• A collapsed car park in lower Manhattan, New York. AFP
    A collapsed car park in lower Manhattan, New York. AFP
  • An injured person is attended to. AFP
    An injured person is attended to. AFP
  • Firefighters attend the scene. AP Photo
    Firefighters attend the scene. AP Photo
  • A car between rubble. AFP
    A car between rubble. AFP
  • Piles of cars and debris. Reuters
    Piles of cars and debris. Reuters
  • A member of the New York Fire Department walks past a car covered in rubble. AFP
    A member of the New York Fire Department walks past a car covered in rubble. AFP
  • NEW YORK, NEW YORK - APRIL 18: FDNY Chief of Fire Operations John Esposito speaks during a press conference near the site of a parking garage collapse on April 18, 2023 in New York City. One person was killed and five were injured with one refusing medical treatment after the collapse of a parking garage in the Financial District next to a Pace University building. Michael M. Santiago/Getty Images/AFP (Photo by Michael M. Santiago / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)
    NEW YORK, NEW YORK - APRIL 18: FDNY Chief of Fire Operations John Esposito speaks during a press conference near the site of a parking garage collapse on April 18, 2023 in New York City. One person was killed and five were injured with one refusing medical treatment after the collapse of a parking garage in the Financial District next to a Pace University building. Michael M. Santiago/Getty Images/AFP (Photo by Michael M. Santiago / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

Multi-storey car park collapses in New York, killing one


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A four-storey car park in New York City collapsed on Tuesday, killing one worker, injuring five and crushing cars, as concrete floors fell on top of each other, officials said.

Rescue teams used robotic devices after firefighters were told to pull back from the unstable structure in lower Manhattan’s Financial District, near the New York Stock Exchange and Pace University.

Officials said they believed all victims had been accounted for.

Pace University student Jadess Speller told AP the collapse “felt like an earthquake".

It was "like the earth opened up inside, like that’s how violent it was", she said.

One vehicle landed on its end in the garage entrance, a photo posted by Mayor Eric Adams' office showed.

Searches of cars still inside the structure continued on Tuesday evening, Fire Department Chief of Operations John Esposito told AP.

One garage employee was rescued after being trapped on an upper floor, he said.

“He was conscious and alert and moving around, calling us. He just couldn’t get down,” Mr Esposito said.

Four of the injured were taken to hospital and in stable conditions, and the fifth refused medical attention, he said.

The garage caved in at around 4pm local time, near to City Hall and the Brooklyn Bridge.

Pace evacuated an adjacent dormitory and classroom building and cancelled all evening classes as it assessed the buildings' safety.

School officials sent the displaced students to a student centre while working out other accommodation.

Don Mulligan was on the 17th floor of a nearby hotel when he heard a roar like a jet flying overhead and felt the high-rise sway.

“You knew something was happening,” Mr Mulligan, of Cincinnati, told AP. The hotel was evacuated, he said.

'Completely unstable'

The cause of the collapse was not immediately clear.

City Buildings Department records show the three-story structure has been a garage since at least the 1920s, and there are no recent permits for construction, AP reported.

Messages were left for a parking company that lists the garage as one of its properties.

The collapse left the building “completely unstable,” Mr Adams said.

New York's Chief of Fire Operations John Esposito near the site of a car park collapse on Tuesday in New York City. AFP
New York's Chief of Fire Operations John Esposito near the site of a car park collapse on Tuesday in New York City. AFP

Mr Esposito said firefighters had to pull out because of the danger, conducting searches instead with a drone and robotic dog.

The building was “all the way pancaked, collapsed all the way to the cellar floor”, New York City's acting buildings commissioner Kazimir Vilenchik said.

"It all happened so fast," Thai Nguyen, 35, who lives in Chinatown and is a manager of the nearby Kollective Klub, told Reuters.

"Our store is two buildings from the parking garage, and we also have a hotel next to us. People ran inside asking if they could take refuge inside our store."

Match info:

Portugal 1
Ronaldo (4')

Morocco 0

Grand slam winners since July 2003

Who has won major titles since Wimbledon 2003 when Roger Federer won his first grand slam

Roger Federer 19 (8 Wimbledon, 5 Australian Open, 5 US Open, 1 French Open)

Rafael Nadal 16 (10 French Open, 3 US Open, 2 Wimbledon, 1 Australian Open)

Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)

Andy Murray 3 (2 Wimbledon, 1 US Open)

Stan Wawrinka 3 (1 Australian Open, 1 French Open, 1 US Open)

Andy Roddick 1 (1 US Open) 

Gaston Gaudio 1 (1 French Open)

Marat Safin 1 (1 Australian Open)

Juan Martin del Potro 1 (1 US Open)

Marin Cilic 1 (1 US Open)

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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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Blackpink World Tour [Born Pink] In Cinemas

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Directors: Min Geun, Oh Yoon-Dong

Rating: 3/5

The biog

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Favourite spice: Cumin

Family: mother, three sisters, three brothers and a two-year-old daughter

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

Match info

What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm

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Gender equality in the workplace still 200 years away

It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.

The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.

But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.

At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.

The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.

After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.

Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.

And the number of women in leadership roles has risen to 34 per cent globally, WEF said.

At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.

And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.

* Agence France Presse

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Gulf Under 19: British School Al Khubairat
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UAE National Schools: Al Safa School
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Why seagrass matters
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Set-jetting on the Emerald Isle

Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)

The Lost Letters of William Woolf
Helen Cullen, Graydon House 

Results

Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

TEAMS

EUROPE:
Justin Rose, Francesco Molinari, Tyrrell Hatton, Tommy Fleetwood, Jon Rahm, Rory McIlroy, Alex Noren, Thorbjorn Olesen, Paul Casey, Sergio Garcia, Ian Poulter, Henrik Stenson

USA:
Brooks Koepka, Justin Thomas, Dustin Johnson, Patrick Reed, Bubba Watson, Jordan Spieth,​​​​​​​ Rickie Fowler, Webb Simpson, Tiger Woods, Phil Mickelson, Bryson DeChambeau ( 1 TBC)

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Updated: April 19, 2023, 4:52 AM