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6 Indian Firms Top FY23 Digital Media List

The robust performance of the digital media market comprises various segments such as over-the-top (OTT) video services, audio streaming, short-form video platforms and digital gaming…reports Asian Lite News

The Indian digital media market has reached unprecedented heights, reaching an estimated market size of $11 billion in FY23.

This growth has been catalysed by the surge in internet users and their engagement, propelling the market at an impressive CAGR of 35 per cent over the last two years due to COVID-led market tailwinds.

“The focus on ‘For India’ content and strategic alignment with local consumer interests have proven pivotal for domestic digital media companies. With this trajectory, we anticipate further revenue expansion and market dominance for these platforms,” said Mukesh Kumar, Associate Partner at Redseer.

The robust performance of the digital media market comprises various segments such as over-the-top (OTT) video services, audio streaming, short-form video platforms and digital gaming.

“Excluding contributions from social media platforms, this sector alone is responsible for injecting an impressive $5.5 billion into the overall digital media market ecosystem,” the report mentioned.

Breaking down these numbers, one finds that a dominant share — approximately 60 per cent — of this contribution comes from the digital gaming sector.

“This remarkable figure highlights the popularity of gaming sector in India, catering to Indian population with domestic games like rummy and leveraging cricket’s popularity through daily fantasy sports,” said the report.

With the focus on vernacular content and understanding the diversity of languages and cultural nuances across India, game developers are increasingly localising their products and creating content in native languages, the report added.

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-Top News UAE News

19 more firms join SDG5 Pledge for gender equality

The newest group of 18 companies who signed the Pledge did so during an event organised by the UAE GBC at the Capital Club in the Dubai International Financial Center (DIFC)…reports Asian Lite News

The UAE’s Leadership continues to champion gender balance as a national priority. The SDG 5 Pledge to Accelerate Gender Balance in the UAE Private Sector has a target of increasing the representation of women in leadership roles to 30 percent by 2025 to ensure their full and effective participation at the highest levels of decision making.

Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of the UAE Gender Balance Council (UAE GBC), affirmed that the UAE, under the dedicated leadership of President Sheikh Mohamed bin Zayed Al Nahyan is continuing to make substantial strides and achieve prosperity in various sectors while actively contribute to supporting global efforts aimed at achieving the 2030 Sustainable Development Goals.

She said that the UAE GBC has intensified its efforts during the past years and will continue it during the coming period in cooperation and partnership with all state institutions to implement the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to enhance the competitiveness of the UAE globally and its position among the best countries in terms of gender balance.

Sheikha Manal expressed her pride in all companies that have signed the SDG 5 Pledge, emphasising their willingness to work closely with the government to advance SDG 5 and gender balance in the UAE private sector and country more broadly. The “SDG 5 Pledge to Accelerate Gender Balance in the UAE Private Sector”, has a target of raising women’s participation in senior and middle management roles to 30 percent by 2025.

On 15th December, 18 additional local and multinational companies signed the Pledge, bringing the total to 56. Signatory companies are from a range of sectors including law, healthcare, defense, finance, energy, and professional services.

The Pledge has four main pillars: ensuring equal pay and compensation; promoting gender equitable recruitment and promotion; reviewing company policies and programs to advance gender balance; and transparency through annual reporting to the UAE Gender Balance Council.

The newest group of 18 companies who signed the Pledge did so during an event organised by the UAE GBC at the Capital Club in the Dubai International Financial Center (DIFC).

During the event, Shamsa Saleh, Secretary-General of the UAE GBC, delivered a speech on behalf of Sheikha Manal, where she expressed her thanks to all the companies for their dedicated support and cooperation with the Council to achieve the vision and goals of the UAE at the local and global levels.

Companies which signed on 15th December include: Emirates Group, First Abu Dhabi Bank, Easa Saleh Al Gurg Group, Kaman, Chalhoub Group, Aramex International LLC, Jacobs, APCO Worldwide, Omnicom Media Group MENA, Kraft Heinz MEA, Crescent Enterprises, Saab,, Dentons & Co., Clifford Chance, Charles Russell Speechlys LLP, TVM Capital Healthcare, Brunswick Group, and Russell Reynolds Associates.

In turn, corporate officials affirmed during the signing ceremony of the pledge their companies’ commitment and the private sector, in general, to work closely with government to enhance gender balance in the UAE.

This Pledge is the result a longstanding partnership between the UAE Government and the private sector, and is a direct result of the efforts of the Private Sector Advisory Council on Sustainable Development Goals, in cooperation with the National Committee for Sustainable Development Goals, represented by the UAE Gender Balance Council and the Federal Center for Competitiveness and Statistics Centre.

