Tourists wait at the port of Piraeus, Greece, as members of the communist's labour union (PAME) prevent them from embarking on ferries heading to Aegean islands on Wednesday, June 23, 2010.
Tourists wait at the port of Piraeus, Greece, as members of the communist's labour union (PAME) prevent them from embarking on ferries heading to Aegean islands on Wednesday, June 23, 2010.
Tourists wait at the port of Piraeus, Greece, as members of the communist's labour union (PAME) prevent them from embarking on ferries heading to Aegean islands on Wednesday, June 23, 2010.
Tourists wait at the port of Piraeus, Greece, as members of the communist's labour union (PAME) prevent them from embarking on ferries heading to Aegean islands on Wednesday, June 23, 2010.

Strikers disrupt ferries in Greek port


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ATHENS, GREECE // Striking port workers prevented hundreds of passengers from boarding ferries heading from Greece's main port of Piraeus to Aegean holiday islands today, despite a court order declaring their strike illegal. Tempers frayed at the port next to Athens, with passengers arguing and occasionally scuffling with strikers who prevented them from accessing the ships. Greek passengers booed strikers chanting slogans and blocking ferry gangplanks, while foreign tourists sat despondently on their suitcases. "We can't go to Santorini and we have the hotel paid, and if we don't take these boats, we lose a lot of money," said Claudia, a Spanish tourist. One striking union member, Savvas Tsiboglou, told Antenna radio that workers would continue their action, and that the passengers who were seeing their travel plans disrupted "are the victims of the government". Only two of 14 unions represented in the main port workers' umbrella union had said they wanted to participate in Wednesday's 24-hour strike, called by PAME, a Communist Party-backed labour group. The union is protesting government austerity measures designed to pull Greece out of a financial crisis that saw it come to the brink of default last month. Unions representing several sectors, including hospital staff, construction workers, accountants and the food industry, joined the PAME strike, while state television pulled all programming off the air for 24 hours. Railway workers were also carrying out two-hour work stoppages during the day, disrupting inter-city trains. Hundreds of strikers marched through central Athens, chanting slogans and holding banners calling for a general uprising and for the government to call off the austerity measures. But it is the scenes at Piraeus that are likely to cause the most concern. The ferry disruption comes as Greece's main tourist season gets into full swing and will horrify those who work in the vital tourist industry, which has already seen a drop in bookings due to the financial crisis. Industry experts say bookings are down by an average of about 10-12 per cent this season, following deadly riots that left three people dead last month in Athens when a protest against painful austerity measures turned violent. The unions striking in Piraeus "do not understand that our economy is in a dire condition, as is the coastal shipping family," an association representing ferry companies said late on Tuesday. With tourism accounting for more than 15 per cent of Greece's gross domestic product and one in five jobs, the government is anxious to attract more foreign visitors. In an attempt to assuage fears of disrupted holidays, the culture and tourism minister Pavlos Geroulanos pledged the state would cover the extra costs of any visitors who become stranded due to strikes or even natural disasters. But on Wednesday, his ministry did not immediately have details of how tourists stranded in Athens because of the port strike could claim for their extra room expenses. It also did not have details of whether travellers would be compensated for potential hotel cancellation fees on islands they were unable to get to, or how much the port strike was likely to cost the government. Greece's budget and debt crisis saw it narrowly avoid bankruptcy last month by using the first instalment of a US$130 billion (Dh477b) package of rescue loans from the European Union and International Monetary Fund. To secure the rescue loans, the centre-left government slashed pensions and civil sector pay, and increased consumer taxes. * AP

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THE APPRENTICE

Director: Ali Abbasi

Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong

Rating: 3/5

What is type-1 diabetes

Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.

It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.

Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.

Being overweight or obese increases the chances of developing the more common type 2 diabetes.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5 

INDIA V SOUTH AFRICA

First Test: October 2-6, at Visakhapatnam

Second Test: October 10-14, at Maharashtra

Third Test: October 19-23, at Ranchi

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.”

Huroob Ezterari

Director: Ahmed Moussa

Starring: Ahmed El Sakka, Amir Karara, Ghada Adel and Moustafa Mohammed

Three stars

What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.