Rescue teams have still not been given the all-clear to search for the 29 men trapped in a New Zealand coal mine, almost three days after a suspected methane gas explosion ripped through the colliery.
Friends and family on the surface are becoming increasingly frustrated with the slow pace of rescue efforts.
Why has a rescue not started?
Authorities have not allowed rescuers to enter the mine because of the presence of methane gas, which is believed to have caused the initial explosion. Methane, a common gas encountered in coal mines such as the Pike River colliery, is toxic in large quantities, odourless and highly flammable.
Rescuers have been held back for fear an accidental spark triggered by entering the mine could cause another explosion.
Methane levels are being constantly monitored for signs they are dropping, something which has not yet been noted.
Why can't rescuers enter with breathing apparatus?
They could, but toxicity of gases inside the mine is not the main problem. The real fear is that the mine is a powder keg of gases, which could explode again at any time. Authorities already suspect coal is smouldering inside the mine after the initial explosion, which means another blast is possible.
Professor Bruce Hebblewhite, head of mining and engineering at the University of New South Wales, said: "What they are most worried about is ignition from any existing combustion.
"They will have self-contained breathing apparatus which is all good for breathing in an irrespirable atmosphere, but it's no good against an explosion."
Is the mine blocked?
Based on what authorities know, and reports from two men who walked out of the mine after the explosion, the main shaft is not believed to be blocked. Some machinery is reported to be in the middle of the 5 metre-wide shaft, which is dug horizontally into the side of a mountain range, but rescuers would have a gap of about 1 metre to manoeuvre around the machinery.
What is known about the mine?
The Pike River mine is on the rugged and sparsely populated west coast of the South Island, an area rich in coal and with a long mining history. Pike River is close to the sites of New Zealand's two worst mining disasters, and its most recent.
The Pike River mine is driven into the side of the Paparoa mountain range. It consists of an access shaft about 2.5 kilometres long, which slopes upward and is never more than about 150 metres from the surface.
At the end of the shaft is a small network of tunnels to work the coal seam. This area is relatively small as the access tunnel only broke through to the coal in April 2010.
The mine has two vertical ventilation shafts, which along with a compressed air system help circulate air around the mine.
What is known about the explosion?
At about 3.45pm local time on Friday a massive explosion occurred at a point about 1.5km along the main shaft. The explosion caused a fireball which went up one of the ventilation shafts and scorched an area of surrounding bush.
There were 31 men in the mine at the time, including two who walked to safety out of the main entrance immediately after the explosion. The location and fate of the others is unknown.
Tests have indicated there is heat coming from within the mine, which could be a smouldering fire.
Are the miners likely to be alive?
Authorities have from the start refused to speculate on how likely it is that the men are still alive.
It is not known how far along the shaft the explosion travelled, and whether methane is present near the rock face where most, if not all the men, are believed to be.
An emergency phone near the coal face has been rung constantly with no answer.
It is believed the air near the coal face remains fresh, and the miners could be in a safe zone awaiting rescue. The miners have no food but there is natural water seepage into the mine.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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 on buying property during a pandemic
Islay Robinson, group chief executive of mortgage broker Enness Global, offers his advice on buying property in today's market.
While many have been quick to call a market collapse, this simply isn’t what we’re seeing on the ground. Many pockets of the global property market, including London and the UAE, continue to be compelling locations to invest in real estate.
While an air of uncertainty remains, the outlook is far better than anyone could have predicted. However, it is still important to consider the wider threat posed by Covid-19 when buying bricks and mortar.
Anything with outside space, gardens and private entrances is a must and these property features will see your investment keep its value should the pandemic drag on. In contrast, flats and particularly high-rise developments are falling in popularity and investors should avoid them at all costs.
Attractive investment property can be hard to find amid strong demand and heightened buyer activity. When you do find one, be prepared to move hard and fast to secure it. If you have your finances in order, this shouldn’t be an issue.
Lenders continue to lend and rates remain at an all-time low, so utilise this. There is no point in tying up cash when you can keep this liquidity to maximise other opportunities.
Keep your head and, as always when investing, take the long-term view. External factors such as coronavirus or Brexit will present challenges in the short-term, but the long-term outlook remains strong.
Finally, keep an eye on your currency. Whenever currency fluctuations favour foreign buyers, you can bet that demand will increase, as they act to secure what is essentially a discounted property.
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5