Shirley Stamps, 58, is surrounded by her grandchildren as she sits on her bed and sorts through her belongings in the wreckage of her home after thunderstorms spawning high straight-line winds and tornadoes ripped across the state in Rolling Fork, Mississippi, U. S. , March 25, 2023. REUTERS / Cheney Orr
Shirley Stamps, 58, is surrounded by her grandchildren as she sits on her bed and sorts through her belongings in the wreckage of her home after thunderstorms spawning high straight-line winds and tornadoes ripped across the state in Rolling Fork, Mississippi, U. S. , March 25, 2023. REUTERS / Cheney Orr
Shirley Stamps, 58, is surrounded by her grandchildren as she sits on her bed and sorts through her belongings in the wreckage of her home after thunderstorms spawning high straight-line winds and tornadoes ripped across the state in Rolling Fork, Mississippi, U. S. , March 25, 2023. REUTERS / Cheney Orr
Shirley Stamps, 58, is surrounded by her grandchildren as she sits on her bed and sorts through her belongings in the wreckage of her home after thunderstorms spawning high straight-line winds and tor

Deadly tornadoes rip through Mississippi leaving at least 25 dead


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At least 25 people were killed and dozens injured as tornadoes and strong thunderstorms swept across Mississippi late on Friday, leaving a trail of damage more than 160 kilometres long.

The National Weather Service said a tornado caused damage for nearly 100 kilometres north-east of Jackson, sweeping through the rural towns of Silver City and Rolling Fork at 113 kph without weakening and racing towards Alabama.

“How anybody survived is unknown by me," Mississippi resident Rodney Porter told the AP.

As the storm hit Friday night, he immediately drove over 30 kilometres towards the devastation to render aid. Upon his arrival he found “total devastation” and said he smelled natural gas and heard people screaming for help in the dark.

“Houses are gone, houses stacked on top of houses with vehicles on top of that,” he said.

Photographs of the destruction showed entire buildings left in rubble and cars turned over on their sides as people climbed through the debris in darkness.

President Biden called the images from Mississippi "heartbreaking".

"We will do everything we can to help. We will be there as long as it takes," he said in a statement.

The Mississippi Emergency Management Agency said there were 25 confirmed deaths by Saturday afternoon.

The agency said four people were missing as search and rescue teams combed through the destruction looking for survivors in Silver City.

KeUntey Ousley tries to salvage what he can from a car. USA Today Network . Reuters
KeUntey Ousley tries to salvage what he can from a car. USA Today Network . Reuters

Search and rescue teams were also out in Rolling Fork, which bore the brunt of the tornado, CNN reported.

"My city is gone," Rolling Fork Mayor Eldridge Walker told CNN. "Devastation — as I look from left to right, that's all I see.

"A lot of families are hurting. This community is in a situation that we never expected.

"Houses that are torn up can be replaced but we can't replace a life."

The National Weather Service received at least 24 reports of tornadoes overnight from storm chasers and observers.

The agency had issued an alert urging people to take cover before the bad weather struck.

“You are in a life-threatening situation,” it warned. "Flying debris may be deadly to those caught without shelter. Mobile homes will be destroyed. Considerable damage to homes, businesses, and vehicles is likely and complete destruction is possible."

Meanwhile, US President Joe Biden on Sunday approved an emergency declaration for the state, ordering supplemental federal aid for state, tribal and local recovery efforts in the affected areas, a White House statement said.

The funding will provide grants for temporary housing, home repairs and low-cost loans to cover uninsured property losses, read the statement.

Mississippi Governor Tate Reeves assured residents in a Twitter post on Saturday that federal help was on the way.

"I just spoke with President Biden about the deadly tornados we faced overnight. He assured us FEMA would be there to support our response. The flood of support from governors, businesses, charities, and federal admin has been tremendous — matches the community here on the ground," his post read.

Pope Francis offered a special prayer for the people of Mississippi “hit by a devastating tornado” during his weekly noon blessing overlooking St Peter’s Square in Vatican City on Sunday.

At least two people died in Missouri as severe weather hit other areas of the southern US. A suspected tornado touched down early on Friday in Texas, damaging homes and downing trees and power lines.

Some parts of southern Missouri received nearly 8 centimetres of rain between Thursday night and Friday morning. A car carrying six young adults was swept away and two passengers drowned as it tried to cross a bridge over a flooded stream in the town of Grovespring.

The National Oceanic and Atmospheric Administration’s Storm Prediction Centre said Arkansas, Louisiana, Mississippi and Tennessee faced the greatest threat of tornadoes. Storms with damaging winds and hail were forecast from eastern Texas and south-eastern Oklahoma into parts of south-eastern Missouri and southern Illinois.

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

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Brief scores:

Toss: India, opted to field

Australia 158-4 (17 ov)

Maxwell 46, Lynn 37; Kuldeep 2-24

India 169-7 (17 ov)

Dhawan 76, Karthik 30; Zampa 2-22

Result: Australia won by 4 runs by D/L method

UAE currency: the story behind the money in your pockets
Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

• Bloomberg

Company Profile

Company name: Yeepeey

Started: Soft launch in November, 2020

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani

Based: Dubai

Industry: E-grocery

Initial investment: $150,000

Future plan: Raise $1.5m and enter Saudi Arabia next year

Updated: March 26, 2023, 5:38 PM`