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Bakkavor sets the record straight following its meaningful attempt to settle the strike in Spalding

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6 hours ago

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LONDON, Nov. 8, 2024 /PRNewswire/ — In response to union claims of an international campaign to lobby our stakeholders – Bakkavor today speaks out and sets the record straight on the local strike in Spalding, which it has attempted to resolve.

Donna-Maria Lee, Chief People Officer at Bakkavor comments: “It is now six weeks since Unite the Union commenced strike action with a minority of our Spalding colleagues. It is now clear to us that it is becoming increasingly difficult to resolve this dispute with Unite and get people back to work anytime soon. We have engaged the Union in discussions since the start, and our CEO met with them recently out of a genuine desire to resolve the issue. Whilst a material discretionary bonus (of £350 per person) and an above inflation pay rise have been tabled for Spalding colleagues, the Union has now advised us that they have put it to ballot, with a recommendation to reject our offer.

“Coupled with this, working colleagues have reported being made to feel uncomfortable by the strikers, and the Union has set out on what it describes as “an international campaign” to directly lobby our stakeholders – when the real task for them is to settle a dispute in Spalding.

“It takes both parties to engage and whilst we have sought to resolve the issue, I met with the Union this week and it is clear that Unite has little interest in moving forward with the situation at Spalding and is intent on lobbying, publicity and politics, rather than solving a strike that they called for.”

Some key fact-checking on the context behind the strike:

  • The Union has wrongly claimed that more than 700 of its members in Spalding are taking industrial action. Whilst the union may have 700 members of the 1,400-strong workforce, only c.450 are not attending work.
  • Over two-thirds of Spalding colleagues, more than 950, have not engaged with strike action and are reporting to work as usual. We would like to thank them for their loyalty and support in the face of external attempts to disrupt and discredit the business.
  • Whilst the union has repeatedly accused Bakkavor of making derisory pay rises, the truth is quite different. In September Bakkavor put forward an improved offer of 7.8% to its lowest paid colleagues and 6.4% across all other grades – well above the national living wage and inflation, which now stands at 1.7% (2.0% at the settlement date in May).
  • Over the past three years, CPI in the UK has grown by 21%, at our Spalding site over the same three-year period the pay rate for our lowest paid colleagues has risen by 22.8% and all other grades by 21.2%, both above inflation for the period. This excludes improvements we have made to broader benefits over the same period.
  • In summary, the Union’s claims of “years of real terms pay cuts”, whilst emotive, are completely without basis. The reality is that Bakkavor has worked hard to protect our colleagues through the cost-of-living crisis which many businesses have not been able to do.
  • Further to the increases put forward in September, Bakkavor has offered all Spalding colleagues a discretionary £350 per person bonus to try and resolve the strike, this payment is over and above the pay rise. Again, this demonstrates Bakkavor’s willingness to engage.
  • In addition to rates of pay, Bakkavor staff also receive a wide range of benefits including life insurance, personal accident insurance, access to a vast range of retailer discounts and heavily subsidised food through Bakkavor’s staff shops.
  • Nationally, Bakkavor’s proposed pay rises have been welcomed across its other 20 UK sites, with over 13,500 colleagues receiving their pay rises versus our colleagues at Spalding whose payments have been delayed due to this process.
  • Contrary to claims of disruption to UK food supply, Bakkavor can confirm Christmas will be unaffected by the local issue at Spalding. Its Christmas ranges are made at its other UK sites. There has been some short-term disruption to soups as an isolated product category. Traditionally, Bakkavor’s soups are only made at Spalding – but work is in hand to resolve this very quickly. This is part of our contingency planning which has enabled us to continue to produce the vast majority of products from this site.

Mike Edwards CEO at Bakkavor concludes: “In the Autumn Budget last week, the Government set out the twin aim of supporting workers and creating economic growth. We support both of these things at Bakkavor and in truth they cannot actually be separated. Our colleague pay and benefits are well above the minimum wage and ahead of inflation.

“The fact that our company’s ‘Long Service Awards’ have celebrated more than 4,000 colleagues for milestones between 5- and 35-year periods of service over the last two years shows that people choose to stay at Bakkavor and for a length of time, which would be viewed as remarkable in many industry sectors today.

“Coupled with looking after our people, which we do, we have an obligation to be a sustainable business. Our pay deals need to be fair to colleagues across all our 21 sites. We believe the offer proposed is entirely fair based on the context in which we are operating.

“The Union has a right to campaign, but our responsibility as a business – to our colleagues, customers, shareholders and to the communities in which we are a major employer – is to be sustainable, and fair, for the long term. We have been through a global pandemic and a seismic cost-of-living crisis and managing our business well ensures we will continue to create growth – growth for the economy, job creation and training opportunities for young people across the UK.

