Guadeloupean author Maryse Conde on Friday won an alternative award formed in protest to the Nobel Literature Prize, postponed this year over a rape scandal that came to light as part of the #MeToo movement.
The New Academy Prize in Literature was formed in protest to denounce what its founders called the "bias, arrogance and sexism" of the venerable Swedish Academy, which selects Nobel laureates.
The Swedish Academy was plunged into turmoil in 2017 over its ties to Frenchman Jean-Claude Arnault, who was jailed for two years in early October for rape.
Conde "describes the ravages of colonialism and post-colonial chaos in a language which is both precise and overwhelming," the New Academy - founded by more than 100 Swedish writers, artists and journalists - said more than a week after the Nobel Literature Prize would have been announced.
Swedish librarians nominated 47 authors who were later voted on by nearly 33,000 people from around the world, leaving four authors - two women and two men - on the short list.
A jury then picked Conde from the list, which also included Vietnamese-Canadian writer Kim Thuy, British author Neil Gaiman and Japan's Haruki Murakami.
Murakami withdrew his nomination last month, telling organisers he wanted to focus on work and avoid the spotlight.
"I'm very happy and proud of this prize... Please allow me to share it with my family, my friends and above all with the people of Guadeloupe, who will be thrilled and touched seeing me receive this prize," the 81-year-old Conde, who is often among authors tipped for the Nobel prize, said in a video message.
Part of France, Guadeloupe is "only mentioned when there are hurricanes or earthquakes," added the writer whose work explores racial, gender and cultural issues in a historical context.
'Punished for what happened?'
The Nobel scandal erupted in November 2017 when Arnault, who is married to a member of the Swedish Academy and has close ties to the organisation, was accused of sexually assaulting several women.
Earlier this month, a Stockholm court found him guilty on one count of rape while acquitting him of another.
The revelations have sparked resignations from Academy members and left the prestigious body deeply divided over how to manage its ties with Arnault and his wife, poet Katarina Frostenson.
"It all started with accusations of sexual assault and sexual harassment, leaks, corruption... one day we heard the Swedish Academy was to cancel the Nobel prize in literature," said Alexandra Pascalidou, one of the New Academy's founders.
"Why was literature... why were the authors going to pay the price?... Why were they to be punished for what happened?" she told an audience in Stockholm.
The award carries prize money of up to one million kronor (around 97,000 euros, $113,000) raised from crowdfunding and donations and will be handed out at a December 9 ceremony, one day before the Nobel banquet.
Pascalidou said the new literature award would only be given this year, with the organisation set to dissolve in December.
The Swedish Academy, meanwhile, said two Nobel Literature Prize laureates would be announced next year - one for 2018 and another for 2019.
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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.”
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
PROFILE OF STARZPLAY
Date started: 2014
Founders: Maaz Sheikh, Danny Bates
Based: Dubai, UAE
Sector: Entertainment/Streaming Video On Demand
Number of employees: 125
Investors/Investment amount: $125 million. Major investors include Starz/Lionsgate, State Street, SEQ and Delta Partners
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
UAE currency: the story behind the money in your pockets
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
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More from Rashmee Roshan Lall
Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
Match info
Uefa Champions League Group C
Liverpool v Napoli, midnight
THE BIO
Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking
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