The scene is a historic English coastal town. The town is “historic” because the Romans first landed in England near here. Henry VIII built a string of castles nearby to keep out other foreign invaders. A different kind of history – and a different invasion – is happening in the town square.
Vintage American cars, Oldsmobiles and Chevrolets from the 1950s, are on display, beautifully restored. There’s music too, of the same vintage. On an outdoor stage, two women and two men play what I think is skiffle music, though I admit to being vague on 1950s pop culture. Next to me, a group of friends meet and exchange greetings and hugs. They are all older, in their 70s. The men are dressed in draped jackets, tight trousers and shirts with narrow ties or American-style bootlaces, the uniform of what in 1950s-England were called “Teddy Boys". The men (those who retain some hair) have Elvis Presley-style haircuts. Some have mutton-chop beards that don’t quite meet on their chin. The women have the kind of dresses that I have only seen in 1950s movies.
But what is remarkable is the number of younger people who have gathered for this 1950s nostalgia-fest. They have adopted the styles of that era even though they were not born until the 1980s or 90s. The nostalgia is affectionate and charming but it replicates an America that is not only long gone, but which – even in the 1950s – didn’t exist in this settled, idealised way.
As the old joke says, 'nostalgia isn’t what it used to be'. It never was
To the elderly partygoers, the 1950s may have been the time of their lives, but America then was racially segregated. American schoolchildren were taught in class to “duck and cover” under their desks in case of nuclear war. The war in Korea was a mess, ending in stalemate. It led to another Asian war, in Vietnam. The Cold War and the Cuban missile crisis a few years later threatened nuclear annihilation.
Yet, nostalgia is generally built on a past that may look settled compared to today’s uncertainties, but historians remind us that the past was always as unsettled – or worse – than now. Cultural references, once apparently innocent, change too. In the English coastal town, in the clothes and record stalls there were some Confederate flags, nostalgia (presumably unintended) for what was in reality a racist rebel state where slavery was permitted and celebrated.
All this bleeds into political nostalgia too. When in 2020 a Korean-language film, Parasite, won the Oscar for Best Picture, then US president Donald Trump said Hollywood should make more movies like Gone With The Wind. It’s a celebration of the Confederacy in which golden sunsets bless black slaves happily toiling for their white owners – historical nonsense, but useful Trump political nostalgia.
British political nostalgia also may avoid inconvenient facts. English politicians often reference the Second World War, when Britain “stood alone” against the Nazis, and the country was united by the “Blitz Spirit”. Historians point out that it was the entire British Empire – including Canada, Australia, and many other nations, including the Free French – that (for part of the war) “stood alone” against Adolf Hitler. There were also serious social divisions during the Blitz when working-class children from London were evacuated to wealthy rural districts – and not always welcomed.
After the 1950s festival, I stumbled into another nostalgia-fest. A famous Brit-pop musician was DJ-ing at a club, the kind of event I would always avoid. But some good friends had spare tickets and I decided it would be churlish to say no. The DJ played hits (including his own) from the 1990s. Drowning in nostalgia, I made my excuses and left, wondering how far other nations suffer the nostalgia bug too.
All of them, probably.
In America, for some, the Confederacy still remains the “lost cause", in need of resuscitation. In Russia, as we are all too aware, there remains profound nostalgia for the Russian or Soviet Empire. In China, modern politics includes ambitions for the future to replicate past imperial greatness. And in France, some restaurants offer “cuisine grand-mere” – grandmother’s food, comforting and a bit stodgy, nostalgia that fills you with warmth.
Meanwhile in Britain, we have political nostalgia of the most bizarre kind. The (now likely) candidate to become the UK’s next prime minister is Liz Truss. She has for months laid the groundwork for her leadership campaign by nostalgically referencing Margaret Thatcher, our first female prime minister. Thatcher was very divisive in the 1980s but remains a great Conservative hero. Ms Truss has dressed herself in similar clothes to Thatcher. She has staged Thatcheresque photo-opportunities including one in a tank, while some military strategists think tanks are obsolete.
Personally, I have no direct experience of 1950s-America and I never really liked Brit-pop in the 1990s. But I did meet and interview Thatcher. I can confirm that, no matter how many tanks or Thatcheresque poses Ms Truss adopts, she is no Thatcher.
As the old joke says, “nostalgia isn’t what it used to be". It never was.
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.”
UAE currency: the story behind the money in your pockets
Why seagrass matters
- Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
- Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
- Biodiversity: Support species like sea turtles, dugongs, and seabirds
- Coastal protection: Reduce erosion and improve water quality
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)
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
I Care A Lot
Directed by: J Blakeson
Starring: Rosamund Pike, Peter Dinklage
3/5 stars
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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