UK department store Selfridges has shunned typical builders hoardings while renovating its landmark store in Birmingham's Bullring, instead opting for a giant installation by fashion designer-turned-artist Osman Yousefzada.
Nearly 20 years ago, the space-age building took centre stage in Birmingham’s city centre giving new life to the UK’s second-largest city. Designed by Future Systems, the ground-breaking structure became home to the famous Selfridges store and a lauded landmark.
Now, the shimmering futuristic building has undergone another bold, albeit temporary, makeover.
Once shimmering with the reflection of the 15,000 silver discs adorning the building, Birmingham’s skyline will now reflect a punchy pattern of black and pink tiles that represent connectivity.
Multi-disciplinary artist Yousefzada was commissioned to do the major public artwork, Infinity Pattern 1, after being selected by Birmingham’s Ikon Gallery from an international shortlist and has been praised by the retail giant for its "optimism and transformation" of the city.
The 5-tonne design will cover the store while the works are under way, due to be complete before the 2022 Commonwealth Games in Birmingham.
The Selfridges business is also set to get a shake-up after its billionaire owners, the Weston family, launched a formal auction to sell the historic department store brand. The company, valued at as much as £4 billion ($6bn), has 25 stores worldwide, including the Birmingham site within the city’s Bullring.
Infinity Pattern 1 is the first piece of public art from the fashion designer who has expanded his practice since launching his eponymous label in 2008. Over the next decade, Birmingham-born Yousefzada made his mark on the fashion world with elegantly tailored architectural pieces that were worn by famous names including Beyonce, Lady Gaga and Taylor Swift.
Resident in London, the designer aged 44 is now weaving messages of wider universal importance into his handiwork. Son of Afghani-Pakistani immigrants, Yousefzada says his giant canvas addresses issues of race, labour and migration which have shaped the city’s past and present.
“The work is entrenched in autoethnographic elements of migration, community formation and how they happen, interact and settle. The work reflects my personal story and more widely my ethnic history and some of the symbolisms inherent to my culture,” says Yousefzada.
The giant canvas is meant to convey a "deep sense of optimism, connectivity and hope" conveyed by the endlessly tessellating pattern, to conceptualise a world without borders.
“The infinity pattern is a space without borders. You have that idea in mosques, in Islamic tiles, in churches where the arches feel like they’re never-ending. It’s hopeful,” said Yousefzada.
His is a hopeful story of overcoming limitations and expectations to chase one’s calling. Born and raised in a strict Muslim household within a working-class Pashtun community, Yousefzada’s parents didn’t allow him to draw and he used to hide non-religious books in his bedroom to read.
Defying the standard road many first-generation immigrants are ushered down by their parents towards a "good, stable job", Yousezada read anthropology at SOAS University of London before studying fashion at Central Saint Martins, an MPhil at University of Cambridge and then setting up his own label in 2008. After a decade in the business, the designer – who now refers to himself as a garment-maker – held his first solo art show, Being Somewhere Else, at Ikon Gallery in 2018 in which he explored the links between fashion and migration.
Infinity Pattern 1’s concept sprung, according to Yousefzada, from his 2019 film Her Dreams Are Bigger, in which Bangladeshi garment makers imagine the lives of the women wearing the clothes they make. “The structural infinity built within the design of this installation is a direct and contrasting response to the garment factory worker’s statement of the limitation within their life’s horizon. Instead, I’m proposing this antidote that conjures up an endless connectivity, new possibilities, countless new journeys,” he said.
An in-store art exhibition including additional pieces by Yousefzada and other Birmingham artists opened alongside the design’s unveiling, part of what Selfridges says is their ongoing relationship with Ikon Gallery. The new works by Yousefszada, developed through a residency at the Birmingham School of Art in Fine Art printmaking and sculpture, will expand on some of the topics raised by Infinity Pattern 1 with a series challenging "The Model Migrant" stereotypes.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
Global state-owned investor ranking by size
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Canada
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Blonde
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KILLING OF QASSEM SULEIMANI
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Producer: Maddock Films, Jio Cinema
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%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EKinetic%207%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Rick%20Parish%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Clean%20cooking%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
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.”
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
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