A major power cut has hit parts of London, causing traffic light failure and interruptions to internet access and water supplies for more than 5,000 people.
UK Power Networks said more than 42 postcodes were affected in the capital on Tuesday. Homes, businesses and streets in the east of the city were hit particularly hard, but the blackouts also spread to Cricklewood in north London and Wimbledon in the south.
“We’re aware of a power cut affecting the E1, E1W and E14 areas of London,” the group tweeted. “Our engineers are working to get the power on as soon as possible.”
The power cuts were caused by a fault on a high-voltage underground electricity cable, UK Power Networks said. The energy company owns and maintains electricity cables and lines across London, the south-east and east of England.
Staff said engineers were having "access issues to some equipment" and therefore there had been a delay in offering an estimated time for the power to return. The company later said it expected customers would have their power back by about 3pm.
Internet services and traffic lights went down at about 12.30pm on Tuesday and taps ran dry.
People working from home were hit particularly badly by the power cuts.
Resident Lauren Sherrell said the power cut had left her without access to a lift in her building.
“Please get it back on ASAP I have to walk an autistic child in a pram up 13 flights of stairs if no lifts still by time he finishes nursery,” she tweeted.
Another person said traffic lights in the east London borough of Tower Hamlets were down.
“This power cut has taken out a good number of traffic lights in east London,” they wrote.
“But I have faith that the extremely sensible drivers of Tower Hamlets will be able to tell difference between a green light and no light.”
The Docklands Light Railway suffered delays on Tuesday afternoon “due to an earlier major power failure”, a status update on Transport for London’s website said, after the line had been completely suspended.
The Blackwall and Rotherhithe tunnels connecting east London to the south of the city and roads in the Poplar area were closed after a fire at an electrical substation.
London Fire Brigade said the blaze at the site in Castor Lane, Poplar, had caused power cuts for up to 38,000 customers.
Four engines and 25 firefighters were dispatched to tackle the flames and a 25-metre cordon was set up.
About 100 people were ordered out of an adjacent depot and 1,500 students were escorted out of a nearby college after the ground floor of a two-storey electrical station went up in flames.
Pictures posted on social media showed smoke rising above complex.
Station Commander Colin Digby, who attended the scene, said: "The fire is causing power outages which could affect around 38,000 customers.
"The whole of the Docklands Light Railway line is suspended. Blackwall Tunnel and Rotherhithe Tunnel are also closed whilst crews work to make the scene safe."
The brigade said the closure of roads and tunnels would likely worsen rush hour traffic on Tuesday afternoon.
The cause of the fire was not immediately known and there were no injuries reported.
if you go
The flights
Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav.
The tour
While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).
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.”
The biog
Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages
Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”
Favourite food: “I'm a vegetarian, so I can't get enough of salad.”
Favourite film: “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”
Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
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