Huge iceberg breaks up near South Atlantic penguin colony island


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Strong currents took hold of a huge Antarctic iceberg that is on a collision course with South Georgia Island, causing it to shift direction and lose a major chunk of mass, a scientist tracking its journey said.

As the iceberg, called A68a, approached the western shelf edge of the South Atlantic island this week, it encountered strong currents, causing it to pivot nearly 180 degrees, said Geraint Tarling, a biological oceanographer with the British Antarctic Survey.

“You can almost imagine it as a handbrake turn for the iceberg because the currents were so strong,” Dr Tarling said.

That is when the berg appeared to clip the shelf edge, causing a large piece to break apart. That new piece is an iceberg in its own right and already has a name, A68d.

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For weeks, scientists have been watching the massive iceberg, last measured at 4,200 square kilometres, as it rode a fast-track current towards the island.

Researchers feared that, as the berg closed in on the wildlife-rich island, it could grind into the seabed, disrupting underwater ecosystems. They were also worried that the berg might block penguins from making their way into the sea for food.

As of Friday, the original A68a iceberg was about 50 kilometres from the island’s west coast.

It appeared, however, to be heading south-east towards another current that would probably carry it away from the shelf edge before sweeping it back around towards the island’s eastern shelf.

That means the berg could still cause an environmental disaster for local wildlife, but along the island’s eastern coast rather than the south-west.

“All of those things can still happen. Nothing has changed in that regard,” Dr Tarling said.

The new smaller berg, A68d, is moving farther away from the original one.

Scientists had predicted some chunks could break away from A68a as it approached the island, and more breakage is possible.

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2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks

2019: Trump calls Khan a “stone cold loser” before first state visit

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1.

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2.

China

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UAE

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Japan

5

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Source: Federal Office for the Protection of the Constitution

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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.

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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.”