People work on a damaged building, in Mananjary district, Madagascar, Wednesday Feb. 22, 2023 after cyclone Freddy reached Madagascar. A slightly weakened Cyclone Freddy has made landfall in Madagascar, where schools, businesses and public transportation were shut down ahead of its arrival. Freddy was packing winds gusting to 180 kilometers per hour, or about 111 miles per hour, as it came ashore in a nation already hit in January by a tropical storm that killed at least 30 people. (AP Photo / Solofo Rasolofomanana)
People work on a damaged building, in Mananjary district, Madagascar, Wednesday Feb. 22, 2023 after cyclone Freddy reached Madagascar. A slightly weakened Cyclone Freddy has made landfall in Madagascar, where schools, businesses and public transportation were shut down ahead of its arrival. Freddy was packing winds gusting to 180 kilometers per hour, or about 111 miles per hour, as it came ashore in a nation already hit in January by a tropical storm that killed at least 30 people. (AP Photo / Solofo Rasolofomanana)
People work on a damaged building, in Mananjary district, Madagascar, Wednesday Feb. 22, 2023 after cyclone Freddy reached Madagascar. A slightly weakened Cyclone Freddy has made landfall in Madagascar, where schools, businesses and public transportation were shut down ahead of its arrival. Freddy was packing winds gusting to 180 kilometers per hour, or about 111 miles per hour, as it came ashore in a nation already hit in January by a tropical storm that killed at least 30 people. (AP Photo / Solofo Rasolofomanana)
People work on a damaged building, in Mananjary district, Madagascar, Wednesday Feb. 22, 2023 after cyclone Freddy reached Madagascar. A slightly weakened Cyclone Freddy has made landfall in Madagasca

Cyclone Freddy death toll rises after storm returns to Madagascar


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The death toll from Cyclone Freddy's second visit to Madagascar rose to eight on Tuesday, authorities have said.

The south-eastern African nation of Mozambique was preparing for a rare second hit by the storm late on Friday night, a regional weather centre said on Tuesday.

The UN's World Meteorological Organisation said that Freddy, which began life off north-western Australia in the first week in February, was set to become the longest-lasting tropical cyclone on record.

Madagascar's government announced that more than 40,000 people have been affected and 14,000 have been displaced since the storm returned to batter the island nation having followed an unusual path.

Meteorologists have described the cyclone's route as a "rare" loop trajectory, a phenomena last recorded in 1998.

Freddy "does appear to be a new record holder for longest-lasting recorded tropical cyclone", said the WMO's Weather and Climate Extremes rapporteur Prof Randall Cerveny on Tuesday.

"We are continuing to monitor the situation," he said.

  • People work on a damaged building in Mananjary district, Madagascar after Cyclone Freddy pummelled the island nation. AP
    People work on a damaged building in Mananjary district, Madagascar after Cyclone Freddy pummelled the island nation. AP
  • A satellite image shows the cyclone bearing down on Mozambique. AP
    A satellite image shows the cyclone bearing down on Mozambique. AP
  • People gather outside a hall in Madagascar after the cyclone, which packed winds of about 130kph, passed. AFP
    People gather outside a hall in Madagascar after the cyclone, which packed winds of about 130kph, passed. AFP
  • A damaged house in Madagascar, where the cyclone left less devastation in its wake than feared. AFP
    A damaged house in Madagascar, where the cyclone left less devastation in its wake than feared. AFP
  • Cyclone Freddy produced waves of up to 6.7m in height. Reuters
    Cyclone Freddy produced waves of up to 6.7m in height. Reuters
  • Sections of a building's roof fly off as the cyclone batters Trou-aux-Biches in Mauritius. Reuters
    Sections of a building's roof fly off as the cyclone batters Trou-aux-Biches in Mauritius. Reuters
  • The cyclone is expected to make landfall in Mozambique later this week. Reuters
    The cyclone is expected to make landfall in Mozambique later this week. Reuters
  • The damaged roof of a school lies in the playground in Vilanculos, Mozambique. AP
    The damaged roof of a school lies in the playground in Vilanculos, Mozambique. AP

In total, at least 15 people have died in Madagascar since Freddy struck the first time in late February, bringing strong winds and torrential rains.

One person remains missing and more than 1,000 homes have been destroyed, the government said.

On Tuesday afternoon, the cyclone was located in the Mozambique Channel about 250km north-west of the coastal city of Toliara, with wind gusts of up to 180kph.

Rains in south-western Madagascar were easing, as the storm strengthened but moved away from the Indian Ocean island towards Mozambique, where it is expected to make a second landfall later this week.

At least 10 people were killed during Freddy's previous visit to the southern African country, according to the UN.

Madagascar is typically struck several times during the annual November-April storm season.

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Scorpion — obsessive compulsive disorder and anxiety

Switched at Birth — deafness

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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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How tumultuous protests grew
  • A fuel tax protest by French drivers appealed to wider anti-government sentiment
  • Unlike previous French demonstrations there was no trade union or organised movement involved 
  • Demonstrators responded to online petitions and flooded squares to block traffic
  • At its height there were almost 300,000 on the streets in support
  • Named after the high visibility jackets that drivers must keep in cars 
  • Clashes soon turned violent as thousands fought with police at cordons
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Updated: March 08, 2023, 5:02 AM