'Like a bomb going off': Baltimore residents fear for the future after Key Bridge collapse


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The detail most residents can most clearly recall of the Francis Scott Key Bridge collapse was the noise, with the roaring sound of crumpling iron and steel heard across large parts of Baltimore, Maryland, early on Tuesday.

Julisa James, an employee at a petrol station near the bridge's western entrance said: “It sounded like a bomb going off.

Josh White, who lives next to the bridge's eastern head, said: “It sounded like rain."

“Boom!” was how Richard Majewski, who was in nearby Dundalk, described the sound.

Mr Majewski was taking a late-night walk with his dog, Buddy, when he heard what he thought was the sound of a major lorry accident.

He “never dreamt it was the bridge coming down".

On returning to his apartment building about 3km away, Mr Majewski says neighbours said they had felt a tremor from the crash.

Later, the morning news confirmed the cause of the noise he had heard.

At least seven people who were conducting maintenance on the bridge fell into the water when it collapsed. Six are unaccounted for and presumed dead.

As search and rescue teams laboured around the Patapsco River, where a Sri Lanka-bound cargo ship hit and ultimately destroyed the major transit bridge, shocked Baltimore locals lined the Broening Highway overlooking the scene.

“Just the thought of not seeing that bridge, like, wow,” Mr White told The National.

“Some people don't even know another way to go.”

The collapse of the bridge has implications for “the whole east coast” of the US, locals said.

The bridge crossed over the bustling Port of Baltimore, which handled 52.3 million tonnes of foreign cargo valued at $80 billion last year. Baltimore is the busiest US port for vehicle shipments.

The booming industrial centre has provided jobs for many in Baltimore and depends on the transit artery.

More than 12.4 million commercial and passenger vehicles crossed the bridge in 2023 – about 34,000 a day – according to a state report from late last year.

“A lot of our customers work around here, use the bridge a lot, like some of them go over the bridge several times a day,” Ms James told The National inside the Royal Farms petrol station, where she works the morning shift.

"So a couple of my customers actually couldn't go to work today."

As of Tuesday afternoon, the major port was still processing lorries inside of its terminals, but Maryland Transport Secretary Paul Wiedefeld said vessel traffic in and out of the port has been suspended.

US President Joe Biden vowed that the federal government would fund the reconstruction of the bridge, but the timeline and budget remains unknown.

  • A satellite image of the Dali container ship and sections of the collapsed Francis Scott Key Bridge in Baltimore, Maryland. Reuters
    A satellite image of the Dali container ship and sections of the collapsed Francis Scott Key Bridge in Baltimore, Maryland. Reuters
  • People gather for a vigil at Mount Olive Baptist Church in Dundalk, Maryland. AP
    People gather for a vigil at Mount Olive Baptist Church in Dundalk, Maryland. AP
  • The Dali cargo ship ran into the bridge, leading to its collapse on March 26. AFP
    The Dali cargo ship ran into the bridge, leading to its collapse on March 26. AFP
  • News crews and residents gather along the shoreline. Rescuers pulled two people from the Patapsco River but were searching for at least seven more. AFP
    News crews and residents gather along the shoreline. Rescuers pulled two people from the Patapsco River but were searching for at least seven more. AFP
  • Jesus Campos speaks about the work he and his co-workers normally do to repair the Francis Scott Key Bridge. AFP
    Jesus Campos speaks about the work he and his co-workers normally do to repair the Francis Scott Key Bridge. AFP
  • Mr Scott, centre, hugs an attendee during a vigil for victims of the bridge collapse at the Mount Olive Baptist Church in Baltimore. AFP
    Mr Scott, centre, hugs an attendee during a vigil for victims of the bridge collapse at the Mount Olive Baptist Church in Baltimore. AFP
  • Baltimore Police commissioner Richard Worley, centre, Mayor Brandon Scott, right, and Fire Department chief James Wallace hold a press conference. AFP
    Baltimore Police commissioner Richard Worley, centre, Mayor Brandon Scott, right, and Fire Department chief James Wallace hold a press conference. AFP
  • Rescuers gather on the shore of the Patapsco River for an operation authorities described as a 'mass casualty, multi-agency rescue'. EPA
    Rescuers gather on the shore of the Patapsco River for an operation authorities described as a 'mass casualty, multi-agency rescue'. EPA
  • Motorway alerts warn drivers about the incident in Baltimore. Reuters
    Motorway alerts warn drivers about the incident in Baltimore. Reuters
  • A number of workers were carrying out repairs when the Dali hit the bridge. Bloomberg
    A number of workers were carrying out repairs when the Dali hit the bridge. Bloomberg
  • The bridge collapsed on top of the vessel. EPA
    The bridge collapsed on top of the vessel. EPA
  • A large lorry was crossing the bridge when it collapsed, fire department officials said. Reuters
    A large lorry was crossing the bridge when it collapsed, fire department officials said. Reuters
  • The Francis Scott Key Bridge was the world's third-longest continuous truss bridge. Getty Images
    The Francis Scott Key Bridge was the world's third-longest continuous truss bridge. Getty Images

The effects on the traffic-heavy industrial city, north of the nation's capital, is also worrying.

“It's a huge impact … travelling is going to be like hours long," Ms James said.

"What normally would take someone a half hour across the bridge is now going to take an hour and a half."

But the Key Bridge, as its called by locals, also held significant meaning for the “Charm City”.

Scholars believe the bridge passed within about 90 metres of the site where Francis Scott Key saw the bombardment of Fort McHenry in 1814 – the battle that inspired him to write the lyrics to The Star-Spangled Banner, the US national anthem.

“The Key Bridge was just a part of my daily skyline,” Carrie Johnson, a resident of the Stoney Beach neighbourhood that overlooks the Patapsko River, told The National from outside her home.

"It wasn't unusual to be out here on our boardwalk on a weekend or a sunny spring or summer day and count the cargo ships going by and watch the cruise ships leaving.”

But on Tuesday morning, memories of those sunny scenes collapsed along with the bridge.

“All you could see was the typical outline that you're used to seeing of the bridge gone, and replaced with the haze of red and blue lights from all of the rescue efforts.”

Mr White said that for many in Baltimore's lower-income and working-class neighbourhoods, the collapse has shown that “you can't catch a break in Baltimore".

“People have been working over there in buildings and warehouses, in the ports for so long … They're raising families off taking that one route," he said.

“Pray for our city. Violence is all over the place, there's corruption … and now we lose our one bridge to help feed this city."

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A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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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Tributes from the UAE's personal finance community

• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style

“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.

Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term. 

From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”

• Sam Instone, director of financial advisory firm AES International

"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed.  Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."

• Demos Kyprianou, a board member of SimplyFI.org

"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."

• Steve Cronin, founder of DeadSimpleSaving.com

"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.

His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.

Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."

• Zach Holz, who blogs about financial independence at The Happiest Teacher

"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen.  He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”

• Tuan Phan, a board member of SimplyFI.org

"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."

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Updated: March 28, 2024, 11:58 AM