Psy, the father of Gangnam, is a perpetual click machine


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The release this week of South Korean singer Psy's follow-up to his 2012 internet phenomenon Gangnam Style appears to confirm what music lovers everywhere secretly hoped: yep, he's a global one-hit wonder.

The bad news is that, although Gentleman, streamed live to the world from its debut at a Seoul concert on Saturday, looks and sounds depressingly similar to its predecessor - complete with dumb electro-beat and purposefully inane and easily mimicked "dance" - all the signs are that it will prove a similarly gigantic internet phenomenon.

Brace yourself for countless YouTube parodies and an endless parade of celebrities and world leaders keen to get in on the act.

The only question now is whether Gentleman will surpass Gangnam's record as the first (and so far only) YouTube video to score more than a billion views - and the signs are good. Gangnam began as a slow-burner, but within 24 hours Gentleman had 20 million views, easily shattering Justin Bieber's one-day record of eight million for Boyfriend.

By yesterday it was up to almost 140 million views and galloping up iTunes charts around the world.

Of course, to describe the 37-year-old Psy as a one-hit wonder, or as an overnight success, is to express a strictly Western perspective on an artist who released his first single in South Korea back in 2001. For the past decade, the pudgy Psy has had a successful, if somewhat left-field, career in K-Pop, a music scene more typically dominated by young and pretty girls and boys.

Although Psy admits he was something of a misunderstood misfit in his school days, his story is not so much rags-to-riches as riches-to-yet-more-riches.

He was born in 1977 as Park Jae-sang, the son of wealthy South Korean businessman Park Won-ho, chairman of a middle-sized semiconductors manufacturing company. His mother, Kim Young-hee, is a successful businesswoman in her own right, owning several restaurants in Seoul.

Psy - or Sai, as his friends originally nicknamed him - grew up on the south bank of the Han river in the affluent Gangnam-gu area of Seoul and by all accounts Psy slipped easily into the role of spoiled child. At school, certainly, he was the pupil most likely to ... well, disrupt the other pupils.

"I remember Psy making a lot of sexual jokes during class," a former middle-school teacher recalled in October for the benefit of Seoul Broadcasting System's Good Morning show.

"He had such a big influence that he would drive the entire class to his jokes. I disliked him at the time, but looking back, he added a great energy to the class."

"Energy" was one way to describe it. The same show dug out an early interview clip of Psy admitting: "I bothered a lot of my classmates because I didn't like going to class. Some of the kids even sent me threatening letters that said if I bothered them once more they wouldn't stay put."

Psy, being groomed to take over the family business from his father, had his heart set on performing, rather than working, for a living.

"When I was a kid, one of my dreams was to be a stand-up comedian, or a talk-show host, or something like that," he told CNN during an interview in November.

But then, at the age of 15, he was watching TV and saw the British band Queen performing their 1975 hit Bohemian Rhapsody - and, "I was like, literally gone".

Gone or not, in the summer of 1996 Psy's parents sent him to the US to take an English programme in preparation for an undergraduate course in business administration at Boston University. He completed the summer language class but lasted just one semester before dropping out from university - without telling mum and dad.

"In Korea, it's a tradition to inherit your father's business," Psy told The Daily Beast in October last year. "Unfortunately, I'm the only son in the entire family, so they were forcing too much."

For Psy getting into hip-hop was inspired by the apparent ease of producing rap music and he blew his university money on recording equipment. "I thought, wow, just saying the words fast I can be a singer," he said.

While his parents contentedly believed he was still studying business, he switched to studying music. In the summer of 1997 he took a five-week performance programme at Boston's Berklee College of Music and, that autumn, enrolled in an undergraduate course.

It came as news to his parents - and not from Psy. "In May 1998, Berklee sent a letter to my father about Parents Day," Psy told The Daily Beast. Dad was not best pleased.

Once again, however, Psy failed to stay the course, and left after a year, in the autumn of 1998 - but something had clearly stuck. Back in South Korea, Psy threw himself into his music and, in February 2001, released his debut rap album, Psy From the Psycho World.

It would be another 11 years before Psy had any impact on the wider world, but at home he was big from the off. The "rookie singer", declares his biography on South Korea's KBS World Radio site, "stirred up the Korean pop music scene with very blunt lyrics, peculiar dance moves and his unconventional appearance".

He was promptly nicknamed The Bizarre Singer - and equally promptly he was banned. Five months after the album's release, the "in-your-face lyrics [that] especially appealed to the younger generation of Korean music fans" had the opposite effect on the country's leaders, and sales of Psy From the Psycho World were forbidden to juveniles.

An arrest and fine for smoking marijuana followed shortly.

