The British are an inventive nation. A long list of British inventions, which includes Tim Berners-Lee and the World Wide Web, stretches back to Isaac Newton and the reflecting telescope in 1668.
There are also less familiar inventions. Joseph Addison created the world’s first mass-produced toothbrush in the 1770s and his brand, Wisdom, still exists today. There’s also the seed drill, the steam engine, the jet engine and cats eyes to show the boundaries of road lanes.
However, our greatest but unnoticed invention is the invention of tradition itself. We have been inventing traditions for years. We then pretend that things have "always been done this way". They haven’t.
In 1969, there was a glorious televised ceremony at Caernarfon Castle in Wales, the investiture of the Prince of Wales, Prince Charles, who is next in line to succeed Queen Elizabeth II. The ceremony appeared to have been handed down for centuries. The first "Prince of Wales" was created in 1301 (in Lincoln, in England) but the ceremony of "investiture" at Caernarfon Castle was really invented in 1911, and re-invented in 1969 for television.
Televised ceremonies are now at the heart of British invented traditions including this month’s platinum jubilee. Queen Elizabeth has led the UK through 70 years of change from the Second World War and the end of empire into whatever future post-Brexit Britain may have for itself.
What is Britain’s 'true state' in 2022? Discontented with our political leaders, it seems
But here’s another very different British tradition: big royal celebrations were once regarded with suspicion.
At the zenith of British power in the 19th century, the funerals of national military heroes – Admiral Lord Nelson, the Duke of Wellington – were marked with more public outpourings and parades than royal events, but these showy parades were not much liked. Here’s the Illustrated London News in 1852 on the Duke of Wellington’s state funeral: "The English are said to be a people who do not understand shows and celebrations, or the proper mode of conducting them… unlike the French and other nations of the continent they have no real taste for ceremonial."
By the 1860s and the peak of empire, Robert Cecil, the future prime minister, watched Victoria, the then queen, opening Parliament. He recorded: "Some nations have a gift for ceremonial … in England the case is exactly the reverse. We can afford to be more splendid than most nations; but some malignant spell broods over all our most solemn ceremonials and inserts into them some feature which makes them all ridiculous … something always breaks down, somebody always contrives to avoid doing his part … to interfere and ruin it all."
In 1820, after the defeat of Napoleon, one critical account, The Black Book, was even more dismissive: "Pageantry and show, the parade of crowns and coronets, of gold keys, sticks, white wands and black rods ... are ridiculous when men become enlightened, when they have learned that the real object of government is to confer the greatest happiness of the people at the least expense."
During the platinum jubilee last weekend, the "greatest happiness of the people at the least expense" was mostly in modest street parties, including the one I attended with my neighbours. The historian David Cannadine noted the importance of such rituals and traditions by suggesting that as British hard power waned so the British public’s pride in the soft power associated with the royal family and in its traditions actually increased. Mr Cannadine quoted an unnamed commentator from 1970, saying of the British and Queen Elizabeth: “While people can see the gloved hand waving from the golden coach, they feel assured that all is well with the nation, whatever its true state."
But what is the British nation’s "true state" in 2022? Discontented with our political leaders, rebellious and very uneasy, it seems.
At an event at Westminster Abbey, a large crowd of flag-waving, red-white-and-blue patriotic Britons celebrated Queen Elizabeth. But when Prime Minister Boris Johnson turned up, he was loudly booed. This is a new and surprising "tradition" on a solemn state occasion. It has serious consequences. Once the royal bunting was taken down, Mr Johnson's own MPs contemplated their serious loss of trust in the Prime Minister. They engaged in another British tradition – secretive and ruthless backstairs political plotting.
On Monday, Mr Johnson narrowly survived a vote of no-confidence. But he is still doomed because more than 40 per cent of his own MPs have clearly demonstrated they have no confidence in him. Getting rid of a leader can take weeks or even months but it will happen. Britain will soon have its fifth prime minister since 2010, in a nation that used to pride itself on a tradition of political stability.
For seven decades, Queen Elizabeth has been an island of solidity in a sea of political chaos. There are more rough seas ahead, and Mr Johnson will not for long be captain of the ship. His Conservative friends are generally polite, well-dressed folk, but their tradition is one of utter ruthlessness. When a leader is seen to fail, the Conservative tradition is that of a mutinous pirate crew. They are preparing to throw the captain overboard.
The sharks are waiting, and they are hungry.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The biog
Siblings: five brothers and one sister
Education: Bachelors in Political Science at the University of Minnesota
Interests: Swimming, tennis and the gym
Favourite place: UAE
Favourite packet food on the trip: pasta primavera
What he did to pass the time during the trip: listen to audio books
CREW
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Napoleon
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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 Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
Last 10 NBA champions
2017: Golden State bt Cleveland 4-1
2016: Cleveland bt Golden State 4-3
2015: Golden State bt Cleveland 4-2
2014: San Antonio bt Miami 4-1
2013: Miami bt San Antonio 4-3
2012: Miami bt Oklahoma City 4-1
2011: Dallas bt Miami 4-2
2010: Los Angeles Lakers bt Boston 4-3
2009: Los Angeles Lakers bt Orlando 4-1
2008: Boston bt Los Angeles Lakers 4-2
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
POWERWASH%20SIMULATOR
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The%20US%20Congress%20explained
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Henrik Stenson's finishes at Abu Dhabi HSBC Championship:
2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8
Central%20Bank's%20push%20for%20a%20robust%20financial%20infrastructure
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Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.