• Rescuers retrieve a resident from a collapsed building in La Trinidad, Benguet province, after a 7.0 magnitude earthquake hit the Philippines. EPA
    Rescuers retrieve a resident from a collapsed building in La Trinidad, Benguet province, after a 7.0 magnitude earthquake hit the Philippines. EPA
  • A building lies on its side in Bangued, Abra province, after the quake. AP
    A building lies on its side in Bangued, Abra province, after the quake. AP
  • Villagers clear boulders along a road in the Cordillera region after the quake. EPA
    Villagers clear boulders along a road in the Cordillera region after the quake. EPA
  • Construction workers evacuate their building in Manila after the quake. AFP
    Construction workers evacuate their building in Manila after the quake. AFP
  • The quake struck in northern Luzon but the impact was felt as far as Manila, 400 kilometres away. AFP
    The quake struck in northern Luzon but the impact was felt as far as Manila, 400 kilometres away. AFP
  • The Philippine Institute of Volcanology and Seismology advised citizens to brace for aftershocks. AFP
    The Philippine Institute of Volcanology and Seismology advised citizens to brace for aftershocks. AFP
  • Residents cross a damaged road in the town of Bangued. AFP
    Residents cross a damaged road in the town of Bangued. AFP
  • The earthquake's epicentre was about 13km south-east of the town of Dolores in Abra province, at a depth of 10km. AFP
    The earthquake's epicentre was about 13km south-east of the town of Dolores in Abra province, at a depth of 10km. AFP
  • The quake left many buildings leaning to the side while others ended up with deep cracks in the walls. EPA
    The quake left many buildings leaning to the side while others ended up with deep cracks in the walls. EPA
  • Abra is a landlocked province known for its deep valleys and mountainous terrain. EPA
    Abra is a landlocked province known for its deep valleys and mountainous terrain. EPA
  • A damaged car sits on a road in Bangued, Abra province, after the quake. AP
    A damaged car sits on a road in Bangued, Abra province, after the quake. AP
  • Rescuers manoeuvre along debris in Vigan city, Ilocos Sur province, after the earthquake struck. EPA
    Rescuers manoeuvre along debris in Vigan city, Ilocos Sur province, after the earthquake struck. EPA
  • Rescuers attend to an injured resident of Bangued. EPA
    Rescuers attend to an injured resident of Bangued. EPA
  • The quake damaged a mason temple in Bangued. AP
    The quake damaged a mason temple in Bangued. AP
  • Residents clear up debris outside an old house in Vigan city, north of Manila. AFP
    Residents clear up debris outside an old house in Vigan city, north of Manila. AFP

Powerful earthquake kills five and injures dozens in northern Philippines


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A strong earthquake set off landslides and damaged buildings in the northern Philippines on Wednesday, killing at least five people and injuring dozens. In the capital, hospital patients were evacuated and terrified people rushed outdoors.

The 7.0 magnitude quake's epicentre was in a mountainous area in the hard-hit province of Abra, Renato Solidum, the head of the Philippine Institute of Volcanology and Seismology, told the Associated Press as he described the midmorning shaking as a major earthquake.

“The ground shook like I was on a swing and the lights suddenly went out. We rushed out of the office, and I heard screams and some of my companions were in tears,” said Michael Brillantes, a safety officer of the Abra town of Lagangilang, near the epicentre.

“It was the most powerful quake I have felt and I thought the ground would open up.”

At least five people died — mostly in collapsed structures. A villager died after he was hit by falling cement slabs in his house in Abra, while at least 25 residents of the province were injured and were taken to hospital, officials said.

In Benguet province, a worker was pinned to death after a small building that was under construction collapsed in the strawberry-growing mountain town of La Trinidad.

Hundreds of houses and buildings had cracked walls, including some that collapsed in Abra, where President Ferdinand Marcos Jr., who took office less than a month ago, planned to travel Thursday to meet victims and local officials.

Marcos Jr. told a news conference he was in his office at the riverside Malacanang presidential palace complex when the chandeliers began swaying and making clanking sounds. “It was very strong,” he said of the ground shaking.

In a chilling near-death experience, Filipino photojournalist Harley Palangchao and his companions were travelling downhill in two vans in Mountain Province when they suddenly heard thunder-like thuds and saw an avalanche of boulders as big as cars raining down just ahead of them from a towering mountain.

Amid screams of his companions in their van to “back up, back up!” the 44-year-old father of three raised his camera in the front seat and snapped what he feared could be the final pictures of his life. The van in front of them was grazed by a boulder, injuring one, but he and others in the second van drove backwards fast enough and escaped unscathed.

Boulders fall down a hillside as a vehicle negotiates a turn on a road in Bauko, Mountain Province, during the quake on Wednesday. AP
Boulders fall down a hillside as a vehicle negotiates a turn on a road in Bauko, Mountain Province, during the quake on Wednesday. AP

“I was thinking there should be at least a record if something happened to us,” Palangchao told the AP.

“It was a horrific experience.”

The Red Cross issued a picture of a three-story building precariously leaning toward a debris-covered road in Abra. A video taken by a panicking witness showed parts of an old stone church tower peeling off and falling in a cloud of dust on a hilltop.

Patients, some in wheelchairs, and medical personnel were evacuated from at least two hospitals in Manila, about 300 kilometres south of Lagangilang, but were later told to return after engineers found only a few minor cracks on walls.

The quake’s strength was lowered from the initial 7.3 magnitude after further analysis. The quake was set off by movement in a local fault at a depth of 17 kilometres, the institute said, adding it expected damage and more aftershocks.

The Philippines lies along the Pacific “Ring of Fire,” an arc of faults around the Pacific Ocean where most of the world’s earthquakes occur. It is also lashed by about 20 typhoons and tropical storms each year, making it one of the world’s most disaster-prone countries.

A magnitude 7.7 quake killed nearly 2,000 people in the northern Philippines in 1990.

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2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
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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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Updated: July 27, 2022, 1:33 PM