China has announced plans for a cloud seeding project to combat severe drought, which has badly hit harvests of wheat and rice across the country, as well as reducing electricity production at hydroelectric power plants.
Cloud seeding is a type of weather modification that seeks to increase condensation in clouds, normally using chemicals to increase rainfall.
The hottest, driest summer since Chinese records began 61 years ago has wilted crops and left reservoirs at half of their normal water level.
Factories in Sichuan province were shut down last week to save power for homes as air-conditioning demand surged, with temperatures as high as 45 degrees Celsius.
The coming 10 days is a “key period of damage resistance” for southern China’s rice crop, said Agriculture Minister Tang Renjian, according to the state-linked newspaper Global Times.
Authorities will take emergency steps to “ensure the autumn grain harvest,” which is 75 per cent of China’s annual total, Mr Tang said on Friday, according to the report.
Authorities will “try to increase rain” by seeding clouds with chemicals and spray crops with a “water retaining agent” to limit evaporation, Mr Tang’s ministry said on its website. It gave no details of where that would be done.
The disruption adds to challenges for the ruling Communist Party, which is trying to shore up sagging economic growth before a meeting in October or November when President Xi Jinping is expected to try to award himself a third five-year term as leader.
A reduced Chinese grain harvest would have a potential global impact. It would boost demand for imports, adding to upward pressure on inflation in the United States and Europe that is running at multi-decade highs.
Also on Sunday, thousands of factories in Sichuan province that make solar panels, processor chips and other industrial goods waited for word on whether last week's six-day shutdown would be extended.
A document that circulated on social media and said it was from the Sichuan Economic and Information Industry Department said the closure would be extended through Thursday, but there was no official confirmation.
Phone calls to the economic agency and provincial government weren’t answered. A woman who answered the phone at the Sichuan branch of the government-owned power utility State Grid said she had seen no notice about extending the shutdown.
The governments of Sichuan and neighbouring Hubei province say thousands of acres of crops are a total loss and millions have been damaged.
Hubei’s government declared a drought emergency on Saturday and said it would release disaster aid. The Sichuan government said 819,000 people face a shortage of drinking water.
Sichuan has been hardest hit by drought because it gets 80 per cent of its power from hydroelectric dams. The provincial government says reservoirs are at half of normal water levels. It earlier called on manufacturers to “leave power for the people”.
Offices and shopping malls in Sichuan were ordered to turn off lights and air-conditioning. The subway in Chengdu, the provincial capital, said it turned off thousands of lights in stations.
Meanwhile, other areas have suffered deadly flash floods.
Flooding in the northwestern province of Qinghai killed at least 25 people and left eight missing, the official Xinhua News Agency reported, citing local authorities.
Mudslides and overflowing rivers late Thursday hit six villages in Qinghai’s Datong county, the report said. Some 1,500 people were forced out of their homes.
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
FULL%20RESULTS
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Company%20Profile
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Results
Ashraf Ghani 50.64 per cent
Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent
The five pillars of Islam
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 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.”