Three dead as Hurricane Irma makes second landfall at Naples


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Hurricane Irma made landfall for the second time in Florida on Sunday, striking Marco Island near the popular shopping and golf destination of Naples.

The deadly hurricane hit at 3.35pm local time as a Category Three storm with top winds swirling at 115mph (185kph) 15 miles south-southeast of Naples, according to the National Hurricane Center.

US president Donald Trump approved Florida’s request for emergency federal aid on Sunday to help with the recovery from destructive Hurricane Irma.

The federal funding includes “grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses and other programs to help individuals and business owners recover from the effects of the disaster,” the White House said.

Irma is so large that cities on Florida’s southern and eastern extremes are being hit with surges and winds high enough to topple cranes in Miami, where the flooded Brickell financial district looked like a swift river. Hurricane-force winds extend 80 miles from its core and tropical storm-strength gales reach out 220 miles.

Meanwhile, it was reported that Irma had knocked out power to more than 2.6 million homes and businesses, threatening millions more as it crept up the state's west coast, and full restoration of service could take weeks, local electric utilities said.

So far, the brunt of the storm has affected Florida Power & Light's customers in the states' southern and eastern sections, and its own operations were not immune, either.

“We are about to get our own version of what hell looks like,” Tampa mayor Bob Buckhorn said in a CNN interview.

Just over two weeks after Hurricane Harvey struck the heart of US energy production in Texas, Irma is threatening another region with almost $200 billion worth of damage.

By Sunday afternoon, Irma had knocked out power to more than 2 million customers, paralysed tanker traffic and shut about 6,000 gasoline stations. As the storm makes its way up Florida’s west coast, it’ll also threaten more than $1 billion worth of crops.

People who have decided to stay on the ground in Florida are writing their phone and social security numbers on their arms in case their preparations against the storm fail, according to US press.

Police in Florida say three have died after the category four storm made landfall in the U.S. state.

The head of the US federal emergency agency has warned "the entire south-eastern United States better wake up and pay attention" to the incoming hurricane.

Brock Long said Hurricane Irma will "devastate" either Florida or neighbouring states and that parts of Florida would be without power for days.

A video of a storm chaser, Juston Drake, was filmed by his friend measuring the strength of the winds. Although the results of this filmed test is unknown, Simon Brewer, who filmed the clip, made his own recordings around the same time of the post which measured 117mph.

More than 6 million people have been asked to evacuate Florida.

One man has died after he lost control of a vehicle he was transporting a generator in as winds picked up.

Two people have died in a head-on crash in Hardee County, southeast of the city of Tampa. The Florida Highway Patrol said the crash happened on Sunday morning, though it was not clear what role the weather may have played.

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The hurricane has to hit the Keys with winds reaching 130mph (209km/h).

Florida Governor Rick Scott said he was "very concerned" about the state's western Gulf Coast, where the storm is expected to head next.

One official warned staying on the islands among storm surge warnings was "almost like suicide".

At least 25 have died in the Caribbean which was caught in the path of Irma.

Extreme winds, around the eye of the hurricane, are expected to last for the next two hours in the Lower Florida Keys area.

It is feared that a storm surge, which is a rising of the sea as a result of wind and atmospheric pressure changes associated with a storm, reaching 15ft (4.6m) could hit the islands.

The islands are part of the planned evacuation zone.

Latest official figures said more than a million homes in Florida have lost power.

The police have issued a warning to dissuade Americans who had expressed an interest at firing bullets at the hurricane.

It came as thousands of people joined a Facebook event entitled "Shoot At Hurricane Irma" due to take place at 10am on Sunday (local time).

A description of the event, set up by Ryon Edwards, 22, reads: "LETS SHOW IRMA THAT WE SHOOT FIRST."

Although the group appears to be a joke, the police department took the risk to safety of residents seriously enough to issue the blunt warning.

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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.

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“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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