Nearly 200 people have died in floods and landslides in India and Nepal, officials said on Thursday, with families buried in their homes and two young girls swept away. Forecasters warned of more heavy rain.
Experts say that they were victims of the more unpredictable and extreme weather that has hit South Asia in recent years, caused by climate change and exacerbated by deforestation, damming and excessive development.
In the unusually late deluge of rain in the region, Nepal recorded the sharpest rise in casualties overnight, with 88 people now dead, among them a family of six whose house was obliterated by an avalanche of soil and debris.
"It doesn't rain this time of the year," said Nawaraj Kattel, 37, a local journalist who fled his flooded home in Morang in eastern Nepal.
"There are about 100 families in our area, everyone fled. We are staying at my sister's house but many don't have shelters. Many also lost their harvest," he told AFP.
In the Himalayan north Indian state of Uttarakhand, some parts of which recorded the most rain in more than a century, 55 people on Thursday were confirmed as having died.
They included five people from a family whose house was buried by a huge landslide.
Many bridges and roads are damaged and many towns are cut off, and the army has been brought in to restore contact and reach thousands of people stranded. Thousands were left without power.
More danger for Kerala
In Kerala in southern India, where 42 people have died since last week, forecasters issued warnings of heavy rains in at least three districts in the state after a respite in recent days.
The flooding in the state on the Arabian Sea – which scientists say is warming – revived memories of 2018, when nearly 500 people perished in the worst flooding there in a century.
"We have seen death in the face. We are very lucky to be alive," said Sasidharan, 72, who lost his ancestral home in a landslide and is now in a relief camp.
"We have lost everything. The only things we could recover were our undergarments. Identity documents, bank documents, property documents – we have lost everything," he told AFP.
"We heard the sound of rocks falling and looked outside. I was really scared," said his granddaughter Nandana, 11.
"Our neighbours are gone. They were my friends. We used to play together."
Five people died in the eastern Indian state of West Bengal, including two girls aged 8 and 10 from the same family who were swept away as heavy rains pounded the hills of Darjeeling and other districts.
"Mud, rocks and water tumbling down the hills of Darjeeling damaged nearly 400 houses and several thousand people were evacuated away from the swollen rivers on the foothills," Disaster Management Minister Javed Amhed Khan told AFP.
"Several hundred tourists are stranded in the hill resort of Darjeeling. Landslides blocked highways and roads in the region," he said.
The Met office issued a red alert for the state, warning that extremely heavy rainfall would continue in Darjeeling, Kalimpong and Alipurdur on Thursday.
The Red Cross said its teams were helping with relief efforts in both countries and warning people living farther downstream of further threats from rising floodwaters and landslides.
"Crops and homes have been wiped out, which is a severe blow to families already grappling with the devastating fallout of the Covid-19 pandemic," it said.
"The people of Nepal and India are sandwiched between the pandemic and worsening climate disasters, heavily impacting millions of lives and livelihoods."
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.”
INDIA SQUADS
India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar
India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul
Wayne Rooney's career
Everton (2002-2004)
- Appearances: 48
- Goals: 17
Manchester United (2004-2017)
- Appearances: 496
- Goals: 253
England (2003-)
- Appearances: 119
- Goals: 53
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
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Fuel economy, combined: 6.7L / 100km
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
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Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
Can NRIs vote in the election?
Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
However, this did not come before the upper house or Rajya Sabha and has lapsed
The issue of NRI voting draws a huge amount of interest in India and overseas
Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online
The Election Commission of India then clarified that NRIs could not vote online
The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation
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The Sheikh Zayed Future Energy Prize
This year’s winners of the US$4 million Sheikh Zayed Future Energy Prize will be recognised and rewarded in Abu Dhabi on January 15 as part of Abu Dhabi Sustainable Week, which runs in the capital from January 13 to 20.
From solutions to life-changing technologies, the aim is to discover innovative breakthroughs to create a new and sustainable energy future.
The President's Cake
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Rating: 4/5
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
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