In Bangladesh, Covid-19 vaccination drive launched in one of world's largest brothels

 Daulatdia, a vast warren of alleyways and shacks the size of a small village, is the largest brothel in Bangladesh and possibly the world. Here, close to 2,000 women live and work, servicing around 3,000 clients every day. Now, the brothel's sex workers are among the first in Bangladesh to be offered a vaccine against Covid-19 and community leaders have launched a campaign to try to convince as many women as possible to get the jab.

AMELIORATING CAPITALI$M

ESG CHANNEL

The SEC Has Created a Climate and ESG Enforcement Task Force

MAX CHEN MARCH 10, 2021

The Securities and Exchange Commission will be proactively taking steps to identify environmental, social, and governance-related misconduct. The agency is creating a Climate and ESG Task Force in its Division of Enforcement.

According to the SEC, the task force will be led by Kelly L. Gibson, the Acting Deputy Director of Enforcement, who will oversee a Division-wide effort, with 22 members drawn from the SEC’s headquarters, regional offices, and Enforcement specialized units.

“Climate risks and sustainability are critical issues for the investing public and our capital markets,” Acting Chair Allison Herren Lee said in a note. “The task force announced today will play an important role in enhancing and coordinating the efforts of the Division of Enforcement, the Office of the Whistleblower, and other parts of the agency to bolster the efforts of the Commission as a whole on these vital matters.”

In response to the increased investor focus on climate and ESG-related disclosures and investments, the Climate and ESG Task Force will be taking steps to identify ESG-related misconduct to protect investors and identify potential violations.

The task force’s initial focus will be on identifying material gaps or misstatements in issuers’ disclosure of climate risks under existing rules. The task force will also analyze disclosure and compliance issues relating to investment advisors’ and funds’ ESG strategies, according to the SEC.

“Proactively addressing emerging disclosure gaps that threaten investors and the market has always been core to the SEC’s mission,” Acting Deputy Director of Enforcement Kelly L. Gibson, who will lead the task force, said in a note. “This task force brings together a broad array of experience and expertise, which will allow us to better police the market, pursue misconduct, and protect investors.”

The announcement of the Task Force is another signal of the SEC’s future intention to provide further scrutiny on topics relating to ESG and climate change, as President Joe Biden pushes for a shift in the national agenda. For now, SEC disclosure obligations remain within line of current regulations and do not introduce new line-item disclosure requirements. However, the SEC has showed signs that it will focus more on climate-specific attention than it has historically, especially under the previous administration

By Jane Street

ESG-conscious investing continues to drive headlines, and the data shows that market activity in ESG-related ETFs is increasing. Like most ETFs early in their life-cycle, trading volume for ESG ETFs currently skews “dark” with a high percentage of volume resulting in creations. As they mature, we would expect on-exchange volume to pick up particularly for the products that continue to attract assets.

Source: Bloomberg, as of 02/28/2021. ETFs include those categorized as either ESG, socially responsible, environmentally friendly, clean energy, or climate change.

ESG OTC and Primary Market Activity Similar to ETFs of Comparable Size and Maturity

When compared to overall ETF volumes, a significantly higher portion of ESG ETF trading occurs OTC. This is likely due to the category of ESG and sustainable ETFs being less established. Slightly more than half of today’s ESG ETFs were launched after 2017 and their median fund size is currently just $111 million. Activity in ESG ETFs mirrors what we see in other new or comparatively low AUM ETFs, where medium-to-large orders that are smaller than the creation unit size can be difficult to work in the market. This is because market makers may only carry a limited number of shares until two-sided flows become more regular. In contrast, market makers can work with issuer capital market desks as well as the end institution to meet demand efficiently OTC.

Source: Bloomberg, FINRA, as of 12/31/2020. Chart displays percent of 2020 notional volume executed on-and-off-exchange for the respective groupings of US listed ETFs.

Across the entire US ETF industry, approximately 20% of ETF volume results in primary market activity. Conversely, in our ~3-year sample about 51% of ESG ETF volume resulted in primary market activity. This higher-than-average rate may be a result of ESG ETFs flow’s tendency to be “one-sided.” When natural two-way volume (as displayed) is limited, larger trades are almost always going to result in a creation. This makes sense given most of these strategies started the period with minimal assets and have seen investor demand that can only be met through ETF creations. We’d expect this proportion to decrease overtime as funds gain scale and initial investors’ positions mature leading to more natural buying and selling between ETF investors.

Source: Bloomberg, as of 02/28/2021

ESG ETFs Tend to Share Characteristics with Other Buy-and-Hold ETFs

While some ETFs tend to show higher on-screen volumes due in part to institutional investors using them for tactical allocation decisions, other ETFs tend to be utilized for more strategic allocations. Given the assumed long-term nature of ESG investors it is not surprising that ESG ETFs tend to exhibit lower share turnover. In the charts below we highlight examples of ETFs that provide exposure to the same general market segment.

We selected high ADV ETFs (SPY US and EEM US), a lower expense ratio alternative from the same issuer (SPLG US and IEMG), and the largest ESG ETF in the respective category (ESGU and ESGE US). We see the ESG and lower expense ratio ETFs exhibit consistently lower share turnover despite both funds experiencing meaningful asset growth over the past few years. This is likely due to investors in these funds having a longer-term time horizon which allows them to place less emphasis on ADV since they are less likely to trade in and out of the product frequently.

Source: Bloomberg, as of 02/28/2021

To meet the growing investor demand for ESG products, many Issuers have released ESG equivalents of traditional exposures. For example, SPDR’s EFIV US, which launched in 2020, is an ESG equivalent of SPY US. Given the limited trading history of many ESG ETFs, below we look at the short-term correlations of traditional and ESG-equivalent equity indices. From a market maker’s perspective we are often able to trade ESG products in a similar manner to their non-ESG equivalents because managing market risk can be analogous. A market maker’s natural trading in the other non-ESG ETFs can be used to offset risk. Additionally, the high short-term correlation between ESG and traditional indexes allows market makers to use traditional hedging instruments such as futures and options on major indexes to manage any short-term market risk. It is worth noting that ESG-specific derivatives are also becoming increasingly common. Increased volumes in ESG ETFs and ESG derivatives should result in a positive feedback loop that allows liquidity to continue to build over time.

Source: Bloomberg, as of 02/28/2021


New and Notable from the Desk

Recent data from Rosenblatt Securities shows that closing auction market share for US-listed securities dropped to 4.1% in February, the lowest since August 2015. Closing auction market share reached a high of 11.6% in December 2019 before Covid-19-related volatility and the subsequent surge in retail investor participation bolstered volumes in the continuous session.


Source: Rosenblatt Securities, as of 02/28/2021
ETF Trading Highlights

On/Off-Exchange Trading Volume



Source: FINRA and Bloomberg data for the two weeks ending January 29, 2021. Data on exchange-traded managed funds (ETMFs) are not captured. The Bloomberg data do not include some NAV trades.

Net Market Flow by Asset Class ($M, 10 Days vs 20 Days)


Source: Bloomberg as of February 26, 2021. Data on exchange-traded managed funds (ETMFs) are not captured. The data do not include some NAV trades.


Source: Bloomberg for the 10 days ending February 26, 2021. Data on exchange-traded managed funds (ETMFs) are not captured.

© 2021 Jane Street Group, LLC. All rights reserved. Issued in the United States by Jane Street Execution Services, LLC (JSES), a U.S. registered broker-dealer and member of FINRA (https://clicktime.symantec.com/3Hy6KLqmyE4orNu6XS9UReT7Vc?u=www.finra.org) and SIPC (https://clicktime.symantec.com/3GpT9fYRhCEYKsRxbhYmP3y7Vc?u=www.SIPC.com), in Europe by Jane Street Financial Limited (JSF), an investment firm authorized and regulated by the UK Financial Conduct Authority and Jane Street Netherlands B.V. (JSN), an investment firm authorized and regulated by the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten), and in Hong Kong by Jane Street Hong Kong Limited, a licensed company under the Hong Kong Securities and Futures Commission (CE No. BAL548). This material is provided for informational purposes only and is not for distribution to retail clients or where prohibited by applicable law or regulation. This material does not constitute an offer or solicitation for the purchase or sale of any security or other financial instrument. This material has been prepared by sales and trading personnel in connection with the marketing activities of JSES, JSF, JSN and JSHK and is not intended to be a research report. This material does not contain sufficient information upon which to base an investment decision. None of the information provided herein constitutes accounting, tax, or legal advice. For recipients based in Europe, please read JSF’s Data Privacy Policy and JSN’s Data Privacy Policy.

UK

Cross-party MPs say there is ‘no clear evidence’ £22 BILLION Test and Trace scheme contributed to reducing coronavirus infection levels citing third lockdown

• Cross-party group of MPs decried the 'unimaginable' costs of Test and Trace
• They said It has not proven its worth as there is little evidence of effectiveness
• The MPs said ministers had justified the vast expenditure on preventing a second national lockdown, but noted England is currently living under its third
• They also urged the scheme led by Tory peer Dido Harding to 'wean itself off' reliance consultants and temporary staff, with some receiving £6,624 per day

By CHRIS JEWERS FOR MAILONLINE and WIRES

PUBLISHED: 19, March 2021 

There is 'no clear evidence' Britain's £22 billion Test and Trace scheme contributed to a reduction in coronavirus infection levels, a cross-party group of MPs have said.

On Wednesday, the British parliament's Public Accounts Committee decried the 'unimaginable' costs of the programme, saying the system has not yet proven its worth as there is little evidence of its overall effectiveness.

Meg Hillier, Labour party lawmaker and the chair of the Commons Public Accounts Committee (PAC) behind a critical report, urged the Government to justify the 'staggering investment of taxpayers' money'.

The MPs said ministers had justified the vast expenditure on preventing a second national lockdown, but noted England is currently living under its third in questioning the programme's effectiveness.

They also urged the scheme led by Tory peer Dido Harding to 'wean itself off' reliance on thousands of 'expensive' consultants and temporary staff, with some receiving £6,624 per day. 

There is 'no clear evidence' Britain's £22 billion Test and Trace scheme contributed to a reduction in coronavirus infection levels, a cross-party group of MPs have said. Pictured: Dido Harding, chair of the National Institute for Health Protection and head of the NHS Test and Trace system and Health Secretary Matt Hancock leave 10 Downing Street

'Despite the unimaginable resources thrown at this project Test and Trace cannot point to a measurable difference to the progress of the pandemic,' Hillier said.

'The promise on which this huge expense was justified - avoiding another lockdown - has been broken, twice.'

Prime Minister Boris Johnson last year promised a world beating test and trace system as part of the route out of the pandemic, though attention has now shifted to the rollout of vaccines.hares

He has laid out plans for a cautious but irreversible route out of the third national lockdown which began on January 5, based on an aim to give everyone a first dose of a COVID-19 vaccine by the end of July, as well as more regular testing.

Last year scientific advisers said Test and Trace was not significantly reducing the spread of the coronavirus. England then entered a second lockdown in the autumn.

Asked about the current impact of the system, Chief Scientific Adviser Patrick Vallance on Tuesday said the testing system was now good, and while the test and trace programme worked less well when infection levels were high, the system would take on renewed importance in the coming months.

Meg Hillier (pictured right speaking in the House of Commons) Labour party lawmaker and the chair of the Commons Public Accounts Committee (PAC) behind a critical report, urged the Government to justify the 'staggering investment of taxpayers' money' on Test and Trace

The PAC said the programme does publish a significant amount of weekly data, including some that shows full compliance with the self-isolation rules relied upon by the scheme can be low.

But it criticised the data for failing to show the speed of the process from 'cough to contact' and therefore not allowing the public to judge the 'overall effectiveness of the programme'.

The MPs also criticised the scheme for struggling to consistently match supply and demand for the service, and therefore 'resulting in either sub-standard performance or surplus capacity'.

And they said it remained 'overly reliant' on contractors and temporary staff after having to initially act quickly to scale up the service rapidly.

The report said the scheme admitted in February that it still employs around 2,500 consultants, at an estimated daily rate of around £1,100, with the best paid consultancy staff on £6,624.

'It is concerning that the DHSC (Department of Health and Social Care) is still paying such amounts - which it considers to be 'very competitive rates' to so many consultants,' the report said.

Baroness Dido Harding says most of funding is spent on testing

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Prime Minister Boris Johnson last year promised a world beating test and trace system as part of the route out of the pandemic, though attention has now shifted to the rollout of vaccines. Pictured: Johnson during a media briefing in Downing Street on Monday, March 8

general view of the entrance to the lateral flow testing centre February 22, 2021. The MPs said ministers had justified the vast expenditure on preventing a second national lockdown, but noted England is currently living under its third in questioning the programme's effectiveness

After England's chief medical officer Professor Chris Whitty warned of another 'surge' in the virus later in the year, the PAC called for ministers to set out how the scheme will 'cost-effectively maintain a degree of readiness'.

