The Americas

Hurricane emergency declared in Florida

Tropical Storm Isaac was forecast to strengthen into a hurricane as it bears down on the Florida Keys, disrupting energy output in the Gulf of Mexico and forcing a delay in the Republican National Convention.

Bloomberg Associated Press

August 27, 2012

TAMPA // Tropical Storm Isaac was forecast to strengthen into a hurricane today as it bears down on the Florida Keys, disrupting energy output in the Gulf of Mexico and forcing a delay in the Republican National Convention.

The storm, the season's ninth named system, was projected to track across the Straits of Florida and then toward the south-eastern Gulf tomorrow, the US National Hurricane Center said.

The Florida governor, Rick Scott, declared a statewide emergency, with hurricane warnings in place for the Keys, Florida Bay and the coastline between Bonita Beach on the Gulf coast to Golden Beach in the east.

About 8.6 per cent of US oil production and 1.6 per cent of natural-gas output from the Gulf was closed down because of Isaac, a Bureau of Safety and Environmental Enforcement report showed.

The Republican convention, at which Mitt Romney is set to formally become the party's presidential candidate, will convene tomorrow as scheduled, but immediately recess until the next day.

Isaac may make landfall on the Gulf coast midweek. It was about 249 kilometres east of Havana, Cuba, yesterday evening and moving north-west at 32kph, with maximum sustained winds of 100kph. Mr Scott encouraged people planning to attend the convention to carry on, saying there was no need to cancel hotel reservations because of Isaac.

More than 50,000 people were expected to visit the Tampa Bay area for the Republican gathering, said James Davis, a convention spokesman. The venue, the Tampa Bay Times Forum, is in a mandatory-evacuation zone once storms reach Category 2 on the five-step Saffir-Simpson scale, according to the Hillsborough County Hurricane Guide.

Isaac dropped heavy rain in Haiti, where about 500,000 people are still living in temporary housing after a 2010 earthquake. At least three people died in the country.

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Under 12 – Minerva Academy

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Under 16 – Fursan Hispania

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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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By committing to at least one of these daily, you can bring more gratitude into your life, says Ong.

  • During your morning skincare routine, name five things you are thankful for about yourself.
  • As you finish your skincare routine, look yourself in the eye and speak an affirmation, such as: “I am grateful for every part of me, including my ability to take care of my skin.”
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