“Our offer of a pay rise and bonus to Spalding colleagues has now gone to a union ballot and Unite are recommending their members reject it. If this happens, we will be at an impasse (a ‘failure to agree’) and we will work to find a way to offer the increases to rates of pay and the bonus to all colleagues at Spalding on an individual basis. If accepted by individuals, this will see new rates implemented, back pay processed and bonus paid before Christmas which is what the majority of our Spalding colleagues want.”

View original content:https://www.prnewswire.co.uk/news-releases/bakkavor-sets-the-record-straight-following-its-meaningful-attempt-to-settle-the-strike-in-spalding-302299893.html

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Manulife Investment Management aligns capabilities across regions under the newly created role of Global Emerging Market Equities CIO

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30 mins ago

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November 8, 2024

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LONDON, Nov. 8, 2024 /PRNewswire/ — Manulife Investment Management today announced enhancement to its equity organization in leveraging expertise across its Asia and Emerging Markets teams to improve investment experience for its clients.  Charlie Dutton, an equity investment leader with substantial experience in Asia, is named to the newly created role of Chief Investment Officer, Global Emerging Market Equities. In this new role, Charlie will oversee and align our Asia ex-Japan and emerging market equity capabilities, ensuring we leverage local resources and insights across the organization.

Manulife Investment Management has operated in emerging markets for more than a century. Today, it has one of the largest equity teams based in Asia with over 90 investment professionals located across 10 markets in the region. By combining local insight with deep investment expertise, Manulife Investment Management will be able to leverage deeper information advantage over other asset managers based outside of Asia. The combined Emerging Market Equities organization manages over US$25 billion in AUM across Asia and emerging markets equity strategies.

“Collaboration and engagement have always been at the heart of our investment culture, and our emerging markets and Asia equity teams have participated in a variety of forums to exchange ideas and insights.  The closer alignment of the Asia equity team with the global Emerging Markets equity organization formalizes the longstanding sharing of ideas and insights between our Asia and our emerging markets equity teams.  We believe this alignment will translate into improved research sharing and investment decision making, and will enhance our ability to create custom-tailored solutions to meet client needs,” said Colin Purdie, Global Chief Investment Officer, Public Markets, Manulife Investment Management.

Charlie will be spending a considerable amount of time in Asia with the extensive investment teams across the region in the coming months. He will continue to be based in London, affording him the opportunity to work and communicate with the investment teams in London and across Asia effectively, ensuring connections between each.

Charlie brings more than 27 years of investment experience to this role, including over 25 years of Asia equity investment experience with seven years in Hong Kong as well as South Africa and London. Prior to joining Manulife Investment Management’s Emerging Markets Equity team earlier this year, Charlie was a fund manager at Ninety One as part of the Global Quality Capability team that managed assets across five strategies.

Before Ninety One, Charlie was a founding partner at Coupland Cardiff, an Asian investment firm, where he spent 10 years managing Asian focused equity funds. Prior to that, he was based in Hong Kong and served as director of Asia-Pacific research at JPMorgan and as a Hong Kong/China consumer analyst at JF Securities. Charlie started his career at HSBC based in Hong Kong as a HK/China Analyst.

“We are confident Charlie’s deep investment experience, including over 25 years investing in Asia equity, makes him ideally suited to take on the role of CIO, Emerging Markets Equities. We look forward to his leadership, combined with the support of our Asia investment teams, in building upon our strong foundation in the region, and leading our Asia business into the future,” said Steve Medina, Chief Investment Officer, Global Equities, Manulife Investment Management.

At the same time, Manulife Investment Management announced that Kathryn Langridge, Senior Managing Director, Senior Portfolio Manager, and Head of Emerging Markets Equity team, has shared her intention to retire effective October 31, 2025, after an impressive investment career spanning over 40 years.  Meanwhile, Ronald Chan, CIO, Asia ex-Japan Equity, is departing Manulife Investment Management.

“The alignment of the Asia and the Emerging Markets equity teams is a testament to the critical role Asia plays in today’s equity markets, and further draws attention to the deep pool of talent in Manulife’s investment organization,” said Charlie Dutton, Chief Investment Officer, Global Emerging Market Equities. “By globalizing and strengthening this capability, Manulife Investment Management is better positioned to deliver for its clients while expanding the pipeline of research and insight the Emerging Markets equity team can deliver for other capabilities at the firm on a global basis.”

About Manulife Wealth & Asset Management

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As part of Manulife Financial Corporation, Manulife Wealth & Asset Management provides global investment, financial advice, and retirement plan services to 19 million individuals, institutions, and retirement plan members worldwide. Our mission is to make decisions easier and lives better by empowering people today to invest for a better tomorrow. As a committed partner to our clients and as a responsible steward of investor capital, we offer a heritage of risk management, deep expertise across public and private markets, and comprehensive retirement plan services. We seek to provide better investment and impact outcomes and to help people confidently save and invest for a more secure financial future. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com. 

