Strong winds and heavy rain have lashed the coastal areas of West Bengal, India. AP
Strong winds and heavy rain have lashed the coastal areas of West Bengal, India. AP
Strong winds and heavy rain have lashed the coastal areas of West Bengal, India. AP
Strong winds and heavy rain have lashed the coastal areas of West Bengal, India. AP

At least 15 killed as quarry collapses in India's Mizoram after Cyclone Remal


Taniya Dutta
  • English
  • Arabic

At least 15 people have been killed and several are missing after a quarry collapsed in Aizawl in India’s north-eastern Mizoram state on Tuesday.

The accident happened after torrential rain caused by Cyclone Remal.

The severe cyclonic storm made landfall late on Sunday between Sagar Island in the eastern state of West Bengal in India and Khepupara in southern Bangladesh. At least 16 people were killed across both countries.

While the storm subsided into a depression, strong wind and torrential rain hit India’s eastern and north-eastern states flanking the Himalayas.

Heavy rain caused havoc in the remote city of Aizawl and triggered a number of landslides at the quarry between Melthum and Hlimen districts early on Tuesday.

State chief minister Lalduhoma, who uses a single name, confirmed to daily newspapers that at least 15 people were killed and several others were trapped under the debris.

“The storm is subsiding now but the signal is very poor in many parts of the state, making it difficult to gather information and respond,” Mr Lalduhoma said.

Emergency workers have launched a search and rescue operation but heavy rain has hindered their efforts.

“All efforts are under way to rescue the people who are trapped under the debris,” said Anil Shukla, Mizoram’s senior police officer. "However, heavy rains are affecting the operations. The water levels of rivers are also rising and many people living in the riverside areas have been evacuated."

Aizawl has been cut off from the rest of the country after a landslide blocked a motorway that connects the hilly region with mainland India.

Authorities in the state have closed schools and banks, and advised people to stay indoors as heavy rain continues.

The government has allocated 150 million rupees ($1.8 million) for relief work and approved 400,000 rupees as compensation to bereaved families.

The weather has also caused havoc in neighbouring states.

A 17-year-old boy was killed and more than a dozen injured in Assam state after trees fell on them due to strong winds and heavy rain on Tuesday, state chief minister Himanta Biswa Sarma said.

"Power supply is disrupted in lower Assam, including Guwahati. We are monitoring the situation and request everyone to stay indoors until the situation stabilises," Mr Sarma said.

Deluged land in the wake of Cyclone Remal in Patuakhali, Bangladesh. AFP
Deluged land in the wake of Cyclone Remal in Patuakhali, Bangladesh. AFP

The Indian Meteorological Department has warned of heavy rain and winds of up to 50kph across north-east India on Tuesday and has advised vulnerable people to move to safer locations.

Cyclone Remal moved across the Bay of Bengal late last week, prompting authorities in India and Bangladesh to evacuate low-lying areas, with thousands of people leaving.

Torrential rain flooded homes and farmland, and flattened fragile structures. Trees and electricity poles were uprooted, causing major disruption in West Bengal and coastal parts of Bangladesh.

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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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