Security forces gather at the scene of a blast at a coal mine in Tabas in Iran's Khorasan province. AFP
Security forces gather at the scene of a blast at a coal mine in Tabas in Iran's Khorasan province. AFP
Security forces gather at the scene of a blast at a coal mine in Tabas in Iran's Khorasan province. AFP
Security forces gather at the scene of a blast at a coal mine in Tabas in Iran's Khorasan province. AFP

Explosion in coal mine in Iran kills at least 31


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A methane leak that sparked an explosion at a coal mine in eastern Iran killed at least 31 people, the country's interior minister Eskandar Momeni said on Sunday.

Iranian state media had reported earlier in the day that 51 people had been killed in the explosion.

At least 16 others were injured by the explosion 8 in Tabas, about 540km south-east of Tehran, the minister said. About 70 workers were present at the site in South Khorasan province when the explosion occurred at about 9.00pm, it added.

According to the report, a leak of methane gas led to the blast in two blocks of the mine, which is owned by the private Iranian firm Madanjoo.

Authorities were sending emergency personnel to the area after the blast on Saturday. State TV broadcast footage of ambulances and helicopters arriving at Tabas to take the injured to hospital. Online footage from Irna showed the bodies of some of the victims being carried out of the site on mining carts.

Iran's President Masoud Pezeshkian, who was preparing to travel to New York for the UN General Assembly, announced that he had ordered all efforts be made to rescue those trapped and assist their families. He said an investigation into the incident had been launched.

“Unfortunately, we learned that an accident occurred in one of the coal mines in Tabas and a number of our compatriots lost their lives. I offer my condolences to their respected families,” Mr Pezeshkian said in remarks carried by state TV before departing for New York.

Vice President, Mohammad Reza Aref, spoke with cabinet members to ensure “emergency follow-up” and support for the victims and their families, Irna said.

Iran's Red Crescent said search and rescue operations were under way in the mine, where some workers remained trapped. Earlier, reports put the number of trapped workers at 24.

According to Irna, the workers were about 250 metres below the surface, cut off from rescuers by chambers that had filled up with concentrated methane gas.

“Gas accumulation in the mine” has made the search operations difficult, local prosecutor Ali Nesaei said. “Currently, the priority is to provide aid to the injured and pull people from under the rubble,” Mr Nesaei said, adding that “the negligence and fault of the relevant agents will be dealt with” later on.

Iran is rich in a variety of minerals. It consumes about 3.5 million tonnes of coal a year but produces only about half of this locally. The rest is imported, often for use in the country’s steel mills.

This is not the first disaster to strike Iran’s mining industry. In 2013, 11 workers were killed in two mining incidents. In 2009, 20 workers were killed in several incidents. In 2017, a coal mine explosion killed at least 42 people.

Lax safety standards and inadequate emergency services in mining areas are often blamed for the fatalities.

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When: December 27-29, 2018

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Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
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Key figures in the life of the fort

Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.

Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.

Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.

Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.

Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.

Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.

Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.

Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.

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Man City: Agüero (25', 35', 75'), Jesus (31'), Silva (48'), Kongolo (84' og)
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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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%3Cp%3ESix%20of%20the%20eight%20fast%20bowlers%20used%20in%20the%20ILT20%20match%20between%20Desert%20Vipers%20and%20MI%20Emirates%20were%20left-handed.%20So%2075%20per%20cent%20of%20those%20involved.%0D%3Cbr%3EAnd%20that%20despite%20the%20fact%2010-12%20per%20cent%20of%20the%20world%E2%80%99s%20population%20is%20said%20to%20be%20left-handed.%0D%3Cbr%3EIt%20is%20an%20extension%20of%20a%20trend%20which%20has%20seen%20left-arm%20pacers%20become%20highly%20valued%20%E2%80%93%20and%20over-represented%2C%20relative%20to%20other%20formats%20%E2%80%93%20in%20T20%20cricket.%0D%3Cbr%3EIt%20is%20all%20to%20do%20with%20the%20fact%20most%20batters%20are%20naturally%20attuned%20to%20the%20angles%20created%20by%20right-arm%20bowlers%2C%20given%20that%20is%20generally%20what%20they%20grow%20up%20facing%20more%20of.%0D%3Cbr%3EIn%20their%20book%2C%20%3Cem%3EHitting%20Against%20the%20Spin%3C%2Fem%3E%2C%20cricket%20data%20analysts%20Nathan%20Leamon%20and%20Ben%20Jones%20suggest%20the%20advantage%20for%20a%20left-arm%20pace%20bowler%20in%20T20%20is%20amplified%20because%20of%20the%20obligation%20on%20the%20batter%20to%20attack.%0D%3Cbr%3E%E2%80%9CThe%20more%20attacking%20the%20batsman%2C%20the%20more%20reliant%20they%20are%20on%20anticipation%2C%E2%80%9D%20they%20write.%0D%3Cbr%3E%E2%80%9CThis%20effectively%20increases%20the%20time%20pressure%20on%20the%20batsman%2C%20so%20increases%20the%20reliance%20on%20anticipation%2C%20and%20therefore%20increases%20the%20left-arm%20bowler%E2%80%99s%20advantage.%E2%80%9D%0D%3Cbr%3E%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
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England: 290 & 346

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Updated: September 22, 2024, 5:26 PM