It's doubtful it did his Korean career any harm. In January 2002, the same month as his trial, he released his second album. Predictably, For Adults was also banned for those under 18.

Psy was on a roll. His third album, Champion, was released in September 2002 and, says KBS, he "continued to hold his spot as an artist that fans loved for his unconventional ways and refusal to adhere to society's and the industry's mold".

But then ... cue the sound of stylus being pulled off a record.

For reasons anyone who has been following the news of the past few weeks will understand, military service in South Korea is compulsory and, in 2003, Psy was called up to do his bit to keep the communist hordes at bay.

Once again, he failed to stay the course. The available details are vague, but it seems Psy somehow shortchanged the Republic of Korea. The result was that, in August 2007, two months after his wife Yoo Hye-yeon, a cellist, had given birth to their twin daughters, he was called up again.

It probably hadn't helped win him any friends in the military when, in 2004, while he was supposed to have been toeing the line on the demilitarised zone, he made the mistake of making an ill-judged excursion into anti-American politics.

Appearing at a rally in Seoul, sparked by the deaths in 2002 of two Korean schoolgirls who had been run over by an American military vehicle, he performed a song called Dear America. The lyrics, though the subject of some translational debate, appeared to urge the murder, "slowly and painfully", not only of Americans responsible for torturing Iraqi captives, but also their families.

Not that it stopped President Obama shaking hands with Psy at a "Christmas in Washington" concert in December. Even the leader of the free world, it seems, wants a slice of the Psy popularity pie.

Oddly, given that Psy is the biggest international pop star South Korea has ever produced, his KBS World Radio biography runs out in 2010, the year of his comeback after his second stint of military service.

"True to form," sniffs the last entry, "he's been embracing the fact that he's nowhere close to idol status. Sticking to his usual style without the overusage of the ever-so-popular auto-tune voice synthesizer, Psy's showing another successful run with his music."

And how.

Who are Psy's fans? Well, according to The Economist, which in October grumpily tried to analyse the Psy phenomenon, mainly girls aged 13 to 17 and young men between 18 and 24. But who can forget the sight of everyone from UN secretary-general Ban Ki-moon to dissident Chinese artist Ai Weiwei doing the horse dance?

Especially and mysteriously irksome to The Economist was the peculiar effect Psy's success had had on his dad's company, DI Corporation. Making "products with distinctly unsexy names, like Monitoring Burn-in Tester and Wafer Test Board", it reported in October, it had lost money in each of the past four quarters. And yet, after Gangnam Style, its share price galloped from $1.80 to $5.12 in just three weeks - and continues to float at a higher level than before.

The Economist judged the new stockholders to be retail investors, buying blind as part of South Korea's peculiar "theme stock" trend - though "quite how they expect the horse-dancing YouTube phenomenon of 2012 to help DI sell more of its Wafer Test Boards is a mystery".

Many will dismiss the new Psy single as another valueless piece of transnational cultural garbage, of no more significance than the countless quirky-kittens videos on YouTube (and possibly of less musical merit than the multimillion-viewed performances of Nora the piano-playing cat).

But others - the UN's Ban Ki-moon among them - will probably conclude that world domination by Psy is a much better prospect than world domination by another podgy Korean currently in the news.

"I hope that we can work together using your global reach," the secretary-general told Psy when the two met in October. "You have, I think, unlimited global reach."

To show how serious he was, Ban then had a stab at the horse dance.

"We have tough negotiations in the United Nations," he added, when he had recovered his composure (if not his dignity). "In such a case I was also thinking of playing Gangnam Style-dance so that everybody would stop and dance. Maybe you can bring UN style?"

Maybe. Keep watching YouTube. We could yet see Kim Jong-un horsing around in a Gentleman parody.

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

The specs

Engine: 3.5-litre V6

Power: 272hp at 6,400rpm

Torque: 331Nm from 5,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.7L/100km

On sale: now

Price: Dh149,000

 

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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.”

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About Housecall

Date started: July 2020

Founders: Omar and Humaid Alzaabi

Based: Abu Dhabi

Sector: HealthTech

# of staff: 10

Funding to date: Self-funded

The bio

Favourite book: The Alchemist by Paulo Coelho

Favourite travel destination: Maldives and south of France

Favourite pastime: Family and friends, meditation, discovering new cuisines

Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.

Favourite Author: My father for sure

Favourite Artist: Damien Hurst

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UNSC Elections 2022-23

Seats open:

  • Two for Africa Group
  • One for Asia-Pacific Group (traditionally Arab state or Tunisia)
  • One for Latin America and Caribbean Group
  • One for Eastern Europe Group

Countries so far running: 

  • UAE
  • Albania 
  • Brazil