Infobip Receives SMS License to Enhance Cloud Communications in Saudi Arabia

Saudi Arabia’s finance ministry announced a budget deficit of 30 billion riyals (about $8 billion) for the third quarter, primarily driven by lower oil prices that have impacted government revenue.

During this period, total expenditure reached 339 billion riyals as the kingdom continued to funnel significant resources into its Vision 2030 initiative, which aims to reduce reliance on oil and promote economic diversification.

The total revenue for the quarter was reported at 309 billion riyals. This includes 191 billion riyals from oil revenues and 118 billion riyals generated from non-oil sources. Despite ongoing efforts to enhance non-oil economic growth, the oil sector remains a critical component of the nation’s finances, and recent declines in oil prices and output have led to reduced government income.

At an investor summit in Riyadh, Finance Minister Mohammed Al Jadaan reaffirmed the kingdom’s commitment to its transformative economic strategies. However, the government is currently reassessing its spending plans, which may result in delays or reductions in certain Vision 2030 projects while prioritizing others deemed more critical.

According to forecasts, Saudi Arabia’s economy is expected to grow by 1.3% this year, slightly lower than the International Monetary Fund’s revised estimate of 1.5%. This growth rate is among the slowest within the Gulf Cooperation Council. Nonetheless, increased oil production is anticipated for next year, potentially leading to an overall rebound in economic growth. The non-oil sector now accounts for more than half of the country’s GDP and, while it has experienced some slowdown this year, it is projected to maintain growth around 4%.

As part of its commitment to advancing sustainable business practices and reporting across the Middle East, the Institute of Chartered Accountants in England and Wales (ICAEW) joined leading voices at the recent Middle East and North Africa (MENA) Sustainability Forum. The event brought together government officials, industry leaders, financial professionals, and sustainability experts, to address the latest developments in sustainability reporting and assurance.

Organized by the International Federation of Accountants (IFAC) in partnership with the Emirates Association for Accountants & Auditors, the forum brought together key stakeholders, to discuss the implications of new reporting frameworks, including the Corporate Sustainability Reporting Directive (CSRD) and the International Ethical Standards for Sustainability Assurance (IESA). ICAEW participated in a panel discussion exploring accountants’ expanding responsibilities in supporting sustainable economies. Panel participants included:

• Warren Maroun, Board Member, IAASB
• Jon Reid, Principal, IESBA
• Paul Winrow, Partner – Sustainability Reporting & Assurance, Forvis Mazars
• Hanadi Khalife, Head of Middle East, ICAEW
• Christine Albrecht, Chair, Transnational Auditors Committee, as moderator.

The panelists emphasized the critical role of ethics and independence in sustainability assurance, noting that these principles are essential for ensuring that sustainability reports provide accurate, reliable information in line with growing public interest in corporate sustainability.

While sustainability reporting is still maturing, the panel discussed the challenges of achieving consistent, reliable data, particularly for companies transitioning to mandatory disclosures and to move gradually from limited to reasonable assurance. Global alignment of standards, ensuring comparability and transparency across jurisdictions, was identified as a vital step forward. The development of the IESA, expected to be finalized by the end of 2024, is seen as a major advancement in this area.

Hanadi Khalife, Head of Middle East, ICAEW, said: “Sustainability assurance presents a significant opportunity for chartered accountants to lead in shaping a more transparent and resilient future. By staying ahead of regulatory, policies and standards developments, accountants are well-positioned to guide organizations through the nuances of sustainability reporting, ensuring alignment with global best practices.

“This forum provided an important platform for exchanging insights on how the accounting profession can meet the rising expectations around sustainability. As the Middle East progresses in its sustainability journey, chartered accountants will be integral in building trust and confidence in this critical part of the journey to net zero and to a more sustainable economy.”

MEX Global, a subsidiary of MultiBank Group has launched cash payment services in partnership with Al Ansari Exchange, a subsidiary of Al Ansari Financial Services P.J.S.C. and the largest outward personal remittance and foreign exchange company in the UAE. This innovative service enables clients in the UAE to conveniently deposit and withdraw funds through Al Ansari Exchange’s extensive branch network.

The new integrated service is exclusively available to users in the UAE who are onboarded through MEX Global, which is regulated by the Securities and Commodities Authority (SCA). By leveraging Al Ansari Exchange’s established presence with over 260 branches across the UAE, this agreement seeks to enhance the client experience, providing them with more flexibility and access to their funds.

In his comments, Naser Taher, Founder and Chairman of MultiBank Group, said: “Navigating financial transactions should be seamless and accessible. Our collaboration with Al Ansari Exchange reiterates our commitment to providing cutting-edge financial solutions that empower our clients and facilitate their banking needs in a secure and efficient manner. At MultiBank Group, we are continuously expanding our offerings and enhancing our services through strategic partnerships and innovative solutions, driven by our dedication to excellence and ensuring the highest level of customer satisfaction.”

