The Paperboy
Director: Lee Daniels
Starring: Zac Efron, Matthew McConaughey, John Cusack, Nicole Kidman, David Oyelowo, Scott Glenn, Macy Gray
***
A camp, trashy tragicomedy that simmers with the swampy heat of 1960s Florida, before veering off in increasingly deranged directions, this latest outing from the director Lee Daniels (of Precious fame) premiered at Cannes, to a sharply divided response.
Plaudits were justifiably bestowed upon its superior cast, all delivering as if their lives depended on it. Nicole Kidman, especially, is a revelation as the flawed blonde heroine Charlotte - this is easily her boldest on-screen turn yet - whose ill-advised pen pal romance with the death-row inmate Hillary (John Cusack) quickly boils over beyond the extreme.
Similarly, the two investigative reporters (Matthew McConaughey and the British character actor David Oyelowo) who are called in to clear the supposed killer's name have issues of their own which, again, defy both logic and expectation. McConaughey continues to revel in pushing beyond the boundaries we expect of him (while Cusack appears to have finally reconnected with the fire that drove him throughout the 1980s and 1990s). Even Efron can stand tall after this, very much holding his own in the most testing of surrounds.
The young pup is, in fact, the titular hero - he delivers the news for his father (Scott Glenn) - and it is his fawning obsession with Charlotte that provides the spine of this adaptation (Daniels co-wrote the screenplay with Peter Dexter, the author of the 1995 novel). The singer Macy Gray, here playing an attentive maid, provides a narration of sorts, as the increasingly off-the-wall story unfolds.
Daniels - who also produced Monster's Ball and The Woodsman - typically defies The Paperboy to conform to any one genre. It's been pitched as a thriller, but proves anything but. Charlotte's fixation with Hillary speaks clearly of her own lack of self-worth, while Efron's besotted teen is merely suffering the pains of adolescence. Less clear are the reasons behind the two journalists' determination at clearing Hillary's name: a man who clearly has committed some sort of crime in his lifetime, even if the brutal sheriff who was sliced up is not his handiwork.
For all its overlapping and incomprehensible narrative threads, The Paperboy proves a visceral, rewarding experience, suggesting a cult status for the film in years ahead. Unlike Precious, which felt focused if overly stylised, The Paperboy wears a more manic mantra on its sweat-soaked sleeve: to impress upon its audience a set of deeply divided and troubled characters, severely hampered by the times in which they are living. And despite its somewhat shambolic nature, the performances alone demand to be seen on screen.
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PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
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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.”
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
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