One of the New Hollywood directors that changed the face of American cinema in the 1970s, Martin Scorsese still rides high in the public consciousness. Every time one of his films comes out, it's an event.
Amazingly it was not until 2007 that he finally won the Best Director Oscar, for The Departed. Now the conversation about whether he'll win a gold statue has been replaced by a more cutting question: Is Scorsese still turning out good films?
Shutter Island, Scorsese's latest outing, is his fourth collaboration with Leonardo DiCaprio. It's based on a novel by Dennis Lehane, the author who wrote Mystic River, which was turned into a movie by that other much-acclaimed elder statesman of American directing, Clint Eastwood.
His hair is whiter than ever, but the suits that look as if they've been borrowed from a wise guy remain the same. Scorsese may be small in size, but he remains large in stature; his machine-gun, rat-a-tat talking style makes listeners hang on every word as he veers off into his own world.
In Shutter Island, DiCaprio plays Teddy Daniels, a detective who is sent to a mental institution in 1954 to investigate the disappearance of an inmate confined for killing her three children. The audience's sense of foreboding is only deepened by the fact that the heavyweight actors Ben Kingsley and Max von Sydow play the asylum's resident psychiatric doctors.
Mention psychiatry to Scorsese and he's off on one of his rapid-fire responses. Should attempts even be made to cure the criminally insane? "It's such an interesting, devastating issue," Scorsese says. "You are never going to get the patient calm or non-violent with one drug or a quick fix. It's a one-on-one situation with the doctor and the patient."
The director - who has made 21 feature films and 14 documentaries in a career spanning more than four decades - always seems to have an information-heavy addendum to his responses, as if he is lecturing students. So it's no surprise when he adds: "The other tragedy is that in America, at least in the 1980s, President Reagan closed up all the institutions in favour of Medicare, trusting the patients to take the medication themselves. But they're not going to take the medication, are they? They ask: 'Why should I?' They question authority. They hear voices, you know. A lot of people do. If you actually hear that voice, you don't think you're crazy. Somebody is actually telling you something, so you don't take that pill. In the meantime, it gets worse, and where do you put them? On the street?"
Shutter Island is full of more twists and turns than a bowl of spaghetti. How much audiences love the film will depend on whether or not they buy the big twist. It's as if Scorsese woke up one morning and decided to make a M Night Shyamalan movie.
With the story, the director, as he often does in his films, revisits his childhood in the Italian district of Manhattan around Mott Street. Living with his parents in a small apartment overlooking the hubbub of the metropolis clearly made a lasting impression on the man.
"I was eight years old in 1950," he says. "We were the working class, not people who read books - conservative working class. My parents had gone through the Great Depression and the Second World War, so there was quite honestly an economic boom. The cars were getting bigger and, more importantly, the fins of the cars were getting bigger. And in the Lower East Side, the only guys who had big things were wise guys."
Yet the fear and foreboding depicted at the asylum in Shutter Island is clearly associated with his schooling: "The nun would tell us at school that any low-flying plane could be delivering that bomb," he says of the days at the start of the Cold War. "So every time we'd hear a low-flying plane we would be terrified. I'm sitting there in third grade and Sister Gertrude, who was then the principal of the school - she was very much like Meryl Streep in Doubt - all of a sudden would say on the loud speaker: 'Attention please: take cover!' You'd jump underneath the desk and then you'd find out it was just a test."
The parallels with life today and fears about terrorism are clear. "It's very real now," Scorsese says. "It's taking that mentality and stretching it. It's like a universal civil war; it could be the person next to me, so naturally it causes an extraordinary distrust. The only thing to do is more education, and cinema can be a big help in this way. One of the ways we are doing that is through the World Cinema Foundation."
Scorsese has an encyclopaedic knowledge of movies. In his office, a few floors above the Directors Guild of America in New York, the walls are adorned with movie posters, mostly from the Italian masters. There is a swish cinema where he watches movies, and it's said that he used to employ people to record films on television so that he had an unparalleled collection of films.
The foundation has become Scorsese's big project apart from making movies. Its restoration of classic films has been an enormous benefit to fans of cinema, and it ties into his belief that cinema can unite people globally.
"I learnt to be curious about other cultures through film," he says. "I came from a European culture, too, being Italian and having the mentality of a Sicilian villager. On television, I saw Satyajit Ray's Pather Panchali. It was dubbed into English, and I could totally understand what was going on. All the films I'd seen about India and other colonised countries had always been done by the coloniser, and now this was about the people in the background. I totally could understand these people and see them as human beings and not a cultural threat."
He says this was why he was so excited about joining the board of the Tribeca Film Festival when it started in downtown Manhattan in 2002. He saw it as a unique way of getting Americans to understand more about the Middle East and Africa. Scorsese attended the inaugural Doha Tribeca Film Festival last year, where a version of the Egyptian classic The Mummy that had been restored by the World Cinema Foundation was screened.
On one of his tangents, Scorsese reveals that Jean Renoir's The River, a film he watches at least twice a year, is being restored at the moment.
Finally, the conversation returns to Shutter Island and the inevitable use of DiCaprio as a star. Scorsese can't hide his admiration for his charge. "Leo is always playing the scene in the moment," he says. "I don't want to give too much away about the twist. Is it a memory? Dream? Is any of it real? I just thought the key thing in the film was to make the audience, if you don't know the story, believe in Leo and for him to play it straight."
At the very least, Scorsese is passionate about his latest project, which he admits may not have been the case a decade ago when he followed a "one movie for the studios, then one movie for me" policy to ensure that he'd continue to get work. "I like to take risks, and as you get older you want to conserve energy.
"Because of the type of film I want to do, I might not be able to get everything I want to do on screen."
That may also be because Scorsese is already attached to a number of projects. He's in post-production on a documentary about the Beatle George Harrison, and announced that his next film is likely to be an adaptation of Brian Selznick's children's book The Invention of Hugo Cabret (Matt Damon is rumoured to appear in it). Benicio Del Toro and Gael Garcia Bernal are set to star in his adaptation of Shusaku Endo's novel Silence, and a biopic on Theodore Roosevelt is also being planned. Hopefully, there will be a lot more Scorsese event movies before the consummate New Yorker decides to slow down.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
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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UAE players with central contracts
Rohan Mustafa, Ashfaq Ahmed, Chirag Suri, Rameez Shahzad, Shaiman Anwar, Adnan Mufti, Mohammed Usman, Ghulam Shabbir, Ahmed Raza, Qadeer Ahmed, Amir Hayat, Mohammed Naveed and Imran Haider.
Manchester City (0) v Liverpool (3)
Uefa Champions League, quarter-final, second leg
Where: Etihad Stadium
When: Tuesday, 10.45pm
Live on beIN Sports HD
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
More from Neighbourhood Watch:
more from Janine di Giovanni
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
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Tentative schedule of 2017/18 Ashes series
1st Test November 23-27, The Gabba, Brisbane
2nd Test December 2-6, Adelaide Oval, Adelaide
3rd Test Dcember 14-18, Waca, Perth
4th Test December 26-30, Melbourne Cricket Ground, Melbourne
5th Test January 4-8, Sydney Cricket Ground, Sydney
World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final