Smoke rises from the industrial fire in Richmond, Indiana. AP
Smoke rises from the industrial fire in Richmond, Indiana. AP
Smoke rises from the industrial fire in Richmond, Indiana. AP
Smoke rises from the industrial fire in Richmond, Indiana. AP

Indiana recycling plant fire: More than 2,000 residents evacuated due to 'toxic smoke'


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More than 2,000 people were ordered to evacuate a kilometre-wide area of eastern Indiana on Wednesday after a fire broke out at a recycling plant, pumping acrid black smoke into the air.

An evacuation order was issued for residents of the town of Richmond — about 50km from Dayton, Ohio — after the fire erupted at the plant on Tuesday afternoon.

Plastics were among the items burning at the plant, officials said.

“The smoke is definitely toxic,” Steve Jones, the Indiana state fire marshal on scene, told Fox 59.

Those outside of the evacuation zone were told to shelter in place, turn off their HVAC systems, close all doors and windows, and keep their pets inside, according to the Wayne County Emergency Management Agency.

The White House said President Joe Biden had spoken with Indiana Governor Eric Holcomb to share "full support and any additional federal assistance needed".

It also said that the Environmental Protection Agency has sent federal personnel to help with air monitoring and emergency response.

The cause of the fire was not immediately known and likely will not be known until after the fire has been fully extinguished, officials said.

Firefighters responded to the recycling facility to find a semi-trailer behind one of the plant’s buildings engulfed in flames, Richmond Fire Chief Tim Brown said.

Richmond Mayor Dave Snow told Fox 59 the facility was used for recycling and storing plastic and other material.

The trailer was loaded with an “unknown type of plastics” and the fire spread to other piles of plastics around the trailer before spreading to the building, Chief Brown said.

The fire, which Mr Snow described as “serious” and “large scale”, was mostly contained by Tuesday evening.

Local residents took to Twitter to post photos of the fire, which could be seen from many kilometres away.

Richmond Police Department Chief Mike Britt said it was “impossible to tell” if the evacuation orders were completely effective, but officers were on the ground ensuring people were safe.

Chief Britt called the situation “a huge public hazard”.

“We’ve had quite the problem with bystanders moving in close to the fire,” he said. “This has been an explosion hazard since the first flames. We’ve had numerous explosions.”

The fire comes after dozens of train cars belonging to the Norfolk Southern railway company derailed on the Ohio-Pennsylvania border on February 3, spilling toxic chemicals on the ground nearby.

Thousands were evacuated as officials assessed the damage. They later opted to release and burn toxic vinyl chloride from the tanker cars, sending flames and black smoke billowing into the sky.

Since then, residents have reported diverse health problems, and the Ohio Department of Natural Resources estimated that about 45,000 fish, crayfish, amphibians and other species were killed within an 8km radius of the crash.

Agencies contributed to this report

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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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.

He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

Dirham Stretcher tips for having a baby in the UAE

Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:

• Buy second hand stuff

 They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.

• Get a health card and vaccinate your child for free at government health centres

 Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.

• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.

Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.

• Once baby is ready for solids, cook at home

Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.

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Violence%20
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Updated: April 13, 2023, 5:20 AM