Jeffrey Vannor carries his belongings while evacuating from the approaching Hurricane Gustav at the Greyhound Bus and Amtrak station in New Orleans, on Aug 30, 2008.
Jeffrey Vannor carries his belongings while evacuating from the approaching Hurricane Gustav at the Greyhound Bus and Amtrak station in New Orleans, on Aug 30, 2008.
Jeffrey Vannor carries his belongings while evacuating from the approaching Hurricane Gustav at the Greyhound Bus and Amtrak station in New Orleans, on Aug 30, 2008.
Jeffrey Vannor carries his belongings while evacuating from the approaching Hurricane Gustav at the Greyhound Bus and Amtrak station in New Orleans, on Aug 30, 2008.

Gustav empties New Orleans


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  • Arabic

NEW ORLEANS // Hurricane Gustav charged across the Gulf of Mexico today as residents fled New Orleans and the National Guard prepared to patrol evacuated neighborhoods in a city still recovering three years after Katrina struck. Gustav dropped from a Category 4 to a Category 3 storm overnight, but forecasters warned it could gain strength from the gulf's warm waters before making landfall as early as Monday. Long before Mayor Ray Nagin's mandatory evacuation order took effect on Sunday morning for the city's vulnerable West Bank, residents were already streaming out of New Orleans and other communities along the Gulf Coast. Bumper-to-bumper traffic was reported in nearly every direction out of New Orleans, and on Bourbon Street, where the party seemingly never ends, only stragglers toting luggage were sporadically seen on the sidewalks. Gustav crossed western Cuba on Saturday and has already killed more than 80 people in the Caribbean. It picked up speed upon reaching the gulf and was moving northwest at 27kph with winds of 193kph, according to the National Hurricane Center's latest update. Hurricane-force winds extended 80km from the storm's centre which was about 523km south-east of the Mississippi River's mouth. The storm could bring a surge of up to 20 6 metres to the coast and rainfall totals of up to 38cm. A hurricane warning was issued for over 800km along the Gulf Coast from Cameron, Louisiana, near the Texas border to the Alabama-Florida state line, meaning hurricane conditions are expected there within 24 hours. The White House said President George W Bush's plans to attend the Republican National Convention on Monday were on hold because of worries about Gustav. Mr Bush had been scheduled to speak late Monday night in St Paul, Minnesota. He planned to get an update on preparations for the storm from disaster relief officials and state and local representatives later on Sunday. The Bush administration was severely criticised for its tardy response to Katrina three years ago. Homeland Security Secretary Michael Chertoff planned to travel to Louisiana to observe preparations. And the likely Republican presidential nominee John McCain and his running mate, the Alaska governor Sarah Palin, were traveling to Mississippi. In New Orleans, Mr Nagin used stark language to urge residents to get out of the city, calling Gustav "the mother of all storms". "This is the real deal, not a test," he said, as he issued the evacuation order on Saturday night. "For everyone thinking they can ride this storm out, I have news for you: that will be one of the biggest mistakes you can make in your life." Forecasters were slightly less dire in their predictions, saying the storm should make landfall somewhere between western Mississippi and east Texas, where evacuations were also under way. It is too early to know whether New Orleans will take another direct hit. The mandatory evacuation of the West Bank, where levee improvements remain incomplete, began at 8am local time, with the east bank to follow later on Sunday. It is the first test of a revamped evacuation plan designed to eliminate the chaos, looting and death that followed Katrina. Still, there were a few people holding out. "You'd be a moron" not to be worried about the storm, Inez Douglas said at Johnny White's Sports Bar & Grill. But while she was keeping an eye on the storm, she was not going anywhere. An estimated one million people fled the Gulf Coast on Saturday by bus, train, plane and car. They clogged roadways, emptied petrol stations of fuel and jammed phone circuits. *AP

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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How it works

A $10 hand-powered LED light and battery bank

Device is operated by hand cranking it at any time during the day or night 

The charge is stored inside a battery

The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode

A full hand wound charge is of 16.5minutes 

This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode

When more light is needed, it can be recharged by winding again

The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge

No limit on how many times you can charge

 

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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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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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