• The trail of destruction left by a tornado that hit Mayfield, Kentucky. Several tornadoes ripped across several US states late on Friday. Bloomberg
    The trail of destruction left by a tornado that hit Mayfield, Kentucky. Several tornadoes ripped across several US states late on Friday. Bloomberg
  • A damaged Amazon warehouse in Edwardsville, Illinois, a day after tornadoes wreaked havoc in several US states. Reuters
    A damaged Amazon warehouse in Edwardsville, Illinois, a day after tornadoes wreaked havoc in several US states. Reuters
  • National guardsmen block the road leading to a candle factory that was severely damaged by a tornado in Mayfield, Kentucky. Reuters
    National guardsmen block the road leading to a candle factory that was severely damaged by a tornado in Mayfield, Kentucky. Reuters
  • Dozens of people who were in the candle factory are feared dead. Reuters
    Dozens of people who were in the candle factory are feared dead. Reuters
  • Christopher Bowlin, 24, boil eggs and stays warm outside his damaged home in Mayfield, Kentucky, after tornadoes swept through several US. Reuters
    Christopher Bowlin, 24, boil eggs and stays warm outside his damaged home in Mayfield, Kentucky, after tornadoes swept through several US. Reuters
  • The tornadoes killed between 75 and 100 people in Kentucky, with reports of more deaths in Arkansas. Reuters
    The tornadoes killed between 75 and 100 people in Kentucky, with reports of more deaths in Arkansas. Reuters
  • Damaged homes and business in Kentucky. The state's governor has declared a state of emergency. EPA
    Damaged homes and business in Kentucky. The state's governor has declared a state of emergency. EPA
  • Kentucky governor Andy Beshear said the tornado system was the deadliest to ever run through the state. Getty
    Kentucky governor Andy Beshear said the tornado system was the deadliest to ever run through the state. Getty
  • At least six people were killed at the Amazon warehouse in Illinois on Friday after a tornado caused a major part of the building to collapse. AP
    At least six people were killed at the Amazon warehouse in Illinois on Friday after a tornado caused a major part of the building to collapse. AP
  • Emergency workers at the damaged Amazon warehouse. AFP
    Emergency workers at the damaged Amazon warehouse. AFP
  • Illinois officials said 45 people had made it out of the Amazon warehouse before the tornado struck. AFP
    Illinois officials said 45 people had made it out of the Amazon warehouse before the tornado struck. AFP
  • Officials do not know how many people they are looking for in the damaged warehouse as they are unsure of how many were inside when the storm struck. Getty
    Officials do not know how many people they are looking for in the damaged warehouse as they are unsure of how many were inside when the storm struck. Getty
  • Widespread damage occurred in Mayfield, Kentucky. Getty
    Widespread damage occurred in Mayfield, Kentucky. Getty
  • Three people were killed in north-western Tennessee while one person died, five were seriously injured and 20 others were trapped in a nursing home that partly collapsed in north-eastern Arkansas.. Getty
    Three people were killed in north-western Tennessee while one person died, five were seriously injured and 20 others were trapped in a nursing home that partly collapsed in north-eastern Arkansas.. Getty
  • One official described Mayfield, Kentucky, as the 'ground zero' of the tornadoes. Getty
    One official described Mayfield, Kentucky, as the 'ground zero' of the tornadoes. Getty
  • The damage is surveyed in Mayfield, Kentucky. Getty
    The damage is surveyed in Mayfield, Kentucky. Getty
  • Mayfield’s courthouse was damaged during the storm. Getty
    Mayfield’s courthouse was damaged during the storm. Getty
  • Roads in the town were strewn with debris. Getty
    Roads in the town were strewn with debris. Getty
  • Some buildings in Mayfield collapsed. Getty
    Some buildings in Mayfield collapsed. Getty
  • The tornadoes damaged vehicles while a train was derailed by extreme winds in Hopkins County in Kentucky. Getty
    The tornadoes damaged vehicles while a train was derailed by extreme winds in Hopkins County in Kentucky. Getty

Hundred feared dead in Amazon warehouse collapse as tornadoes destroy homes in US


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As many as 100 people are feared dead after severe storms, including tornadoes, tore through the US on Friday and Saturday, destroying houses, factories and a nursing home.

