Amazon workers in New York warehouse vote to form a union


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Workers at an Amazon facility in New York City's Staten Island on Friday voted in favour of forming a union, making it the online retailer's first US facility to organise.

Employees at the fulfilment centre, known as JFK8, who supported the Amazon Labour Union secured a majority by hundreds of votes for the win.

A victory for organised labour at the second-largest US private employer is a historic first for the retailing behemoth in America and a milestone for labour advocates, who for years have considered Amazon's labour practices a threat to workers.

Amazon fiercely opposes efforts to unionise, fearing a successful attempt at one warehouse would have a domino effect and increase costs at other facilities across the US.

More than 8,300 eligible workers cast their ballots. Amazon provides the list of eligible workers to the National Labour Relations Board, which oversees the process. Organisers say a high attrition rate may have shrunk that pool since the election was scheduled.

The victory was an uphill battle for the independent group, made up of former and current workers who lacked official backing from an established union and were outgunned by the deep-pocketed retail giant.

Congratulating those who voted, New York senator Kirsten Gillibrand said the “victory will blaze a trail for workers across the country” .

“When unions win, working families win,” the Democrat posted on social media.

Despite obstacles, organisers believed their grassroots approach was more relatable to workers and could help them overcome where established unions have failed in the past.

Bernie Sanders, a prominent leftist politician, called the vote a “signal that American workers will no longer accept exploitation” .

“They're tired of working longer hours for lower wages. They want an economy that works for all, not just [Amazon boss] Jeff Bezos,” he posted on social media.

Meanwhile, Amazon workers in Bessemer, Alabama, appear to have rejected a union bid but outstanding challenged ballots could change the outcome.

The votes were 993-to-875 against the union. A hearing to review 416 challenged ballots is expected to begin in the next few days.

Agencies contributed to this report.

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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.”

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Ashraf Ghani 50.64 per cent

Abdullah Abdullah 39.52 per cent

Gulbuddin Hekmatyar 3.85 per cent

Rahmatullah Nabil 1.8 per cent

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In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.

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Dr Ayham Ammora, scientist and business executive

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Lord Browne, former BP chief executive

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Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

Ms Yang's top tips for parents new to the UAE
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Updated: April 02, 2022, 2:40 PM