Media contacts: Carl Wong, Manulife Investment Management Asia, +852 2510 3180, [email protected]; Elizabeth Bartlett, Head of Wealth & Asset Management Public Relations, North America & Europe, Manulife Investment Management, +1 857 210 2286, [email protected]

View original content:https://www.prnewswire.co.uk/news-releases/manulife-investment-management-aligns-capabilities-across-regions-under-the-newly-created-role-of-global-emerging-market-equities-cio-302300146.html

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Palm Jebel Ali Project Surges Ahead in 2024: Milestones Achieved in Record Time for Dubai’s Most Anticipated Development

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30 mins ago

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November 8, 2024

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DUBAI, UAE, Nov. 8, 2024 /PRNewswire/ — Nakheel, a member of Dubai Holding’s pioneering real estate arm Dubai Holding Real Estate, has marked significant progress in the development of Palm Jebel Ali in 2024, with the project progressing at pace to meet 2025 milestones.

The development masterplan was approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai in May 2023, who said at the time; “Palm Jebel Ali will further strengthen our urban infrastructure and consolidate the city’s emergence as one of the world’s leading metropolises. This new groundbreaking project reflects our strategic development plan centred on raising the quality of life and happiness of residents.”

The Palm Jebel Ali area received further recognition this year when His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, approved the master plan for the 6.6 kilometre development of Jebel Ali Beach. The project includes a five-kilometre sandy beach, to be developed by Nakheel, as well as a 1.6-kilometre-long Mangrove Beach, to be developed by Dubai Municipality.

Khalid Al Malik, Chief Executive Officer of Dubai Holding Real Estate, said; “At Nakheel we believe in developing dreams, inspired by the vision of our leaders and the hopes of our people. The rapid progress we are currently witnessing on ground at Palm Jebel Ali is testimony to the grand success of our key partnerships and our joint endeavours to ensure we deliver on our commitments.”

Several key contracts for the project were awarded throughout 2024, including the construction of a new 6-kilometre road, the contracts for the island’s marine works, dredging, land reclamation, beach profiling and sand placement, directly supporting the construction of villas. The first eight fronds of the project are expected to be site-ready for villa infrastructure and civil works by the first quarter of 2025.

Crucially, the contract for the construction of exclusive ultra-luxury villas on the first six fronds of the project has also been awarded and are scheduled for completion by late 2026. Nakheel recently announced their partnership with Dubai Electricity and Water Authority for the development of two substations on Palm Jebel Ali.

Video: Palm Jebel Ali

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Photo – https://mma.prnewswire.com/media/2552885/Nakheel_2.jpg
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Palm Jebel Ali three major contracts signing ceremony

 

Groundbreaking ceremony of marine works on Palm Jebel Ali with Jan De Nul Dredging LTD

 

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Bybit and Block Scholes Uncover Post-Election Bullish Sentiment: Traders Lean Into Leveraged Longs Amid Stabilized Market

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3 hours ago

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November 8, 2024

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DUBAI, UAE, Nov. 8, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in partnership with Block Scholes, today released its latest post-election crypto derivatives analytics report. The report dives deep into the market behavior following the conclusion of the 2024 U.S. election, revealing a clear shift towards renewed bullishness and a strong appetite for leveraged long positions.

Market Behavior in Focus

With election uncertainty now behind, the report shows that traders are leaning strongly toward leveraged long positions, especially in perpetuals and futures contracts. Short-term volatility has decreased, and BTC’s price structure has leveled out, suggesting a more stable market. The steady trading activity over the weekend further highlights the ongoing strong interest in crypto assets.

Key Findings:

  • Sharp Decline in Short-Term Volatility: As election uncertainty cleared, short-term implied volatility for both BTC and ETH witnessed a significant drop.
  • Flattening of BTC Term Structure: While the term structure for BTC flattened, ETH’s evolved into a steeper curve, potentially reflecting increased long-term uncertainty surrounding Ethereum.
  • Resurgence of Leveraged Positions: Following a pre-election reduction, leveraged positions have bounced back strongly. Open interest in both perpetuals and futures contracts has climbed, indicating a willingness to embrace risk once again.
  • Record High Positioning: Despite the election risk subsiding, positioning across all markets is near all-time highs, showcasing a keen interest in maintaining leveraged long exposure as BTC reaches new records.
  • Robust Trading Volumes: Trading volumes remained robust throughout the week, even over the weekend, highlighting sustained market activity.
  • Renewed Interest in Directional Bets: Perpetual swap open interest mirrored the trend seen in futures contracts. A decline during pre-election turbulence was followed by a sharp rise as the election outcome became clear, suggesting renewed focus on directional bets to capitalize on positive post-election movement.
  • Increased Options Interest: Despite subdued option trading volumes, open interest for BTC options has surged. This points towards a growing interest in positioning for potential long-term volatility in the aftermath of the election.

Access the Full Report:
Gain deeper insights and explore the potential impacts on your crypto trading strategies by downloading the full report here: https://learn.bybit.com/crypto-insight/bybit-x-block-scholes-crypto-derivatives-analytics-report-nov-6-2024/ 

#Bybit / #TheCryptoArk /#BybitResearch

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media

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