Mallgoers rushed out after a strong 6.9 magnitude earthquake jolted Butuan City in the Philippines. Philippine Information Agency
Mallgoers rushed out after a strong 6.9 magnitude earthquake jolted Butuan City in the Philippines. Philippine Information Agency
Mallgoers rushed out after a strong 6.9 magnitude earthquake jolted Butuan City in the Philippines. Philippine Information Agency
Mallgoers rushed out after a strong 6.9 magnitude earthquake jolted Butuan City in the Philippines. Philippine Information Agency

Philippines earthquake: Magnitude-7.5 tremor sparks tsunami warning off Mindanao


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The Philippines has issued a tsunami warning in the Pacific Ocean after an earthquake struck off the coast of Mindanao in the southern region of country.

The US Tsunami Warning System, which initially warned of waves of up to 3 metres (10 feet) above the usual high tide level, later said there was no longer a tsunami threat.

Evacuations were continuing in the Philippines, where there were no initial reports of significant wave damage or casualties despite continuing aftershocks.

The Philippine Institute of Volcanology and Seismology, Phivolcs, maintained that the risk of a tsunami remained.

Waves of 40 cm (1.3 feet) were observed on Japan's Hachijojima island, some 290 km (180 miles) south of Tokyo, according to the Japan Meteorological Agency, which had initially said they could reach a metre (3 feet) in height.

In the Philippines, Phivolcs urged people living near the coast of Surigao Del Sur and Davao Oriental provinces to evacuate or move farther inland.

It also revised earlier guidance to say it was expecting some damage from the tremor.

However, the two provinces are largely rural and not densely populated, unlike other parts of the Philippines.

Raymark Gentallan, police chief of the coastal town of Hinatuan, 30 km (19 miles) from the earthquake's epicentre with a population of around 44,000, said power had been out since the quake struck.

"We're evacuating people away from coastal areas," he told Reuters, adding that disaster response teams had not yet seen any casualties or damage.

James Soria, who owns a small hotel in Hinatuan, said there had been significant damage to his home.

"It's shaking again here now," he told Reuters, before the call was disconnected as another aftershock hit.

Photographs posted on social media by Hinatuan's local administration showed scores of residents and queues of vehicles moving towards higher ground, with one large shelter occupied by several dozen people.

Cosme Calejesan, 47, who lives in Surigao City, 185 km (115 miles) from the epicentre, said there had been damage to his house but the structure was still intact.

"I was already asleep, but I was woken up by the creaking sounds of my cabinets when the tremor occurred," he said.

"It was frightening. It was sudden and abrupt and I was worried for my children."

Earthquakes are common in the Philippines, which lies on the "Ring of Fire", a belt of volcanoes circling the Pacific Ocean that is prone to seismic activity.

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

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Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)

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The specs

Engine: 2.0-litre 4-cyl, 48V hybrid

Transmission: eight-speed automatic

Power: 325bhp

Torque: 450Nm

Price: Dh289,000

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Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)

  • Arrive with a thank you gift, or make sure you have one for your host by the time you leave. 
  • Offer to buy groceries, cook them a meal or take your hosts out for dinner.
  • Help out around the house.
  • Entertain yourself so that your hosts don’t feel that they constantly need to.
  • Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
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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.”

The biog

Year of birth: 1988

Place of birth: Baghdad

Education: PhD student and co-researcher at Greifswald University, Germany

Hobbies: Ping Pong, swimming, reading

 

 

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South Africa:
Faf du Plessis (capt), Hashim Amla, Temba Bavuma, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, JP Duminy, Imran Tahir, David Miller, Wayne Parnell, Dane Paterson, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada
Coach: Ottis Gibson

Bangladesh:
Mashrafe Mortaza (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Mustafizur Rahman, Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shakib Al Hasan, Soumya Sarkar, Tamim Iqbal, Taskin Ahmed.
Coach: Chandika Hathurusingha

What sanctions would be reimposed?

Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:

  • An arms embargo
  • A ban on uranium enrichment and reprocessing
  • A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
  • A targeted global asset freeze and travel ban on Iranian individuals and entities
  • Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Director: Shahad Ameen

Rating: 3/5

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Defenders Alexander-Arnold, Chilwell, Coady, Dier, Gomez, Keane, Maguire, Maitland-Niles, Mings, Saka, Trippier, Walker.

Midfielders Henderson, Mount, Phillips, Rice, Ward-Prowse, Winks.

Forwards Abraham, Barnes, Calvert-Lewin, Grealish, Ings, Kane, Rashford, Sancho, Sterling.

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Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Updated: December 03, 2023, 12:23 AM