The second heatwave to hit the UK this summer has brought with it a boom in ice cream sales, in which small businesses are struggling to meet demand.
But the surge in temperatures has also led to an “exceptional” risk of wildfires in parts of southern England and Wales, as well as a health warning for the vulnerable.
A spokeswoman for Mrs Dowsons Ice Cream said the company has been “really busy with orders”, which have doubled due to the heatwave.
Julia Lewis, of L Lewis ice cream company in Chester, said: “It’s just an escalation of getting busier, as people are running out of stocks and wanting more supply.
“They’ve come to the stage where they need replenishing quicker. There’s more stock going and there’s more orders.”
The Met Office’s Fire Severity Index, an assessment of how severe a fire could become, has been raised to level 5 – the highest level – for south-western parts of Britain, with the danger highest on Sunday.
Millions of people on Thursday awoke to the beginning of a four-day “extreme heat” warning, a period during which temperatures in parts of Britain will reach at least 37°C. Vulnerable people are at risk of adverse health effects, while the wider population may suffer from heat exhaustion, the Met Office said. There is also an increased risk of water and fire-related incidents during the hot spell, given that many people will flock to lakes, rivers and the seaside and light up barbecues.
Met Office meteorologist Marco Petagna said the chance of wildfires was high.
“The risk is very high across much of central, southern and eastern England,” he said.
“Going into Friday and the weekend, it starts to increase further, going into the highest category of exceptional risk.”
Satellite images of parts of the UK show the effects of hotter-than-normal conditions and minimal rainfall.
Parts of mainland Europe are suffering from drought, which has caused sections of major rivers to dry up.
More than 100 communities in France have run out of water, leaving desperate residents to rely on lorry deliveries. Wildfires are spreading fast across the country, with thousands of firefighters posted to battle the flames. About 8,000 people have been forced to abandon their homes.
The Rhine, which is vital to the German economy as it serves as an important shipping route, is close to running dry in sections. Low water has for weeks been delaying the transport of vessels carrying freight.
Severe drought in Spain has left the country’s reservoirs running at only 40 per cent capacity.
The UK’s Health Security Agency has issued an alert, with experts advising people to look out for the elderly, children and those with existing medical conditions as another unusually hot spell begins.
The second heatwave of the summer comes after temperatures in July smashed records as the mercury climbed to 40.3°C. The UK has endured the driest first seven months of the year in decades and hot spells have parched grassland and prompted hosepipe bans. Experts have also warned of risks to wildlife and agriculture.
Latest analysis from the UK Centre for Ecology and Hydrology (UKCEH) has issued a warning that low or exceptionally low river flows and groundwater levels are likely to continue for the next three months in southern England and Wales.
Mr Petagna said rain could fall early next week.
“There are signs that we could get some rain next week, but details at the moment are uncertain,” he said.
“What we really need is a few weeks of light rain to soak into the ground.
“Thunderstorms are more likely to cause some flooding issues — because the ground is hard, the water can’t sink in.”
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
POSSIBLE ENGLAND EURO 2020 SQUAD
Goalkeepers: Jordan Pickford, Nick Pope, Dean Henderson.
Defenders: Trent Alexander-Arnold, Kieran Trippier, Joe Gomez, John Stones, Harry Maguire, Tyrone Mings, Ben Chilwell, Fabian Delph.
Midfielders: Declan Rice, Harry Winks, Jordan Henderson, Ross Barkley, Mason Mount, Alex Oxlade-Chamberlain.
Forwards: Harry Kane, Raheem Sterling, Marcus Rashford, Jadon Sancho, Tammy Abraham, Callum Hudson-Odoi.
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
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.”
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5