Google to use balloons to supply Puerto Rico with a mobile service

The US Federal Communications Commission said late on Friday it had approved Alphabet’s application to provide emergency cellular service to Puerto Rico through balloons.

In the aftermath of Hurricane Maria, Puerto Rico has struggled to regain communications services. The FCC said on Friday that 83 per cent of cell sites remain out of service, while wireless communications company are deploying temporary sites.

Alphabet, which announced its Project Loon in 2013 to use solar-powered, high-altitude balloons to provide internet service in remote regions, said in an FCC filing it was working to “support licensed mobile carriers’ restoration of limited communications capability” in Puerto Rico.

Earlier on Friday, FCC Chairman Ajit Pai announced he was forming a Hurricane Recovery Task Force with an emphasis on addressing challenges facing Puerto Rico and the US Virgin Islands.

“It is critical that we adopt a coordinated and comprehensive approach to support the rebuilding of communications infrastructure and restoration of communications services,” Mr Pai said in statement.

Separately, Puerto Rico Governor Ricardo Rossello said in a Twitter posting late on Friday that he had a “great initial conversation with @elonmusk tonight. Teams are now talking; exploring opportunities. Next steps soon to follow.”

Elon Musk, the chief executive of Tesla, said on Friday the company would send more battery installers to Puerto Rico to help restore power after Hurricane Maria knocked out all power on the island over two weeks ago.

Musk said he was diverting resources from a semi-truck project to fix Model 3 bottlenecks and “increase battery production for Puerto Rico & other affected areas.”

In late September, Tesla said it was sending hundreds of batteries that can store power generated by solar panels to Puerto Rico to provide emergency help in the wake of Hurricane Maria.

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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.”

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4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

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Uefa Champions League last 16, second leg
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Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD

Episode list:

Ep1: A recovery like no other- the unevenness of the economic recovery

Ep2: PCR and jobs - the future of work - new trends and challenges

Ep3: The recovery and global trade disruptions - globalisation post-pandemic

Ep4: Inflation- services and goods - debt risks

Ep5: Travel and tourism

Google to use balloons to supply Puerto Rico with a mobile service

The solar-powered, high altitude balloons will provide internet service in remote regions

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The National's picks

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Episode&nbsp;list:

Episode list: