Restart of Notre-Dame restoration pushed back to August 19


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Renovation work at Notre-Dame Cathedral in Paris could resume on August 19, a government official said Friday, after the clean-up was halted last month over fears that workers could be exposed to lead poisoning.

Testing revealed dangerously high levels of lead contamination at the site as well as at nearby schools and other buildings, prompting fears that workers and residents risked exposure to the toxic metal.

Hundreds of tonnes of lead in the roof and steeple melted during the April 15 blaze that nearly destroyed the gothic masterpiece, with winds spreading the particles well beyond the church's grounds.

But after weeks of denying any poisoning risks, authorities admitted in late July that anti-contamination measures were insufficient, and two schools near the church were closed after hazardous lead levels were detected.

Since then officials have been racing to implement tougher safety measures for workers at the site, while deploying new methods to remove lead residue from school playgrounds.

Prefect Michel Cadot, the government's top official for the Paris region, will allow work to resume "once there is a guarantee the new measures are in place," his office said in a statement.

Officials had originally said the clean-up could begin next week, but the target date is now set for August 19, it said.

New techniques

This week workers dressed head-to-toe in white hazmat suits sprayed a blue-green gel onto the playground at the two closed schools on the Rue Saint-Benoit, where dozens of children had been attending summer day care programmes.

According to city officials, the gel attracted and trapped the lead particles on the ground as it dried, and was later removed with high-pressure hoses.

Last week, the city revealed that some schools and day cares beyond a 500-metre perimeter of the church still showed isolated readings of more than 1,000 microgrammes on playgrounds or windowsills.

That procedure and others will also be used on the square in front of Notre-Dame and on streets in the immediately vicinity.

Readings of more than 70 microgrammes per square meter indicate potential health hazards, but testing has found much higher levels at buildings as far as one kilometre from Notre-Dame.

Last week, the city revealed that some schools and day cares beyond a 500-metre perimeter of the church still showed isolated readings of more than 1,000 microgrammes on playgrounds or windowsills.

Critics have accused the city of failing to notify the public about the worrying results, while an environmental group has filed a lawsuit alleging that officials failed to sufficiently contain the contamination.

Others have urged authorities to cover the entire church with protective cladding to contain the particles, a system often used when removing asbestos.

City officials have rejected the proposal as too costly and complex.

But they have vowed that no schools will reopen in September unless the lead risk has been completely eradicated.

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Brief scores:

Liverpool 3

Mane 24', Shaqiri 73', 80'

Manchester United 1

Lingard 33'

Man of the Match: Fabinho (Liverpool)

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.”