The arrival of U2 in September is widely anticipated in Istanbul.
The arrival of U2 in September is widely anticipated in Istanbul.

Soundtrack to the streets of Istanbul is loud - and conflicted



It is a point rarely mentioned in the guidebooks: Istanbul has a deafening soundtrack. There is no respite from the noise here - electric guitars mingling with car horns, cats shrieking in the alleyways, the din of hammering and tapping and drilling, men shouting in the street, car alarms and jackhammers. Pumped into every store and restaurant, with the volume turned to 11, is some of the worst music that western culture has ever produced: vapid techno with no melody. It is an eternal mystery that these sounds are considered pleasing to anyone; it is an even greater mystery that this musical form should be so popular among Turks, whose indigenous musical tradition is unusually rhythmically complex.

How you feel about this music depends on your mood. On a summer evening, there is no livelier or happier place in the world than the maze of narrow streets behind the Çiçek passage off of Istiklâl Caddesi, a densely packed alley with hundreds of taverns, restaurants and outdoor cafes. The musical assault involves Turkish pop, all manner of jazz, nu-jazz, faux-jazz, East-meets-West psychedelic, Arabesque, traditional soulful fasil music, funk, oldies, house, indie and electronica. Teenage buskers strum guitars in the streets below live jazz clubs that cater to more sophisticated crowds. For live music the ne plus ultra is Babylon. There is no telling what will be on the stage: it could be Cuban rap, it could be Turkish folk, but the club will definitely be packed. If you've still got it in you, finish your evening with a meander up Istiklâl Caddesi, where you'll jostle through crowds of couples, packs of slightly louche young men and cops packing some heavy-duty heat, with blaring record shops providing a soundtrack.

The love of very loud music crosses all class and ethnic lines. Ortaköy, Kuruçesme and Bebek are famous for pleasure yachts, Bosphorus views and super-clubs for the super-rich with super-loud amplifiers. These sophisticated Turks would cringe at the thought of crossing the Bosphorus to Anatolian Üsküdar for the nightlife, but they need to lighten up. It's guaranteed that on the boardwalk someone will be playing a guitar or a saz, and everyone around him will know all the words to the song.

Istanbul's classical music scene is certainly no rival to London's or New York's, but it's loud nonetheless, with three major symphony orchestras, two opera houses and three conservatories. This year, as part of Istanbul's European Capital of Culture festivities, there will be a series of concerts called the Music of Istanbul's Architecture in such settings as the 19th-century Dolmabahçe Palace on the banks of the Bosphorus. The International Istanbul Music Festival will feature the world premiere of Adam's Lament, commissioned by the Estonian composer Arvo Pärt. Other scheduled events will focus on the city's Greek, Armenian and Jewish communities, with folk concerts on the Princes' Islands. The Istanbul 2010 Balkan Music Festival will showcase the musical traditions of neighbouring Balkan countries.

It is revealing, though, of Istanbul's conflicted sentiments towards its musical traditions that the most widely anticipated musical event of the year is the arrival of U2 in September - the crowning triumph, supposedly, of Istanbul's Capital of Culture festivities. What U2 has to do with Istanbul's culture is unclear, but no doubt the concert will possess the common trait of Istanbul's music scene: it will be loud.

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
MIDWAY

Produced: Lionsgate Films, Shanghai Ryui Entertainment, Street Light Entertainment
Directed: Roland Emmerich
Cast: Ed Skrein, Woody Harrelson, Dennis Quaid, Aaron Eckhart, Luke Evans, Nick Jonas, Mandy Moore, Darren Criss
Rating: 3.5/5 stars

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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Gran Gala del Calcio 2019 winners

Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta​​​​​​​
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)

LUKA CHUPPI

Director: Laxman Utekar

Producer: Maddock Films, Jio Cinema

Cast: Kartik Aaryan, Kriti Sanon​​​​​​​, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana

Rating: 3/5

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia