KATHMANDU // A major earthquake hit a remote region of Nepal on Tuesday, killing at least 36 people, triggering landslides and toppling buildings less than three weeks after the country was shattered by its worst earthquake in decades.
Information was slow to reach the capital, Kathmandu, but officials and aid workers said they expected the death toll to almost certainly rise following the magnitude-7.3 quake.
Within a few hours, the government confirmed that 36 people were killed and at least 981 injured, home ministry official Laxmi Dhakal said.
Rescue helicopters were sent to mountainous districts north-east of Kathmandu, where landslides and collapsed buildings may have left people buried, the government said.
Mr Dhakal said the Sindhupalchowk and Dolakha districts were the hardest hit.
Rescuers fanned out to search for survivors in Sindhulpalchowk’s town of Chautara, where several buildings collapsed. Chautara has become a hub for humanitarian aid after the April 25 earthquake killed more than 8,150 people and injured more than 17,860 as it flattened mountain villages and destroyed buildings.
It was Nepal’s worst recorded earthquake since 1934.
Tuesday’s earthquake was deeper, however, coming from a depth of 18.5 kilometres against the earlier one at 15km. Shallow earthquakes tend to cause more damage.
The latest earthquake was followed closely by at least six strong aftershocks, according to the US Geological Survey.
The international airport in Kathmandu, which has become a transport hub for international aid, was closed briefly, while traffic snarled in the streets of the capital.
Early reports indicated at least two buildings had collapsed in Kathmandu, though one has been unoccupied since April 25. Experts say the previous earthquake caused extensive structural damage even in buildings that did not topple, and that many could be in danger of future collapse.
“The shaking seemed to go on and on,” Rose Foley, a Unicef official based in Kathmandu, said. “It felt like being on a boat in rough seas.”
Aid agencies were struggling to get reports from outside of the capital.
“We’re thinking about children across the country ... who are already suffering. This could make them even more vulnerable,” Ms Foley said.
Residents of the small town of Namche Bazaar, about 50km from the epicentre and a well-known spot for high-altitude trekkers, said a couple of buildings damaged in the earlier earthquake collapsed on Tuesday. However, there were no reports of deaths or injuries in the town.
Meanwhile, new landslides blocked mountain roads in the district of Gorkha, one of the hardest hit areas on April 25.
“People are terribly scared. Everyone ran out in the streets because they are afraid of being inside the houses,” Norwegian Red Cross secretary-general Asne Havnelid told Norwegian broadcaster NRK.
At Kathmandu’s Norvic Hospital, patients and doctors rushed to the car park.
“I thought I was going to die this time,” said Sulav Singh, who rushed with his daughter into a street in the suburban neighbourhood of Thapathali. “Things were just getting back to normal, and we get this one.”
Nepalese have been terrified by dozens of aftershocks that followed the April quake.
Nepal has appealed for billions of dollars in aid from foreign nations, as well as medical experts to treat the wounded and helicopters to ferry food and temporary shelters to hundreds of thousands left homeless amid unseasonal rains.
Paul Dillon, a spokesman with the International Organisation for Migration, said he saw a man in Kathmandu who had apparently run from the shower with shampoo covering his head. “He was sitting on the ground, crying,” Mr Dillon said.
Across the Nepalese border in Tibet’s Jilong and Zhangmu regions, the earth shook strongly. Tremors were also felt slightly in the Tibetan capital, Lhasa.
"Rocks fell from the mountains," Jilong county government vice chief Wang Wenxiang said, according to China News Service. "There might be some houses collapsed or damaged. We are now checking on the condition of the people."
* Associated Press
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Killing of Qassem Suleimani
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.”
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity