Passengers to and from Paddington station in London face delays to their journeys following damage to overhead cables. PA
Passengers to and from Paddington station in London face delays to their journeys following damage to overhead cables. PA
Passengers to and from Paddington station in London face delays to their journeys following damage to overhead cables. PA
Passengers to and from Paddington station in London face delays to their journeys following damage to overhead cables. PA

Paddington delays: Transport woes hit London rail network ahead of major tube strike


Neil Murphy
  • English
  • Arabic

London's transport network has been hit by a second day of severe delays, just hours before a major strike on Wednesday which is set to bring underground services to a halt.

Rail commuters travelling to and from London Paddington station bore the brunt of the disruption on Tuesday, which was caused by damage to overhead cables.

As a result, travellers heading to Heathrow on the Elizabeth Line or the Heathrow Express were left facing delays to their journeys.

Cables between London Paddington and Slough in Berkshire were damaged at around noon on Monday, preventing trains from running on some lines.

Cancellations and delays continued into the Tuesday morning peak period while Network Rail worked to fix the damage. Disruption was expected until the end of the day.

Operators of Heathrow Express warned passengers that journeys to the West London airport would be affected.

It comes after the south-east of England was hit by high winds of 50mph, causing the Met Office to issue a yellow warning for much of the country earlier in the week.

London commuters are bracing for a major tube strike on Wednesday, which will see most tube services cancelled and major disruption extending to the rest of the transport network, including rail and buses.

The rail network will be affected again on Thursday, March 16 and Saturday, March 18 for two 24-hour staff walkouts from 14 different train companies, including Thameslink, Southern and Great Northern Rail.

Workers at the Rail, Maritime and Transport Union are protesting over pay, pensions and working conditions and union bosses have warned that a deal is unlikely to be reached in the near future.

The industrial action, which has been going on since mid-2022, poses a major embarrassment for the government which is announcing its budget on Wednesday.

London Paddington is the UK’s sixth busiest railway station.

Office of Rail and Road figures show it was used for an average of more than 65,000 journeys each day in the year to the end of March 2022.

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Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

MATCH INFO

Liverpool 2 (Van Dijk 18', 24')

Brighton 1 (Dunk 79')

Red card: Alisson (Liverpool)

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag

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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Transmission: 8-speed auto

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UAE currency: the story behind the money in your pockets
Updated: March 14, 2023, 10:33 AM