• The White House is lit up after Mr Biden and his wife turn on the National Christmas Tree. AP
    The White House is lit up after Mr Biden and his wife turn on the National Christmas Tree. AP
  • US President Joe Biden speaks alongside his wife Jill at the National Christmas Tree lighting on lhe Ellipse, south of the White House in Washington, on Wednesday. AFP
    US President Joe Biden speaks alongside his wife Jill at the National Christmas Tree lighting on lhe Ellipse, south of the White House in Washington, on Wednesday. AFP
  • Canadian singer-songwriter Shania Twain performs during the 100th National Christmas Tree Lighting on The Ellipse south of the White House. AFP
    Canadian singer-songwriter Shania Twain performs during the 100th National Christmas Tree Lighting on The Ellipse south of the White House. AFP
  • Mr Biden and Vice President Kamala Harris enjoy a laugh during the ceremony. AP
    Mr Biden and Vice President Kamala Harris enjoy a laugh during the ceremony. AP
  • Joss Stone performs during the National Christmas Tree Lighting Ceremony on Ellipse below the White House. Reuters
    Joss Stone performs during the National Christmas Tree Lighting Ceremony on Ellipse below the White House. Reuters
  • The lit tree is seen during the 100th National Christmas Tree Lighting. AFP
    The lit tree is seen during the 100th National Christmas Tree Lighting. AFP
  • Andy Grammer performs for the crowd gathered at the White House. Reuters
    Andy Grammer performs for the crowd gathered at the White House. Reuters
  • The Bidens enjoy a snuggle during the Christmas tree lighting. AFP
    The Bidens enjoy a snuggle during the Christmas tree lighting. AFP
  • The National Christmas Tree in all its glory. Reuters
    The National Christmas Tree in all its glory. Reuters
  • Shania Twain performs at the National Christmas Tree lighting ceremony. Reuters
    Shania Twain performs at the National Christmas Tree lighting ceremony. Reuters
  • Mr and Ms Biden were joined by Vice President Kamala Harris and her husband Doug Emhoff at the lighting. AFP
    Mr and Ms Biden were joined by Vice President Kamala Harris and her husband Doug Emhoff at the lighting. AFP
  • Ms Harris and Mr Emhoff smile and hug during the National Christmas Tree lighting. AP
    Ms Harris and Mr Emhoff smile and hug during the National Christmas Tree lighting. AP
  • The Bidens and US rapper LL Cool J at the ceremony. AFP
    The Bidens and US rapper LL Cool J at the ceremony. AFP
  • Workers set in place the new Christmas tree at Rockefeller Plaza in New York on November 12. EPA
    Workers set in place the new Christmas tree at Rockefeller Plaza in New York on November 12. EPA
  • The new tree from Queensbury, New York, is 25 metres tall and weighs 14 tonnes. EPA
    The new tree from Queensbury, New York, is 25 metres tall and weighs 14 tonnes. EPA
  • Workers set in place the new Christmas tree at Rockefeller Plaza in New York on November 12. EPA
    Workers set in place the new Christmas tree at Rockefeller Plaza in New York on November 12. EPA
  • Workers wheel in the Rockefeller Centre tree. EPA
    Workers wheel in the Rockefeller Centre tree. EPA
  • David Foster and Katharine McPhee perform during lighting of The Rockefeller Center Christmas Tree in New York City, U. S. , November 30, 2022. REUTERS / Jeenah Moon
    David Foster and Katharine McPhee perform during lighting of The Rockefeller Center Christmas Tree in New York City, U. S. , November 30, 2022. REUTERS / Jeenah Moon
  • McPhee dazzled in snowy white. Reuters
    McPhee dazzled in snowy white. Reuters
  • McPhee shows off her black elbow-length gloves. Reuters
    McPhee shows off her black elbow-length gloves. Reuters

Christmas trees in New York and Washington lit up


Patrick deHahn
  • English
  • Arabic

On Wednesday evening two famous US Christmas trees, in New York City and the nation's capital, Washington, were lit up to start the holiday season.

Gwen Stefani and Blake Shelton dazzled with a duet of their You Make It Feel Like Christmas single as part of a two-hour lighting celebration broadcast on TV for national audiences.

Tens of thousands crowded around the plaza to hear performances from Alicia Keys, Andrea Bocelli, and others.

The Radio City Rockettes and Muppets of Sesame Street also made appearances.

Hundreds of thousands walk into Rockefeller Centre Plaza to view the tree each day in December until the New Year. At least 125 million visit over the season.

The 25-metre tree, donated by a New York family, was shipped from 320km north of the city and now stands above the ice skating rink, topped by a Swarovski star made of three million crystals.

Meanwhile, in Washington, about 10,000 people gathered at the Ellipse in President's Park, south of the White House, to view the lighting of the National Christmas Tree.

President Joe Biden spoke at the lighting. He was with his wife, Jill Biden, and Vice President Kamala Harris and her husband Doug Emhoff.

“From the Biden family to you. Merry Christmas, America,” Mr Biden said.

Ms Biden this week unveiled the White House decorations with a "We the People" theme.

  • US first lady Jill Biden stands with Daria Peoples, an elementary school art teacher and children's book author from Las Vegas, Nevada, who contributed to the decorations. EPA
    US first lady Jill Biden stands with Daria Peoples, an elementary school art teacher and children's book author from Las Vegas, Nevada, who contributed to the decorations. EPA
  • Ms Biden thanks volunteers from across the country who helped decorate the White House for the holidays. Reuters
    Ms Biden thanks volunteers from across the country who helped decorate the White House for the holidays. Reuters
  • Ms Biden departs after speaking at the unveiling. AP
    Ms Biden departs after speaking at the unveiling. AP
  • A guest wears decorative attire as the first lady unveils this year's White House holiday theme and seasonal decor in the East Room of the White House. AP
    A guest wears decorative attire as the first lady unveils this year's White House holiday theme and seasonal decor in the East Room of the White House. AP
  • Ms Biden arrives for a roundtable discussion on education for military-connected children with National Guard families and state adjutants general in the Roosevelt Room at the White House after unveiling the Christmas decorations. AP
    Ms Biden arrives for a roundtable discussion on education for military-connected children with National Guard families and state adjutants general in the Roosevelt Room at the White House after unveiling the Christmas decorations. AP
  • Ms Biden in the Roosevelt Room with children of military families. AP
    Ms Biden in the Roosevelt Room with children of military families. AP
  • The roundtable discussion took place in the Roosevelt Room of the White House. AP
    The roundtable discussion took place in the Roosevelt Room of the White House. AP
  • The children had name placards like other visiting dignitaries. AP
    The children had name placards like other visiting dignitaries. AP
  • Some of the children's parents serve in the US National Guard. Reuters
    Some of the children's parents serve in the US National Guard. Reuters
  • Ms Biden receives the official 2022 White House Christmas tree with her grandson Beau. Reuters
    Ms Biden receives the official 2022 White House Christmas tree with her grandson Beau. Reuters
  • Ms Biden gave comments on the mass shooting at Club Q in Colorado after receiving the tree. Reuters
    Ms Biden gave comments on the mass shooting at Club Q in Colorado after receiving the tree. Reuters
  • Beau Biden, son of Hunter Biden, holds his grandmother's hand as she receives the tree. Reuters
    Beau Biden, son of Hunter Biden, holds his grandmother's hand as she receives the tree. Reuters
  • The tree arrives at the White House. Reuters
    The tree arrives at the White House. Reuters
  • Ms Biden greets volunteers who will decorate the White House for Christmas. AFP
    Ms Biden greets volunteers who will decorate the White House for Christmas. AFP
  • The tree stands in the Blue Room after being decorated. AFP
    The tree stands in the Blue Room after being decorated. AFP
  • The decorations include more than 83,000 twinkling lights on trees, garlands, wreaths and other displays, 77 Christmas trees and 25 wreaths on the exterior of the executive mansion. AFP
    The decorations include more than 83,000 twinkling lights on trees, garlands, wreaths and other displays, 77 Christmas trees and 25 wreaths on the exterior of the executive mansion. AFP

The US Marine Band was on hand to perform, along with LL Cool J, Shania Twain and others.

The first National Christmas Tree was lit by President Calvin Coolidge in 1923 and there has been a lighting ever since, the National Park Service says.

The tree has almost 4,000 metres of string lights, and there are 58 smaller Christmas trees that symbolise all of the US states and territories.

