It may one day become known as the Recession Oscars. Hollywood seemed to make a nod to tough economic times by rewarding the low-budget Iraq war movie The Hurt Locker with the coveted Best Picture prize at the expense of its mega-budget sci-fi rival, Avatar.
It was a case of putting blue-collar ahead of blue-skinned.
Sociologists said rewarding Avatar with the best film nod at Sunday night's ceremony might have jarred with the mood of a public fearing for the future of their jobs and homes in light of the global economic slowdown.
Other signs of belt-tightening at last night's 82nd Academy Awards ceremony in Los Angeles were harder to spot as Tinseltown's A-listers shimmied their way up the red carpet in designer frocks and dazzling jewellery.
The win was also interpreted as a sign that America was now preparing to draw a line under its seven-year involvement in Iraq.
Despite missing the Best Picture prize, Avatar scooped three trophies for visual effects, cinematography and art direction, while The Hurt Locker took six, including Best Director for Kathryn Bigelow, the first woman to hoist the prize.
The Hurt Locker, a gritty war drama that was filmed in Jordan, tells the story of a team of bomb disposal officers who defuse improvised explosive devices on the streets of Baghdad.
Avatar, meanwhile, is a 3D spectacular set on a distant planet where human mercenaries battle tall, good-looking humanoids with tails over access to a valuable mineral.
Both stories have antimilitaristic themes.
James Paul Mirrione, the associate professor of theatre and drama in the faculty of humanities and social sciences at UAE University, said: "It could become known as the Recession Oscars or it might be better as the Sombre Oscars.
"Avatar is an antimilitaristic film but it is also a fantasy film while The Hurt Locker is an anti-war film. I would think that the sombreness of The Hurt Locker is more in line with the feelings of many people in America at the moment. That sombreness comes from the situation in Iraq and also the financial situation."
The win echoed the 1986 awards, when Platoon took Best Picture glory, which was interpreted by many as indicating America's readiness to come to terms with the Vietnam War.
What is surprising about The Hurt Locker is how quickly it came out.
"If the Vietnam War is anything to go by, it would normally take at more than a decade before film-makers would attempt to tackle an issue as divisive as a war," Mr Mirrione said.
The dean of the faculty of humanity and social sciences at UAE University, Donald Baker, underlined these sentiments. "I would say that the mood in North America at the moment is quite sober, thanks to the state of the economy both north and south of the border."
He said extravagant spending in such an economic climate could have drawn the ire of cinema-goers.
"The war in Iraq has been going on for many years now. It is not surprising that the frustration with the war is now filtering into films. Films are the probably the major form of artistic impression in the last century and that art is reflecting popular feelings."
The Hurt Locker is also an odd film to win Best Picture, with no stars, said Mr Mirrione, although it probably also benefited from "underdog syndrome".
The rivalry between Bigelow and her Avatar counterpart, James Cameron, had particular spice as the couple used to be husband and wife.
Bigelow's US$11 million (Dh40m) war story is quite at odds with its more expensive rival, which cost a staggering $230m to produce, making it the most expensive movie ever made.
And while The Hurt Locker has achieved much critical acclaim it has failed to earn the colossal sums reaped by Avatar.
The sci-fi epic has become the highest grossing film of all time, earning Dh7.3 billion - around a tenth of the Dh73 million gross revenue raked in by the gritty Iraq thriller, making The Hurt Lockerr the lowest grossing best-picture winner in the modern era.
While Avatar features Sigourney Weaver, The Hurt Locker has a cast of new faces. David Shepheard, the director of the Abu Dhabi Film Commission, said:
"The academy chose to reward filmmaking in the truest sense of the word, rather than what Cameron thinks filmmaking is going to become.
"Avatar was a phenomenal film and it exceeded most people's expectations. It obviously had stiff competition this year though. The two films are at different ends of the spectrum, both in scale and in cost."
Bigelow was only the fourth woman to be nominated for Best Director, following Sofia Coppola for Lost in Translation in 2003, Jane Campion for The Piano in 1993 and Lina Wertmuller for Seven Beauties in 1975.
"There's no other way to describe it. It's the moment of a lifetime," Bigelow said. "It's so extraordinary to be in the company of my fellow nominees, such powerful filmmakers, who have inspired me and I have admired, some of them for decades."
The film also won an Oscar for Mark Boal's original screenplay, based on his time as a journalist embedded with a bomb disposal unit.
Mr Shepheard said: "Hurt Locker was shot in the Middle East and it shows that the region can promote itself as a place where successful films can be made."
There were few surprises in the acting categories, with the Hollywood heavyweight and five-time Oscar nominee Jeff Bridges scooping Best Actor.
The actress Sandra Bullock, best known for roles in romantic comedies and action films, won Best Actress for a dramatic turn in The Blind Side, only hours after she received a prize in the spoof "Razzie" awards, for worst actress in the romantic comedy All About Steve.
The male and female supporting-actor winners went to the Austrian Christoph Waltz for Inglourious Basterds and the US comedienne Mo'Nique for Precious.
That the Argentine film Secret in Their Eyes won the best foreign language award was met with surprise. Many expected the prize to go to the latest film by the Austrian filmmaker Michael Haneke, The White Ribbon, which won the Palme d'Or at last year's Cannes Film Festival, or to the French prison drama A Prophet.
The critically acclaimed Pixar film Up bagged two awards, for Animated Feature and Original Score.
The awards ceremony took place at the Kodak Theatre and was presented by the actors Alec Baldwin and Steve Martin, the first time it has been dually hosted in 23 years.
For the first time since 1943, 10 films competed in the Best Picture category, instead of the customary five.
For Inside the National's video highlights click here
At the Oscars slideshow: click here
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ogoode@thenational.ae
How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
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Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FLIP%204
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
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.”
SPECS
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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
UAE currency: the story behind the money in your pockets
The years Ramadan fell in May
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ETuhoon%0D%3Cbr%3E%3Cstrong%3EYear%20started%3A%20%3C%2Fstrong%3EJune%202021%0D%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EFares%20Ghandour%2C%20Dr%20Naif%20Almutawa%2C%20Aymane%20Sennoussi%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ERiyadh%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Ehealth%20care%0D%3Cbr%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E15%20employees%2C%20%24250%2C000%20in%20revenue%0D%3Cbr%3EI%3Cstrong%3Envestment%20stage%3A%20s%3C%2Fstrong%3Eeed%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Nuwa%20Capital%2C%20angel%20investors%3C%2Fp%3E%0A
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
The low down on MPS
What is myofascial pain syndrome?
Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (connective tissue that covers the muscles, which develops knots, also known as trigger points).
What are trigger points?
Trigger points are irritable knots in the soft tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and sustained posture are the main culprits in developing trigger points.
What is myofascial or trigger-point release?
Releasing these nodules requires a hands-on technique that involves applying gentle sustained pressure to release muscular shortness and tightness. This eliminates restrictions in connective tissue in orderto restore motion and alleviate pain. Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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