Rescuers in north-east India were trying to save dozens of people trapped by a landslide after pulling 13 soldiers and five civilians alive from the debris on Friday.
The landslide in Manipur state on Wednesday buried an under-construction railway yard under tonnes of debris, killing at least 16 people. More than 50 are missing, including workers and members of the Territorial Army ― a volunteer Indian army reserve force ― who were protecting the site from insurgents in the region.
It was unclear what triggered the landslide but authorities said that days of heavy rain had loosened the soil in the hills around the site.
More than 400 people are involved in the rescue operations, including special teams from the Indian Army, while earthmoving equipment is being used to clear the debris to reach those trapped.
“Troops of Indian Army Assam Rifles and Territorial Army continued the rescue operations throughout the day in spite of inclement weather. Teams from Indian Railways, civil administration, NDRF, SDRF [national and state disaster response forces] and locals of Noney district are also actively contributing in the search," the Indian Army said.
The state's chief minister, N Biren Singh, visited the area to assess the situation on Thursday and announced financial assistance for families of the dead and injured.
"We hope to complete the search and rescue operations within two to three days. The soil is so soft that hardly any movement is possible. Heavy rescue machinery cannot pass through," he said.
The debris from the landslide has blocked the Ijai river, creating a reservoir and triggering fears of a flood in low-lying areas, authorities said.
Residents were asked to evacuate the area in anticipation of the flood because the state is still experiencing heavy rain.
Rain also triggered a landslide in Pauri in Uttarakhand on Thursday, blocking a road used by pilgrims to Hindu shrines at Kedarnath and Badrinath.
One pilgrim was killed and five others injured a day earlier when a landslide hit their vehicle on another route to Kedarnath.
Meanwhile, the death toll from flooding and landslides in the north-eastern state of Assam rose to 159 with eight more deaths reported on Thursday.
Nearly three million people have been affected in 2,000 villages in the state. The situation in several towns and cities is critical, with residents trapped in their homes without food, drinking water or medicines.
Heavy rain and flooding in neighbouring Bangladesh, which lies downstream, has claimed more than 40 lives since May 17.
The north-east region has been in the grip of heavy monsoon rains after a heatwave across much of northern India set summer temperature records in many areas.
But India's overall monsoon rainfall in June was 8 per cent lower than average because of scanty rain in the central region, the India Meteorological Department said.
It forecast normal rainfall of between 94 per cent and 106 per cent of the average for July.
The rains in July are crucial because they account for 35 per cent of the monsoon rainfall and are significant for India’s agriculture during the planting season for crops such as paddy, maize, cotton, and soybeans.
However, the rice-belt states of West Bengal, Odisha, coastal Kerala and Karnataka and the central Vidharbha region of Maharashtra will experience below normal rainfall, the weather office said.
Incessant rain in Mumbai, Maharashtra's main city, caused waterlogging in several low-lying western areas on Friday.
The city's train and bus services were disrupted and two buildings collapsed, although the residents were moved out in time.
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
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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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'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
MATCH INFO
Norwich 0
Watford 2 (Deulofeu 2', Gray 52')
Red card: Christian Kabasele (WatforD)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Infobox
Western Region Asia Cup Qualifier, Al Amerat, Oman
The two finalists advance to the next stage of qualifying, in Malaysia in August
Results
UAE beat Iran by 10 wickets
Kuwait beat Saudi Arabia by eight wickets
Oman beat Bahrain by nine wickets
Qatar beat Maldives by 106 runs
Monday fixtures
UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain
J%20Street%20Polling%20Results
%3Cp%3E97%25%20of%20Jewish-Americans%20are%20concerned%20about%20the%20rise%20in%20anti-Semitism%3Cbr%3E%3Cbr%3E76%25%20of%20US%20Jewish%20voters%20believe%20Donald%20Trump%20and%20his%20allies%20in%20the%20Republican%20Party%20are%20responsible%20for%20a%20rise%20in%20anti-Semitism%3Cbr%3E%3Cbr%3E74%25%20of%20American%20Jews%20agreed%20that%20%E2%80%9CTrump%20and%20the%20Maga%20movement%20are%20a%20threat%20to%20Jews%20in%20America%22%3Cbr%3E%3C%2Fp%3E%0A
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5