The states of Kentucky, Illinois, Arkansas and Tennessee were badly affected.

Workers were trapped inside an Amazon warehouse in Edwardsville, southern Illinois, after its roof collapsed from storm damage.

Edwardsville police chief Mike Fillback said “at least two” people had died and about 50 were unaccounted for.

He said several people who were in the building were taken by bus to the police station in nearby Pontoon Beach for evaluation.

A wall and part of the roof collapsed, as did the roof above it. At least 100 emergency vehicles went to the scene.

Mr Fillback said rescue crews were sorting through the rubble for survivors and that this process would last several hours. Cranes and mechanical excavators were brought in to move debris.

“Please be patient with us. Our fire personnel are doing everything they can to reunite everyone with their loved ones,” he said on KMOV-TV.

On Friday, Amazon spokesman Richard Rocha wrote: “The safety and well-being of our employees and partners is our top priority right now.

“We’re assessing the situation and will share additional information when it’s available.”

Illinois governor Jay Pritzker tweeted that Illinois State Police and disaster officials were working with officials in Edwardsville and that he was monitoring the situation.

“My prayers are with the people of Edwardsville tonight, and I’ve reached out to the mayor to provide any needed state resources,” he said.

Kentucky has been hit particularly badly, Governor Andy Beshear said on Saturday.

“The death toll from this event will exceed 50 Kentuckians, probably closer to 70 or 100 lost lives. Each of these people are children of God, irreplaceable to their families and to their communities,” he said.

The storms were some of the worst to hit the state in a long time, Mr Beshear said.

President Joe Biden approved an emergency disaster declaration for Kentucky on Saturday and pledged to support the affected states.

“I promise you, whatever is needed — whatever is needed — the federal government is going to find a way to provide it,” Mr Biden said.

At least one death was reported in Missouri.

Dean Flener, spokesman for the Tennessee Emergency Management Agency, said two storm-related deaths had been reported in Lake County, in the state’s northwestern corner.

Another death was reported in neighbouring Obion County, he said. He had earlier reported two deaths in the county.

The National Weather Service office near St Louis reported “radar-confirmed tornadoes” in the Edwardsville area at about the time of the collapse.

Workers at the weather service office took shelter when another torn passed near their office in Weldon Spring, Missouri, about 48 kilometres west of St Louis.

One person died and two others were injured in building collapses near the towns of Defiance and New Melle, each only a few kilometres from the weather service office.

Nursing home devastated

A tornado struck the Monette Manor nursing home in Arkansas on Friday night, killing at least one person and trapping 20 people inside the building when it collapsed, Craighead County judge Marvin Day told The Associated Press.

Within two hours, the building had been evacuated and everyone initially believed to have been inside had been accounted for, he said.

“It looks like it’s pretty much destroyed,” Mr Day said of the building.

“It happens quick but apparently there was a little bit of time with tornado sirens going off.”

Some residents were found in the basement “and were prepared for this,” he said.

Five people had serious injuries, and a few others had minor ones, he said. The nursing home has 86 beds.

Mr Day said another care home, about 32 kilometres away in Truman, was badly damaged but no injuries were reported. The building is unsafe and was evacuated, he said.

One person was flown by helicopter to hospital.

Candle factory destroyed

The storms caused additional damage as they tracked through Tennessee and into Kentucky.

Kentucky Governor Andy Beshear declared a state of emergency on Saturday and said several western counties had been badly damaged.

He said the National Guard had been summoned to respond to the region.

Several buildings collapsed in the southwestern Kentucky community of Mayfield, said Sarah Burgess, a police officer in the town.

She said several people were trapped inside a damaged candle factory in Mayfield and that a shift was under way there when the storm hit.

“The entire building is essentially levelled,” she said.

Although no deaths were immediately reported in the town, coroners were summoned to the community, Ms Burgess said. “We do expect loss of life.”

Photos posted to social media from Mayfield showed uprooted trees, smashed windows and a courthouse steeple sheared.

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.”

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Biography

Favourite Meal: Chicken Caesar salad

Hobbies: Travelling, going to the gym

Inspiration: Father, who was a captain in the UAE army

Favourite read: Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter

Favourite film: The Founder, about the establishment of McDonald's

Updated: December 12, 2021, 9:12 AM