Saudi Arabia's first cinema to open on April 18

Feb 10: Bong Joon-ho’s film “Parasite” starts in a dingy, half-basement apartment with a family of four barely able to scratch out a life. There must be no place to go but up, right? Yes and no. There’s nothing predictable when the South Korean director is on his game.

This dark, socially conscious film about the intertwining of two families is an intricately plotted, adult thriller. We can go up, for sure, but Bong can also take us deeper down. There’s always an extra floor somewhere in this masterpiece.

It tells the story of the impoverished four-person Kim family who, one by one, and with careful and devious planning, all get employed by the four-person affluent Park family — as a tutor, an art teacher, a driver and a housekeeper. They are imposters stunned by the way wealth can make things easier: “Money is an iron. It smooths out all the creases,” says the Park patriarch with wonder.

Bong, who directed and wrote the story for “Parasite,” has picked his title carefully, of course. Naturally, he’s alluding to the sycophantic relationship by a clan of scammers to the clueless rich who have unwittingly opened the doors of their home on a hill. But it’s not that simple. The rich family seem incapable of doing anything — from dishes to sex — without help. Who’s scamming who?

Bong’s previous films play with film genres and never hide their social commentary — think of the environmentalist pig-caper “Okja” and the dystopian sci-fi global warming scream “Snowpiercer.” But this time, Bong’s canvas is a thousand times smaller and his focus light-years more intense. There are no CGI train chases on mountains or car chases through cities. (There is also, thankfully, 100% less Tilda Swinton, a frequent, over-the-top Bong collaborator.

The two Korean families first make contact when a friend of the Kim’s son asks him to take over English lessons for the Park daughter. Soon the son (a dreamy Choi Woo-sik) convinces them to hire his sister (the excellent Park So-dam) as an art teacher, but doesn’t reveal it’s his sis. She forges her diploma and spews arty nonsense she learned on the internet, impressing the polite but firm Park matriarch (a superb Jo Yeo-jeong.)

The Park’s regular chauffer is soon let go and replaced by the Kim patriarch (a steely Lee Sun-kyun). Ditto the housemaid, who is dumped in favor of the Kims’ mother (a feisty Jang Hye-jin.) All eight people seem happy with the new arrangement until Bong reveals a twist: There are more parasites than you imagined. The clean, impeccably furnished Park home will have some blood splashing about.

Bong’s trademark slapstick is still here but the rough edges of his often too-loud lessons are shaved down nicely and his actors step forward. “Keep it focused,” the Kim’s son counsels his father at one point. Bong has followed that advice.

There are typically dazzling Bong touches throughout. Just look for all the insect references — stink bugs at the beginning to flies at the end, and a preoccupation with odor across the frames. And there’s a scene in which the rich matriarch skillfully winds noodles in a bowl while, in another room, duct tape is being wrapped around a victim and classical music plays.

Bong could have been more strident in his social critique but hasn’t. There are no villains in “Parasite” — and also no heroes. Both families are forever broken after chafing against each other, a bleak message about the classes ever really co-existing (Take that, “Downton Abbey”).

“Parasite” is a worthy winner of the Palme d’Or at the Cannes Film Festival, the first South Korean movie to win the prestigious top prize. The director has called it an “unstoppably fierce tragicomedy.” We just call it brilliant.

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

Indore, Jun 6: An FIR has been registered against television producer Ekta Kapoor and two others here in Madhya Pradesh on charges of spreading obscenity, hurting religious feelings, and improper use of national emblems in her web show 'Triple X season 2', police said on Saturday.

The FIR also mentions about a particular scene which allegedly portrays the Indian Army's uniform in a highly objectionable way, an officer said.

Besides Kapoor, the FIR names director of the web series Pankhudi Rodrigues and screenwriter Jessica Khurana, said Annapurna police station inspector Satish Kumar Dwivedi.

The complaint was lodged on Friday night by Valmik Sakaragaye and Neeraj Yagnik, both residents of Indore.

"Ekta Kapoor's OTT platform ALTBalaji streamed (erotic) web series 'Triple X season 2' which not only spread obscenity but also hurt religious feelings of a particular community," Dwivedi said quoting the complaint.

A scene in the web show portrayed the Indian Army's uniform in a highly objectionable manner and also disrespected the national emblems, he said.

Kapoor and others have been booked under sections 294 (obscene acts and songs) and 298 (Uttering, words, etc., with deliberate intent to wound the religious feelings of any person) of the Indian Penal Code, Information Technology (IT) Act, and the State Emblem of India (Prohibition of Improper Use) Act, 2005, Dwivedi said.

Mumbai-based Ekta Kapoor is the founder of ALTBalaji, which is owned by her production house, Balaji Telefilms.

Further investigation is underway, the police officer said.