A trillion-tonne iceberg, one of the largest ever recorded, has snapped off the West Antarctic ice shelf, scientists who have monitored the growing crack for years said on Wednesday.
"The calving occurred sometime between Monday, July 10 and Wednesday, July 12, when a 5,800-square kilometre section of Larsen C [ice shelf] finally broke away," the Swansea University said in a statement.
The massive ice cube, larger than the US state of Delaware, has a volume twice that of Lake Erie, one of the Great Lakes. It is about 350 metres thick.
"The iceberg weighs more than a trillion tonnes, but it was already floating before it calved away so has no immediate impact on sea level," the team said. It will likely be named A68.
With the calving, the Larsen C ice shelf lost more than 12 per cent of its total surface area.
Icebergs calving from Antarctica are a regular occurrence. But given its enormous size, the latest berg will be closely watched as it travels, for any potential risk to shipping traffic.
The calving may have heightened the risk of the remaining ice shelf disintegrating, the Swansea team said.
Ice shelves float on the sea, extending from the coast, and are fed by slow-flowing glaciers from the land.
They act as giant brakes, preventing glaciers from flowing directly into the ocean.
If the glaciers held in check by Larsen C spilt into the Antarctic Ocean, it would lift the global water mark by about 10 centimetres, researchers have said.
The calving of ice shelves occurs naturally, though global warming is believed to have accelerated the process.
Warmer ocean water erodes the underbelly of the ice shelves, while rising air temperatures weaken them from above.
The nearby Larsen A ice shelf collapsed in 1995, and Larsen B dramatically broke up seven years later.
The final break was detected by a NASA satellite.
"We will continue to monitor both the impact of this calving event on the Larsen C ice shelf and the fate of this huge iceberg," said lead investigator Adrian Luckman of the university's MIDAS project.
The fate of the berg is hard to predict. It may stay in one piece, but could also break into fragments.
"Some of the ice may remain in the area for decades, while parts of the iceberg may drift north into warmer waters," said Mr Luckman.
The team said the calving at the iceberg cannot be directly placed at the door of global warming, describing it as a "natural event".
Human actions have lifted average global air temperatures by about one degree Celsius since pre-industrial levels, according to scientists.
Antarctica is one of the world's fastest-warming regions.
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
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.”
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Villains
Queens of the Stone Age
Matador
UAE currency: the story behind the money in your pockets
Pakistan squad
Sarfraz (c), Zaman, Imam, Masood, Azam, Malik, Asif, Sohail, Shadab, Nawaz, Ashraf, Hasan, Amir, Junaid, Shinwari and Afridi
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MATCH INFO
Manchester City 1 (Gundogan 56')
Shakhtar Donetsk 1 (Solomon 69')
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends