Indian soldiers help travellers and villagers up a steep slope after they were stranded by the rising floodwaters of the River Alaknanda near Govindghat in the northern Indian state of Uttarakhand.
Indian soldiers help travellers and villagers up a steep slope after they were stranded by the rising floodwaters of the River Alaknanda near Govindghat in the northern Indian state of Uttarakhand.
Indian soldiers help travellers and villagers up a steep slope after they were stranded by the rising floodwaters of the River Alaknanda near Govindghat in the northern Indian state of Uttarakhand.
Indian soldiers help travellers and villagers up a steep slope after they were stranded by the rising floodwaters of the River Alaknanda near Govindghat in the northern Indian state of Uttarakhand.

'Himalayan tsunami' strikes, thousands still stranded in Badrinath and Kedarnath


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NEW DELHI // The death toll from heavy flooding in northern states more than doubled yesterday to at least 138 as more than 65,000 people remain stranded.

Uttarakhand has seen the most casualties with at least 110 people killed. At least another 28 people have been killed in the neighbouring states of Uttar Pradesh and Himachal Pradesh, officials said.

"It is feared that the loss of life could be much higher," said Manmohan Singh, the prime minister, after flying over the flood-hit regions.

Mr Singh set aside 10 billion rupees (Dh625 million) in emergency aid for Uttarakhand, 1.45 billion of which was to be released immediately.

Relatives of those who died in the floods will receive 200,000 rupees while those injured will receive 50,000 rupees, Mr Singh's office said.

"I would call this natural disaster the Himalayan tsunami," Vijay Bahuguna, the chief minister of Uttarakhand, said yesterday.

Huge rescue operations were underway as 5,000 army troops were deployed in Uttarakhand the flood-hit districts of Rudraprayag, Chamoli and Uttarakashi, while helicopters flew sorties to airlift the stranded.

With the weather clearing, a joint army and air force operation was able to evacuate nearly 12,000 Hindu pilgrims, the Associated Press reported. There are still thousands of pilgrims stranded in the Hindu holy towns of Badrinath and Kedarnath.

Food packets, medicines, tents and blankets have been airdropped into towns and villages still cut off by floodwaters.

"Since the weather cleared today, 12 helicopters have been sent today for rescue operations," Bhaskaranand, an official in Uttarakhand's disaster management department, who uses only one name, told The National yesterday.

Meteorologists yesterday forecast clear skies in Uttarakhand for at least the next 48 hours, easing the challenges of rescue operations.

The incessant rain was a result of the early arrival of a fierce Monsoon, which caught state authorities unprepared.

The floods were caused by a cloudburst on Monday, which delivered 340mm of rain in less than 24 hours. Over the past two days Uttarakhand's rivers Mandakini and Alaknanda, already brimming from four consecutive days of rain and snowmelt from the mountains, have burst embankments, submerging entire houses and small villages, and carving away chunks of mountain roads.

The death toll, which has risen steadily in the past three days, is expected to climb even higher. Sushma Swaraj, a leader of the main opposition Bharatiya Janata Party, said that "thousands" had lost their lives.

Reports of large groups of missing people have also emerged. At least 20 staff members of the Kedarnath and Badrinath temples have not been found. A group of 5,000 pilgrims and tour guides in the town of Gaurikund could not be contacted.

Govind Lal Parmar, 65, a shop owner from the state of Madhya Pradesh, said by telephone yesterday that his party of six had been cut off in Rudraprayag for the past four days.

The road had caved in when Mr Parmar and his family had been aboard a bus, travelling through Badrinath on their pilgrimage. The bus turned around and made it back to Rudraprayag.

"If the roads open then we will make our way back," he said. "We are safe but all around us, there is chaos, and that makes me afraid of what is to come, weather-wise and security-wise."

In Delhi, the Yamuna river rose above its danger mark, with its water level reaching 207 metres - the highest in 35 years. Nearly 2,000 people in the capital have been evacuated to government-run camps on higher ground.

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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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Tips for taking the metro

- set out well ahead of time

- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines

- enter the right cabin. The train may be too busy to move between carriages once you're on

- don't carry too much luggage and tuck it under a seat to make room for fellow passengers

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if you go

The flights 

Etihad and Emirates fly direct to Kolkata from Dh1,504 and Dh1,450 return including taxes, respectively. The flight takes four hours 30 minutes outbound and 5 hours 30 minute returning. 

The trains

Numerous trains link Kolkata and Murshidabad but the daily early morning Hazarduari Express (3’ 52”) is the fastest and most convenient; this service also stops in Plassey. The return train departs Murshidabad late afternoon. Though just about feasible as a day trip, staying overnight is recommended.

The hotels

Mursidabad’s hotels are less than modest but Berhampore, 11km south, offers more accommodation and facilities (and the Hazarduari Express also pauses here). Try Hotel The Fame, with an array of rooms from doubles at Rs1,596/Dh90 to a ‘grand presidential suite’ at Rs7,854/Dh443.

Leaderboard

15 under: Paul Casey (ENG)

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-13 Brandon Stone (SA)

-10 Laurie Canter (ENG) , Sergio Garcia (ESP)

-9 Kalle Samooja (FIN)

-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)

UAE currency: the story behind the money in your pockets
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Most sought after workplace benefits in the UAE
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Keep it fun and engaging

Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.

“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.

His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.

He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.