The much weaker Tropical Storm Ragasa pushed west along the southern Chinese coast towards Vietnam on Thursday after flooding streets and homes in the economic hub of Guangdong province and causing deaths in Taiwan and the Philippines.
Ragasa churned into the Chinese province, home to tens of millions of people, with winds up to 145 kilometres per hour. The storm made landfall near Hailing Island at around 5pm on Wednesday.
By that point, authorities across China had already ordered businesses and schools to shut down in at least 10 cities across the nation's south, affecting tens of millions of people.
Nearly 2.2 million people in Guangdong were relocated by Wednesday afternoon, but local officials later said several cities in the province started lifting restrictions on schools and businesses.
By Thursday morning, Ragasa's sustained winds had weakened to a maximum 65kph, and it was forecast to dissipate eventually while remaining a rain threat for Vietnam and other parts of Southeast Asia.
Vietnam
In Vietnam, Prime Minister Pham Minh Chinh ordered government ministries and local authorities to protect infrastructure, like dams and hospitals, secure fishing vessels and coastal assets, and ready evacuation and search and rescue operations.
Some flights were cancelled or rescheduled, and workers trimmed trees to avoid wind hazards in the northern part of the country.
The Vietnamese weather agency warned that parts of the country’s north could get rainfall exceeding 450 millimetres through Friday evening, as well as flash floods and landslides.
Taiwan
Ragasa's passage in Taiwan killed at least 14 and injured dozens more when a barrier lake burst in eastern Hualien county, according to regional officials who revised the death toll down from 17 after eliminating duplicate cases.
Authorities initially said 152 people were unaccounted for, but later made contact with more than 100 of them and were still trying to confirm the actual number of missing.
Hong Kong
Hong Kong authorities said 101 people were treated at public hospitals for injuries sustained during the typhoon as of Wednesday evening, with more than 900 people seeking refuge at 50 temporary shelters across the city.
About 1,000 flights were affected by Ragasa, the airport authority said, adding that they expected to return to normal operations within the next two days.
Hong Kong's weather service ranked the storm the strongest yet in the northwestern Pacific this year.
Philippines
In the Philippines, Ragasa left at least 11 dead, including seven fishermen who drowned on Monday when their boat overturned in northern Cagayan province. Two fishermen remained missing, officials said.
Nearly 700,000 people were affected by the onslaught, of whom 25,000 fled to government emergency shelters.
Killing of Qassem Suleimani
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.”
More on Quran memorisation:
Zayed Sustainability Prize
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
if you go
The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
THREE
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Our Time Has Come
Alyssa Ayres, Oxford University Press
COMPANY%20PROFILE
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Results
Ashraf Ghani 50.64 per cent
Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
