Road crews struggled to reach hundreds of motorists on Tuesday after they were stranded all night in freezing temperatures along an 80-kilometre stretch of US Interstate 95 in Virginia, where big-rig lorries jackknifed in the ice and snow, state police said.
Both directions of traffic on I-95 came to a standstill on Monday between Ruther Glen, Virginia, in Caroline County and exit 152 in Dumfries, Prince William County, the Virginia Department of Transport said.
At around daybreak on Tuesday, the agency tweeted that “crews will start taking people off at any available interchange to get them".
Virginia Governor Ralph Northam said his team responded through the night, sending out emergency messages to connect stranded drivers with help and working with local officials to set up warming shelters as needed.
He said the National Guard was “available” but he had not yet called upon members to help. He also could not say when the situation would be resolved.
“Right now, things aren’t moving, as you know and as you can see on the cameras,” Mr Northam told radio station WTOP on Tuesday.
“We need to get the cars and the trucks off the roads. We need to keep people safe and then we need to clear them.”
Crews were working to remove stopped lorries, plough snow, de-ice the roadway and guide stranded motorists to the nearest exits along the US East Coast’s main north-south motorway, the transport agency said.
By 9am, a single lane of traffic was creeping forward between many stalled lorries and cars in one direction, while people could be seen walking down traffic lanes covered with ice and snow.
The impasse began when a lorry jackknifed in the ice and snow, causing a chain reaction of other commercial vehicles losing control and becoming disabled in the traffic lanes, state police spokeswoman Corinne Geller said on Tuesday.
As the hours passed and night fell, motorists posted desperate messages on social media about running out of fuel, food and water.
Between 17 and 28 centimetres of snow accumulated in the area during Monday's blizzard, the National Weather Service reported, and state police had warned people to avoid driving unless absolutely necessary, especially as freezing temperatures set in.
The agency tweeted to the stranded drivers on Monday that reinforcements were arriving from other states to help them.
Tim Kaine, a US senator who lives in Richmond, said he was stuck in his car for 21 hours after starting his two-hour commute to the Capitol at 1pm on Monday.
“This has been a miserable experience,” Mr Kaine told WTOP. Traffic was so tightly packed that emergency vehicles struggled to remove disabled cars and lorries, he said.
Also stranded was NBC News correspondent Josh Lederman, who spoke on NBC’s Today show on Tuesday via video feed from his car, with a dog in the back seat. He said he had been stuck about 48 kilometres south of Washington since 8pm on Monday.
“We started to see a lot of drivers turning their cars off to conserve gas, people running out of food and water, kids and pets holed up for so many hours, people letting their pets out of the car to try to walk them on the street,” said Mr Lederman.
Killing of Qassem Suleimani
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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