Rescued passengers of the "Norman Atlantic" accident, Marko Gondolo, second left, 40, and his daughter Serafina, 5, arrive from Italy at Elefsina Air Base outside Athens. About 43 passengers from the Norman Atlantic arrived in the Greek capital as the death toll climbed to 10. Yannis Kolesidis / AP
Rescued passengers of the "Norman Atlantic" accident, Marko Gondolo, second left, 40, and his daughter Serafina, 5, arrive from Italy at Elefsina Air Base outside Athens. About 43 passengers from the Norman Atlantic arrived in the Greek capital as the death toll climbed to 10. Yannis Kolesidis / AP
Rescued passengers of the "Norman Atlantic" accident, Marko Gondolo, second left, 40, and his daughter Serafina, 5, arrive from Italy at Elefsina Air Base outside Athens. About 43 passengers from the Norman Atlantic arrived in the Greek capital as the death toll climbed to 10. Yannis Kolesidis / AP
Rescued passengers of the "Norman Atlantic" accident, Marko Gondolo, second left, 40, and his daughter Serafina, 5, arrive from Italy at Elefsina Air Base outside Athens. About 43 passengers from the

Ten dead after ferry catches fire in Adriatic


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ROME // The death toll from a ferry fire in the Adriatic rose to 10 on Monday as the search for survivors went on into the night in seas off Albania.

It was unclear how many people had been on board and whether any were still missing, but the Italian navy kept up its search, with almost 40 people still officially unaccounted for.

As the search went on, survivors recounted the terrifying moments that the Norman Atlantic became engulfed by thick smoke in rough seas, forcing many into the chilly waters below.

Italian Transport Minister Maurizio Lupi said that 427 people had been winched to safety by helicopter over the course of a 24-hour rescue operation carried out in an unusually fierce winter storm.

Thirty-eight people were unaccounted for, according to an updated list of passengers and crew from the Greek operator, but there were doubts over the manifest’s accuracy.

Lupi said it was unclear if those unaccounted for could include no-shows at boarding or people who got off at a stopover on the Greek island of Igoumenitsa or whether there were errors on the passenger list.

“It is up to the departure port to match up their list and the people (rescued),” Lupi said.

“That is why we are continuing our (search) effort: we cannot know what the exact number was.”

Greek Merchant Marine Minister Miltiadis Varvitsiotis acknowledged the list was “possibly inaccurate” and complained about poor communication with Italy.

“I strongly doubt that all the names on the list are real -- we have two persons with the same name, who turned out to be one person,” the minister told Mega TV.

None of the statements from survivors have so far suggested the death toll is likely to climb sharply but an empty lifeboat washed up on the shores of Albania, in one possible sign of more bad news to come.

The uncertainty over the scale of the disaster emerged after the evacuation was completed in early afternoon.

Ship captain Argilio Giacomazzi, 62, upheld maritime tradition by ensuring he was the last man off, handing over to Italian navy officers.

His conduct was in marked contrast to that of the last Italian sea captain to make global headlines, Francesco Schettino, the Costa Concordia skipper currently on trial for manslaughter for abandoning a sinking cruise liner on which 32 people died in January 2012.

Wrapped in blankets and with many of them sporting bandages, 49 evacuees arrived at the Italian port of Bari on board a Greek merchant ship that had been part of an international flotilla involved in the rescue operation.

Many of them recounted how the fire triggered chaotic scenes as the crew struggled to cope with the disaster.

One of the first passengers off in Bari told reporters he had thought he was going to die as parts of the ship became engulfed by thick smoke while many passengers were asleep in cabins.

“The lifeboats did not work, there was only one of them in the water and none of the crew were there to help people,” he said.

The evacuation was completed nearly 36 hours after a fire broke out on the car deck and left the large vessel drifting dangerously.

Questions are now being asked about how the fire started and why it was not contained. Different accounts of a safety inspection carried out on December 19 have emerged and several survivors reported the car deck as being covered by a film of leaked fuel.

