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Middle East Edition
22nd November 2023
 
THE HOT STORY
Binance CEO to step down and pay $4.3bn in fines
The chief executive of Binance, Changpeng Zhao, plans to step down and plead guilty to violating U.S. anti-money laundering requirements. Binance, the largest global cryptocurrency exchange, will also plead guilty and pay $4.3bn in fines. The deal would end long-running investigations of Binance, which has faced scrutiny from U.S. regulators. Zhao will retain his majority ownership of Binance but won't have an executive role. The outcome is similar to the case against BitMEX executives. The deal doesn't include a settlement with the Securities and Exchange Commission, which sued Binance and Zhao in June. The Department of Justice's investigation focused on Binance's money laundering prevention program and whether it allowed individuals in sanctioned countries to trade with Americans. Binance will also resolve a civil lawsuit filed by the Commodity Futures Trading Commission. The Wall Street Journal notes that Zhao resides in the United Arab Emirates, which doesn't have an extradition treaty with the U.S.
WORKFORCE
Iranian lawmakers approve retirement age increase and pension reforms
Iranian lawmakers have approved legislation raising the retirement age for men to 62 and increasing the years of employment required to qualify for a full pension. The bill aims to reduce pension fund shortfalls and still requires approval by the Guardian Council. Male employees will now have to work 35 years before retiring with a full pension, while the retirement age for men will be raised from 60 to 62. Women's retirement age will remain at 55. Labour Minister Solat Mortazavi stated that the move is necessary to ensure pension funds can meet their obligations. The approval comes amid severe shortfalls in pension funds, with concerns that Iran may need to sell territory to pay pensioners. The country is facing a crippling economic crisis, worsened by U.S. sanctions and inflation of around 50%.
Israel's jobless rate soars to 10% amidst Gaza conflict
Israel's jobless rate surged to near 10% in October due to the outbreak of war with Palestinian Hamas militants. The rate reached 9.6% as 428,400 people were jobless, compared to 163,600 in September. Nearly 400,000 Israelis were called up to reserve duty, and about 80,000 Israelis were placed on unpaid leave. The employment rate in October dipped to 56.5% from 61.1%. Israel's low jobless rate had supported economic growth, but with many people furloughed or out of a job, the economy is expected to contract in Q4 and grow less than expected in 2023.
Saudi Arabian minister meets with ILO delegation
Saudi Arabia's Vice Minister of Human Resources and Social Development, Dr. Abdullah Abu Thanin, met with a delegation from the International Labor Organization (ILO) in Riyadh. The ILO delegation, headed by Deputy Regional Director Peter Rademaker, discussed the implementation of the second phase of the technical cooperation project between the Ministry of Human Resources and Social Development (MHRSD) and ILO. The meeting also covered topics of mutual interest between MHRSD and ILO. Several bilateral meetings were held to discuss existing projects and future challenges.
LEGAL
Nearly 300 violators of Bahraini labour market regulations detained or deported
Almost 300 individuals have been detained or deported for violating the Labour Market Regulatory Authority (LMRA) and residency laws in Bahrain. The LMRA conducted 883 inspections and visits across various governorates.
STRATEGY
Citigroup's top Saudi banker Haddad takes vice chairman role
Citigroup has appointed Carmen Haddad as vice chairman for the Middle East, as the bank looks to strengthen its business in the region. Haddad, who previously served as Citigroup's country officer for Saudi Arabia, will now focus on providing senior level dialogue and coverage for key sovereign and private banking clients. Haddad's appointment comes as Saudi Arabia becomes an increasingly important market for global banks, with the country diversifying its economy away from oil. In her new role, Haddad will spearhead Citigroup's Middle East family offices initiative. Fahad Al-Deweesh will replace Haddad as the country officer for Saudi Arabia. Al-Deweesh joined Citigroup earlier this year from JPMorgan Chase, where he was CEO of the investment banking unit in the Kingdom.
TRAINING & DEVELOPMENT
Partnership to equip UAE nationals with energy sector expertise
Eaton, which describes itself as an intelligent power management company dedicated to improving the quality of life and protecting the environment,  has announced a collaboration with DP World to support the Tumoohi training programme, providing young UAE nationals with professional experience in the energy sector. Emirati professionals will gain insights into various departments at Eaton Middle East's regional headquarters in Dubai, as well as work with Eaton teams across the EMEA region. Marwan Al Jassmi, Senior Vice President People at DP World GCC, said the partnership aims to provide young Emiratis with a world-class training experience. Heba Abaza, HR Leader at Eaton Middle East, highlighted the company's commitment to developing Emirati talent. DP World's Tumoohi programme offers hands-on workplace experience through apprenticeships. Eaton Middle East recently opened its first Customer Experience Centre in Dubai, showcasing a range of products and offering hands-on training. Eaton is
Canon organises workshop to empower interns
Canon Middle East and Canon Central and North Africa have organised an internship workshop to enhance the workplace experience for interns. The workshop included an 'MD for a Day' activity where interns provided recommendations such as elevating open communication, fostering work-life balance, and encouraging role modelling. Venkatasubramanian Hariharan, Managing Director of Canon Middle East & Turkey, stated that the interns' insights and recommendations have the potential to create a more inclusive and empowering atmosphere. Somesh Adukia, Managing Director of Canon Central and North Africa, expressed that Canon takes these recommendations seriously and is working to enhance the overall intern experience. The interns emphasized the importance of mental health support and work-life balance, suggesting the establishment of designated break times and a physical library to encourage a healthy detachment from social media.
MANAGEMENT
The H Dubai welcomes new Director of Human Resources
The H Dubai, a 5-star hotel in Dubai, has appointed Sultan Baddar as its new Director of Human Resources. Baddar brings over two decades of experience in HR and will be responsible for boosting staff morale, developing recruitment strategies, and promoting diversity and inclusion initiatives. He holds a degree in Applied Educational Sciences and has previously held key positions in international hotel chains.
CORPORATE
Abu Dhabi's Lunate sets up wealth tech firm with BNY
Lunate, an Abu Dhabi-based investment fund, is partnering with Bank of New York Mellon Corp. to tap into the region's wealth management market. Alpheya, a new fintech venture with $300m in capital, will provide digital services for wealth management. The firm aims to capture the Gulf region's $5 trillion wealth market, which is growing at 8% to 10% annually. Alpheya plans to start operations in Q4 2024 and hire at least a hundred staff. Lunate and BNY Mellon are actively seeking other shareholders for the venture. "This product is demand driven," says Akash Shah, Chief Growth Officer at BNY Mellon. "Our clients wanted to serve their wealth market, but didn't have the right technology and capabilities to do it." 
INTERNATIONAL
Software firm is sued after engineer accidentally shared data from old job on video call
An engineer at Santa Clara, Calif. headquartered software company Nvidia shared his screen during a video conference call with his former employer Valeo, leaving a file up that contained data about robocar technology that he had stolen from the French global automotive supplier. Valeo is now suing Nvidia in California after the engineer was convicted of infringing business secrets in Germany. Nvidia has sought to defuse the situation by stating that it had no interest in Valeo's code or alleged trade secrets and had taken steps to protect Valeo's rights. However, Valeo still filed a complaint against Nvidia. The engineer, Mohammad Moniruzzaman, had stolen files and source code from Valeo before leaving the company. During the conference call, he accidentally displayed Valeo's source code on his computer screen. Moniruzzaman was convicted in a Stuttgart court and ordered to pay a fine. Intellectual property theft is a recurring theme in the race to dominate the autonomous-driving market. Nvidia, a relative newcomer in the self-driving space, is accused of leveraging Valeo's stolen software for an illegitimate advantage. Valeo has spent billions developing advanced driving-assistance systems and aims to protect its investments. The case is ongoing in federal court in San Jose, California.
Brick factories in Cambodia using waste from international brands see workers fall ill, report says
Waste from at least 19 international brands, including Adidas and Walmart, is being burned in brick factories in Cambodia, causing workers to fall ill, according to a report by the Cambodian League for the Promotion and Defense of Human Rights (LICADHO). The report found that garment waste from these brands was being burned at seven factories to save on fuel costs. Workers reported experiencing headaches and respiratory problems as a result. The report also highlighted the release of toxic substances, including dioxins, which can cause cancer. Brands such as Primark and Lidl have stated that they are investigating the matter. Burning garment waste can release toxic substances and pollutants, according to a study by the UN Development Programme. The LICADHO report named several brands, including Adidas, Walmart, and Primark. Adidas has initiated an investigation, while Lidl has started its own investigations. Primark is also looking into the issue. Tilley Endurables expressed concern and stated that it only works with audited factories. Other brands named in the report did not respond to requests for comment.
UK's highest court rules Deliveroo riders are not employees
The UK's Supreme Court has ruled that people working for Deliveroo cannot be considered employees because they don't have specified hours, can work for rival companies, and can appoint someone to work in their place. A case brought by the Independent Workers Union of Great Britain (IWUGB) argued that Deliveroo riders should have collective bargaining rights but the Supreme Court ultimately ruled they cannot benefit from union membership as they do not meet the definition of a worker or employee. A Deliveroo spokesperson said: "UK courts repeatedly and at every level have confirmed that Deliveroo riders are self-employed, and this now includes the highest court in the country. This is a positive judgment for Deliveroo riders, who value the flexibility that self-employed work offers." The IWUGB, which represents thousands of gig economy workers, said it was disappointed by the decision and was considering its options under international law.
Spanish Amazon workers plan to strike on Cyber Monday
Spanish union CCOO has called on 20,000 warehouse and delivery workers at Amazon's local unit in Spain to stage a one-hour strike on each shift on Cyber Monday, demanding better wages and working conditions. The union wants the company to improve labour safety, acknowledge workplace risks, boost human resources staff, and raise wages. The strike is seen as a symbolic first move, with the union considering further actions in the future. Amazon has grown rapidly in Spain in recent years, expanding its logistics and data centres. This strike follows complaints about working conditions from Amazon workers in both the US and the UK.
 


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