Taiwanese weather forecaster Hsieh Ming-chang briefs reporters on the progress of Typhoon Soudelor  in Taipei on  August 6, 2015. It is expected to make landfall on Friday or Saturday. David Chang / EPA
Taiwanese weather forecaster Hsieh Ming-chang briefs reporters on the progress of Typhoon Soudelor in Taipei on August 6, 2015. It is expected to make landfall on Friday or Saturday. David Chang / EShow more

Typhoon Soudelor approaches Taiwan



TAIPAI // Taiwan issued a warning to ships and people working along coastlines to brace for wind and waves as Typhoon Soudelor barrels westward toward the island and eastern China.

Moving west-northwest at 23 kilometres per hour, Soudelor is expected to strengthen and expand as it approaches Taiwan’s shores, the island’s Central Weather Bureau said in its warning on Thursday.

As of late Wednesday, Soudelor was 1,235 kilometres east of Philippine’s northern Calayan island, with winds of 195 kph per hour and gusts of up to 230 kph.

The storm is the fourth typhoon this year to trigger sea or land warnings in Taiwan. Heavy rains may douse the island on Friday and Saturday, the Taipei-based United Daily News reported.

Hong Kong’s Cathay Pacific Airways, which operates 127 Taiwan flights each week, said operations remain normal while it monitors Soudelor’s approach.

In July, the approach of Typhoon Chan-hom prompted Taiwan to close its financial markets as well as schools and offices for one day.

Soudelor has already ravaged islands in the Pacific, leaving residents Saipan, the most populated island in US territory of the Northern Mariana Islands, facing up to a month without power and water.

The National Weather Service said the typhoon’s eye directly hit Saipan late on Sunday night, with wind gusts reaching 169 kph. It left about 484 island residents in emergency shelters because of damage to their homes.

It could take three weeks to a month to restore power, water and wastewater systems, the island’s Commonwealth Utilities Corp

Without electricity to pump water, residents in certain areas have had to fill bottles from lorry deliveries, the utilities company reported.

Meanwhile in the Philippines, seven people were killed and two are missing in flash floods.

Filipino officials from the regional Office of Civil Defence said the dead in southern Bukidnon province’s Valencia City included a 6-month-old girl and three other children aged between six to nine. They drowned on Tuesday, but their bodies were retrieved on Wednesday.

Esperanza Cayanan, a weather bureau official, warned of possible landslides after two weeks of heavy rain in the central and southern regions.

She said the south-west monsoon will be enhanced by Soudelor, which will likely trigger strong to moderate rains.

Soudelor is approaching the Philippines, but is not expected to make landfall.

* Agencies

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.”

Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

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May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

 

 

Heather, the Totality
Matthew Weiner,
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The biog:

Favourite book: The Leader Who Had No Title by Robin Sharma

Pet Peeve: Racism 

Proudest moment: Graduating from Sorbonne 

What puts her off: Dishonesty in all its forms

Happiest period in her life: The beginning of her 30s

Favourite movie: "I have two. The Pursuit of Happiness and Homeless to Harvard"

Role model: Everyone. A child can be my role model 

Slogan: The queen of peace, love and positive energy

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

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Winner: Ejaaby, Jim Crowley, Doug Watson

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7.30pm: Handicap (D); Dh150,000; 2,200m
Winner: Grand Dauphin, Gerald Mosse, Ahmed Al Shemaili

8.05pm: Handicap (T); Dh190,000; 1,800m
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WandaVision

Starring: Elizabeth Olsen, Paul Bettany

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Rating: Four stars

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The low down on MPS

What is myofascial pain syndrome?

Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (­connective tissue that covers the muscles, which develops knots, also known as trigger points).

What are trigger points?

Trigger points are irritable knots in the soft ­tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and ­sustained posture are the main culprits in developing ­trigger points.

What is myofascial or trigger-point release?

Releasing these nodules requires a hands-on technique that involves applying gentle ­sustained pressure to release muscular shortness and tightness. This eliminates restrictions in ­connective tissue in orderto restore motion and alleviate pain. ­Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.