LONDON // "Intensely readable." "Page-turning stories that nonetheless raise highly thought-provoking ideas." "Ambitious and approachable." This year's judging panel, chaired by former British Conservative MP and cabinet minister Michael Portillo, was keen to stress the accessibility of the final six books in the running for the Man Booker prize - considered to be the foremost fiction award in the English language - in a statement accompanying the announcement of the shortlist.
The prize has been, in recent years, accused of merely peddling middlebrow, unwieldy novels. And the judges' fondness for large-scale, epic narratives this time round, may do little to hush the hecklers.
One ambitious tapestry narrative did, however, fall victim to the cull. Salman Rushdie's The Enchantress of Florence, a carefully wrought, cross-continental fable in which Machiavelli and Medicis make their appearances, was deemed to be simply not good enough, according to Portillo.
"I can say that the discussions we had about Salman Rushdie, as with all the other books, was a discussion about the book and not about the author. It was about the merits of the book," he said.
In a list somewhat spiked with surprises, two other early favourites for the Dh350,000 prize failed to progress to the final round: Joseph O'Neill's Netherland, a post 9/11 tale of New York and current toast of the literati, garnering worldwide raves (including one by our own Kanishk Tharoor) - and Michelle de Kretser's The Lost Dog, which had novelist AS Byatt (recipient of the prize in 1990 for Possession) proclaiming it, "the best novel I have read in a long time," a Booker winner-in-waiting.
In their place progressed Amitav Ghosh's Sea of Poppies, the first of a projected trilogy which opens in 1838, just as the original opium war is about to be waged. Portillo described it as a "big, rumbustious sort of a book". Equally as bold in scope and length is Philip Hensher's 700-page blockbuster, The Northern Clemency, a very different kind of period tome. An elegantly drawn, state-of the-nation novel, brimming with finely-tuned comic dialogue, it follows two families in northern England from the 1970s to the present day - which saw, among other society-shifting moments, the three-day-working-week, Margaret Thatcher's rise to power, and the miners' strike.
"It's a huge book, but I don't want to put anyone off with that," said Portillo. "It's just a wonderfully developed story of ordinary people in Sheffield."
It is, indeed, a well-deserved citing for one of the finest, yet often overlooked, of the current crop of young British writers. It is also my pick for the prize, sitting, as it does, comfortably alongside previous memorable winners like Alan Hollinghurst's The Line of Beauty.
However it falls on Sebastian Barry's The Secret Scripture to be installed as the bookmaker's choice for the win. An antiphonal, alternative take on 20th century Irish history, the novel is beautifully braided of two narrative strands: the secret journals of Roseanne McNulty, an elderly patient in a mental hospital, and the "Commonplace Book" of her psychiatrist, Dr Grene. Barry is the only previous nominee (for 2005's A Long Long Way) to have again made the cut this year.
A Fraction of the Whole by Steve Toltz - which, along with Aravind Adiga's The White Tiger, comprises the list's two debut novels - should also not be ruled out, owing much to JD Salinger stylistically, not to mention the 2003 winning author, DBC Pierre and his Vernon God Little. Adiga, a former correspondent in India for Time magazine, was the only author from the subcontinent to have made the final cut, with Mohammed Hanif left at the longlist stage. Hanif's debut novel A Case of Exploding Mangoes was another hot tip up until the announcement, a witty, magic realist reimagining of the circumstances surrounding the mysterious plane crash that killed Pakistan's military ruler, General Zia, in Aug 1988.
Linda Grant's The Clothes on Their Backs, a lovely character portrait detailing a young woman's secret history, completes this year's curiously retro ingathering.
The shortlist in full reads:
Aravind Adiga, The White Tiger
Sebastian Barry, The Secret Scripture
Amitav Ghosh, Sea of Poppies
Linda Grant, The Clothes on Their Backs
Philip Hensher, The Northern Clemency
Steve Toltz, A Fraction of the Whole
The winner of the Man Booker prize 2008 will be announced on Oct 14 at the annual dinner held at London's Guildhall.
@email:afeshareki@thenational.ae
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
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: 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.”
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
DUBAI WORLD CUP CARNIVAL CARD
6.30pm Handicap US$135,000 (Turf) 2,410m
7.05pm UAE 1000 Guineas Listed $250,000 (Dirt) 1,600m
7.40pm Dubai Dash Listed $175,000 (T) 1,000m
8.15pm Al Bastakiya Trial Conditions $100,000 (D) 1.900m
8.50pm Al Fahidi Fort Group Two $250,000 (T) 1,400m
9.25pm Handicap $135,000 (D) 2,000m
The National selections
6.30pm: Gifts Of Gold
7.05pm Final Song
7.40pm Equilateral
8.15pm Dark Of Night
8.50pm Mythical Magic
9.25pm Franz Kafka
Results
2pm: Maiden (TB) Dh60,000 (Dirt) 1,200m, Winner: Mouheeb, Tom Marquand (jockey), Nicholas Bachalard (trainer)
2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer
3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash
4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.
4.30pm: Handicap (TB) Dh68,000 (D) 1,600m, Winner: Habah, Pat Dobbs, Doug Watson
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
Company%20profile
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