Brendan Fraser, Colin Farrell and Cate Blanchett were among those honoured at the 34th Palm Springs International Film Festival.
Awards season front runners came together on Thursday as the festival began in California.
Other Hollywood stars celebrated on the first night included Michelle Yeoh, Austin Butler, Viola Davis, Bill Nighy and Danielle Deadwyler.
The annual festival returns in person for the first time since 2020 and runs until January 16, launching the 2023 awards season.
On opening night, Fraser joined an "in conversation" about his already critically acclaimed film The Whale, which has earned him several nominations thus far.
The actor later received the festival's Spotlight Award, which was presented to him by his co-star in The Whale, Hong Chau.
Speaking to US outlet Variety on the red carpet, Fraser said he was "thrilled" to be back at an in-person festival.
"I hope that I get to meet people that I've admired from afar ... We're all back, we can do this again, which is thrilling," he said.
"Everyone who is being honoured tonight, I'm looking forward to having a moment with them and to just appreciate one another's work."
Fraser is also nominated for a Golden Globe and Critics' Choice Award for his performance in the psychological drama.
He stars as morbidly obese English teacher Charlie trying to reconnect with his estranged teenage daughter, played by Stranger Things' Sadie Sink.
Farrell was honoured with the actor's Desert Palm Achievement Award, following his performance in The Banshees of Inisherin, and Blanchett received the actress' equivalent honour for her turn in Tár.
Speaking to Variety, Farrell praised his co-star Brendan Gleeson, and said their next project together could not come "soon enough".
"He's a joy to work with, he comes to it from all the right places, as a man and as an artist," he told the outlet. "I love him dearly."
The pair have previously worked together under the direction of Martin McDonagh, in In Bruges, with Farrell adding that he would love to work with the filmmaker again.
Yeoh and Nighy were awarded with the International Star Awards, while Davis received the Chairman's Award.
Yeoh posed with her Everything Everywhere All At Once co-star Stephanie Hsu on the event's red carpet.
Butler and Deadwyler received awards for the breakthrough performances by actor and actress, respectively, and filmmaker Sarah Polley was recognised with the Director of the Year Award.
Butler was presented with his award by Elvis director Baz Luhrmann.
Steven Spielberg's semi-biographical film The Fabelmans received the Vanguard Award, with the Oscar-winning director also attending the event.
Other famous faces spotted on Thursday's red carpet included Paul Dano, Michelle Williams and Sam Rockwell.
The Palm Springs International Film Festival opening night comes less than a week before the Golden Globes on Tuesday and the Critics' Choice Awards next Sunday.
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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
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Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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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.”
The Beach Bum
Director: Harmony Korine
Stars: Matthew McConaughey, Isla Fisher, Snoop Dogg
Two stars
TCL INFO
Teams:
Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
When December 14-17
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'Avengers: Infinity War'
Dir: The Russo Brothers
Starring: Chris Evans, Chris Pratt, Tom Holland, Robert Downey Junior, Scarlett Johansson, Elizabeth Olsen
Four stars
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