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-Top News UAE News

UAE ministry honours firms that tripled Emiratisation target

Dr Abdulrahman Al Awarwam (Credits: WAM)

Al Awar highlighted that the UAE prioritises economic growth and human capital empowerment to achieve its vision for the upcoming 50 years, reaching the goal of building the best and most active economy in the world…reports Asian Lite News

The Ministry of Human Resources and Emiratisation (MoHRE) has honoured 16 companies that achieved more than triple of their Emiratisation ratios in two months only – June and July 2022.

At the honouring ceremony, Dr. Abdulrahman Abdulmannan Al Awar, Minister of Human Resources and Emiratisation, reiterated that the private sector in the UAE continues to benefit from the national economy’s high competitiveness.

The UAE’s economy is making strides towards achieving greater successes in the coming years, to enhance business sustainability in the UAE, which has become a hub for talent, companies and investments, and continues to progress, he stated.

Al Awar highlighted that the UAE prioritises economic growth and human capital empowerment to achieve its vision for the upcoming 50 years, reaching the goal of building the best and most active economy in the world.

“Effective partnerships with the private sector companies are key to realising the UAE’s vision for the business environment. The private sector plays a crucial role in creating job opportunities and opening new horizons for economic activities in sectors that respond to the priorities of the future and benefits from the capabilities of Emirati talent,” he said.

“Emiratis possess advanced levels of education and training, and have gained experience in an international economy that is dynamic and open to diverse cultures and civilisations and applies the most advanced technologies available.”

The Minister noted that honouring the companies follows the launch of a series of initiatives, decisions, laws and regulations to realise a comprehensive development vision to enhance the business environment in the UAE and lay out new foundations that contribute to the Emiratisation of jobs in the private sector.

“These steps will also enhance the capabilities of local talents and increase the attractiveness of the job market in the country, as well as its ability to attract these talents through a group of incentives and safety nets that support healthy and sustainable economic growth,” he explained.

He added, “Today, we celebrate the exceptional achievements of a group of pioneering companies that have achieved three times the Emiratisation target in a record time of two months, which is testament that we are on the right track.

“The response of local talents, their readiness to fill the job opportunities available and the swift response of the UAE’s business community align with the nation’s development goals and the effectiveness of the valuable stimulus packages offered.”

The Emiratisation target is set at two percent annually for high-skilled jobs in establishments that employ 50 workers or more.

“The public-private partnership achieves the best socio-economic results, which is what the Ministry of Human Resources and Emiratisation is focused on in its approach to developing the business environment in the country and increasing Emiratisation levels in the private sector,” Al Awar went on to say.

“This is evident through the decisions adopted by the UAE Cabinet regarding raising the Emiratisation rates in the private sector and the unprecedented incentives offered to companies that train and employ UAE nationals.

“This, along with other relevant decisions, form part of the legislative and legal structure that the government of the UAE is keen on developing in line with the priorities of the national economy and contributing to achieving the goals of the Emirati Talent Competitiveness Council (Nafis).”

He continued, “Thanks to these exceptional results, 1,166 opportunities have been created for UAE nationals in high-skilled jobs, opening the doors of the future for them to develop their capabilities and enhance their competencies. This also boosts the competitiveness of the companies by enabling them to benefit from national talents.”

In addition to representatives of the private sector companies being honoured and select Emirati employees, high-profile government officials attended the ceremony.

The companies that were honoured include Majid Al Futtaim Hypermarkets, Emirates Gateway Security Services, Teleperformance Middle East Business Services, Orient Insurance, Azam Recruitment, Ras Al Khaimah Ceramics, Majid Al Futtaim Cinemas, Riyadh School, Magic Planet, Ahalia Hospital, Dubai Insurance Company, Halliburton Worldwide Limited, IGG Emirates Advanced Training, Halcon Systems, G42 and Bayanat for Mapping and Surveying Services.

These companies will benefit from several incentives, including upgrading their classification to the first category, which is entitled to significant benefits, including the reduction of up to 80 percent of the Ministry of Human Resources and Emiratisation’s fees.

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-Top News London News UK News

Firms send SoS to Sunak

Business forums and leading business people are urging Chancellor Rishi Sunak to unveil schemes to help small and medium businesses…reports Asian Lite News

Chancellor Rishi Sunak must use Wednesday’s Spring Statement to help businesses tackle unprecedented cost pressures head on, leading business forums and captains of the industry said.

Reports suggest Mr Sunak is set to cut fuel duty in a bid to stave off a cost of living crisis, after petrol and diesel prices reached record highs over the past fortnight.

