Kaisha Toledo was studying for a doctorate in psychology in Puerto Rico, but after four years in Florida, she has still not found a permanent job in her field.
Ricardo Negron passed the bar on the island, but still cannot work as a lawyer in Florida. Carlos Martinez got his nursing license in Puerto Rico, but still serves up lattes as a Starbucks manager in Orlando.
Residents of the US territory have been US citizens for a century now and should have a built-in advantage as Americans when they move to the mainland.
But as the island's best and brightest join an exodus of about half a million Puerto Ricans coming Stateside to escape the territory's 10-year economic recession, they are hitting the same barriers most migrants face - language difficulties, costly certifications, confusing requirements and culture clashes.
"We don't know the system yet that well, so we're on a learning curve," Ms Toledo says. "We just find that jobs are very specific and they say you need to have two or three years of experience, but it's like, 'OK, but if you don't open the door for me, how will I be able to get that experience?'"
Puerto Rico's Instituto de Estadisticas says managers and professional workers made up the largest category of people moving from the island in 2015. Since then, the island's 3.4 million people have endured multimillion-dollar debt defaults, soaring foreclosures, a crumbling pension system, state of emergency at government agencies, deep cuts in education and an unemployment rate of 12 per cent, which is about triple the mainland rate.
"Everybody is leaving the island, from the neurosurgeon to the janitor," says Vicente Feliciano, an economist in Puerto Rico. "Young people are leaving and, thus, you have fewer taxpayers to support an increasingly elderly population."
New York was their top destination during the last major migration wave in the 1940s and 1950s but now central Florida is where they land, with more than 1 million Puerto Ricans living in the state.
"There's the weather and you will find Puerto Ricans, you will find the food, everywhere. So it's the next best thing to being home without having the issues," says Mr Negron.
Before leaving the island in 2015, he had lined up a legal assistant job at an Orlando law firm. But after arriving, his position was cut. Although he does not work as a lawyer, Mr Negron has found job happiness running a nonprofit for the Hispanic community in central Florida.
"I would have to shut myself in to study and I'm like, 'How am I going to live? I'm not going to get more student loans to study,'" Mr Negron says.
Mr Martinez has worked at a theme park, a hotel and a store since he left the island three years ago, but he has still not found a nursing job because he has not found the time or money needed for the prep class needed to study for his licence in Florida."At the moment, I can't do it," he says. "I got to make money."
Many Puerto Ricans move from the island without proper preparation, says Sami Haiman-Marrero, who runs a marketing and business-development firm in Orlando. With her friend, Jackie Mendez, she now offers orientation sessions to new arrivals on how to adapt to life and workplace norms in central Florida.
"You can't kiss your co-workers on the cheek ... Don't start talking about personal things ... You are supposed to be there at five minutes to the hour and be ready to work ... You need to have command of English," Ms Marrero says.
Janice Dones, who moved from Puerto Rico a year ago and attended a recent orientation, says, "It sometimes doesn't feel like we are part of the country."
Her feelings reflect a common refrain among islanders. The state governor Ricardo Rossello now hopes to persuade Congress to make the US territory the 51st state, which is unlikely under Republican control, since Puerto Ricans tend to favour Democrats.
Meanwhile, people like Ms Toledo just want a chance to work as professionals again.
"Everybody is trying to make a better life," she says. "I hope people will look at people like me, who have studied, and give them an opportunity."
Associated Press
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
The%20Emperor%20and%20the%20Elephant
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ESam%20Ottewill-Soulsby%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EPrinceton%20University%20Press%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E392%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3EJuly%2011%3C%2Fp%3E%0A
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.”
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
MATCH INFO
Manchester City 1 (Gundogan 56')
Shakhtar Donetsk 1 (Solomon 69')
As it stands in Pool A
1. Japan - Played 3, Won 3, Points 14
2. Ireland - Played 3, Won 2, Lost 1, Points 11
3. Scotland - Played 2, Won 1, Lost 1, Points 5
Remaining fixtures
Scotland v Russia – Wednesday, 11.15am
Ireland v Samoa – Saturday, 2.45pm
Japan v Scotland – Sunday, 2.45pm
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Fighting with My Family
Director: Stephen Merchant
Stars: Dwayne Johnson, Nick Frost, Lena Headey, Florence Pugh, Thomas Whilley, Tori Ellen Ross, Jack Lowden, Olivia Bernstone, Elroy Powell
Four stars
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
MATCH INFO
Maratha Arabians 107-8 (10 ovs)
Lyth 21, Lynn 20, McClenaghan 20 no
Qalandars 60-4 (10 ovs)
Malan 32 no, McClenaghan 2-9
Maratha Arabians win by 47 runs
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
More coverage from the Future Forum
MATCH INFO
France 3
Umtiti (8'), Griezmann (29' pen), Dembele (63')
Italy 1
Bonucci (36')
MATCH INFO
Karnataka Tuskers 110-5 (10 ovs)
Tharanga 48, Shafiq 34, Rampaul 2-16
Delhi Bulls 91-8 (10 ovs)
Mathews 31, Rimmington 3-28
Karnataka Tuskers win by 19 runs
Company%C2%A0profile
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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MATCH INFO
Uefa Champions League, last 16, first leg
Liverpool v Bayern Munich, midnight (Wednesday), BeIN Sports
Fanney Khan
Producer: T-Series, Anil Kapoor Productions, ROMP, Prerna Arora
Director: Atul Manjrekar
Cast: Anil Kapoor, Aishwarya Rai, Rajkummar Rao, Pihu Sand
Rating: 2/5