Rescuers assist an injured woman after an eight-storey building housing several garment factories collapses in Savar, near Dhaka.
Rescuers assist an injured woman after an eight-storey building housing several garment factories collapses in Savar, near Dhaka.

Bangladesh clothes factory collapse kills 124



SAVAR, BANGLADESH // An eight-storey building housing several clothes factories collapsed in a suburb of the Bangladeshi capital, Dhaka, yesterday, killing at least 124 people and trapping many more.
Less than five months after a factory fire killed 112 people, the disaster again underscored the unsafe conditions in Bangladesh's garment industry.
Workers said they had hesitated to go to work yesterday because the building had developed such severe cracks the previous day that it had been reported on local news channels.
Abdur Rahim, who worked on the fifth floor, said a factory manager had assured them there was no problem, so they went inside.
"We started working. After about an hour or so, the building collapsed suddenly," he said. He lost consciousness and next remembers waking up outside the rubble.
Rescuers tried to dig through the debris with earthmovers, drilling machines and their bare hands.
Muhiuddin Khan Alamgir, the home minister, said during a visit to the site that the building had violated construction codes and "the culprits would be punished".
Among the businesses in the building were Phantom Apparels, New Wave Style, New Wave Bottoms and New Wave Brothers, which make clothing for western brands including Benetton, The Children's Place and Dress Barn. Workers said they did not know what specific brands were being produced in the building because the labels are attached after the products are completed.
Sumi, a 25-year-old worker who goes by one name, said she had been sewing jeans on the fifth floor with at least 400 other workers when the building fell.
"It collapsed all of a sudden," she said. "No shaking, no indication. It just collapsed on us."
She said she managed to reach a hole in the building through which rescuers pulled her out.
Reports suggested the death toll was likely to rise.
"We sent two people inside the building and we could rescue at least 20 people alive," said Mohammad Humayun, a supervisor at one of the garment factories. "They also told us that at least 100 to 150 people are injured and about 50 dead people are still trapped inside this floor."
Tens of thousands of people quickly gathered at the site. Some of them were weeping survivors, some were searching for friends and relatives. Firefighters and soldiers using drilling machines and cranes helped local volunteers in the search for survivors.
An enormous section of the concrete structure appeared to have broken apart. Colourful sheets of fabric were tied to upper floors of the wreckage so that those inside could climb or slide down and escape.
An arm jutted out of one section of the rubble. The lifeless body of a woman covered in dust could be seen in another. A firefighter carried the body of what appeared to be a teenager from the scene.
Mr Rahim said his mother and father, who worked with him in the factory, were still trapped.
"I have no idea what is going on," he said.
Mosammat Khurshida wailed as she looked for her husband. "He came to work in the morning. I can't find him," she said. "I don't know where he is. He does not pick up his phone."
The building, in the Dhaka suburb of Savar, also housed a bank and shops.
Zahidur Rahman, the director of public relations at Enam Medical College and Hospital, said that by last night 87 people had been confirmed dead.
Brig Gen Mohammed Siddiqul Alam Shikder said 600 people had been rescued.
The fire in November at the Tazreen garment factory drew international attention to poor working conditions in Bangladesh's textile industry.
The country has about 4,000 garment factories and exports clothes to leading western retailers. The industry wields vast power in the nation.
Tazreen lacked emergency exits and its owner said only three floors of the eight-story building had been legally built.
Survivors said exit gates had been locked and managers had told them to go back to work after the fire alarm went off.
Clothes with Disney, Wal-Mart and other well-known western labels were found in the ashes at the factory after the fire.

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UAE currency: the story behind the money in your pockets

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.”

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months