Strikes across Tube and Metro networks in London and Paris have caused frustration for travellers on Thursday.
Workers in the two European capitals have walked out over concerns about jobs, pensions and pay.
Travel was widely disrupted throughout London’s tube network on both Thursday and Friday morning. Commuters have been urged to avoid travel on the network.
Nine out of 11 London Underground lines were shut on Thursday morning, according to Transport for London's (TfL) website.
The Central and Northern lines were partially open, with trains running on a small section of their normal routes.
The London Overground and Docklands Light Railway (DLR) were also suspended.
In Paris, travel will be interrupted on five metro lines out of 16, according to the latest update on the website of transport operator RATP, which advised people to work from home if possible. Significant disruptions are also expected on most of the other lines, RER commuter trains and buses.
Thursday’s stoppage is the latest of a series of protests pushing for higher wages.
In France, strikes by oil refinery workers disrupted fuel distribution last month, causing shortages at filling stations across the country.
Thousands of people joined demonstrations in Paris on October 18 to demand a bigger share of corporate profits.
In London, TfL is under pressure to cut costs following a funding agreement with the national government that leaves it with a budget deficit.
The agreement requires it to develop options around pensions, but TfL said if changes are to be made, there will be consultations and further work before any decisions are taken.
The Rail, Maritime and Transport (RMT) union said it has asked TfL to pause any job cuts and pension changes to give both sides time to negotiate a deal.
Assistant general secretary John Leach called on transport bosses to "stand by" their staff.
He told the PA news agency outside King's Cross St Pancras station: "My message to TfL now is stand by your staff, listen to your staff, thousands of them are on strike today for the sixth time this year.
"They're losing lots of money, don't they realise in management there's a serious problem here? What they need to do is stand with their staff.
"The Mayor of London needs to stand up for staff and do a proper finance deal which gives TfL money it needs to keep the capital city moving, and not trade off the staff pension, jobs and their conditions of employment for some bad deal, which is what they have done."
Londoners, and the wider UK public, have suffered months of strikes as workers fight for pay rises that keep up with inflation.
The action comes a day after the Royal College of Nursing announced British nurses had voted to strike, their first UK-wide walkout in the union's 106-year history.
That has followed walk outs by everyone from UK barristers to postmen and rubbish collectors in recent months over disputes about pay, jobs, pensions and conditions.
A planned strike by staff on overground trains this week was called off as negotiations continue.
Picket lines were formed outside Tube stations across the capital on Thursday morning.
The RMT said it had offered to suspend the strike during talks, but accused TfL of rejecting its proposals.
TfL's chief operating officer, Glynn Barton, said no proposals to change pensions or conditions have been made.
TfL's recent funding agreement with the government requires it to develop options around pensions, but the organisation said if changes are to be made, there will be consultations and further work before any decisions are taken.
The RMT said it has asked TfL to pause any job cuts and pension changes to give both sides time to negotiate a deal.
General secretary Mick Lynch said: “TfL have missed a golden opportunity to make progress in these negotiations and avoid strike action.
“Our members are resolute in their determination to see a just settlement to this dispute, and they will continue their industrial campaign for as long as it takes.”
More than 1,000 Unite members are on strike.
Unite's general secretary, Sharon Graham, said: “TfL is needlessly attacking our members' pay and pensions, which Unite simply can't accept. The workers have the full support of their union in fighting these attacks.
“TfL must stop behaving like a race-to-the-bottom employer and put forward an offer that is acceptable to our members.”
Unite regional officer Simon McCartney said there was no need for TfL to press ahead with “these attacks”.
“The pension scheme is financially viable and in credit and the savings TfL were forced to make have already been found elsewhere. It is high time London's Labour mayor, Sadiq Khan, intervened.”
Conservative councillor Dan Friend criticised Mr Khan on Twitter, blaming him for the travel “chaos”.
He tweeted: “Tubes are empty today as millions of Londoners suffer yet another day of strikes thanks to Sadiq Khan and Labour.
“They're backing the unions causing this chaos.”
LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
The%20specs
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SUCCESSION%20SEASON%204%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreated%20by%3A%20%3C%2Fstrong%3EJesse%20Armstrong%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Brian%20Cox%2C%20Jeremy%20Strong%2C%20Kieran%20Culkin%2C%20Sarah%20Snook%2C%20Nicholas%20Braun%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Killing of Qassem Suleimani
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Getting%20there%20and%20where%20to%20stay
%3Cp%3EEtihad%20Airways%20operates%20seasonal%20flights%20from%20Abu%20Dhabi%20to%20Nice%20C%C3%B4te%20d'Azur%20Airport.%20Services%20depart%20the%20UAE%20on%20Wednesdays%20and%20Sundays%20with%20outbound%20flights%20stopping%20briefly%20in%20Rome%2C%20return%20flights%20are%20non-stop.%20Fares%20start%20from%20Dh3%2C315%2C%20flights%20operate%20until%20September%2018%2C%202022.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20Radisson%20Blu%20Hotel%20Nice%20offers%20a%20western%20location%20right%20on%20Promenade%20des%20Anglais%20with%20rooms%20overlooking%20the%20Bay%20of%20Angels.%20Stays%20are%20priced%20from%20%E2%82%AC101%20(%24114)%2C%20including%20taxes.%3C%2Fp%3E%0A%3Cp%3E%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.”