Protesters march on the Brooklyn Bridge during a demonstration on the first anniversary of the death of George Floyd, in New York. Reuters
Some streets in Manhattan were closed due to the demonstrations on Tuesday evening. AP
The musician Common performs with the Sounds of Blackness at George Floyd Square in Minneapolis, Minnesota. Floyd's death in May 2020 led to worldwide protests and calls for police reform or abolition. Getty
Robin Puttin leads a prayer while kneeling and raising her hand on the first anniversary of George Floyd's death, at George Floyd Square, in Minneapolis, Minnesota. Reuters
Electric and LED candles bearing the names of people killed by police illuminate the fist sculpture as people gather at the George Floyd Square. Reuters
A man is reflected in a sign during a vigil held to remember George Floyd in Lynn, Massachusetts. Reuters
House Speaker Nancy Pelosi meets the family of the late George Floyd at the US Capitol in Washington. The family met President Joe Biden and various US politicians, and participated in a memorial at Black Lives Matter Plaza. EPA
People gather at the sight where George Floyd was killed one year ago, at 38th Street and Chicago Avenue in Minneapolis - an area now called George Floyd Square. EPA
A man stands next to a mural of George Floyd in Houston, Texas. Reuters
A family member holds onto Gianna Floyd, daughter of George Floyd, at the White House following their meeting with President Biden in Washington. Reuters
Gianna Floyd and other family members and lawyers, raise fists after meeting President Biden in Washington. Reuters
Community organiser Tommy McBrayer leads a chant in solidarity with George Floyd, at George Floyd Square, in Minneapolis. Reuters
New York City Mayor Bill de Blasio and Reverend Al Sharpton kneel with community leaders for nine minutes and 29 seconds, symbolising Floyd's ordeal at the hands of police. Reuters
Philonise Floyd, brother to George Floyd, puts his arm around Speaker Nancy Pelosi, near Rep. Karen Bass, as he and other members of the Floyd family meet politicians at the US Capitol. Reuters
A man places a candle at a memorial in honour of George Floyd, at George Floyd Square in Minneapolis. Reuters
Black Lives Matter protesters hold placards and shout slogans in Brooklyn, New York. AFP
People gather at George Floyd Square in Minneapolis. AP
A man sits in front of the Say Their Names cemetery, close to George Floyd Square, in Minneapolis. AP
Two women sit on a roof as they listen to a memorial music performance, at George Floyd Square, in Minneapolis. EPA
Shelina Janmohamed is an author and a culture columnist for The National
November 25, 2022
After the murder of George Floyd in May 2020, many international businesses and brands reflected on what they could do, as part of anti-racism movements in the US and UK, to tackle the inequalities that people of minority ethnic groups face.
This discrimination takes many forms. If someone encounters unnecessary obstacles in opening a bank account or if you can’t get a loan for a business start-up, if your healthcare is negatively impacted, or if you are followed around a store for "looking suspicious"; if advertising perpetuates harmful stereotypes, or if products don’t work with your skin tone, or if AI doesn’t recognise your accent or face, if customer service staff perpetuate or stand by while racist abuse is going on – these are all examples of what minority ethnic groups across the world have to deal with. And the list is, sadly, endless.
In recent years, however, many brands seem to have decided that social media is the place to declare their stand against racism and to clearly state that murder was a terrible thing, but who would disagree? The statistics across industry of low representation in businesses of people from minority ethnic groups filled newspapers and social media feeds. On Instagram, the #BlackOutTuesday campaign had brands posting black squares to show their solidarity with an initiative started by black artists in the music industry. But it quickly started to block out voices of black people and many felt it was an empty gesture. After all, beyond the social media campaigns, what were businesses actually doing?
This question troubled me, and I spent time thinking about what businesses should do. What could they be responsible for? What was in their control and would have an impact?
As someone who also works in advertising, and with a background in consumer products and services, I had to ask myself: what does it mean to be a minority ethnic consumer? For businesses that rely on data and consumer insights, this question had shockingly little by way of an answer. In the UK, for example, people from minority ethnic groups make up 14.6 per cent of the population. Compare this to any number of other groups – take Gen Z, as an example – that makes up around 15 per cent of the UK's population, and there is no dearth of reports concerning them.
This question took me on two year-long journey looking at consumer experiences of minorities. It started by identifying and tackling the very lack of data, which is the first problem and which I have coined as the problem of "data inequality". Almost unbelievably so, and to further the same point of data inequality, the research partners we worked with faced challenges simply to recruit an adequate number of respondents from minority ethnic backgrounds who could make statistically valid research possible. It is a huge gap and one that is now starting to be addressed by posing the simple question of what it means to be a minority ethnic consumer.
The work has culminated in a report published last week by a communications company, WPP, called The Consumer Equality Equation. It posits a simple but impactful equation: more equal experiences for minority ethnic consumers leads to growing business success.
By extension, it also leads to a thriving and more equal society. Consumer experiences are not trivial. They affect our day-to-day lives, shape our interactions, our and opportunities, and have a bearing on us as people and on our families.
We talk about financial inequality, health inequality, social inequality so why not the concept of consumer inequality?
The concept of delivering consumer equality – and its link with business success – might sound simple – and it is, and therein lies its power. It gives businesses a framework for change because it makes businesses deliver on what so many of them actually set out to do: ensuring consumers receive value in exchange for sales, revenue and profits. And all of this is based on understanding and delivering a good consumer experience.
Consumer inequality is the small, constant, chronic pervasive differences that people experience because of their race or ethnicity. Or by extension other factors that also show up as inequalities in other spheres of life.
In the case of this study, we created a new concept of consumer inequality. For the purpose of the report, it was defined as "an inequality that lies at the intersection of consumer experience" provided by brands and corporations, and the social context – that is, the systemic problems of inequality and racism.
Perhaps this has given a name to a malaise that any number of us might have experienced, but have found it hard to identify where the problem lies. By giving it a name, businesses and consumers can work towards tackling it. And by doing so they can do something about providing more equal consumer experiences, minus any sort of discrimination. And if that isn’t enough to persuade businesses, then this might help: for those business that do this well, starting in the UK, there is £16.7 trillion on the table. This is the figure the report says is the spending power of minority ethnic consumers. Put simply, equality is everyone’s business.
National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
UAE WARRIORS RESULTS
Featherweight
Azouz Anwar (EGY) beat Marcelo Pontes (BRA)
TKO round 2
Catchweight 90kg
Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)
Split points decision
Welterweight
Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)
TKO round 1
Flyweight (women)
Lucie Bertaud (FRA) beat Kelig Pinson (BEL)
Unanimous points decision
Lightweight
Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)
TKO round 1
Catchweight 100kg
Marc Vleiger (NED) beat Mohamed Ali (EGY)
Rear neck choke round 1
Featherweight
James Bishop (NZ) beat Mark Valerio (PHI)
TKO round 2
Welterweight
Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)
TKO round 1
Middleweight
Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)
Unanimous points decision
Bantamweight
Fabio Mello (BRA) beat Mark Alcoba (PHI)
Unanimous points decision
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)
TKO round 1
Bantamweight
Trent Girdham (AUS) beat Jayson Margallo (PHI)
TKO round 3
Lightweight
Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)
TKO round 1
Middleweight
Tarek Suleiman (SYR) beat Steve Kennedy (AUS)
Submission round 2
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
TKO round 2
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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.”
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
Men’s 71kg Round 1:
Seyed Kaveh Soleyman (IRI) beat Abedel Rahman (JOR) - RSC round 3.
Amine Al Moatassime (UAE) walk over Ritiz Puri (NEP)
Directed: Smeep Kang Produced: Soham Rockstar Entertainment; SKE Production Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma Rating: Two out of five stars
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures May 9, v Malaysia May 10, v Qatar May 13, v Malaysia May 15, v Qatar May 18 and 19, semi-finals May 20, final
If you go: The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67) Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Our Time Has Come
Alyssa Ayres, Oxford University Press