Elon Musk bans remote working in first email to Twitter staff

New Twitter owner Elon Musk emailed his workers for the first time late on Wednesday to prepare them for “difficult times ahead” and to ban remote work unless he personally approved it.

Mr Musk said there was “no way to sugar-coat the message” about the economic outlook and how it would affect an advertising-dependent company like Twitter, according to the email reviewed by Bloomberg News.

The new rules, which apply immediately, require employees to be in the office for at least 40 hours a week, he added.

Twitter has been under Mr Musk’s leadership for close to two weeks, in which time he has dismissed roughly half its workforce and most of its executive suite.

The new boss has increased the price for the Twitter Blue subscription to $8 and attached user verification to it. Mr Musk told workers in the email that he wants to see subscriptions account for half of Twitter’s revenue.

Before Mr Musk’s arrival, Twitter had established a permanent work-from-anywhere arrangement for its employees, many of whom had initially been pushed into remote work by the Covid-19 pandemic.

It was one of the first topics in a call Mr Musk held with Twitter staff after announcing the deal to buy the company earlier in the year. He said then that he was against remote work and would only grant exceptions on a case-by-case basis, as he is doing now.

He has also eliminated “days of rest” from Twitter staff calendars, Bloomberg News reported this month. These were a monthly, companywide day off introduced during the pandemic period. Its removal was another sign of Mr Musk’s impatience with Twitter’s work culture.

“The road ahead is arduous and will require intense work to succeed,” Mr Musk wrote in his missive to employees. In a separate email, he added that “over the next few days, the absolute top priority is finding and suspending any verified bots/trolls/spam”.

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Elon Musk memorabilia auctioned by ex-girlfriend for $165,000

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

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2020 Oscars winners: in numbers

Parasite – 4
1917– 3
Ford v Ferrari – 2
Joker – 2
Once Upon a Time ... in Hollywood – 2
American Factory – 1
Bombshell – 1
Hair Love – 1
Jojo Rabbit – 1
Judy – 1
Little Women – 1
Learning to Skateboard in a Warzone (If You're a Girl) – 1
Marriage Story – 1
Rocketman – 1
The Neighbors' Window – 1
Toy Story 4 – 1

Fresh faces in UAE side

Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.

Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.

Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.

Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.

Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.

Shooting Ghosts: A U.S. Marine, a Combat Photographer, and Their Journey Back from War by Thomas J. Brennan and Finbarr O’Reilly

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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.”

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The specs: 2019 Mercedes-Benz C200 Coupe

Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km

Tomorrow 2021

Crown Prince reveals Tomorrow 2021 plan for Abu Dhabi's economy

The UAE explained: What are the new plans for the economy and why do we need them?

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Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”

The Sand Castle

Director: Matty Brown

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

Rating: 2.5/5

Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

Elon Musk bans remote working in first email to Twitter staff

The billionaire tells employees there will be 'difficult times ahead' at the social media company

Elon Musk memorabilia auctioned by ex-girlfriend for $165,000

On Women's Day

2020 Oscars winners: in numbers

Fresh faces in UAE side

The%20National%20selections

While you're here

The%20specs

While you're here

The%20Color%20Purple

The specs: 2019 Mercedes-Benz C200 Coupe

Tomorrow 2021

Four motivational quotes from Alicia's Dubai talk

The Sand Castle

Mina&nbsp;Cup&nbsp;winners

Mina Cup winners