A series of strikes by UK teachers is set to go ahead after talks failed to achieve a breakthrough, union leaders said late on Friday
Teaching union leaders spent six hours with officials at the Department for Education but the dispute over pay and conditions remains unresolved.
Junior doctors in England are also a step closer to striking after a vote was confirmed by one of two unions representing them.
The UK is in the grip of a number of strikes across several sectors, from railways to the civil service and health workers including nurses and ambulance crew.
They all largely revolve around pay disputes as the country is wracked by a cost-of-living crisis that has led to inflation rocketing above 10 per cent while pay offers have not followed suit.
Mary Bousted, joint general secretary of the National Education Union, said officials were doing their best to discuss issues including pay and workloads, but faced the “dead hand” of the Treasury.
She said the talks held on Friday should have been held over the past several years and there was no indication that more money would be made available to improve this year's below-inflation pay rise which has led to a series of ballots for strikes.
The NEU, the largest teacher union in the country, is pressing ahead with strikes in England and Wales from February 1.
“The meeting was perfectly constructive — we discussed workloads, recruitment and retention and flexible working but the gaping hole was what is needed to settle the dispute: more pay for this year as well as a long-term settlement, Ms Bousted said.
“I don't think anything we said today was a surprise to the officials. They know what our views are.”
She added it was clear the government did not understand unions and did not like talking to them but was being forced to engage because of the growing number of workers going on strike.
The NEU plans seven days of strikes in England and Wales, with the first on February 1 to coincide with walkouts by staff at universities, train drivers and 100,000 civil servants.
The union has said strikes could affect more than 23,000 schools.
A Department for Education representative said: “Following the meeting earlier on this week with the Education Secretary, officials have held constructive discussions today with union leaders around a broad range of issues.
“They reiterated that action would be highly damaging to children's education, particularly following the disruption experienced over the past two years.”
More than 97 per cent of junior doctors with the Hospital Consultants and Specialists Association voted in favour of striking.
The union said there was a 74.76 per cent turnout and it will agree on “the timing and shape” of the action in co-ordination with other health unions.
“The government must see this result as a wake-up call from its current complacency,” union president Naru Narayanan said.
“Junior doctors are telling us they have had enough of being taken for granted. They are telling us they will leave the country if things do not get better. This is a critical issue for our NHS.”
A Department of Health and Social Care spokesman said: “Junior doctors do an incredible job and it is disappointing some union members have voted for strike action at a time when the NHS is already under huge pressure from Covid, flu and tackling the backlog.
“Junior doctors' pay will increase by a cumulative 8.2 per cent by March 2023 as part of a multiyear pay deal which also invested an additional £90 million to provide the most experienced junior doctors with higher pay, increase allowances for those working the most frequently at weekends and increase rates of pay for night shifts.”
Another 45,000 junior doctors who are members of the British Medical Association have also been balloted over striking, with the results due at the end of February.
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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.”
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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
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Indika
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2018 ICC World Twenty20 Asian Western Sub Regional Qualifier
Event info: The tournament in Kuwait this month is the first phase of the qualifying process for sides from Asia for the 2020 World T20 in Australia. The UAE must finish within the top three teams out of the six at the competition to advance to the Asia regional finals. Success at regional finals would mean progression to the World T20 Qualifier.
UAE’s fixtures: Fri Apr 20, UAE v Qatar; Sat Apr 21, UAE v Saudi Arabia; Mon Apr 23, UAE v Bahrain; Tue Apr 24, UAE v Maldives; Thu Apr 26, UAE v Kuwait
World T20 2020 Qualifying process:
- Sixteen teams will play at the World T20 in two years’ time.
- Australia have already qualified as hosts
- Nine places are available to the top nine ranked sides in the ICC’s T20i standings, not including Australia, on Dec 31, 2018.
- The final six teams will be decided by a 14-team World T20 Qualifier.
World T20 standings: 1 Pakistan; 2 Australia; 3 India; 4 New Zealand; 5 England; 6 South Africa; 7 West Indies; 8 Sri Lanka; 9 Afghanistan; 10 Bangladesh; 11 Scotland; 12 Zimbabwe; 13 UAE; 14 Netherlands; 15 Hong Kong; 16 Papua New Guinea; 17 Oman; 18 Ireland
MATCH INFO
English Premiership semi-finals
Saracens 57
Wasps 33
Exeter Chiefs 36
Newcastle Falcons 5
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
The specs: 2018 Bentley Bentayga V8
Price, base: Dh853,226
Engine: 4.0-litre twin-turbo V8
Transmission: Eight-speed automatic
Power: 550hp @ 6,000pm
Torque: 770Nm @ 1,960rpm
Fuel economy, combined: 11.4L / 100km
Predictions
Predicted winners for final round of games before play-offs:
- Friday: Delhi v Chennai - Chennai
- Saturday: Rajasthan v Bangalore - Bangalore
- Saturday: Hyderabad v Kolkata - Hyderabad
- Sunday: Delhi v Mumbai - Mumbai
- Sunday - Chennai v Punjab - Chennai
Final top-four (who will make play-offs): Chennai, Hyderabad, Mumbai and Bangalore