Chains of freedom


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Five books in, and still basking in the glow of the multi-award winning Small Island, the British author Andrea Levy is finally writing novels of the kind described as "eagerly awaited". Happily, it suits her rather well. The Long Song, in its exploration of the life of the slave girl July in 19th-century Jamaica, not only has an epic sweep; it is also comic, historic, even cinematic. All this in a book that ostensibly chronicles the horrors of slavery and has no problems calling black people negroes. In fact, that's one of the more polite terms she employs.

Levy's new book crackles with an ambition born of the self-confidence that must have come with Small Island's huge success. That book chronicled the lives of Jamaicans who emigrated to Britain during the Second World War, but pulled off the very special trick of making the struggle and the story more important than its specifics. It was tender and romantic, but tough, too - and Levy later put the staggering number of translations (22 at the last count) down to a general, worldwide connection with the immigrant experience.

It was also about her own family's experience - her father sailed to Britain on the famous Empire Windrush ship in 1948 - and her previous books had also reflected on being British and black in the 20th century. And if Small Island was the full stop to those stories, The Long Song is their forerunner, in a sense. Once again, Levy is questioning her past: it's just that this past is not the more recent one of her parents and grandparents, but the past of her ancestors born into slavery on sugar plantations at the beginning of the 19th century.

This, of course, is painful territory - both for the oppressed and the oppressors. Three years ago, the bicentennial of William Wilberforce's abolitionist Slave Trade Act was marked around the world by public apologies from heads of state - but unrestricted freedoms did not actually arrive until 1838, and it's this epochal moment around which The Long Song is set. Even though the story of July begins with the rape of her mother and, not long after, her own enslavement as little more than a child, Levy treats a potentially dark and uncompromising story with a deft touch. The compulsive narrative drive never trivialises the injustices heaped upon an entire people.

Much of this is down to the clever way Levy frames the novel. Its "editor", Thomas Kinsman, explains in a fictional 1898 foreword that the memoir is his mother's testimony, and she, we soon learn is July. But - and this is far less irritating than it sounds - the action often pauses as July and Kinsman squabble about style and content. It also means, told in hindsight, that there is a fascination in finding out how July managed to get to the point where she can sit in a busy, monied household and write her life story.

And what a story. Her memoir quickly reveals her to be the offspring of a white Scottish overseer and a black slave, whisked away on a whim by the woman who becomes her white mistress, Caroline Mortimer. It is from Mortimer's plantation house that we witness - from afar - the Baptist War of 1831 in which the British quelled the Great Jamaican Slave Revolt. The historical detail is wrapped around a vivid, believable confusion of what freedom might, should and heartbreakingly, does mean for those born in slavery. And it is a testament to Levy's fine plotting that there's also a surprising but wholly satisfying gear shift halfway through when a new, idealistic, abolitionist overseer called Robert Goodwin arrives on the plantation and sparks a love triangle between himself, Mortimer (whom he marries) and July. July might have been a slave to Caroline, and then her servant, but she feels no remorse for her activities.

Of course, such entanglements rarely have happy endings, and in a longer book the repercussions it has on plantation life could have unfolded rather more gradually. Elsewhere, whole sections of July's otherwise full life are dealt with in "years passed" style. But in a way, that's the point of The Long Song. In the final chapter July's son asks why her story has ended without recounting more of the other struggles he regards as key. Her answer, memorably, is simple. "Why," she asks, "must I dwell upon sorrow?" It sums up Andrea Levy's charismatic, life-affirming character, and her captivating new book.

The Long Song by Andrea Levy is published by Headline at £18.99 (Dh110).

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Another way to earn air miles

In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.

“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.

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.”

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

One in nine do not have enough to eat

Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.

One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.

The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.

Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.

It is currently estimated that one in nine people globally do not have enough to eat.

On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.

Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.

 

RESULT

Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')

SHAITTAN
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