MultiBank Group, established in California, USA, in 2005, serves over 1 million clients in more than 100 countries and maintains a daily trading volume surpassing $15.6 billion. Known for its forward-thinking trading solutions, strong regulatory oversight, and outstanding customer support, the Group offers a comprehensive range of financial services, including brokerage and asset management. MultiBank Group is regulated across five continents by over 16 of the most esteemed financial regulatory bodies worldwide.

SOUL (Startup One UAQ Launchpad) has officially launched as a dedicated incubator for tech-focused entrepreneurs in the UAE. Inaugurated within the Umm Al Quwain Free Trade Zone (UAQ FTZ), SOUL is set to foster innovation and support high-growth startups ready to make an impact locally and globally. The grand opening was honored by the presence of Sheikh Khalid bin Rashid Al Mualla, Chairman of UAQ FTZ, and Sheikh Mansoor Bin Ibrahim Al Mu’alla, Director of Ports, Customs, and Free Zone Corporation.

The initiative is designed to empower both local and international entrepreneurs by providing critical support to startups in high-impact sectors, such as AI, Blockchain, Fintech, EdTech, PropTech, Reg-Tech, and Robotics. SOUL’s mission is to foster talent and enable entrepreneurs to establish and scale their businesses in the UAE and across the GCC.

Positioned as a comprehensive support platform for emerging businesses, SOUL offers a robust range of services tailored to help startups succeed. These services include incubation, expert guidance from experienced mentors, opportunities for market access, MVP validation, and access to potential funding channels. SOUL is structured to support startups as they work toward growth within the UAE and the broader GCC region.

“SOUL’s objective is to create an innovation hub that nurtures startups in their journey to becoming key players in the UAE and GCC markets,” said Mr. Johnson M. George, General Manager of UAQ FTZ. “Our programs are structured to provide startups with the resources and guidance they need to navigate challenges, validate their models, and accelerate growth.” Beyond workspace and mentorship, SOUL connects entrepreneurs directly to investors and provides access to high-potential markets. The incubator’s structured programs, including workshops, networking events, and pitch days, foster a collaborative environment where startups can refine their products and scale their businesses.

Dr. Hisham Safadi, founder of UDENZ and a mentor at SOUL, praised the incubator’s unique approach. “SOUL is different from other incubation programs because it offers targeted support to startups that already have an MVP or are seeking to validate their business models. This level of mentorship is invaluable for startups looking to scale quickly.”

The Federal Tax Authority (FTA) has issued an important reminder for all Resident Juridical Persons with licenses issued in October and November, regardless of the year, to submit their Corporate Tax registration applications by November 30, 2024. This requirement comes as part of the FTA’s ongoing efforts to ensure compliance with the new Corporate Tax regulations introduced under Federal Decree-Law No. 47 of 2022, which took effect on March 1, 2024.

In a recent press statement, the FTA emphasized the importance of adhering to the timelines outlined in FTA Decision No. 3 of 2024. This decision specifies registration deadlines for different categories of Taxable Persons who are subject to the Corporate Tax. The FTA has warned that failing to submit registration applications on time will result in administrative penalties as stipulated in Cabinet Decision No. 75 of 2023.

The registration requirement applies to both Juridical and Natural Persons, whether they are Resident or Non-Resident. Juridical Persons that were established or recognized before March 1, 2024, must register based on the month their license was issued, regardless of when that issuance occurred. For those holding multiple licenses, the earliest license issuance date will dictate the registration deadline. Even if a license has expired, the registration must be based on the original issuance month.

The FTA has made the registration process more accessible through its EmaraTax digital platform, which operates 24/7. The streamlined procedure consists of four main steps and is designed to take approximately 30 minutes to complete. Existing Value Added Tax or Excise Tax registrants can use their EmaraTax accounts to register for Corporate Tax and submit necessary documents. Once approved, applicants will receive a Tax Registration Number.

Taxable Persons who have not yet registered are encouraged to create a new username on the EmaraTax platform at eservices.tax.gov.ae, using their email and mobile number. After setting up an account, users can easily complete the registration by selecting the ‘Register for Corporate Tax’ option and following the straightforward steps.

Additionally, individuals can register through authorized Tax Agents listed on the FTA’s website or at various government service centers throughout the country, which offer electronic services overseen by trained personnel.

Finally, the FTA urges all Taxable Persons to familiarize themselves with the Corporate Tax Law and related guidelines, which are available on the FTA’s website at tax.gov.ae. Compliance with these regulations is crucial to avoid penalties and ensure a smooth tax administration process.

Kuwait International Bank (KIB) signed a Memorandum of Understanding (MoU) with the Gulf University for Science and Technology (GUST) for collaboration on its innovation program. The MoU will create a strong foundation for innovation incubation and acceleration, offering students significant opportunities for growth and development. The new agreement comes as part of the Bank’s commitment to its comprehensive social responsibility strategy, as well as its support of education and youth empowerment for a brighter future.

KIB will take the lead in coordinating and overseeing the innovation program, with the support of a globally recognized innovation expert. Through this partnership, GUST students will have the chance to participate in projects aimed at cultivating creative ideas and solutions. These students will benefit from hands-on experience through internships and co-op programs at KIB, where they can apply their academic knowledge in a practical banking context. In addition, KIB will evaluate top-performing students and graduates for potential employment opportunities, reinforcing the Bank’s dedication to fostering local talent and supporting their professional growth.

