The TV series Industry has been praised for its realism as well as its diversity of cast.
The popular HBO/BBC co-production returns to our screens at the weekend for a second season, following the long days, and even longer nights, of the young employees of fictional London investment bank Pierpoint & Co.
The first season, written by former London bankers Mickey Down and Konrad Kay, introduced a world where, as long as you are making money for the bank, little else matters, leading to a toxic work culture of bullying, harassment and some very questionable morals.
When it comes to depictions of investment banking — and the industry itself — the genre has typically been populated by white men a la The Wolf of Wall Street and The Big Short. The trading floor of Pierpoint, however, features a refreshingly mixed bunch of aspiring Gordon Geckos. This includes Myha’la Herrold’s Harper Stern, a young black woman uprooted from her native New York, and who lied about her qualifications to try and make her fortune among the old boys network of London’s financial district. There's also Ken Leung’s Asian-American manager Eric Tao and Harry Lawtey’s Robert Spearing, who is Welsh, working-class, and an Oxford graduate.
Then there's the character of Yasmin Kara-Hanani, played by Marisa Abela. Yasmin is the British-raised child of wealthy Lebanese parents who, as well as demonstrating the ability to flit effortlessly between Western and Arabic cultural norms, is fluent in English, Arabic, Spanish, German and French.
Like Yasmin, Abela was raised in the UK, but her heritage is Maltese, Libyan, Russian and Polish. So how closely does her own multicultural background mirror that of her character?
“Well, I am someone whose mum and dad come from completely different cultures — my dad is Maltese Arab, and my mum is from a family of Polish Jewish refugees,” she tells The National. “You'll see this season that Yasmin's dad is more similar to my mum’s heritage, and her mum’s is most similar to my dad’s. Like Yasmin, my parents are separated, and we both grew up and went to boarding school in England. But the thing I relate to most is that those two cultures can be quite divisive, and you can feel like you're being pulled in different directions.”
Despite the surface similarities, and the shared experience of being sometimes caught between two worlds, Abela admits that Yasmin’s polyglot nature is not one she closely relates to. “Oh no, not at all,” she says with a laugh. “I spoke Spanish at school, and that was about it. I love languages though and it's always a nice challenge when Yasmin has to speak French or Arabic.”
As part of that challenge, Abela was required to take classes for many of Yasmin’s multilingual lines, and she didn’t have to look too far from home for assistance with the Arabic dialogue. The Maltese language is the only surviving example of the Arabic dialects that were spoken in the European Mediterranean in the Middle Ages, and the only Semitic language which is written in Latin Script. About a third of Maltese words, not to mention almost all of its grammar, come directly from Arabic, while research by the Linguistics Society of Europe has found that as much as 40 per cent of Maltese can be understood by speakers of Maghrebi Arabic, and vice versa.
With most of Abela’s paternal family still living in Malta, she had a convenient place to turn to for a crash course. “Maltese has a lot of Arabic in it — counting to 10 in Maltese is exactly the same as counting to 10 in Arabic — so it wasn't something I was coming completely new to,” Abela explains. “I used my grandad to learn all of the Arabic he could teach me through Maltese, in particular, to get the sounds right, because they’re totally different. It’s not like French or Spanish, the Arabic sounds sit in a totally different part of the mouth, so I tried to get all that right first, and then when it came to the actual classes, I really took them seriously as I was determined to get it right.”
While season one of Industry was heavy on finance and light on back stories (perhaps understandably so because many characters’ identities are almost entirely defined by their work), season two promises to spend more time outside Pierpoint’s walls. We'll get to know plenty more about Yasmin’s family and background, and see if those Arabic lessons have paid off.
For Abela’s co-star Herrold, with whom she shares top billing in the show, there’s another reason to be excited. “I would say this is the only bit of television that you come to through the eyes of young women in the finance industry,” Herrold says. “I don't know of anything else that exists, and we're lucky to be two young women with these really strong storylines leading this show.
“What's exciting about these characters is that they don't fall into any of the tropes a lot of women characters do. For example, at the end of the first season, Marisa and I had a fight, but we were all committed not to make it a ‘catfight’ and fall into stereotypes. It’s been important to me to play a woman who is not what you might assume. That’s refreshing, it’s what makes the show work, and it’s important.”
Industry season 2 comes out on OSN+ on Monday, August 1
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The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
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Avatar: Fire and Ash
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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The view from The National
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
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The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
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World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
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5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
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7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
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.”
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
More on Quran memorisation:
Naga
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