Hindu pilgrims carry holy water from the Ganges during heavy flooding in Haridwar in India's Uttarakhand state on July 11. AFP
Hindu pilgrims carry holy water from the Ganges during heavy flooding in Haridwar in India's Uttarakhand state on July 11. AFP
Hindu pilgrims carry holy water from the Ganges during heavy flooding in Haridwar in India's Uttarakhand state on July 11. AFP
Hindu pilgrims carry holy water from the Ganges during heavy flooding in Haridwar in India's Uttarakhand state on July 11. AFP

Sixteen electrocuted near river in India's Uttarakhand


Taniya Dutta
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At least 16 people, including a policeman were killed and seven injured by electrocution after a transformer exploded in Chamoli in India’s Uttarakhand state.

The accident took place after the railing of a bridge was electrified by the blast on the banks of Alaknanda river late on Tuesday, police said.

The bridge is a part of the sewage treatment plant at the site of the Namami Gange project, the government's ambitious conservation mission involving the sacred Ganges.

“We got a call that a security guard had died of electrocution,” Chamoli police chief Pramendra Dobhal said. "When police reached the village, 22 people had been electrocuted and suffered severe injuries. Fifteen people died in hospital and seven are critical."

State chief minister Pushkar Singh Dhami said an inquiry would be set up to establish the cause.

“Extremely painful news was received of many casualties due to electrocution in Chamoli," he said. "Those injured in the accident have been sent to the nearest hospital for treatment. A magisterial inquiry has been ordered into this unfortunate incident."

The incident came after incessant rain had caused landslides and flash floods in many areas of the state.

Dozens of villages near Laksar and Khanpur in Haridwar district on the banks of the Ganges were flooded after torrential rain. The villages were without power for four days. Market areas were also flooded.

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There were reports of crocodiles making their way into residential areas in Laksar and Khanpur, with forest department staff capturing some and releasing them back into the rivers.

Authorities had deployed the National Disaster Response Force to carry out rescue and relief work.

The India Meteorological Department issued a warning of heavy rainfall and thunderstorms on Wednesday in all of Uttarakhand's 13 districts, and urged people not to go near streams, rivers or drains.

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How Islam's view of posthumous transplant surgery changed

Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.

Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.

The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.

One school of thought viewed the removal of organs after death as equally impermissible.

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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.”

Updated: July 19, 2023, 12:37 PM