The City of London is planning a ‘back to work’ week in April to revive the financial district after the Square Mile was virtually closed down during the Covid-19 pandemic.
The financial hub will urge office workers to return for a ‘reopening’ week in the spring to boost the bars, restaurants and other venues across the financial district that rely on employees being in offices, according to William Russell, the lord mayor of London.
"There is a big plan. We can bring together the businesses, the hospitality, the culture and get a whole load of people coming back," Mr Russell told the Financial Times.
Companies located in the financial hub first directed their staff to work from home when the UK's first lockdown began in March.
An initial plan to get staff back into the office in late September, following a summer of lower numbers of Covid cases, was abandoned after a series of new government curbs were unveiled over the course of the month to control a subsequent escalation.
As a result, office buildings have remained mostly empty as employers follow government advice to work from home where possible. This has made it hard for the restaurants, cafes and other businesses that serve the Square Mile to survive.
Now London is on track to be placed in the toughest tier of coronavirus restrictions this week after new data revealed the UK capital has the highest rate of cases in England.
While Mr Russell does not expect a flood of office workers to return to the Square Mile before the spring, by April many hope the rollout of the vaccine will have had a significant effect on reducing the number of cases.
"January and February will be tough. We have to survive those couple of months and hopefully come back with a bang in springtime. I want everyone to buy in on this reopening," he said.
The former Merrill Lynch investment banker acknowledged that some employees will be more nervous than others about returning to work where the risk of catching the virus is higher. But he is confident staff will return despite a potential shift in how the professional world works.
Employers expect working from home to average two days per week, according to a survey this month by Barclays.
The “WFH revolution” translates into a “10 per cent to 20 per cent structural reduction” in office demand, with the UK the most vulnerable, according to the global report.
To lure the more than 500,000 people that were going into the office in February to return, Mr Russell has asked Transport for London to reopen the Waterloo and City line ahead of April's ‘back to work’ week, which was closed in March.
“In February, we had over 500,000 people coming into the Square Mile every day and that is going to take a long time to get back to,” he said.
In October, a study by UK accountancy consultancy Theta Global Advisors found more than half of City of London workers would not return to the office.
Forty-five per cent of those polled said the pandemic had made them realise what a poor work-life balance they had pre-lockdown, something they don’t plan to return to in future.
The Square Mile pledged to reinvent itself and emerge stronger from the Covid-19 pandemic, recharging the capital by 2025 with new start-up hubs, affordable work spaces, digital funds and entrepreneur-friendly stock exchange reforms.
Mr Russell, who heads the City of London Corporation, which oversees operation in the Square Mile, decided to stay in his unpaid position for a second term in November to provide continuity during the pandemic, becoming only the second mayor to do so.
He is optimistic about the post-Covid future of the City, saying the financial hub can grow, particularly in areas such as green finance and FinTech.
He also believes the City can withstand the effects of Brexit, despite nerves from financial services companies that a no-deal Brexit will cause them to lose clients and influence.
According to Ernst & Young, 7,500 City workers have already relocated, with finance companies transferring more than £1.2 trillion ($1.59tn) in assets to the EU since Britain's referendum on EU membership in 2016.
The Bank of England said on Friday that UK banks remained "resilient" to the risks of Brexit and the coronavirus. But it warned that some EU-based firms might face problems providing cross-border services, and vice versa.
From January 1, Britain's financial sector will lose a European "passport" that allows it to sell products and financial services across the EU.
The City is also worried about talk of an "equivalence" regime of compatible rules that in theory would keep the financial taps running but in practice could be easily revoked.
The EU has already given the go-ahead for derivatives clearing houses, which underwrite more than $1tr in transactions every day, but it has not confirmed plans for trading.
"If the UK and EU have a more acrimonious relationship, it could take longer to get these equivalence decisions," said Sarah Hall, from the UK in a Changing Europe think tank.
Points to remember
- Debate the issue, don't attack the person
- Build the relationship and dialogue by seeking to find common ground
- Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
- Listen actively without interrupting
- Avoid assumptions, seek understanding, ask questions
RESULTS
Argentina 4 Haiti 0
Peru 2 Scotland 0
Panama 0 Northern Ireland 0
if you go
The flights
Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav.
The tour
While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).
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Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
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The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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Zayed Sustainability Prize
Iraq negotiating over Iran sanctions impact
- US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
- Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
- Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
- Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
- Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
- The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
- Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
- Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The%20specs
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
HOW TO WATCH
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More on Quran memorisation:
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
UAE currency: the story behind the money in your pockets
Company%20profile
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
MATCH INFO
France 3
Umtiti (8'), Griezmann (29' pen), Dembele (63')
Italy 1
Bonucci (36')
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