Commenting on the new partnership, Mohamed Atef El-Shareef, General Manager of the Digital Innovation and Data Intelligence Department at KIB, said: “KIB’s agreement with GUST marks another important step in its mission to bridge academia and industry, ensuring that the next generation of professionals is equipped with the skills and knowledge to excel in the rapidly evolving banking sector. The collaboration is also a reflection of KIB’s efforts to be among top institutions leading the way in innovation within the banking industry.”

El-Shareef added: “By forging agreements with academic institutions, we aim to build a robust pipeline of talented professionals who will not only contribute to our business but will also shape the future of banking in Kuwait. We look forward to signing more agreements with other universities in the near future as part of our ongoing efforts to invest in the youth and the future of the financial industry.”

On his part, Professor Bassam Alameddine, President of Gulf University for Science and Technology (GUST), stated: “We are delighted to cooperate with KIB in this initiative, as it will provide our students with a pioneering opportunity to apply their theoretical knowledge in a hands-on industry experience. Through working with experts in the banking industry, our students will be able to develop innovative solutions for the banking sector and acquire the necessary skills to excel in their careers. This partnership reflects our strong commitment of preparing our graduates to become innovative leaders in the Kuwaiti job market.”

Prof. Bassam Alameddine added: “GUST has consistently fostered innovation within its advanced academic programs, ensuring they align with the evolving demands of the Kuwaiti job market. Moreover, GUST actively supports initiatives launched by Kuwaiti youth in the field of startups and their career pursuits within both the private and public sectors. This unwavering commitment is driven by a shared vision of contributing to the advancement and prosperity of Kuwait and its young generation.”

Recent reports from Ras Al Khaimah’s Department of Economic Development reveal a significant upswing in economic activity, highlighting the Emirate’s thriving business environment. By September 2024, the total capital of valid licenses rose to AED9.26 billion, marking a 15% increase from AED8.00 billion last year, which translates to an additional AED250 million.

The number of valid licenses has also seen a healthy growth of 2.9%, now totaling 20,408. This expansion spans several sectors, with professional licenses totaling 10,077—an increase of 2.9%—commercial licenses reaching 9,729, and industrial licenses growing by 3.4% to 578.

Particularly noteworthy is the Nakheel area, which has emerged as a key player in this growth, showcasing 2,266 valid licenses and capital approximating AED2.2 billion. This area alone has experienced a remarkable capital increase of 29.1% year-on-year.

Amina Qahtan, Director of the Department of Commercial Affairs, credits this positive momentum to the proactive economic strategies implemented by the Emirate, alongside the government’s dedication to nurturing a supportive business landscape. She emphasized that the introduction of various measures to streamline business operations has been essential in propelling this impressive growth.

A Thriving Economic Landscape

The emirate has seen substantial growth in recent years, establishing itself as an attractive hub for investment and tourism, as well as a prime location to live, work, and explore. Ras Al Khaimah boasts a robust manufacturing and industrial sector, which accounts for approximately 30 percent of its overall GDP. The remaining GDP is distributed across various complementary sectors, showcasing the economy’s diversity and its capacity to attract and retain a wide range of businesses, from small and medium-sized enterprises to large multinational corporations.

Accenture and du, the leading telecom and digital services provider, are collaborating under a five-year contract to help du on the Application Development and Maintenance (ADM) of its IT landscape.

Under the AMD contract, Accenture will work closely with du and its partners to move to a new operating model that enables them more flexibility & predictability and to maintain and evolve du’s IT applications.

By implementing new ways of working and processes in line with industry best practices, the new model will help du break silos, accelerate time to market and enable the launch of innovative products and services while improving efficiencies.

Accenture will also support du with the adoption of new technologies and products, including gen AI and advanced analytics, helping du achieving its business objectives in line with its digital-first strategy.

Fahad Al Hassawi, Chief Executive Officer du said: “Our partnership with Accenture marks a shift in our journey towards an innovative, digital-first future. Leveraging Accenture’s expertise in ADM, we aim to significantly boost our agility and market responsiveness in line with our commitment to breaking silos and fostering a culture of innovation and efficiency, enabling us to offer more advanced, customer-centric solutions. Through new technologies like gen AI and advanced analytics, we are poised to redefine what’s possible, aligning with our goal to not only meet but exceed our business objectives in the digital era.”

Omar Boulos, Chief Executive Officer of Accenture in the Middle East, commented: “This is a time for collaboration globally when it comes to converging best-in-class technologies and expertise to truly maximize the potential of cutting-edge tech. We are thrilled to be partnering with du to drive the digital transformation of its infrastructure. We believe that our collaboration will not only enhance du’s capabilities but also contribute to the advancement of the technology landscape in the region.”

At 34, Kait Giordano is juggling her job, a newborn and two parents with dementia.

