Almost 250 feared dead in ferry disaster



Around 250 people missing after a ferry capsized in heavy seas off Indonesia's Sulawesi island are probably dead, officials conceded today as bad weather hampered the grim search for survivors. Transport Minister Jusman Syafii Djamal said there was little hope any of the missing passengers and crew would be found alive in heavy seas more than 24 hours after the 700-ton ferry sank off western Sulawesi.

"It seems that due to the weather conditions the chance is little, but we still hope," he said. He said 22 survivors had been rescued, including the captain and 17 passengers, but there was no sign of almost 250 other passengers and crew who were on board the Teratai Prima when it listed and sank late Saturday night. "We have intensified the search this morning. Eight patrol boats from provincial search and rescue teams are already in the area and the navy as well as the air force are also involved in today's search," the minister said.

Indonesians generally don't swim and survivors said most passengers were asleep when the ship suddenly lurched to one side and flipped over as it was bashed by waves of up to four meters. The ferry, operated by a private company, was about 50km off Majene, western Sulawesi, when authorities lost contact with it around 10pm on Saturday. It was sailing from Pare-Pare in South Sulawesi to Samarinda in East Kalimantan.

Survivor Yulianus Mangande, 29, said he was awoken by a loud noise and had little time to react before the ferry overturned around 3:30am local time. "I felt that the ferry was listing to the left, then suddenly it turned upside down. I had to swim in the dark in heavy seas until the morning," he said, adding that he was found by fishermen around eight hours later. Rudi Alvian, 17, said he survived by clinging to a bunch of bananas.

"I was below deck. A bunch of bananas belonging to other passengers helped me float until I found a lifeboat," he said. "We were travelling in bad weather from the time we started to sail," he said. Navy spokesman Rear Admiral Iskandar Sitompul said high seas were continuing to hamper the search for survivors. "Two warships and one Nomad patrol aircraft from the navy are off West Sulawesi scouring for survivors. A team of 40 marines with two rubber boats are also involved in the search this morning," he said.

Sulawesi and Borneo islands have been lashed by storms, heavy rains and high winds for days. The tropical wet season has caused flash flooding across much of the country. Ferry transport is crucial in Indonesia, a massive archipelago of some 17,000 islands and 234 million people. The government has repeatedly vowed to improve safety standards but sinkings are common. In December 2006, more than 500 people were killed when a ferry sank in a storm off the coast of Java.

* AFP

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.”

The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
A MINECRAFT MOVIE

Director: Jared Hess

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Rating: 3/5

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

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Black Panther
Vegetarian diet reduces obesity
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Childhood traumas increase risk of mental illnesses

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