First it was Mount Agung in Bali. Then it was Mount Sinabung, lying north along the Indonesian coastline.
Now Mount Mayon, the most notorious volcano in the Philippines, has burst into life, with lava spewing down its graceful slopes and threatening the nearby city of Legazpi. A Philippine Institute of Volcanology and Seismology official said at the weekend that the volcano's swollen sides suggest that it could erupt explosively.
The local government has declared a state of calamity, and more than 80,000 people have already fled the area. An 8-kilometre exclusion zone has been established, and the volcano put under the same intense scrutiny as its two simmering siblings.
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Read more:
Philippine volcano eruption 'could bury entire communities'
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While those living in the shadow of these towering infernos anxiously watch and wait, it is hard to avoid thinking these events are no coincidence.
The resurgence of three volcanoes in the same region of the world seems to demand the existence of a hidden connection — one that might even drive a global apocalypse.
Such nightmarish thoughts are not so far from the reality.
There is indeed a connection between the three volcanoes. They are all part of the so-called Ring of Fire, a colossal arc of shattered crust wrapped around the edges of the Pacific Ocean.
Extending more than 40,000km from New Zealand, curling round the coast of Indonesia up to Alaska and back down to Chile, it marks the boundary of a set of tectonic plates that make up the outer shell of the Earth.
Propelled by the heat from the radioactive rock beneath them, these plates are in constant motion, slipping and straining against each other.
Some slide against each other, tearing rock apart and triggering earthquakes. But in the Ring of Fire they go head to head, trying to force each other down into the depths of the Earth.
And when they succeed, the vanquished plate melts the surrounding rock, which wells upward to form whole chains of volcanoes.
Mount Agung and Mount Sinabung are the visible signs of a primordial tussle between the Sunda Plate and the Indo-Australian Plate, which was driven down into the Earth’s mantle.
Mount Mayon was formed 20 million years ago during the clash of the Philippine Plate with its Eurasian counterpart.
But these struggles never cease. Every so often, conditions beneath a volcano change, sometimes making it burst back to life with devastating effect.
When Mount Agung last erupted in 1963, it killed almost 2,000 inhabitants of Bali. Mount Sinabung erupted after centuries of dormancy in 2010, and has been simmering ever since.
Mount Mayon has erupted at least 50 times over the last 400 years, most recently in 2014. Its most violent outburst was over a century ago, when around 1,200 people lost their lives.
So what should we make of all three of these volcanoes coming back to life within weeks of each other?
The Ring of Fire provides the connection — one that has led to the creation of over 400 active volcanoes, with over 100 in Indonesia alone.
But by the same token, there is no need to view the simultaneous outbursts as some kind of portent of impending doom.
The law of probability shows that, given so many volcanoes in the region, it is far from unusual for three to rumble into life at the same time.
But that same law suggests that one day we may witness the simultaneous eruption of a whole host of volcanoes, with catastrophic global consequences.
In the long history of the Earth it has happened many times, leading to mass extinctions.
Chances are it will not happen any time soon. But when it does, make no mistake: it will be a catastrophe that engulfs us all.
Robert Matthews is Visiting Professor of Science at Aston University, Birmingham, UK
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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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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
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Details
Through Her Lens: The stories behind the photography of Eva Sereny
Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books
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- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
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Founders: Walid and Karim Dib
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Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
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3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
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Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
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Industry: E-grocery
Initial investment: $150,000
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