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.
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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 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 -

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 -

The roundtable discussion took place in the Roosevelt Room of the White House. AP -

The children had name placards like other visiting dignitaries. AP -

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 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 -

The tree arrives at the White House. Reuters -

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 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
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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 -

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 -

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 -

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 -

This year's theme is 'We the People'. 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 -

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 -

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 -

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 -

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 -

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 -

Christmas trees in the China Room. 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 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 -

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 -

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 -

Commander guards the Biden family stockings in the State Dining Room. AFP -

The Biden family stockings. AFP -

Willow and Commander get frisky in the Vermeil Room of the White House. AP -

A closeup of Willow and Commander. 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 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 -

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 depiction of Commander is on display in the State Dining Room. AP
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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.
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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.
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“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.”
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- 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."
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