PARIS // The stench of rotten eggs wafted across Paris and northern France, even reaching across the sea to England, after a gas leak that authorities said was very smelly but entirely harmless.
Headaches, sore throats and nausea were nevertheless among the complaints listed in calls made overnight on Tuesday to emergency lines in Paris by more than 10,000 people worried by the stink that had invaded their streets and homes.
One Paris suburban resident said he and his wife smelt gas when they woke early on Tuesday with a searing headache: "I opened the windows and then realised the same smell was outside."
But France's Ecology Minister Delphine Batho, who cut short an official trip to Berlin to rush to the site of the leak, a chemical plant in the picturesque city of Rouen in Normandy, said there was no health risk.
"I'm reassured," she told reporters after visiting the facility.
She said there would be an investigation to "determine the origin and establish whether the company was responsible".
The leak began early Monday at a plant run by Lubrizol, a firm that is part of billionaire US investor Warren Buffett's empire, and within a day its odour had reached millions of people across northern France.
Winds carried the invisible gas around 100 kilometres down the densely populated Seine river valley to Paris, and later northwards over the Channel and into England, where it even reached as far as south London.
"South Kent residents are being asked to keep doors and windows closed due to a gas cloud that is believed to have come across from France," the fire and rescue service in the southeastern English region said.
Katherine Shook, an artist who lives in the 11th district of Paris, said she was woken by her crying baby.
"It was about 4:00am and I got up and noticed there was a gas smell all through the house. I smelled outside the front door, and it was stronger, so realised it was coming from outside the apartment," she said.
The offending odour came from a gas called mercaptan, which, among other uses, is added to municipal gas because its sulphurous smell alerts people to gas leaks.
The Lubrizol plant, which makes additives for industrial lubricants and paint, shut down production as workers battled to plug the leak.
Regional authorities ordered the postponement of a French Cup tie match in Rouen between the city's football team and Olympique Marseille on Tuesday evening.
"We didn't want to be in a situation where we have 10,000 spectators two kilometres away from the plant without any capacity for confining or evacuating them if that were necessary," said senior local official Florence Gouache.
Despite the official insistence that there was no danger, French social media were awash with people in the affected regions complaining of headaches and nausea from the gas that smelled like rotten eggs.
"They're all saying not to panic, but they said the same thing about the cloud from Chernobyl," said mother-of-four Patricia Cousteau, referring to radioactive fallout that spread across Europe in 1986 after an explosion at a Ukrainian nuclear plant.
Authorities said in an earlier statement that a chemical substance at the Lubrizol plant became unstable and caused odours that are similar to those of town gas.
"The gas has an unpleasant smell but is not toxic," it said. The concentration of the gas was also "very low", said the statement, which also admitted that "a large number of people have been inconvenienced".
By Tuesday afternoon the smell had largely disappeared in Paris.
CREW
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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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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.
Joker: Folie a Deux
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Director: Todd Phillips
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Director: Andrew Rossi
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South