Just over a month into motherhood, she tends to her infant son and her live-in parents in the morning and afternoon, some days with the help of a rotating cast of paid companions at their Tucker, Ga., home. In the evenings, her husband, Tamrin, takes over while she colours hair.

They had already delayed starting a family when Kait’s father moved in a few years ago. Her mother moved in this year. “We chose to take this on,” she says. “We didn’t want to wait any longer.”

More Americans shoulder a double load of caring for their children and at least one adult , often a parent. The “sandwich generation” has grown to at least 11 million in the U.S., according to one estimate, and shifts in demographics, costs and work are making it a longer and tougher slog.

People are having children later, and they are living longer , often with care-intensive conditions such as dementia. That means many are taking care of elderly parents when their own kids are still young and require more intensive parenting—and for longer stretches of their lives than previous generations of sandwiched caregivers.

As the oldest millennials start to hit middle age —and baby boomers near their 80s—the number of Americans caring for older and younger family makes up a significant part of the electorate. Vice President Kamala Harris invoked the sandwich generation when she recently proposed expanding Medicare benefits to cover home healthcare.

“There are so many people in our country who are right in the middle,” the Democratic presidential candidate said on ABC’s “The View” this month. “It’s just almost impossible to do it all, especially if they work.”

Responding to the Harris proposal, former President Donald Trump ’s campaign said he would give priority to home-care benefits by shifting resources to at-home senior care and provide tax credits to support unpaid family caregivers.

The growing burden on this sandwich generation weakens careers and quality of life, and has ramifications for society at large. It is a drag on monthly budgets and long-term financial health.

A 40-something contributing $1,500 a month over five years to support an aging parent stands to lose more than $1 million in retirement savings, according to an analysis by Steph Wagner , national director of women and wealth at Northern Trust Wealth Management.

“It’s become incredibly expensive to manage the longevity that we’ve created,” says Bradley Schurman , an author and demographic strategist, who says that the demands of caring for older generations could push more people in midlife to retreat from the workforce, particularly women. “That’s a massive risk for the U.S. economy.”

Career goals on hold

Not too long ago, the typical sandwich caregiver was a woman in her late 40s with teenage kids and maybe a part-time job. Now, according to a 2023 AARP report, the average age of these caregivers is 44, and a growing share are men. Nearly a third are millennials and Gen Z. They are in the critical early-to-middle stages of their careers and three-quarters of them work full or part time.

Diana Fuller, 49, says being the go-to person for her 83-year-old mother’s care for more than four years has been stressful, even with her mother now living in a nearby, $10,000-a month memory-care centre in Charlotte., N.C. (Long-term-care insurance covers 75%; the rest is paid out of her mother’s savings.)

She has put on the back burner career goals such as ramping up the leg warmer business she started with her sister. She has missed moments such as her 9-year-old son’s school holiday concert last year because of her mother’s frequent hospital stays.

Her husband picks up a lot of the child care duties when her mom is in the hospital. Still, she says, “it often feels like everything is about to implode.”

The financial pressures are also growing for the sandwich generation. According to a Care.com survey of 2,000 parents, 60% of U.S. families spent 20% or more of their annual household income on child care last year, up from 51% of families in 2021. Meanwhile, the median cost of a home health aide climbed 10% last year to $75,500, data from long-term-care insurer Genworth Financial show.

Caregivers often risk paying for such costs in their own old age, financial advisers say. More than half reported in a 2023 New York Life survey that they had made a sacrifice to their own financial security to provide care for their parents on top of their children.

Long-distance care

Many in the sandwich generation say they feel torn between the needs of their kids and parents. Liam Davitt , a public-relations professional, and his wife, Lisa Fels Davitt , recently moved from their Washington, D.C., condo to suburban New Jersey so that their 7-year-old son could be closer to cousins and go to a good public school. (They had previously paid for private school.)

That meant moving away from his 84-year-old mother in an independent living community. The long distance has made helping her even with little things more complicated, such as troubleshooting glitches with her iPhone. He recently enlisted a nearby fraternity brother to help her assemble a new walker.

An avid runner, he says he finds himself taking care of himself—avoiding potentially ankle-twisting mud runs and keeping up with his doctors’ appointments, for example—out of fear he won’t be able to care for his younger and older family.

“If all of a sudden I’m less mobile, then I’m more of a burden on my own family” says Davitt. He is planning to move his mother closer by.

The Giordanos, in Georgia, have made adjustments, too. With their newborn keeping them busy, they installed cameras and door chimes to help monitor Kait’s parents.

Her parents enjoy pushing their grandson in the stroller around the house while supervised, she says. When Tamrin comes home from work, he gives his in-laws dinner and medications while holding the baby.

The couple isn’t sure when they’ll have another child, which would require paying for more help.

“We may have to wait,” Kait said. “We’re very much living in the moment.”

October is traditionally the time to break out the cozy sweaters and consume as many pumpkin-spice drinks as possible. Instead, people are now using it to reset their goals.

Dubbed “October Theory,” these people are rethinking their approach to the last three months of the year. They’re using it as a time to set goals, pick up new habits and reflect—essentially taking on the role New Year’s plays.

