HYDERABAD // Thirty-two people were killed yesterday when fire ripped through a coach of an overnight express train carrying sleeping passengers from New Delhi to the southern city of Chennai.
An electrical short circuit was thought to be the most likely cause of the tragedy on the long-distance service, which happened in the early hours of the morning near the town of Nellore in Andhra Pradesh state.
Dozens of rescuers and survivors, together with a crowd of onlookers, watched as the blackened and twisted bodies of victims, some burnt beyond recognition, were carried out of the train and laid in rows alongside the railway line.
Relatives of the victims wailed and screamed, while dazed survivors sat quietly.
"I woke up when people were rushing into our compartment," said a passenger called Shantanu. "I was in S-10, which was attached to the S-11 coach that caught fire.
"There was smoke all around. We tried to open the emergency window. People jumped out of it."
The central government's press office said that 32 people had lost their lives and 25 were injured. It added that families of the deceased would be offered 500,000 rupees (Dh33,000) compensation.
Nellore's chief district official, B Sreedhar, said that preliminary investigations suggested a short circuit near a toilet had started the blaze.
The railway minister, Mukul Roy, said an investigation was underway. "Nothing can be excluded and nothing can be said without an investigation," he added, shortly before rescuers completed their search for bodies, which had lasted almost 12 hours.
The train was travelling at 110 kilometres per hour when it went through Nellore station, where staff noticed the fire and informed railway authorities. The burning carriage was quickly detached from the rest of the train which prevented the fire spreading.
The prime minister, Manmohan Singh, sent his condolences and has asked the national railways ministry to coordinate the relief effort, his office said.
India's accident-prone rail network remains the country's main form of long-distance travel, despite fierce competition from airlines. While new airport infrastructure is appearing, Indian railways - a much-romanticised legacy of British colonial rule - often appear stuck in a time-warp.
There were two fatal accidents in May this year alone. A collision killed 25 people near the southern city of Bangalore andf our people died when a train derailed in the northern state of Uttar Pradesh.
In March, Dinesh Trivedi, the railway minister, unveiled a draft budget for 2012-13 that included a major safety upgrade financed by across-the-board fare hikes. He was forced to withdraw it and resign after a rebellion by his own party, the Trinamool Congress, which objected to increasing ticket prices for the poorest travellers.
Figures from the National Crime Records Bureau, which gathers the causes of fatalities across India, reveal that in 2009, 25,705 people died on the railways. The vast majority involved people falling from the open doors of carriages or being hit on the tracks.
India's worst rail accident was in 1981 when a train plunged into a river in the eastern state of Bihar, killing an estimated 800 people.
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Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
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On sale: Now
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In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff
RESULTS
Bantamweight:
Zia Mashwani (PAK) bt Chris Corton (PHI)
Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)
Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
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Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)
Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
Mohammad Fakhreddine (LEB) bt Christofer Silva (BRA)
Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
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.”
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
MATCH INFO
Everton 2 (Tosun 9', Doucoure 93')
Rotherham United 1 (Olosunde 56')
Man of the Match Olosunde (Rotherham)