Joseph Moscato opened a folder that bulged with more than 100 neatly printed letters. Each one was an application for a job sent last year. Every single one had resulted in a rejection.
"This is about half of them. I have more back at my apartment," explains the former executive assistant at a New York hedge fund as he stands on a Manhattan street and hands out his business card.
Mr Moscato has not worked for more than two years since the financial crisis of late 2008 ripped apart the US economy. Now, a nascent recovery has begun.
Banks are again booming, Wall Street stocks are soaring and economic fundamentals appear on the firmer footing of modest, hesitant growth.
But one key sector of the US economy has proved almost immune to the recovery: unemployment. The official unemployment rate in America still stands at about 9 per cent, representing about 13.7 million people.
But that headline figure fails to take into account the long-term unemployed who have despaired and stopped looking for jobs. It also does not include those forced to take part-time jobs while they are seeking full-time employment.
When those numbers are added, the number of unemployed and under-employed Americans soars to more than 20 million. In California alone there are about 1 million jobless.
The hardest hit are the long-term unemployed known as the "99ers", due to the fact that their benefits have run out after 99 weeks without work.
"I am a classic 99er," says Mr Moscato, a college graduate whose benefits ran out last summer.
Since then he has been surviving on savings and a one-off windfall from an inheritance. When those run out he will have nothing, facing the loss of his home and his ability to buy food and other essentials.
"I laugh when people talk about the recovery. I don't see any sign of it," Mr Moscato says.
In many places, 99ers and other long-term jobless have formed organisations in order to campaign for an extension of their benefits and direct government action to create jobs, as happened during the Great Depression.
But so far, their appeals have fallen mainly on deaf ears.
The Obama administration, under fire from Republican politicians, is instead embarking on a series of spending cuts across government. There is little political appetite for raising benefits or funding major public works programmes.
Yet that has brought intense criticism from some quarters. As the unemployment rate remains stubbornly high, some warn it could undermine the wider recovery in the US economy.
The Nobel Prize-winning economist Paul Krugman penned a column in The New York Timesthis month headlined "How to Kill a Recovery". Mr Krugman warned spending cuts and federal lay-offs would add to the unemployment rate and stymie the current levels of growth.
"We're still near the bottom of a very deep hole but at least we're climbing," he wrote. "It's too bad that so many people, mainly on the political right, want to send us sliding right back down again."
Others have worried that a new sort of US economy will grow out of the recession, one in which high levels of unemployment become politically and economically acceptable. That has social services campaigners worried.
Food banks, which give away donated groceries to the needy, are already warning of the swollen numbers of unemployed using their services.
"It's a jobless crisis," says Mark Dunlea, the associate director of Hunger Action Network in New York. "In the last three years we have had a 60 per cent increase in people coming to us and that is unprecedented."
But none of that means much to Mr Moscato. He just wants a job - any job. He is not alone. Around him on Manhattan's Third Avenue on the Upper East Side are his fellow unemployed.
About 30 unemployed protesters have gathered outside the office of the New York senator Charles Schumer to call for help. They hold placards that bear slogans such as "Full Employment Now!" and "Jobs for all New Yorkers".
Each has their own tragic story of life without work, and often without benefits.
There is Julius Mitchell, 47, from Brooklyn, who lost his job as a clerk 18 months ago. He worries about feeding himself when every dollar and cent is precious.
"It is very stressful," Mr Mitchell says. "You wake up and think maybe I will only eat one slice of pizza all day. I don't know I have lived like this for so long."
Or there is Steve Loren, 47. The former finance worker wore a smart suit and tie to the protest. Mr Loren is lucky as his wife has a job, but life is still hard and he worries he may have to declare himself bankrupt.
"It kills a finance career if that happens," he says.
Those gathered chant and wave their placards on the busy pavement for an hour or so.
But most passers-by ignore it with their heads bowed down, striding past, and the roaring traffic makes it hard for the chants of the demonstrators to be heard.
"I know it might be pointless but it feels good to be doing something," Mr Moscato says.
business@thenational.ae
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Important questions to consider
1. Where on the plane does my pet travel?
There are different types of travel available for pets:
- Manifest cargo
- Excess luggage in the hold
- Excess luggage in the cabin
Each option is safe. The feasibility of each option is based on the size and breed of your pet, the airline they are traveling on and country they are travelling to.
2. What is the difference between my pet traveling as manifest cargo or as excess luggage?
If traveling as manifest cargo, your pet is traveling in the front hold of the plane and can travel with or without you being on the same plane. The cost of your pets travel is based on volumetric weight, in other words, the size of their travel crate.
If traveling as excess luggage, your pet will be in the rear hold of the plane and must be traveling under the ticket of a human passenger. The cost of your pets travel is based on the actual (combined) weight of your pet in their crate.
3. What happens when my pet arrives in the country they are traveling to?
As soon as the flight arrives, your pet will be taken from the plane straight to the airport terminal.
If your pet is traveling as excess luggage, they will taken to the oversized luggage area in the arrival hall. Once you clear passport control, you will be able to collect them at the same time as your normal luggage. As you exit the airport via the ‘something to declare’ customs channel you will be asked to present your pets travel paperwork to the customs official and / or the vet on duty.
If your pet is traveling as manifest cargo, they will be taken to the Animal Reception Centre. There, their documentation will be reviewed by the staff of the ARC to ensure all is in order. At the same time, relevant customs formalities will be completed by staff based at the arriving airport.
4. How long does the travel paperwork and other travel preparations take?
This depends entirely on the location that your pet is traveling to. Your pet relocation compnay will provide you with an accurate timeline of how long the relevant preparations will take and at what point in the process the various steps must be taken.
In some cases they can get your pet ‘travel ready’ in a few days. In others it can be up to six months or more.
5. What vaccinations does my pet need to travel?
Regardless of where your pet is traveling, they will need certain vaccinations. The exact vaccinations they need are entirely dependent on the location they are traveling to. The one vaccination that is mandatory for every country your pet may travel to is a rabies vaccination.
Other vaccinations may also be necessary. These will be advised to you as relevant. In every situation, it is essential to keep your vaccinations current and to not miss a due date, even by one day. To do so could severely hinder your pets travel plans.
Source: Pawsome Pets UAE
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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.”