Bari prosecutor Giuseppe Volpe announced a criminal investigation that will seek to establish whether negligence contributed to the disaster. Italian reports said the ship owner and captain could face manslaughter charges.

Teodora Douli, the wife of a Greek passenger who died on Sunday, described how she watched her husband Georgios drown in front of her after they ended up in the water.

“We spent four hours in the water,” she said Monday. “I tried to save him but I couldn’t. ‘We are dying, we’re dying’, he told me.”

In a further twist, the couple’s son was asked to identify a corpse that was not his father’s following an apparent mix-up.

Other evacuees were flown to the Greek island of Corfu, where lorry driver Fotis Santakidis described how the smell of the smoke from the fire had woken him in his cabin.

“I ran out. I looked out for a lifejacket but I could not find one,” he told Greek newspaper Ethnos.

* Agence France-Presse

Have you been targeted?

Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:

1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.

2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.

3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.

4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.

5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.

UAE Premiership

Results

Dubai Exiles 24-28 Jebel Ali Dragons
Abu Dhabi Harlequins 43-27 Dubai Hurricanes

Final
Abu Dhabi Harlequins v Jebel Ali Dragons, Friday, March 29, 5pm at The Sevens, Dubai

Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Neo%20Mobility%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20February%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Abhishek%20Shah%20and%20Anish%20Garg%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Logistics%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Delta%20Corp%2C%20Pyse%20Sustainability%20Fund%2C%20angel%20investors%3C%2Fp%3E%0A
The biog

Favourite pet: cats. She has two: Eva and Bito

Favourite city: Cape Town, South Africa

Hobby: Running. "I like to think I’m artsy but I’m not".

Favourite move: Romantic comedies, specifically Return to me. "I cry every time".

Favourite spot in Abu Dhabi: Saadiyat beach

THE CLOWN OF GAZA

Director: Abdulrahman Sabbah 

Starring: Alaa Meqdad

Rating: 4/5

RESULTS

 

Catchweight 63.5kg: Shakriyor Juraev (UZB) beat Bahez Khoshnaw (IRQ). Round 3 TKO (body kick)

Lightweight: Nart Abida (JOR) beat Moussa Salih (MAR). Round 1 by rear naked choke

Catchweight 79kg: Laid Zerhouni (ALG) beat Ahmed Saeb (IRQ). Round 1 TKO (punches)

Catchweight 58kg: Omar Al Hussaini (UAE) beat Mohamed Sahabdeen (SLA) Round 1 rear naked choke

Flyweight: Lina Fayyad (JOR) beat Sophia Haddouche (ALG) Round 2 TKO (ground and pound)

Catchweight 80kg: Badreddine Diani (MAR) beat Sofiane Aïssaoui (ALG) Round 2 TKO

Flyweight: Sabriye Sengul (TUR) beat Mona Ftouhi (TUN). Unanimous decision

Middleweight: Kher Khalifa Eshoushan (LIB) beat Essa Basem (JOR). Round 1 rear naked choke

Heavyweight: Mohamed Jumaa (SUD) beat Hassen Rahat (MAR). Round 1 TKO (ground and pound)

Lightweight: Abdullah Mohammad Ali Musalim (UAE beat Omar Emad (EGY). Round 1 triangle choke

Catchweight 62kg: Ali Taleb (IRQ) beat Mohamed El Mesbahi (MAR). Round 2 KO

Catchweight 88kg: Mohamad Osseili (LEB) beat Samir Zaidi (COM). Unanimous decision

AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street

The seven points are:

Shakhbout bin Sultan Street

Dhafeer Street

Hadbat Al Ghubainah Street (outbound)

Salama bint Butti Street

Al Dhafra Street

Rabdan Street

Umm Yifina Street exit (inbound)

Seven tips from Emirates NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

While you're here

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.”

'Dark Waters'

Directed by: Todd Haynes

Starring: Mark Ruffalo, Anne Hathaway, William Jackson Harper 

Rating: ****