October Theory is the latest “theory” social media has latched onto. Between the uneven job market, inflation, and the usual daily grind, people are looking for something they can control. Setting goals and improving their lives —whether it’s their health, finances or mindset—is something they are gravitating toward.

Sarah Stone, a 35-year-old Realtor in Kansas City, Mo., says October is a better time to reflect on the previous nine months and also home in on what she wants to achieve in the last few months of the year. This month, she’s decluttering her home and purging habits such as too much impulse shopping at TJ Maxx.

“It feels almost like the beginning of the year is in the wrong place on the calendar,” says Stone.

October can feel like an introspective time for people since the seasons are changing, a new academic school year has started and the current year is on its way out, says Laurie Kramer, a licensed clinical psychologist and a professor of applied psychology at Northeastern University. The Jewish new year—Rosh Hashana—also takes place in September or October, giving millions a time to reflect.

“This is a great time, 90 days from the new year, from the holidays, to reassess, see where you are with things,” Kramer says.

Start now, win later

October Theory is catching on partly because it sets someone up for success by the time January rolls around, say fans of the trend. Instead of picking up a new habit in the dead of winter—at the same time everyone else is trying to make it to the gym, for instance—it has already been in place for three months.

Every new year, Allison Bucheleres, a 30-year-old lifestyle and fashion content creator in Miami, tries to set new goals. Often, she fails because she doesn’t have a routine in place to make it happen.

Most of her goals this month revolve around setting new daily routines, such as waking up at 7 a.m., journaling her thoughts and writing self-affirmations to reframe her thinking. Around the middle of the day, she’ll repeat her positive phrases—at times over 100 of them—and will sometimes write one on a sticky note to post on her bathroom mirror.

Bucheleres’s newest self-mantra: “I can control my work and my self belief, but not the timing.”

Simple behaviours that are easy to repeat could take as few as 30 times to become a habit. More complex ones, such as going to the gym, could take up to three months of daily practice, says Wendy Wood, professor emerita of psychology and business at the University of Southern California.

The best time to change behaviour is during a big life change, such as moving to a new house or starting a new job or relationship—regardless of whether it’s in January or October, she says.

“You have a sort of window of opportunity to make decisions about what you want to do without your old habits getting in the way,” Wood says.

Making the most of 2024

Others view October as a last chance to fulfil the goals and aspirations they set months ago.

That includes Mateo Pérez, who is in the final stretch for his weightlifting and running regimen. The 19-year-old sophomore, who is majoring in creative advertising at the University of Miami, is also working on an application to transfer to New York University for the fall 2025 semester. Pérez wants to finish the application by the end of this semester in December.

“Right now, it’s like a reflection of this whole year and how can we make the most of the last three months,” Pérez says.

Psychologists say being introspective—at any time of the year—helps people develop habits and routines. It is often the key to following through on your goals.

Two Octobers ago, Kelly Sites, a 38-year-old customer-support manager and content creator, decided to stop living overseas. By February, she had moved to Kansas City, Mo.

This year, she’s trying to set up a daily meditation and breathing practice, and eat more whole foods. In a TikTok post on Oct. 2, Sites encouraged people to go to their photo albums and type in October to see how much their lives have changed in the 10th month of the year.

“It’s this idea of hibernation, seasons changing,” Sites says. “There’s always seeds of my life that were planted in October that changed the rest of the year.”

I N THE COURSE of one conversation, Salma Hayek Pinault mourns the death of her pet rescue owl, reveals that she never signed a prenup in her marriage to French billionaire François-Henri Pinault and bemoans the obnoxiousness of certain wealthy people who assume they’re interesting just because they’re rich.

But ask about her typical day, and she has no words.

“Nothing in my life is typical,” she says, her smoky voice filling the low-ceilinged room in a London pub, where she shows up on an overcast Monday afternoon awash in head-to-toe Gucci and perfume drawn from ingredients that include Mexican tuberose and queen of the night, an opulent cactus with flowers that each bloom just once a year in the dark.

The Mexican-born actress, 58, famous for her curves and sultry accent, took the objectification of Salma Hayek and bent it to her will: She used her Hollywood clout to create roles for Latina women that defy ethnic stereotypes and channeled her influence into a decadeslong fight against domestic violence. She defied the odds to become one of a tiny handful of Latina leading ladies in the 1990s, and then, while working to preserve that status, developed parallel careers as a producer and a philanthropist.

“I’m talking with my mouth full,” she says after dipping some crust from a sourdough boule into melted rosemary and garlic Camembert, on-brand for a person who professes no strict fitness regimen. “Emotional intelligence,” she’s saying of the forces that drive her. “Human, real connection.”

She’s got a high-drama aura but she’s also pragmatic, a trait visible in her charity work. “I’m passionate,” she says, “but I’m a strategist.” In just three years, Hayek Pinault has turned the Kering Foundation’s annual fundraising dinner in New York, Caring for Women, into a mini Met Gala. The event sponsored by her husband’s luxury goods company Kering sprang fully formed onto the fashion circuit—it wasn’t a slow-building phenomenon like the behemoth Met Gala—and in many ways it’s an expression of Hayek Pinault herself. Every detail runs through her for a gathering that, while raising roughly $3 million, brings attention to the fight against gender-based violence.

