London's Heathrow Airport blamed coronavirus checks for the long delays which have caused travel chaos over recent weeks.
Problems have been compounded by Covid staff shortages and resurgent passenger numbers following the ending of UK travel restrictions in March.
As a consequence, it was the airport's busiest month since the start of the pandemic in spring 2020, with nearly 4.2 million passengers processed, according to data released by Heathrow on Monday.
It is believed up to 20,000 passengers were forced to cancel or alter their Easter plans after flights were cancelled at the weekend.
British Airways and easyJet said they cancelled more than 100 flights at Heathrow and Gatwick airports.
On Monday, the figure rose as British Airways cancelled 58 more domestic and European flights, and easyJet cut 32 more flights.
A spike in coronavirus-related staff absences, combined with difficulties in recruiting new staff, means the aviation sector has struggled to cope with passenger numbers in recent weeks.
The airport cut dozens of jobs during the pandemic and, now that the sector is returning to pre-pandemic activity, it is struggling to deal with staff sickness and is having to wait for recruits to pass stringent security checks.
Heathrow admitted “resources are stretched” but said it is “working closely with airlines and ground handlers to make sure this increase in demand can be met while keeping passengers safe”.
There is “congestion in check-in areas at peak times” as “half of global markets” still require passengers to pass coronavirus checks such as testing and vaccination status, according to Heathrow.
It said that “other airport processes are currently working to plan” and it is working with the UK Border Force to “ensure sufficient levels of resource are in place to cope with the large number of passengers returning to the UK over the next couple of weeks”.
Ministers have called on the government to fast-track staff security checks.
“The government needs to begin clearing the huge backlogs in security checks so airport staff can safely begin work,” Louise Haigh, the shadow transport secretary, said.
The Civil Aviation Authority has written a letter to airlines telling them that the “distressing” flight cancellations could have a ripple effect across the industry, which is recovering from the battering it took during the pandemic.
Heathrow reports March resurgence
Paradoxically the cancellations indicate sectorial recovery, a trend burnished by the 4,196,656 passengers who used Heathrow in March.
This is the highest number since February 2020 and represents nearly an eight-fold increase on the total during the same month in 2021.
“It is fantastic to see the airport coming back to life after two years, and I want to thank all team Heathrow colleagues for working together to serve our passengers,” chief executive John Holland-Kaye said.
“Everyone at Heathrow is doing everything we can to make sure passengers get on their way as smoothly and safely as possible.”
The rise in passenger numbers was attributed to the government’s removal of all coronavirus travel restrictions.
However, new figures show Heathrow slipped from the second busiest airport for international travel before the pandemic to number seven in 2021.
Airports Council International said Heathrow was used by 17.6 million international passengers last year, down 77 per cent on the total for 2019.
Dubai maintained its spot at the top of the ranking.
The five airports to overtake Heathrow in 2021 were Istanbul, Amsterdam, Frankfurt, Paris Charles de Gaulle and Doha.
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.”
KILLING OF QASSEM SULEIMANI
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Mountain Classification Tour de France after Stage 8 on Saturday:
- 1. Lilian Calmejane (France / Direct Energie) 11
- 2. Fabio Aru (Italy / Astana) 10
- 3. Daniel Martin (Ireland / Quick-Step) 8
- 4. Robert Gesink (Netherlands / LottoNL) 8
- 5. Warren Barguil (France / Sunweb) 7
- 6. Chris Froome (Britain / Team Sky) 6
- 7. Guillaume Martin (France / Wanty) 6
- 8. Jan Bakelants (Belgium / AG2R) 5
- 9. Serge Pauwels (Belgium / Dimension Data) 5
- 10. Richie Porte (Australia / BMC Racing) 4
The fake news generation
288,000 – the number of posts reported as hate speech that were deleted by Facebook globally each month in May and June this year
11% – the number of Americans who said they trusted the news they read on Snapchat as of June 2017, according to Statista. Over a quarter stated that they ‘rarely trusted’ the news they read on social media in general
31% - the number of young people in the US aged between 10 and 18 who said they had shared a news story online in the last six months that they later found out was wrong or inaccurate
63% - percentage of Arab nationals who said they get their news from social media every single day.
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
List of alleged parties
May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff
May 20, 2020: They attend 'bring your own booze party'
Nov 27, 2020: PM gives speech at leaving party for his staff
Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson
Dec 13, 2020: PM and his wife throw a party
Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters
Dec 15, 2020: PM takes part in a staff quiz
Dec 18, 2020: Downing Street Christmas party
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