“The economic consequences of the pandemic are still being felt by small businesses, whose ability to make up for lost time and income has been undermined by a vicious cycle of rising costs,” said Martin McTague, National Chair of the Federation of Small Businesses (FSB).

https://www.youtube.com/watch?v=kS_L_Z4ze7s

 “Consumer confidence has plunged and the cost-of-living squeeze has intensified, with record fuel prices and sky-high utility bills meaning loss of disposable income. Small businesses increasingly feel that the Government is indifferent to the cost pressures they face.

 “The planned hikes to national insurance and dividend taxation taking effect in a matter of days, alongside an income tax threshold freeze, will, for many, be the final straw. Increasing the Employment Allowance, upping the small business rates relief threshold on rates, and taking action on surging fuel and utility bills would all help.

 “‘Pay as you grow’ options to spread the pressure of debt repayments should be opened up to users of other state-backed loan schemes beyond just bounce-backs. We urgently need to see the Chancellor ease the pressure on the five and a half million small firms and sole traders on which our recovery will depend.” 

The Greater Birmingham Chambers of Commerce has issued a six-point plan it would like to see the Chancellor introduce in a bid to help firms cope with soaring costs.

The GBCC is calling on the Chancellor to take the following actions:

@ Introduce an energy price cap for businesses

@ Provide SMEs with energy grants

@ Introduce additional support for energy efficiency

@ Delay planned National Insurance rises for a year

@ Continue reform of the business rates system

@ Extend the VAT reduction for hospitality businesses

Raj Kandola, head of policy at Greater Birmingham Chambers of Commerce, said: “Often viewed as a minor fiscal event in relation to the Autumn Budget, the crisis in Ukraine coupled with the escalation of the cost of living crisis means the importance of the Spring Statement has been elevated to a whole new level.

 “Whereas as the Chancellor has preached the importance of fiscal rectitude over the previous few months,  the ongoing fallout from Covid-19, rocketing levels of inflation and sky-high energy bills means businesses are facing unprecedented cost pressures – as early analysis from our latest Quarterly Business Report survey reveals.

 “Right now, we need the Government to act decisively and tackle these issues head on – implementing our six-point plan would give businesses the breathing space they need to get back on their feet and plan ahead with a modicum of certainty.

 “As always the Chamber will be on hand to provide a full breakdown of the announcements made on the day and the potential impact they are likely to have businesses in the region.”

Pvt. Sector Investments

The industry body responsible for the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS), the EIS Association (EISA) is calling for the Chancellor to recognise the importance of private sector investment into the UK’s early stage growth businesses.

The Enterprise Investment Scheme supports the Government’s growth agenda by helping early stage, high risk UK companies to attract the investment needed to grow their businesses.

In the current difficult market conditions for entrepreneurs, assurances of the availability of the EIS incentives for investors is critical to the UK’s continued standing as a world leader in innovation.

Boris Johnson and Rishi Sunak Post Budget visit Teesport. Prime Minister Boris Johnson and Chancellor Rishi Sunak visit Teesport in Teeside the day after the 2021 Budget. Picture by Andrew Parsons / No 10 Downing Street

The EISA is calling on the Chancellor to give reassurances in one principal area:

@ A commitment that every effort will be made to ensure the continuation of the EIS scheme beyond the current sunset clause of 2025.

Director General of the EISA, Christiana Stewart-Lockhart commented, “We all recognise that the Chancellor has an enormous job to do given the current economic challenges, and ensuring that we support the country’s growth businesses, bringing with them employment, profitability and tax income is crucial to our economic recovery. Making the EIS permanent would provide some much-needed certainty for early stage companies looking to raise equity and for the individuals investing in them. At the top of our wish list is confirmation that the scheme will be extended beyond 2025, so that both entrepreneurs and investors can plan their future for the benefit of the economy as a whole.”

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UAE News

Firms urged to safeguard the financial health of employees

Employers must act now to support talent with financial wellbeing and protection to remain competitive … reports Asian Lite News

A study among the UAE workforce revealed that most of the workers are worried about their financial stability. 61% of employees are concern about whether or not their salaries will be paid out on time. 47% of the employers stated that they do not have a separate fund for end-of-service benefits.

Zurich International Life (Zurich), part of Zurich Insurance Group, together with YouGov have released the results of newly conducted research exploring policies and practices regarding employee benefits in the UAE.

The two surveys on ‘Workplace Savings’ and ‘Group Life Cover’, in which over 200 employers and 500 employees were interviewed in each survey, provide valuable insights into the need for UAE based employers to place a greater emphasis on protecting the future financial health of employees to help attract and retain talent, factors vital to the future growth and sustainable success of the UAE.

Earlier this month, the UAE government announced several employee-focused reforms that support talent attraction and retention including anti-discrimination protection and new work models such as flexible hours, part-time work and supplementary leaves, among others. The new reforms serve the UAE’s vision to become the go-to destination for individuals to live and work.

Among its many insightful findings, the survey revealed the lack of protection in place to protect employees and their families in the case of a severe medical condition, partial disability, permanent disability or death. In total, almost half of employees claimed they had no income protection provided by their employer, meaning if they were unable to work due to illness, they would go without pay. The survey has shown that only four out of 10 employees claimed to have life cover in place. This means that 60 per cent of employees are not provided with life cover by their employer, meaning that in the case of their death, their families would not be provided for.

The survey further revealed that only a little over half of employers had a separate fund for end-of-service benefits in place. While these employers had created a separate fund for end-of-service benefits, 8 out of 10 employers in this group had dipped into these funds when struggling to make salary payments. 6 out of 10 employees reported concerns over whether their salaries would be paid out on time, further emphasizing the importance of managing end-of-service benefit funds separately.  

The study identified the talent pool is quite dynamic and had access to several work opportunities with more than 50 percent of the surveyed employees have shifted jobs in the past two years. This emphasizes that employers need to invest more in their own employees to retain them and become an employer of choice.

Regarding life insurance, a third of respondents stated the topic had come up in negotiations on benefits with prospective employees. When it comes to communicating insurance benefits to employees, only around a quarter of employers send out an annual reminder on life insurance to their employees, demonstrating a lack of communication around benefits and an opportunity for organizations and businesses to show their commitment to protecting their employees. In the case of pension contributions, the survey showed that very few employers provide it as an employee benefit, suggesting that employers need to do more to protect their employees’ financial future. In terms of financial education, almost 6 out of 10 employers stated that they plan to provide financial wellness support to their employees.

Speaking on the findings of the results, Swarnaleka Vyas, Head of Corporate Life and Pensions at Zurich International Life Middle East said: “Workforce sustainability is essential to the future growth of the UAE. We have seen a growing number of initiatives from the federal level to attract top talent from around the world to deliver their vision for the future and contribute to the economy. As part of the government’s vision to become a world-class hub to attract talents from different parts of the world, the new labour law provides greater flexibility for employees and employers. As an increasing number of expats are laying down roots in the UAE and planning for their financial future, flexible employee benefits will remain points of differentiation and increasingly important bargaining chips in the negotiations between employers and employees.”

Sajeev Nair, Senior Executive Officer at Zurich Workplace Solutions, said: “To complement the governments’ efforts to make the UAE a world-class talent destination, employers must act now in implementing a full range of flexible employee benefits as core to their talent strategy to remain competitive. Employee financial health, end-of-service benefits and protection are foundational elements, complemented by focused efforts towards employee physical, mental and digital well-being. Most importantly, communicating benefits is beyond critical. The so-called ‘Great Resignation’ is a wake-up call to put employees at the core of the workplace. Lest we forget, despite advances in technology and AI, humans are and will be at the heart of the future of work.”

The two surveys were conducted by YouGov at the end of 2021 ­– ‘Workplace Savings’ and ‘Group Life Cover,’ the former consisting of six questions, the latter nine. In total, 203 employers and 502 employees participated totalling 705 respondents. Participants were aged 18 and above.

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-Top News London News UK News

Firms to start 4-day week without cuts in UK

The program will help “companies move away from simply measuring how long people are ‘at work’, to a sharper focus on the output being produced…reports Asian Lite News

The dream of spending less time at work without a pay cut is about to become a reality for more employees.

The UK pilot of a four-day work week will begin in June with about 30 companies that have so far signed up for the trial. The six-month long program will see firms allowing staff to work 32 hours per week while leaving their compensation and benefits unchanged.

Companies may ask staff to spread the 32 hours over five days.

“Moving to a four-day week would be a win-win for companies,” Joe Ryle, director of the Four Day Week Campaign in the UK, said Tuesday in a phone interview. “Studies have shown that productivity improves along with corresponding gains in workers’ well-being.”

The pilot in the UK is one of several worldwide being run by 4 Day Week Global, which advocates for the shorter week. Similar programs are set to start in the US and Ireland, with more planned for Canada, Australia and New Zealand, Ryle said.

Apart from the focus on productivity, researchers will measure the impact on workers’ wellbeing and assess the program’s effect on the environment and gender equality, 4 Day Week Global said in a statement.

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The program will help “companies move away from simply measuring how long people are ‘at work’, to a sharper focus on the output being produced,” said Joe O’Connor, a pilot programme manager for the campaign.

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