As a charity hostess, who on red carpets often appears bejewelled like a modern Elizabeth Taylor, she has curated her own group of tastemakers with guests including Jessica Chastain, Leonardo DiCaprio and Viola Davis.

“She gets you on board,” says friend Eva Longoria, “and she doesn’t take no for undefined an answer.”

I T’S TEMPTING to think of Hayek Pinault’s story as a rags-to-riches tale: The young actress from a small town in southern Mexico gets cast in the leading role on a telenovela and leapfrogs to stardom. In fact, she came from a wealthy family in the coastal city of Coatzacoalcos. Her father was an oil executive of Lebanese descent, her mother an opera singer with Spanish roots, and she grew up with four live-in maids. She saw Europe as a 2-year-old and traveled by private jet. She loved her pet bobcat.

After she moved to L.A. in her mid-20s, her father lost his fortune, Hayek Pinault says. She was a struggling actress with the stress of supporting herself and her family back in Mexico. “That’s when I became the best version of myself,” she says.

In Hollywood, studios first saw her accent as a liability. But director Robert Rodriguez cast her in the 1995 drug-crime western Desperado , followed a year later by his cult hit From Dusk Till Dawn , where she dances with a huge yellow python slung around her shoulders and sticks her toes in Quentin Tarantino’s mouth. Her breakthrough came in 1997 with Fools Rush In , a shotgun-marriage rom-com co-starring Matthew Perry.

With her success came Hollywood money. But her finances leapt into another dimension with her 2009 marriage to Pinault, the chief executive of Kering, a corporate giant that owns Gucci, Saint Laurent and other major luxury brands. The reality of marrying into extreme wealth surprised her.

“To me, the excitement about having a lot of money was that I didn’t have to think about money, and it turned out all people wanted to talk to me about was money,” she says of her life after joining the Pinault family. “Strangers coming to me that aren’t even friends, but they think we should be friends because they’re rich, too.”

She and Pinault keep their finances separate, she says, and there’s no prenuptial agreement dividing assets. The more she thinks about it lately, she says, the more she’d like to increase her own net worth.

“I support a lot of the aspects of my life and myself,” she says. “I have the pressure to make a certain amount of money, and I like it. And now, I decided, I want to make more.”

With their 17-year-old daughter, Valentina, on the cusp of adulthood, Hayek Pinault is pursuing business ideas, which she isn’t ready to reveal. Pinault likes this ambition, she says. “I think he finds it kind of sexy.”

ONE ATTRIBUTE that’s made Hayek Pinault famous is her body. Much has been made of her breasts: Talk-show hosts ask her questions about them, her movie characters comment on them, her red-carpet fashions flaunt them. During our interview, when I say I want to ask her a trivia question, she assumes I’m after her bra size.

No, I tell her in a total left turn, I want to learn about the time on the Frida movie set when her monkey co-star bit her, specifically where it bit her. Coincidentally, I’d just gotten a video of a monkey bite in a group chat so I thought I’d show Hayek Pinault a screenshot. It was a picture of a raised pink welt on pale skin—actually a bite on a man’s back—but Hayek Pinault assumed it was an R-rated close-up of a topless woman.

“It is a thing about the boobs,” she scolds when she sees the photo. I explain she’s looking at a monkey bite on a man’s back. “Oh. This isn’t a monkey bite in the boobs?” she asks. No, I tell her, but is she saying that’s where the monkey bit her? No, she replies. This is turning into a who’s-on-first of monkey bites and lady parts. “Can I tell you something?” she says, clutching her breasts with both hands, still horrified by the photo. “My nipples began to hurt when I saw that.”

It turns out, the Frida monkey bit her on the right hand between her thumb and forefinger, and she needed rabies shots. I asked if those were painful and she said, “Yes, yes. Stop it.” She and the monkey, whose name was Tyson, were alone in her trailer, and he started throwing all her CDs at the walls and breaking them. They got into a tug-of-war over a disc, and he bit her. “They should have told me the monkey has been possessed by the devil,” she says.

Frida was her passion project, a major moment for her now 25-year-old production company, Ventanarosa—Spanish for “pink window”—and a big learning opportunity for her. It had been a fight for her to control the material. In one meeting, while trying to wrest back the project from a studio she’d decided against, she had her agent’s attorney friend come as a prop to intimidate executives. “You sit there, nod your head, look mean,” she told him.

The strategy worked. The project was ultimately made at Miramax, the studio co-founded by Harvey Weinstein. Later, she would write a searing op-ed about being sexually harassed by Weinstein.

Hayek Pinault described in the piece having to film a “senseless” full-frontal nude love scene with another woman to placate Weinstein so he wouldn’t block the completion of Frida . Hayek Pinault, distraught over Weinstein’s tactics, vomited for the length of the shoot.

