Europe's death toll from freezing weather hits 360



WARSAW // The death toll from Europe's cold snap hit at least 360 with nine new victims in Poland, most of them homeless, and five drowned when a Bulgarian dam burst after torrential rain.

The bitter cold has engulfed most of Europe and even crossed the Mediterranean into north Africa, where as many as 16 people were killed on Algeria's snow-slicked roads or in other weather-related accidents.

Rare snow also fell in southern Tunisia for the first time in some 40 years, media reported, with temperatures well below freezing in some areas of the country and villages cut off.

The rain and snowstorms lashing southern Bulgaria collapsed the dam early yesterday, submerging the small village of Biser under 2.5 metres of water, emergency services said.

"People are in panic," the regional mayor, Mihail Liskov, said on national radio. "Ninety per cent of the village is under water."

Meanwhile, temperatures in Poland plunged to as low as -24°C, bringing another deadly night for the homeless.

In Lithuania, where the mercury has dipped to -31°C, the deaths of 12 more people over the weekend brought the cold snap's toll to 23.

Hungarian authorities have reported at least 12 dead since the onset of the cold.

Italian authorities continued to clear up after a rare snowstorm blanketed Rome over the weekend and crews struggled to restore power to about 60,000 homes across the country, especially in the Tuscan cities of Siena and Arezzo.

Elsewhere across Europe, authorities struggled to clear numerous clogged roads and runways that left tens of thousands of travellers stranded over the weekend.

After cancelling half of its flights on Sunday, operators of London's Heathrow Airport said that normal operation had been almost completely restored.

While parts of Britain were beginning to warm above freezing, other European nations remained in an icy grip.

In the Czech town of Kvilda, near the Czech-German border, the temperature hit -39.4°C, the lowest recorded in the country this winter.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

While you're here
Friday's schedule in Madrid

Men's quarter-finals

Novak Djokivic (1) v Marin Cilic (9) from 2pm UAE time

Roger Federer (4) v Dominic Thiem (5) from 7pm

Stefanos Tsitsipas (8) v Alexander Zverev (3) from 9.30pm

Stan Wawrinka v Rafael Nadal (2) from 11.30pm

Women's semi-finals

Belinda Bencic v Simona Halep (3) from 4.30pm

Sloane Stephens (8) v Kiki Bertens (7) from 10pm

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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.”

The specs

Common to all models unless otherwise stated

Engine: 4-cylinder 2-litre T-GDi

0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)

Power: 276hp

Torque: 392Nm

Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD

Price: TBC

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The specs
Engine: 4.0-litre flat-six
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Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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