Oscars 2021: why the 93rd Academy Awards was a night of historic firsts


Sophie Prideaux
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And just like that, the most unusual awards season in living memory has come to a close. The Oscars rounded off 2021's batch of honours with a scaled-down ceremony in Los Angeles on Sunday evening.

While the room was certainly more sparse than in Oscars gone by, there were still plenty of A-list faces to bring the glamour on the night, with Glenn Close, Reese Witherspoon, Amanda Seyfried, Brad Pitt, Renee Zellweger, Regina King and Carey Mulligan all on hand to deliver the Academy Awards’ famous star power.

Taking home three trophies, Nomadland owned the evening, much as it did the rest of awards season. The film won Best Picture, as well as Best Director for Chloe Zhao and Best Actress for Frances McDormand.

Frances McDormand and Chloe Zhao hold the Oscar for Best Picture for 'Nomadland'. AFP
Frances McDormand and Chloe Zhao hold the Oscar for Best Picture for 'Nomadland'. AFP

Zhao's Best Director win makes her only the second woman to win the award, after Kathryn Bigelow's 2010 victory for The Hurt Locker. In the process, Chinese-born Zhao also became the first woman of colour to take home the honour.

Accepting the award at the Union Station ceremony, Zhao paid tribute to a poem she learnt thanks to her father.

"When I was growing up in China, my dad and I would play this game. We would memorise classic poems and text and try to finish each other's sentences," she said, revealing one translated as: "People at birth are inherently good."

"I have always found goodness in the people I met,"  she said. "This [award] is for anyone who has the faith and courage to hold on to the goodness in themselves."

Mank, Ma Rainey's Black Bottom, Sound of Metal, Soul, Judas and the Black Messiah and The Father all won two awards apiece.

Anthony Hopkins won Best Actor for his portrayal of a dementia patient in The Father. But the Welsh star was not in attendance on the night. Instead, after the actor beat Riz Ahmed and Chadwick Boseman for the trophy, a simple portrait appeared on screen, as last year's winner Joaquin Phoenix said: "The Academy congratulates Anthony Hopkins and accepts the Oscar on his behalf."

At 83, Hopkins is now the oldest-ever winner of an Academy Award in the acting categories, usurping Christopher Plummer, who previously held the title for his 2011 Best Supporting Actor win for Beginners at the age of 82.

In a video shared by Hopkins on Monday morning, the actor said he didn't expect to win the award at all. "I want to pay tribute to Chadwick Boseman who's taken from us far too early," he said.

Daniel Kaluuya won his first Oscar for Best Supporting Actor, becoming the first black British person to win the category.

Daniel Kaluuya accepts the Oscar for Best Actor in a Supporting Role for 'Judas and the Black Messiah'. Reuters
Daniel Kaluuya accepts the Oscar for Best Actor in a Supporting Role for 'Judas and the Black Messiah'. Reuters

“To chairman Fred Hampton,” Kaluuya said in his acceptance speech, paying tribute to the Black Panther Party activist he portrays in the film. “What a man. How blessed we are that we lived in a lifetime where he existed.”

Speaking of Hampton's legacy, he said: "There's so much work to do. That's on everyone in this room."

The Best Supporting Actress award went to South Korean star Youn Yuh-jung, who also set the stage alight with a charming acceptance speech.

Youn, 73, picked up the statuette for her performance in Minari, making history in the process.

She is the first Korean acting-category winner in the history of the Academy Awards, as well as the second woman of Asian descent to win the trophy. The first, Japanese-American actress and singer Miyoshi Umeki, won for Sayonara in 1958.

After Youn's name was announced by presenter Brad Pitt, the actress paid tribute to the Se7en actor as she took to the stage.

Brad Pitt poses with Youn Yuh-jung, winner of the award for Best Actress in a Supporting Role for 'Minari'.EPA
Brad Pitt poses with Youn Yuh-jung, winner of the award for Best Actress in a Supporting Role for 'Minari'.EPA

"Mr Brad Pitt, finally, nice to meet you!” she exclaimed, drawing laughs from her peers. "Where were you when we were filming?"

Mia Neal and Jamika Wilson also made history on the night, becoming the first black women to win an Oscar for Makeup and Hairstyling for their work on Ma Rainey's Black Bottom.

“I stand here, as Jamika and I break this glass ceiling, with so much excitement for the future,” Neal said as she collected her Oscar.

One of the evening's more moving moments came courtesy of director Thomas Vinterberg, who got emotional as he accepted the award for Best International Feature Film for Another Round, using the moment to pay tribute to his
daughter, Ida, 19, who died when he was only days into production on the film, in which she was meant to have a starring role. She was killed in a road accident, after being hit by a driver who was on their phone.

"She was supposed to be in this and if anyone dares to believe that she's here with us somehow, you'd be able to see her clapping and cheering with us," Vinterberg said in his speech.

"We ended up making this movie for her – as her monument. So, Ida, this is a miracle that just happened, and you're a part of this miracle – maybe even pulling some strings somewhere. But this one is for you."

While the lack of live entertainment, paired with no set host and a scaled-down audience, did mean the ceremony was not quite as exciting as in years gone by. But what it lacked in entertainment it made up for in historical moments, with many firsts being made and one of the Academy's more diverse batch of winners.

See the full list of Oscar winners here, and catch up with The National’s live coverage from the ceremony.

UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

England v West Indies

England squad for the first Test Cook, Stoneman, Westley, Root (captain), Malan, Stokes, Bairstow, Moeen, Roland-Jones, Broad, Anderson, Woakes, Crane

Fixtures

1st Test Aug 17-21, Edgbaston

2nd Test Aug 25-29, Headingley

3rd Test Sep 7-11, Lord's

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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.”