In a statement, Weinstein’s spokesman says “he apologises to Ms. Hayek for ever making her feel sad or uncomfortable.” He says that Weinstein has “a different memory of those times but isn’t looking to talk about them.”

The roughly $12 million film went on to gross $56 million worldwide and made Hayek Pinault one of the first Latinas ever to be nominated for a best actress Oscar.

With Ugly Betty , an American version of a popular Colombian telenovela, Hayek Pinault initially met resistance from ABC, she says. The actress personally presold international rights and advertising to prove the show’s worth. The series, which supercharged the career of actress America Ferrera, was considered a risk partly because it featured a Latina lead who was not Hollywood’s idea of universal beauty. Hayek Pinault pushed back when some executives wanted to give Betty a makeover. “It got really heated,” she says. Ferrera went on to win the Emmy for best actress in a comedy in 2007.

Most of Ventanarosa’s film and TV works are in Spanish and do not feature Hayek Pinault. Recent titles include the 2019 TV series Monarca , a Succession -style drama on Netflix about a family’s tequila empire, and the Spanish-language HBO series Like Water for Chocolate , premiering this fall. Separately, she continues her own work as an actress, recently premiering the Angelina Jolie–directed wartime film Without Blood at the Toronto International Film Festival.

Hayek Pinault’s longtime producing partner, José “Pepe” Tamez, says the two have been looking at shows like Squid Game , the blockbuster Korean series, to get Latinos in front of a worldwide audience in a similar way. The company had focused on the U.S. and Latin American markets for years, but now they’re thinking more globally. That’s where the opportunity is, Tamez says.

In pitch meetings, Hayek Pinault’s ability to read her audience has been a secret weapon. “Maybe this has to do with the fact that she’s an actress,” Tamez says. “She knows how to listen.”

HAYEK PINAULT’S WORK as a producer did not inform her philanthropy, she says: Her philanthropy made her a better producer.

Her interest in volunteering began in childhood, and her efforts fighting violence against women stretch back to her early days in 2004 working with the Avon Foundation. On a 2009 Unicef trip to Sierra Leone, she famously breast-fed another woman’s baby, a newborn the same age as her own daughter, to combat a regional stigma around breast-feeding. The moment was captured on camera for ABC’s Nightline .

Pinault was keenly interested in her philanthropy. Once when the two were dating and she was volunteering in South America, he asked on the phone about her day. “I said, ‘Oh, it was great. We were with the prostitutes all morning in the red-light district,’ ” she recalls. She talked for an hour, then asked about his day. “He said, ‘I’m embarrassed to tell you what was my day.’ ”

In 2008, a year before they married, the couple began working together to build the Kering Foundation, which Pinault had created to focus on women’s causes.

Over time, Hayek Pinault realised she could broaden her reach even further. In 2013, she and Beyoncé Knowles-Carter founded Gucci Chime for Change, a global campaign by the Kering brand to promote gender equality.

For her signature event, the Caring for Women dinner and charity auction in New York, Hayek Pinault keeps the scope small. The evening’s 200 guests can see each other at 20 tables around a cozy room. For an event that kicks out press, it gets a ton. This year and last, Lauren Sánchez, who is engaged to Amazon’s Jeff Bezos, got in a tabloid-perfect bidding war with Kim Kardashian over a Balenciaga couture lot.

Last year, Hayek Pinault adorned the space with plants and played bird sound effects. She personally wrote fellow celebrities to make sure they’d come. Before they arrived, she lit copal, a rock incense used in Mexican rituals, and waved it around for spiritual cleansing.

“My spirit,” she says, “wants to micromanage.”

O N THIS DAY at the pub, Hayek Pinault is mourning the death of Kering, a rescue owl who became famous on her Instagram. A fox got into the aviary on the grounds of their London estate and ate Kering not long ago. The owl slept in her bedroom many nights, though not that evening. “We had our own way of communicating,” Hayek Pinault says. “She would hold my hand and play and try to pull me.” Kering was a pet but also a wild animal. “I never took that owl in if she didn’t want to come in,” she says. The actress knows her owl would have been eaten by a predator long ago if she’d lived in nature. “She had a good life,” she says.

Over the past decade, Hayek Pinault has dealt with losses like this and life’s other challenges by practicing meditation.

A session might take three hours. She knows a meditation DJ who plays music while she lets go in her mindfulness space, which is the smallest room in her house. Sometimes she’s dancing. She’s usually blindfolded, which makes standing on her head tricky. The DJ later debriefs her because she loses herself so completely that she can’t always recall what’s just happened. She finds herself accomplishing physical feats she could never achieve otherwise. She is sparing on details. “I do strange things,” she says.

In the meditation sessions, nothing hurts, she feels elastic in body and spirit. “I’m ready to go in a room wanting nothing and not knowing what to do or what you’re supposed to do—surrendering and understanding your instincts,” she says. “It’s very advanced.”

Like much in Hayek Pinault’s world, the practice is unconventional. “It’s completely the opposite of no pain, no gain,” she says. “It’s completely the opposite of what everyone does.”

Hair, Nao Kawakami; makeup, Wendy Rowe; manicure, Kate Williamson; set design, Max Bellhouse and Tilly Power; production, Bellhouse.

