People fill the Santa Monica Pier as crowds in the US gather on Memorial Day, a year on from Covid forcing military tributes online. AFP
People fill the Santa Monica Pier as crowds in the US gather on Memorial Day, a year on from Covid forcing military tributes online. AFP
People fill the Santa Monica Pier as crowds in the US gather on Memorial Day, a year on from Covid forcing military tributes online. AFP
People fill the Santa Monica Pier as crowds in the US gather on Memorial Day, a year on from Covid forcing military tributes online. AFP

US marks Memorial Day buoyed by Covid recovery


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The US on Monday honoured its war veterans killed in the line of duty, as it emerges from the Covid restrictions that all but put an end to 2020's Memorial Day.

Parades and events were held in localities large and small across the country, many resuming after being cancelled last year as the pandemic hit with full force.

At Arlington National Cemetery’s Tomb of the Unknown Soldier, President Joe Biden delivered a solemn speech honouring the one million Americans killed in service, and challenged the US to carry on that fight by defending its democracy.

“This nation was built on an idea,” Mr Biden said. “We were built on an idea, the idea of liberty and opportunity for all.

"We’ve never fully realised that aspiration of our founders but every generation has opened the door a little wider.

“The struggle for democracy is taking place around the world: democracy and autocracy. The struggle for decency, dignity, just simple decency.”

With restrictions lifting, Americans paid tribute in public gatherings this year and, like last year, they remembered the thousands of veterans who died from Covid.

In Florida, former president Donald Trump joined in remembering the country’s fallen heroes.

“The depth of their devotion, the steel of their resolve and the purity of their patriotism has no equal in human history,” Mr Trump said on his website.

About 30 kilometres north of his Mar-a-Lago resort in Palm Beach, Florida, flags bearing the former president's name whipped in the breeze as dozens of boats held a Memorial Day parade along the waters of Jupiter.

Monday’s commemorations were held as new data released by the US Centres for Disease Control and Prevention showed that new Covid-19 case numbers are plunging and that more than 40 per cent of the US population has been fully vaccinated.

The receding threat from the virus has led most states to reduce or drop most social distancing restrictions.

As of Saturday, the rolling seven-day average of new cases in the US had dropped to 18,913, the CDC said – the first time the rate dipped below 20,000 a day since March 2020.

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Rating: 4/5

Trippier bio

Date of birth September 19, 1990

Place of birth Bury, United Kingdom

Age 26

Height 1.74 metres

Nationality England

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If you go

The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.

The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.

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.”

MATCH INFO

Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

Brief scores:

Day 1

Toss: India, chose to bat

India (1st innings): 215-2 (89 ov)

Agarwal 76, Pujara 68 not out; Cummins 2-40

New Zealand 21 British & Irish Lions 24

New Zealand
Penalties: Barrett (7)

British & Irish Lions
Tries: Faletau, Murray
Penalties: Farrell (4)
Conversions: Farrell 
 

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