, Sundeep Jora, Sompal Kami, Karan KC, Rohit Paudel, Sandeep Lamichhane, Lalit Rajbanshi, Basant Regmi, Pawan Sarraf, Bhim Sharki, Aarif Sheikh
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