Ever used the office printer for your kid’s homework assignment or scrolled Facebook Marketplace during an all-hands Zoom meeting? Fair warning: Your employer may be paying close attention.

Big companies on the hunt for efficiency are deploying perk police to bust employees for seemingly minor infractions that, by the letter of company law, can result in termination.

“We have had lots of requests for new controls,” says Katie MacKillop, U.S. director of Payhawk, which administers company credit-card accounts and watches for misuse.

Clients are asking Payhawk to restrict when and where company cards work. For example, a company can limit a lunch allowance to be available only on weekdays from 11 a.m. to 2 p.m. and be usable at Chipotle but not at Kroger . In partnership with Visa and Mastercard , Payhawk is developing a feature that sends real-time spending alerts to corporate finance teams and allows them to instantly block suspicious transactions by employees.

MacKillop’s firm doesn’t track what happens to employees who violate company policies, but she says there is little doubt employers are taking codes of conduct more seriously.

That helps explain reports of crackdowns at Meta , where employees were fired for spending $25 meal allowances on other items, Ernst & Young dismissing workers who watched multiple training videos at the same time, and Target canning employees who jumped the line to buy coveted Stanley water bottles ahead of the general public. The companies declined to comment on the incidents.

As the employer-employee power struggle tilts in companies’ favour, some businesses are using strict rules enforcement to make an example of rule-breakers or reduce payroll without having a real layoff. An employer feeling buyer’s remorse after a post pandemic hiring spree can use the company handbook to push out unwanted employees, says human-resources consultant Suzanne Lucas.

“When you are desperately hiring, you’re definitely overlooking things,” says Lucas, who cheekily brands herself the Evil HR Lady. “When you need to cut head count, you tighten up the rules.”

Workers argue many so-called perks are designed to increase productivity. A free meal is an enticement to stay at your desk. A recorded HR tutorial is less a reprieve from the awkwardness of in-person, sexual-harassment training than an invitation to keep plugging away while paying half attention to a video on your second monitor.

Why gin up excuses to fire people instead of simply announcing a round of job cuts? A few reasons, Lucas says.

Layoffs imply a business is struggling, and companies may want to avoid shaking the confidence of customers or investors. Employers often feel obligated—or are contractually bound—to offer severance packages to laid-off workers. Firing people for cause can save money, she says.

Then there’s the effect on a company’s remaining employees. Few things put workers on notice like seeing colleagues pink-slipped for minor offences. And, as a matter of principle, stealing is stealing even if it is a small amount of company money or time.

Warning shot

If a goal of harsh consequences is to keep people in line, then it’s working on Matt Tedesco.

When he read a Financial Times report that Meta fired employees who spent Grubhub meal allowances on things like acne pads and laundry detergent in a saga dubbed “Grubgate,” he flashed back to a similar episode at a defunct company where he used to work. He says a half dozen colleagues in sales were shown the door because they used meal stipends to buy groceries.

Tedesco, 47, describes himself as a rule follower in general and says he is doubly sure to do everything by the book in the current climate. He started this fall as a sales account executive at Hearst after being laid off by S&P Global last year.

“It’s hard to get a job right now—it took me months,” he says. “From an employee standpoint, my takeaway is don’t abuse any privilege because it’s not worth the risk.”

People in a range of industries admitted to me privately that they’ve broken rules like these in the past but said they’d never cop to it publicly. One likened today’s workplace to a street with a 30 mph speed limit, where you routinely get away with driving 37 mph and feel blindsided when you’re pulled over and ticketed. Enforcement levels fluctuate, this person said, and seem to be high right now.

Cracking down is a time-honoured tactic when companies feel financial pressure. In 2009, in the teeth of the Great Recession, a former private-client relationship manager at Fidelity told the Fort Worth Star-Telegram that he and three colleagues lost their jobs for running fantasy-football leagues at work, in violation of a corporate policy against gambling. The stakes in his league: $20. Fidelity had laid off 1,700 employees earlier that year.

And in 2018, when Wells Fargo announced significant head count cuts, the bank fired or suspended more than a dozen bankers who put dinners on the company tab and doctored the receipts. The bank said at the time that it pays for meals when employees work late, but some ordered takeout before the allowed hour and changed the timestamps on the bills.

Without knowing all the details, it can be hard to understand why companies police small dollars when they appear to spend freely on pricier items, says Jennifer Dulski , chief executive of Rising Team, a maker of employee-engagement software. She notes Meta offices are known for vending machines stocked with headphones, keyboards and other electronics available to employees free of charge, yet the company is getting serious about lunch money.

“They’re either weeding or just trying to make an example of behaviour they think is inappropriate,” Dulski says.

Employers have good reasons to be sticklers in some cases, says Cedar Boschan, a forensic accountant in Culver City, Calif. Companies can invite tax trouble if money earmarked for perks and business expenses is misspent on other things.

So, don’t put all of the blame for policy crackdowns on human resources. Save some for the one department that HR might beat in a popularity contest: accounting.