Fresh downpours sparked transport chaos in Spain on Monday, as anger spreads following the worst flash floods in the country's modern history. Barcelona's El Prat airport, Spain's second-busiest, said 50 flights were cancelled or delayed and 17 diverted on Monday, while the city closed some flooded metro stations and regional trains were suspended.
Images on social media showed cars ploughing through flooded roads in the Barcelona suburbs of Castelldefels and Gava and barefoot travellers wading through water that had seeped into El Prat. The death toll from Spain's floods stands at 217, almost all of them in the eastern Valencia region, with an unknown number of people remain missing and the country bracing for the discovery of more corpses.
The army sent about 5,000 soldiers over the weekend to help distribute food and water, clean up streets and guard against looters. A further 2,500 will join them, Defence Minister Margarita Robles told the state-owned radio station RNE. A warship carrying 104 marine infantry soldiers as well as lorries with food and water was approaching Valencia port as a strong hailstorm pummelled Barcelona some 300km to the north.
The national weather service Aemet announced the end of the emergency for Valencia but torrential rain struck Catalonia, where residents received telephone alerts urging caution. Regional authorities warned of potential landslides and more flooding. Spain is also grappling with the aftermath of an extraordinary outburst of popular anger in which crowds heckled and hurled mud at King Felipe VI, Queen Letizia and Prime Minister Pedro Sanchez.
The Civil Guard has opened an investigation into the chaos in the town of Paiporta that cut short their visit on Sunday, Interior Minister Fernando Grande-Marlaska told the public broadcaster TVE. He blamed "marginal groups" for instigating the situation, during which mud was spattered over the monarch's face and clothes and a window of Mr Sanchez's car was broken.
The incident underscored growing anger at the authorities' preparation for and reaction to the catastrophe. Experts have questioned the efficacy of the warning systems that failed to alert the population in time, and the speed of the response.
"They were saying 'alert for water', but they should have said it was a flood," Teresa Gisbert, 62, told AFP in the destroyed town of Sedavi, saying she had "lost everything". Thousands of soldiers, police officers, civil guards and firefighters spent a sixth day distributing aid and clearing mud and debris as the search for bodies goes on.
However, relief only reached some towns days after the disaster and in many cases volunteers were the first to provide food, water, sanitation and cleaning equipment. On Monday divers concentrated their search for missing bodies in garages and a multistorey car park in the town of Aldaia. They also scanned the mouths of rivers, where currents may have deposited more bodies. "With drones we can send them inside the garages and have a first visual of what's going on," police spokesman Ricardo Gutierrez said.
The storm caught many victims in their vehicles on roads and in underground spaces such as car parks, tunnels and garages, where rescue operations are particularly difficult. Local authorities in Valencia extended travel restrictions for another two days, cancelled classes and urged residents to work from home to facilitate the work of the emergency services.
Storms coming off the Mediterranean are common at this time of year, but scientists have warned human-induced climate change is increasing the ferocity, length and frequency of extreme weather events. Rescuers used drones and water pumps to search and clear underground car parks and garages.
Opposition politicians accused the left-wing central government of acting too slowly to warn residents and send in rescuers, while the central government has said regional authorities are responsible for civil protection. The anger vented against all sides reflects a general disillusionment with the political class, analysts at Eurointelligence wrote in a note on Monday.
"If the aftermath turns into a big finger-pointing exercise, it will probably deepen that anti-politics sentiment," it said. Lack of clarity over the numbers of dead and missing has added to the frustration. A helpline has been set up for people to report relatives missing, with the government saying "dozens and dozens" are still unaccounted for.
Sonia Luque, co-ordinator of the Network of Road Assistance Companies (REAC), said more than 100,000 cars have been damaged. It was the worst flood-related disaster in Europe in five decades.
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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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England 458
South Africa 361 & 119 (36.4 overs)
England won by 211 runs and lead series 1-0
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UAE currency: the story behind the money in your pockets
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4.35pm: Tilal Al Khalediah
5.10pm: Continous
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6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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