The HMS Vigilant at HM Naval Base Clyde, Faslane, which carries the UK's Trident nuclear deterrent. PA
The HMS Vigilant at HM Naval Base Clyde, Faslane, which carries the UK's Trident nuclear deterrent. PA
The HMS Vigilant at HM Naval Base Clyde, Faslane, which carries the UK's Trident nuclear deterrent. PA
The HMS Vigilant at HM Naval Base Clyde, Faslane, which carries the UK's Trident nuclear deterrent. PA

Workers maintaining UK's Trident nuclear weapons to vote on strike


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Workers maintaining the UK's nuclear weapons are to vote on strike action, a trade union has said.

Prospect said it will bring the issue to its members working at the Atomic Weapons Establishment (AWE) amid a dispute with the company over pay.

AWE — headquartered in Aldermaston, Berkshire — supports and maintains Trident, the UK's nuclear programme, which is based at HMNB Clyde in Faslane, Argyll and Bute.

The union said the atomic weapons company recently became “an arms-length body” of the Ministry of Defence with the associated freedoms on pay awards, but has offered an increase of 5 per cent, which members have formally rejected.

An additional lump sum payment averaging £780 has also been offered.

The union said the combined offer is about a 7 per cent increase in the context of the retail price index, reaching 11.8 per cent at the pay review date of June, which members said does not address a real-terms reduction in pay.

Prospect said it has warned the company repeatedly that, unless pay problems are addressed, “recruitment and retention issues affecting AWE will continue”.

The ballot opens on October 24 and will run for two weeks.

The Unite union will also be balloting at about the same issue.

In May, Britain signed off on £2 billion ($2.5 billion) in spending to deliver its new class of nuclear submarines known as Dreadnoughts, highlighting the need for the UK to have a suitably skilled and paid atomic workforce.

“Several years of deteriorating workforce engagement and stagnating pay against inflation has left workers at AWE with no option but to move towards industrial action,” said Prospect general secretary Mike Clancy.

“Safely maintaining the UK's nuclear deterrent is a complex and highly stressful operation that requires an extremely high level of dedication and training at all levels.

“It should attract a commensurate level of pay and respect for these staff who keep the country safe. Staff are struggling with the basic costs of living, which is unacceptable in the context of this employer and its funding.

“This is not a workforce that can bear a high level of churn while safely functioning — the jobs simply require too high a degree of training.

“If the MOD and AWE don't think again and make a pay offer that reflects the rocketing cost of living, there is a real risk that AWE will struggle to recruit and retain the skills that it needs.”

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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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Polarised public

31% in UK say BBC is biased to left-wing views

19% in UK say BBC is biased to right-wing views

19% in UK say BBC is not biased at all

Source: YouGov

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A little about CVRL

Founded in 1985 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the Central Veterinary Research Laboratory (CVRL) is a government diagnostic centre that provides testing and research facilities to the UAE and neighbouring countries.

One of its main goals is to provide permanent treatment solutions for veterinary related diseases. 

The taxidermy centre was established 12 years ago and is headed by Dr Ulrich Wernery. 

Updated: June 20, 2023, 8:50 AM