SYDNEY // Australians braced for what officials warned could be the worst fire danger day ever seen, as police searched for some 100 people still missing in ravaged Tasmania.
The prime minister, Julia Gillard, urged Australians to be vigilant in coming days, with scorching temperatures predicted in several states and hundreds of blazes already raging.
The danger was most acute in New South Wales, Australia's most populous state, with the mercury expected to hit 43°C in Sydney today.
Barry O'Farrell, the state's prime minister, sounded a grim warning yesterday about the forecast record heat and high winds, with a large amount of grass and vegetation ripe for burning due to bumper spring rains.
Today "is not going to be just another ordinary day", said Mr O'Farrell. "Tomorrow will be perhaps the worst fire danger day this state has ever faced."
Thousands of firefighters and about 70 aircraft were on standby, with some 90 blazes already burning, 20 out of control, and catastrophic conditions forecast for regions south of Sydney.
Introduced after the 2009 Black Saturday firestorm in Victoria which claimed 173 lives, a catastrophic rating means fires will be uncontrollable, unpredictable and very fast-moving, with evacuation the only safe option.
Extreme conditions were also expected in Victoria state, with fires already burning there.
Some 13 million of Australia's 23 million people live in Victoria and New South Wales.
The prime minister called on those in danger zones to plan ahead and decide in advance whether they would evacuate or stay and defend their property if fire struck.
"These are extreme events... we live in a country that is hot and dry and where we sustain very destructive fires," Ms Gillard said.
"This is the time to be vigilant, and I do particularly want to pass that message to the people of New South Wales as the temperature gauge starts to rise."
Wildfires destroyed more than 100 homes on the southern island of Tasmania over the weekend and police were hunting for some 100 people still unaccounted for.
"That's not to say that there's 100 people that have come to harm, it's just to say that we really need to focus on those people as a priority," said Scott Tilyard, the acting police commissioner.
"Until we've had the opportunity to do all the screening that we need to do ... we can't say for certain that there hasn't been a human life or more than one human life lost as a result of these fires."
No bodies had been uncovered in searches of the worst-hit areas, with 245 properties examined including 90 badly damaged or destroyed buildings.
Mr Tilyard said it would be some time before there was any certainty on fatalities, with police working through about 500 missing person reports.
Police said initial investigations of the Tasmania fires suggested that they ignited accidentally as residents who narrowly escaped the fire front described darkness as it approached.
"As the fire came through, what had been a really bright red sky turned absolutely pitch black," Del Delagarno said.
Her home was one of just six in the seaside town of Boomer Bay still standing.
"It was as if it was the darkest midnight you've ever seen. It was absolutely horrendous," she said.
As well as in NSW, Victoria and Tasmania, fires were burning in the Australian Capital Territory and Northern Territory, and South Australia and Queensland states.
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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.”
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Other acts on the Jazz Garden bill
Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.
The specs: 2018 Kia Picanto
Price: From Dh39,500
Engine: 1.2L inline four-cylinder
Transmission: Four-speed auto
Power: 86hp @ 6,000rpm
Torque: 122Nm @ 4,000rpm
Fuel economy, combined: 6.0L / 100km
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
