The Balenciaga Clones Spring 2022 presentation was already an unsettling affair.
Presented as a six-minute video, the unveiling of the collection took place on a virtual, deep-fake runway and featured a single model, artist Eliza Douglas, who was digitally cloned to unveil all 44 of the looks. Male and female body doubles were taught how to mimic Douglas’s distinct walk, before her face was grafted on using CGI technology.
“We see our world through a filter – perfected, polished, conformed, Photoshopped. We no longer decipher between unedited and altered, genuine and counterfeit, tangible and conceptual, fact and fiction, fake and deep-fake,” was the video’s opening message.
In front of a robotic-like audience dressed all in black, Douglas's many alter egos donned supersized, deconstructed puffers, hoodies and trench coats; jackets that might have doubled as dressing gowns; elongated trousers that trailed across the ground; and mirrored, Matrix-esque wraparound sunglasses.
But the one style statement that the internet has not been able to digest is a pair of Crocs suspended on a stiletto heel. The shoe comes in black, grey and green, with signature perforations on the upper and sides, and Balenciaga branding on the side.
The brand’s creative director Demna Gvasalia has previously called Crocs “the world’s comfiest shoes”. Indeed, in this unsettling age when we are languishing in our leisurewear, these bulbous designs may strike a chord.
Or perhaps not. “Don’t want to live in a world where this stiletto Croc is real,” Twitter user @JrMcGrail commented.
"Looking like a failed Shark Tank pitch," noted @the_Real_Nick_G.
“If I see you wearing those Balenciaga Crocs stilettos I’m going to assume you actually sold your soul,” wrote @RiaaFerr.
No stranger to ugly utilitarian footwear, Balenciaga also unveiled Crocs rain boots in a range of shades. The clunky contraptions, set on a platformed heel, look like they would probably survive the apocalypse.
No price has been released for the shoes as yet, but Balenciaga’s past efforts to elevate the humble rubber clog have fared pretty well. Its $850 platform Crocs, unveiled in 2018, reportedly sold out before they even hit stores.
The Marmite of the shoe world, Crocs have long been divisive. They were listed as one of the world's "50 Worst Inventions" by Time magazine in 2010. But shares in the company hit an all-time high last week, with sales rising to $460 million in the first quarter of the year, suggesting they will be part of the fashion landscape for a long time to come.
Honeymoonish
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Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
Match info
Uefa Champions League Group B
Barcelona v Tottenham Hotspur, midnight
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
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.”
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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