White House Christmas decorations 2022 - in pictures

  • Christmas trees line the Cross Hall during the unveiling of holiday decor at the White House. EPA
    Christmas trees line the Cross Hall during the unveiling of holiday decor at the White House. EPA
  • President Joe Biden and first lady Jill Biden will host many holiday receptions and events in the lead-up to Christmas. Reuters
    President Joe Biden and first lady Jill Biden will host many holiday receptions and events in the lead-up to Christmas. Reuters
  • The official White House Christmas tree is decorated to represent unity and hope with handmade renderings of the official birds from all 57 US territories, states and the District of Columbia. AP
    The official White House Christmas tree is decorated to represent unity and hope with handmade renderings of the official birds from all 57 US territories, states and the District of Columbia. AP
  • Ornaments depicting self-portraits made by pupils of the recipients of the 2021 Teacher of the Year award decorate a Christmas tree in the State Dining Room. EPA
    Ornaments depicting self-portraits made by pupils of the recipients of the 2021 Teacher of the Year award decorate a Christmas tree in the State Dining Room. EPA
  • Christmas trees and winter scenes decorate the Cross Hall at the White House. EPA
    Christmas trees and winter scenes decorate the Cross Hall at the White House. EPA
  • Christmas trees line the Lower Cross Hall at the White House. EPA
    Christmas trees line the Lower Cross Hall at the White House. EPA
  • The Red Room of the White House is always a showstopper. AP
    The Red Room of the White House is always a showstopper. AP
  • Trees intended to portray a first woodland snowfall line the East Colonnade of the White House. Reuters
    Trees intended to portray a first woodland snowfall line the East Colonnade of the White House. Reuters
  • This year's theme is 'We the People'. Reuters
    This year's theme is 'We the People'. Reuters
  • Gold Star trees honour fallen military servicemembers, including Air Force Sgt Marshal Roberts. Reuters
    Gold Star trees honour fallen military servicemembers, including Air Force Sgt Marshal Roberts. Reuters
  • The Biden family dog Commander pops up in many different places around the White House. EPA
    The Biden family dog Commander pops up in many different places around the White House. EPA
  • A gingerbread White House creation, including 20 sheets of sugar cookie dough, 30 sheets of gingerbread dough, 100 pounds of pastillage, 30 pounds of chocolate and 40 pounds of royal icing, decorates the State Dining Room. EPA
    A gingerbread White House creation, including 20 sheets of sugar cookie dough, 30 sheets of gingerbread dough, 100 pounds of pastillage, 30 pounds of chocolate and 40 pounds of royal icing, decorates the State Dining Room. EPA
  • This display celebrates national parks, including the Great Smoky Mountains. Reuters
    This display celebrates national parks, including the Great Smoky Mountains. Reuters
  • The first lady oversaw the exhaustive decorating effort. Reuters
    The first lady oversaw the exhaustive decorating effort. Reuters
  • The 2022 White House holiday theme is 'We The People', with 77 Christmas trees, a gingerbread White House, 15 wreaths and more than 83,000 holiday lights decorating the building. EPA
    The 2022 White House holiday theme is 'We The People', with 77 Christmas trees, a gingerbread White House, 15 wreaths and more than 83,000 holiday lights decorating the building. EPA
  • It is estimated that more than 50,000 people will visit the White House in the lead-up to Christmas. Reuters
    It is estimated that more than 50,000 people will visit the White House in the lead-up to Christmas. Reuters
  • Ms Biden found inspiration from America’s founding documents to deck the White House halls and to remind Americans of what unites them. EPA
    Ms Biden found inspiration from America’s founding documents to deck the White House halls and to remind Americans of what unites them. EPA
  • A small Christmas tree stands in the middle of the Green Room. AFP
    A small Christmas tree stands in the middle of the Green Room. AFP
  • The US Constitution opens with the phrase, 'We the People', the theme for this year's decorations. AFP
    The US Constitution opens with the phrase, 'We the People', the theme for this year's decorations. AFP
  • French President Emmanuel Macron is scheduled to meet Mr Biden this week and will be honoured that evening at a White House state dinner, the first of the Biden administration. AFP
    French President Emmanuel Macron is scheduled to meet Mr Biden this week and will be honoured that evening at a White House state dinner, the first of the Biden administration. AFP
  • More than 150 volunteers began decorating the interior and the exterior of the White House last week and continued through the Thanksgiving holiday. AFP
    More than 150 volunteers began decorating the interior and the exterior of the White House last week and continued through the Thanksgiving holiday. AFP
  • Christmas trees in the China Room. AFP
    Christmas trees in the China Room. AFP
  • Ms Biden and team began planning the decorations in the spring. AFP
    Ms Biden and team began planning the decorations in the spring. AFP
  • Christmas decorations on display in the Grand Foyer of the White House. AFP
    Christmas decorations on display in the Grand Foyer of the White House. AFP
  • Christmas wreaths adorn the outside of the White House. Reuters
    Christmas wreaths adorn the outside of the White House. Reuters
