While opinion remains divided over Will Smith slapping Chris Rock onstage at the 94th Academy Awards, the implications for Smith’s career and image after the incident are beginning to be felt.
Though slow at first to react, for which it has faced continuing criticism, the Academy of Motion Picture Arts and Sciences has written to its 9,921 members to announce the launch of an inquiry into the incident, which will “take a few weeks".
The academy was roundly criticised for its initial tweet after the Independence Day star slapped Rock.
Many felt that response attempted to brush over the incident. The tweet said: “The academy does not condone violence of any form. Tonight we are delighted to celebrate our 94th Academy Awards, who deserve this moment of recognition from their peers and movie lovers around the world.”
Oscars producer Will Packer also appeared to make light of the incident, tweeting: “Welp … I said it wouldn’t be boring.”
Actors’ union Sag-Aftra, of which Smith is a member, released a statement concerning the incident that read: “Violence or physical abuse in the workplace is never appropriate and the union condemns any such conduct. The incident involving Will Smith and Chris Rock at last night’s Academy Awards was unacceptable.”
Academy launches inquiry: ‘We are upset and outraged’
Writing to their members, made up of industry players, including actors, directors and producers, the academy president David Rubin and chief executive Dawn Hudson said: “Sunday’s telecast of the 94th Oscars was meant to be a celebration of the many individuals in our community who did incredible work this past year. We are upset and outraged that those moments were overshadowed by the unacceptable and harmful behaviour on stage by a nominee.
“To be clear, we condemn Mr Smith’s actions that transpired Sunday night.”
The letter also invoked the academy’s bylaws and standards of conduct, to which its board of governors will refer when deciding on “appropriate action for Mr Smith.”
What is the academy’s code of conduct?
The organisation’s conduct code was created in 2017 in the wake of the #metoo movement and the sexual misconduct scandal that hit the industry, including the many allegations against producer Harvey Weinstein.
The code called upon its members to “behave ethically by upholding the academy’s values of respect for human dignity, inclusion, and a supportive environment that fosters creativity.”
It added: “There is no place in the Academy for people who abuse their status, power or influence in a manner that violates recognised standards of decency. The Academy is categorically opposed to any form of abuse, harassment or discrimination on the basis of gender, sexual orientation, race, ethnicity, disability, age, religion, or nationality.”
Could Will Smith have his Oscar taken away?
“Let me say this, there are consequences. There are big consequences because nobody is OK with what happened. Nobody, nobody, nobody,” Whoopi Goldberg, a member of the academy’s 54-person board of governors said on The View this week.
Despite calls for Smith to face appropriate consequences for his actions, he is likely to remain working. With no fewer than nine projects in development, including Bad Boys 4, the release of his coming movie, Emancipation, is still scheduled for this year.
“As mad as everyone is at Will Smith,” etalk’s senior correspondent Elaine Lui told The Washington Post, “Do we honestly think no one is taking his calls?”
As the academy launches its inquiry, here are four possible outcomes Will Smith may face…
1. Stripped of his Oscar
While there have been calls for Smith to have his Best Actor Oscar for his role in King Richard taken away, this course of action is highly unlikely.
In the history of the Academy Awards, only one Oscar has ever been forcibly returned, the 1969 Best Documentary Oscar which was awarded to Young Americans, then rescinded over time frame eligibility issues.
“I think the feeling is that Oscar is for the work and he earned the Oscar, but the punishment will be for his behaviour,” former editor of The Hollywood Reporter, Matthew Belloni told WaPo.
2. Suspended or expelled from the academy
Expulsion from the academy is rare and therefore unlikely. Only two members have been permanently expelled, actor Carmine Caridi in 2004 for violating voting rules, and Harvey Weinstein in 2017. Suspension is a more likely, and temporary, outcome.
This might include being publicly reprimanded by the academy, and being unable to attend its events or be eligible for awards for a certain time period, likely six months.
3. Talk show appearance and public apology
It’s likely the actor will walk the tried-and-tested path of celebrities who have temporarily fallen out of favour with fans and peers.
Smith remains one of Hollywood's most popular, and bankable, stars, and will likely appear on a talk show to discuss the incident, such as a sit down with Oprah Winfrey, or on his wife’s Emmy-winning Red Table Talk, on which he has appeared before.
4. Barred from presenting at next year’s Oscars
With talk turning to “consequence culture, not cancel culture”, Smith may lose the privilege of presenting at the 95th Academy Awards.
Traditionally, winners in the category present awards at the Oscars the following year. Smith might lose out on the chance to present at — or at the very least attend — next year’s event.
The Rub of Time: Bellow, Nabokov, Hitchens, Travolta, Trump and Other Pieces 1986-2016
Martin Amis,
Jonathan Cape
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
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The Vines - In Miracle Land
Two stars
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
CHATGPT%20ENTERPRISE%20FEATURES
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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.”
The five types of long-term residential visas
Obed Suhail of ServiceMarket, an online home services marketplace, outlines the five types of long-term residential visas:
Investors:
A 10-year residency visa can be obtained by investors who invest Dh10 million, out of which 60 per cent should not be in real estate. It can be a public investment through a deposit or in a business. Those who invest Dh5 million or more in property are eligible for a five-year residency visa. The invested amount should be completely owned by the investors, not loaned, and retained for at least three years.
Entrepreneurs:
A five-year multiple entry visa is available to entrepreneurs with a previous project worth Dh0.5m or those with the approval of an accredited business incubator in the UAE.
Specialists
Expats with specialised talents, including doctors, specialists, scientists, inventors, and creative individuals working in the field of culture and art are eligible for a 10-year visa, given that they have a valid employment contract in one of these fields in the country.
Outstanding students:
A five-year visa will be granted to outstanding students who have a grade of 95 per cent or higher in a secondary school, or those who graduate with a GPA of 3.75 from a university.
Retirees:
Expats who are at least 55 years old can obtain a five-year retirement visa if they invest Dh2m in property, have savings of Dh1m or more, or have a monthly income of at least Dh20,000.
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Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
More coverage from the Future Forum
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Name: Hassan Mohsen Elhais
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Juliot Vinolia’s checklist for adopting alternate-day fasting
- Don’t do it more than once in three days
- Don’t go under 700 calories on fasting days
- Ensure there is sufficient water intake, as the body can go in dehydration mode
- Ensure there is enough roughage (fibre) in the food on fasting days as well
- Do not binge on processed or fatty foods on non-fasting days
- Complement fasting with plant-based foods, fruits, vegetables, seafood. Cut out processed meats and processed carbohydrates
- Manage your sleep
- People with existing gastric or mental health issues should avoid fasting
- Do not fast for prolonged periods without supervision by a qualified expert
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WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
More on animal trafficking
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