'Whale vomit' windfall could net Thai fisherman up to $1.2 million


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A hard-up fisherman in Thailand is in line for a windfall of more than $1 million after finding a rare piece of expensive “whale vomit” on a beach.

Narong Phetcharaj was returning to shore when he saw a strange object in the surf at Niyom beach in southern Thailand’s Surat Thani province.

He found a large lump of a waxy mass called ambergris, which is French for grey amber.

The substance, which is regurgitated by sperm whales, can be sold for up to $40,000 a kilogram.

Mr Phetcharaj found a piece weighing about 30kg, which could be worth up to $1.2 million

The fisherman took the mass to experts at the Prince of Songkla University, who identified it as ambergris.

The substance is produced by sperm whales, which eat large quantities of cephalopods such as squid and cuttlefish and usually vomit out indigestible elements such as the beaks and pens.

Sometimes, these parts move into the whale's intestines and bind together, slowly becoming a solid mass which grows inside the huge mammal over many years.

The whale then vomits out the mass, which solidifies and floats on the surface of the ocean. It has a foul smell at first but after drying out, it develops a sweet and long-lasting fragrance, making it a sought-after ingredient in the perfume industry.

"None of the villagers has ever seen or touched a real whale ambergris before and that’s why everybody was happy," Mr Phetcharaj said.

"I'm so excited; I don’t know what to do. I plan to sell the ambergris as I’ve already received a certificate to prove that it's real.

"If I can get a good price, I'll retire from working as a fisherman and throw a party for my friends."

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The mystery of ambergris

The substance has been called the treasure of the sea and referred to as floating gold.

Its origin remained a mystery for years, with theories suggested it was hardened sea foam or the droppings of large birds.

However, it was not until large-scale whaling began in the 1800s that the discovered was made that the sperm whale was the material’s only producer.

Conflicting opinions still exist as to how ambergris emerges from the whale. Many believe that the whale regurgitates the mass – which is where the substance gets its nickname “whale vomit”. Some believe the whale pass the mass along with faecal matter, whereas others say the obstruction grows so large it eventually fatally ruptures the animal.

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What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

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Rating: 4.5/5

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Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
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  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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Shane McMahon defeated Roman Reigns

Lars Sullivan won by disqualification against Lucha House Party

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Mansoor Al Shehail won the 50-man Battle Royal

The Undertaker beat Goldberg

 

Who has been sanctioned?

Daniella Weiss and Nachala
Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.

Harel Libi & Libi Construction and Infrastructure
Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.

Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.

Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.

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Light Flyweight (48kg): Alua Balkibekova (KAZ) beat Gulasal Sultonalieva (UZB) by points 4-1.

Flyweight (51kg): Nazym Kyzaibay (KAZ) beat Mary Kom (IND) 3-2.

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Light Welterweight (64kg): Milana Safronova (KAZ) beat Lalbuatsaihi (IND) 3-2.

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Heavyweight (81 kg): Lazzat Kungeibayeva (KAZ) beat Anupama (IND) 3-2.

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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.”

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

Updated: October 03, 2021, 1:11 PM