The death toll in the Philippines from Typhoon Rai rose to 146 on Sunday after the governor of an island province said that at least 72 people had lost their lives in the strongest storm to hit the country this year.
Arthur Yap of Bohol province also said 10 people were missing and 13 had been injured. He suggested that the death toll may increase considerably because only 33 out of 48 provincial mayors had been able to report back to him.
Officials were trying to confirm a large number of deaths caused by landslides and extensive flooding elsewhere.
Mr Yap ordered mayors in his province of more than 1.2 million people to use their emergency powers to secure food packs for large numbers of people. He also said clean water was an urgent problem because water stations had been knocked out by power cuts.
After joining a military aerial survey of typhoon-ravaged towns, Mr Yap said it was clear "that the damage sustained by Bohol is great and all-encompassing".
He said the initial inspection did not cover four towns first hit by the typhoon as it blew in on Thursday and Friday through central island provinces. The government said about 780,000 people were affected, including more than 300,000 who had to flee their homes.
Rai was a super typhoon when it smashed into the popular tourist island of Siargao on Thursday, bringing sustained winds of 195 kilometres an hour.
Flights from Dubai to Mactan-Cebu – the second largest international airport in the Philippines – were cancelled on Saturday after it was damaged in the typhoon.
“This is indeed one of the most powerful storms that has hit the Philippines in the month of December in the last decade,” said Alberto Bocanegra, head of the International Federation of Red Cross and Red Crescent Societies in the Philippines.
“The information we are receiving and the pictures we are receiving are very alarming.”
At least 64 other typhoon deaths were reported by the disaster-response agency, the national police and local officials. Most were hit by falling trees and collapsed walls, drowned in flash floods or were buried in landslides. Officials on Dinagat Islands, one of the south-eastern provinces first pounded by the typhoon, separately reported 10 deaths only from a few towns, bringing the overall fatalities so far to 146.
President Rodrigo Duterte flew to the region Saturday and promised 2 billion pesos ($40 million) in aid. He met officials in Maasin City in Southern Leyte province where he was born. Mr Duterte’s family later relocated to the southern city of Davao, where he served as a longtime mayor before rising to the presidency.
“The moment I was born into this world, I told my mother, `Let’s not stay here because this place is really prone to typhoons,’” Mr Duterte told officials.
At its strongest, the typhoon blew gusts of up to 270kph, making it one of the most powerful storms in recent years to hit the disaster-prone archipelago, which lies between the Pacific Ocean and the South China Sea.
Floodwaters rose rapidly in Bohol’s riverside town of Loboc, where people were trapped on their roofs and in trees. They were rescued by the coastguard the following day. On Dinagat, an official said the roofs of nearly all the houses, including emergency shelters, had either been damaged or blown away.
At least 227 cities and towns lost electricity, which has since been restored in only 21 areas, officials said. Three regional airports were damaged, including two that remain closed.
More than 18,000 military, police, coastguard and firefighting personnel will join search and rescue efforts in the worst-affected regions, said Mark Timbal, spokesman for the national disaster agency.
There has been severe damage on Siargao Island and the northern tip of the southern island of Mindanao, Mr Timbal said, referring to areas that took the full force of the typhoon.
There are about 100,000 people living on Siargao, but the population swells with tourists drawn to its beaches and big waves.
The coastguard shared photos on social media showing widespread destruction around Surigao City on Mindanao.
About 20 storms and typhoons hit the Philippines each year. Scientists have long given warnings that typhoons are becoming more powerful and strengthening more rapidly as the world becomes warmer because of human-driven climate change.
DUBAI WORLD CUP RACE CARD
6.30pm Meydan Classic Trial US$100,000 (Turf) 1,400m
7.05pm Handicap $135,000 (T) 1,400m
7.40pm UAE 2000 Guineas Group Three $250,000 (Dirt) 1,600m
8.15pm Dubai Sprint Listed Handicap $175,000 (T) 1,200m
8.50pm Al Maktoum Challenge Round-2 Group Two $450,000 (D) 1,900m
9.25pm Handicap $135,000 (T) 1,800m
10pm Handicap $135,000 (T) 1,400m
The National selections
6.30pm Well Of Wisdom
7.05pm Summrghand
7.40pm Laser Show
8.15pm Angel Alexander
8.50pm Benbatl
9.25pm Art Du Val
10pm: Beyond Reason
MATCH RESULT
Liverpool 4 Brighton and Hove Albion 0
Liverpool: Salah (26'), Lovren (40'), Solanke (53'), Robertson (85')
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
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 animal trafficking
The specs: 2018 Jaguar E-Pace First Edition
Price, base / as tested: Dh186,480 / Dh252,735
Engine: 2.0-litre four-cylinder
Power: 246hp @ 5,500rpm
Torque: 365Nm @ 1,200rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.7L / 100km
RESULTS
Argentina 4 Haiti 0
Peru 2 Scotland 0
Panama 0 Northern Ireland 0