Rail strikes by tens of thousands of workers in disputes over pay, jobs and conditions will affect passengers returning to work after the festive break.
Members of the Rail, Maritime and Transport union at Network Rail and 14 train operators will stage two 48-hour walkouts from Tuesday and Friday, while drivers in the Aslef union will go on strike on Thursday.
Travellers returning to work after the festive break are being warned to expect “significant disruption” as only a limited number of trains will run.
The advice is to only travel if absolutely necessary, allow extra time and check when first and last trains will depart.
There may also be disruption to services on January 8 as the striking workers return to their duties.
On RMT strike days, about half of the network will shut down with only about 20 per cent of normal services running.
Trains that do run will start later and finish much earlier than usual, with services typically running between 7.30am and 6.30pm on the day of the strike.
The train drivers' strike on January 5 will affect 15 operators and will result in even fewer services running, with some companies operating “very significantly reduced” timetables.
Winter strikes in Britain - in pictures
The RMT also has an overtime ban in place at 14 train operating companies until Monday, which will continue to affect the level of cancellations and the punctuality of some services.
“No-one wants to see these strikes go ahead and we can only apologise to passengers and to the many businesses who will be hit by this unnecessary and damaging disruption," said Daniel Mann, director of industry operations at the Rail Delivery Group.
“Passengers with tickets for between January 3 and 7 can use their ticket the day before the ticket date, or up to and including Tuesday, January 10.
“This dispute will only be resolved by agreeing the long overdue reforms to working arrangements needed to put the industry on a sustainable footing, rather than unions condemning their members to losing more pay in the new year.”
Aslef general secretary Mick Whelan said that the union was “in it for the long haul”.
“We don’t want to go on strike but the companies have pushed us into this place," Mr Whelan said.
“They have not offered our members a penny and these are people who have not had an increase since April 2019.
“That means they expect train drivers at these companies to take a real-terms pay cut, to work just as hard for considerably less, when inflation is running at north of 14 per cent.
“The train companies say their hands have been tied by the government, while the government, which does not employ us, says it’s up to the companies to negotiate with us.
“We are always happy to negotiate — we never refuse to sit down at the table and talk — but these companies have offered us nothing, and that is unacceptable.”
UK strikes – in pictures
Mick Lynch, general secretary of the RMT, has accused the government of blocking a deal to end the long-running dispute.
Mr Lynch says he is willing to negotiate, but is calling for an offer on pay, jobs and conditions on which his members can vote.
The RMT is campaigning against plans to close ticket offices, cut jobs and move the industry to widespread driver-only operations.
UK rail strikes cause disruption for millions amid cold snap - in pictures
“Passengers have rightly had enough of rail strikes and want the disruption to end," said a Department for Transport representative.
“The government has demonstrated it is being reasonable and stands ready to facilitate a resolution to rail disputes. It’s time the unions came to the table and played their part as well.
“Inflation-matching pay increases for all public sector workers would cost everyone more in the long-term, worsening debt, fuelling inflation and costing every household an extra £1,000 ($1,210).
“Unions should step back from this strike action so we can start 2023 by ending this damaging dispute.”
Mr Whelan said: “We keep coming to the table but the table is bare.
"Six months after we asked for a pay rise for train drivers who have not had one for nearly four years, we have still not had an offer from the train companies which employ us.
“The ball is in their court. The companies, or this Tory government which stands behind them, could end this dispute now by making a serious and sensible pay offer. It is up to them.”
GROUPS
Group Gustavo Kuerten
Novak Djokovic (x1)
Alexander Zverev (x3)
Marin Cilic (x5)
John Isner (x8)
Group Lleyton Hewitt
Roger Federer (x2)
Kevin Anderson (x4)
Dominic Thiem (x6)
Kei Nishikori (x7)
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%3Cp%3ECreators%3A%20Neil%20Gaiman%2C%20David%20Goyer%2C%20Allan%20Heinberg%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Tom%20Sturridge%2C%20Boyd%20Holbrook%2C%20Jenna%20Coleman%20and%20Gwendoline%20Christie%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%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.”
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%3Cp%3EThe%20influx%20of%20talented%20young%20Afghan%20players%20to%20UAE%20cricket%20could%20have%20a%20big%20impact%20on%20the%20fortunes%20of%20both%20countries.%20Here%20are%20three%20Emirates-based%20players%20to%20watch%20out%20for.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EHassan%20Khan%20Eisakhil%3C%2Fstrong%3E%0D%3Cbr%3EMohammed%20Nabi%20is%20still%20proving%20his%20worth%20at%20the%20top%20level%20but%20there%20is%20another%20reason%20he%20is%20raging%20against%20the%20idea%20of%20retirement.%20If%20the%20allrounder%20hangs%20on%20a%20little%20bit%20longer%2C%20he%20might%20be%20able%20to%20play%20in%20the%20same%20team%20as%20his%20son%2C%20Hassan%20Khan.%20The%20family%20live%20in%20Ajman%20and%20train%20in%20Sharjah.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EMasood%20Gurbaz%3C%2Fstrong%3E%0D%3Cbr%3EThe%20opening%20batter%2C%20who%20trains%20at%20Sharjah%20Cricket%20Academy%2C%20is%20another%20player%20who%20is%20a%20part%20of%20a%20famous%20family.%20His%20brother%2C%20Rahmanullah%2C%20was%20an%20IPL%20winner%20with%20Kolkata%20Knight%20Riders%2C%20and%20opens%20the%20batting%20with%20distinction%20for%20Afghanistan.%0D%3Cbr%3E%20%0D%3Cbr%3E%3Cstrong%3EOmid%20Rahman%3C%2Fstrong%3E%0D%3Cbr%3EThe%20fast%20bowler%20became%20a%20pioneer%20earlier%20this%20year%20when%20he%20became%20the%20first%20Afghan%20to%20represent%20the%20UAE.%20He%20showed%20great%20promise%20in%20doing%20so%2C%20too%2C%20playing%20a%20key%20role%20in%20the%20senior%20team%E2%80%99s%20qualification%20for%20the%20Asia%20Cup%20in%20Muscat%20recently.%0D%3Cbr%3E%3C%2Fp%3E%0A
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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'Cheb%20Khaled'
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