  • Former president Barack Obama's portrait is on display alongside decorations in the Grand Foyer. AP
    Former president Barack Obama's portrait is on display alongside decorations in the Grand Foyer. AP
  • The White House noted that the holiday guide book visitors will receive was designed this year by Las Vegas, Nevada's Daria Peoples. AP
    The White House noted that the holiday guide book visitors will receive was designed this year by Las Vegas, Nevada's Daria Peoples. AP
  • Ms Peoples is a former elementary school teacher who has written and illustrated a series of picture books to support children of colour, including those who have experienced race-based trauma. AP
    Ms Peoples is a former elementary school teacher who has written and illustrated a series of picture books to support children of colour, including those who have experienced race-based trauma. AP
  • Depictions of Commander and Willow, the first family dog and cat, are part of decorations in the East Colonnade. AP
    Depictions of Commander and Willow, the first family dog and cat, are part of decorations in the East Colonnade. AP
  • The decorations include more than 83,000 twinkling lights on trees, garlands, wreaths and other displays. AP
    The decorations include more than 83,000 twinkling lights on trees, garlands, wreaths and other displays. AP
  • Commander guards the Biden family stockings in the State Dining Room. AFP
    Commander guards the Biden family stockings in the State Dining Room. AFP
  • The Biden family stockings. AFP
    The Biden family stockings. AFP
  • Willow and Commander get frisky in the Vermeil Room of the White House. AP
    Willow and Commander get frisky in the Vermeil Room of the White House. AP
  • A closeup of Willow and Commander. AP
    A closeup of Willow and Commander. AP
  • An owl decoration perches in the East Colonnade. AP
    An owl decoration perches in the East Colonnade. AP
  • A gingerbread White House in the State Dining room is displayed in front of a copy of the preamble of the US Constitution. AFP
    A gingerbread White House in the State Dining room is displayed in front of a copy of the preamble of the US Constitution. AFP
  • A copy of the first lady's apple crisp recipe decorates a fireplace mantel in the China Room. AP
    A copy of the first lady's apple crisp recipe decorates a fireplace mantel in the China Room. AP
  • Members of the US Marine Band play holiday music in the Grand Foyer. AFP
    Members of the US Marine Band play holiday music in the Grand Foyer. AFP
  • Commander sports a red scarf while decorators decked out Willow the cat with a festive red bow. AFP
    Commander sports a red scarf while decorators decked out Willow the cat with a festive red bow. AFP
  • A menorah that was built by White House carpenters from wood that was removed during a Truman-era renovation is on display in the Cross Hall of the White House. AP
    A menorah that was built by White House carpenters from wood that was removed during a Truman-era renovation is on display in the Cross Hall of the White House. AP
  • A depiction of Commander is on display in the State Dining Room. AP
    A depiction of Commander is on display in the State Dining Room. AP
GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
%3Cp%3E%E2%80%A2%20The%20digitisation%20of%20financial%20services%20will%20continue%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Managing%20and%20using%20data%20effectively%20will%20become%20a%20competitive%20advantage%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Digitisation%20will%20require%20continued%20adjustment%20of%20operating%20models%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Banks%20will%20expand%20their%20role%20in%20the%20customer%20life%20through%20ecosystems%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20The%20structure%20of%20the%20sector%20will%20change%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
How to help

Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200

UAE currency: the story behind the money in your pockets
Barings Bank

 Barings, one of Britain’s oldest investment banks, was
founded in 1762 and operated for 233 years before it went bust after a trading
scandal. 

Barings Bank collapsed in February 1995 following colossal
losses caused by rogue trader Nick Lesson. 

Leeson gambled more than $1 billion in speculative trades,
wiping out the venerable merchant bank’s cash reserves.  

Winners

Best Men's Player of the Year: Kylian Mbappe (PSG)

Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)

TikTok Fans’ Player of the Year: Robert Lewandowski

Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)

Best Women's Player of the Year: Alexia Putellas (Barcelona)

Best Men's Club of the Year: Chelsea

Best Women's Club of the Year: Barcelona

Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)

Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)

Best Coach of the Year: Roberto Mancini (Italy)

Best National Team of the Year: Italy 

Best Agent of the Year: Federico Pastorello

Best Sporting Director of the Year: Txiki Begiristain (Manchester City)

Player Career Award: Ronaldinho

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

UAE currency: the story behind the money in your pockets
What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
​​​​​​​Fuel consumption, combined: 10.5L / 100km

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

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.”

Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Updated: December 01, 2022, 3:01 AM