Chancellor Rishi Sunak's Budget last week included an additional £15 billion for Test and Trace, taking the total bill to more than £37 billion over two years.

Labour's shadow chancellor of the Duchy of Lancaster Rachel Reeves said the report shows the significantly outsourced system has 'failed the British people and led our country into restrictive lockdown after lockdown'.

'It underlines the epic amounts of waste and incompetence, an overreliance on management consultants, taxpayers' cash splashed on crony contracts, all while ministers insist our NHS heroes deserve nothing more than a clap and a pay cut,' she said.

Trades Union Congress general secretary Frances O'Grady said the Government's refusal to increase statutory sick pay had 'massively undermined Test and Trace'.

Pictured: Graphs showing the number of coronavirus infections per day in the UK (top) and number of coronavirus-ralted deaths in the UK (bottom)

Royal College of Nursing general secretary Dame Donna Kinnair said nurses 'will be furious to hear of the millions of pounds being spent on private sector consultants'.

The Government said a further 231 people had died within 28 days of testing positive for the virus as of Tuesday. There were a further 5,766 lab-confirmed cases in the UK.

Data up to March 8 shows that of the 23,773,959 jabs given in the UK so far, 22,592,528 were first doses - a rise of 215,273 on the previous day. 

Climate change drives malaria transmission in Africa, study shows

New research has confirmed the link between climate change and malaria prevalence. File Photo by Kitsadakron_Photography/Shutterstock

March 10 (UPI) -- The brief global warming slowdown measured at the end of last century hastened a decline in malaria transmission across the Ethiopian highlands, according to a new study published Wednesday in the journal Nature Communications.

The findings could help settle the ongoing debate over the influence of climate change on malaria transmission.

Scientists have previously hypothesized that cooler temperatures across the highlands of East Africa have helped limit the abundance of malaria-carrying mosquitoes, yielding only periodic and seasonal disease outbreaks.

"We see that malaria epidemiology in these areas is strongly under climate control at all scales -- months, years and even decades -- which settles once and for all the debate on whether climate change is affecting or not the dynamics of malaria in Africa," first author Xavier Rodó, bead of the climate and health program at the Barcelona Institute for Global Health, said in a news release.

RELATED Asian tiger mosquito presents limited risk for Zika virus outbreaks

The slowdown in global warming, observed between 1998 and 2005, offered scientists a chance to test this hypothesis.

Scientists analyzed changes in the number of malaria infections -- caused by both P. falciparum and P. vivax parasites -- recorded in the Ethiopian region of Oromia between 1968 and 2005. Oromia is a densely populate region of the Ethiopian Highlands located between 1,600 and 2,500 meters above sea level.

Using sophisticated statistical models, researchers teased out the relationship between malaria incidence and both regional climate conditions, local temperatures and precipitation, and global climate patterns, such as El Niño and the Pacific Decadal Oscillation on the Pacific Ocean.

RELATED Genetic mutations that cause malaria drug resistance common in Asia, Africa

The analysis showed infection rates are strongly correlated with local temperature changes.

The data confirmed malaria cases begin declining shortly after the warming slowdown measured at the end of last century, before authorities redoubled malaria control measures.

The warming slowdown and decline in malaria cases across Oromia coincided with El Niño and the Pacific Decadal Oscillation, highlighting the links between global and regional climate trends -- and their effects on disease vectors.

RELATED Self-deleting genes to be tested as part of mosquito population control concept

"The coupling between disease dynamics and climate conditions is so strong that it is evident at multiple temporal scales, from seasonality to multi-annual cycles to decadal trends," said co-author Mercedes Pascual, researcher at the University of Chicago.

"Malaria incidence not only tracked changes in temperature, which we had demonstrated before, but also in the decrease at the turn of the century, the focus of this work," said Pascual.

Researchers suggest public health officials and policy makers must account for the influence of climate change when preparing for outbreaks and planning disease mitigation efforts.

RELATED Warming climate to shift threat of West Nile virus in the U.S.

Previous studies have shown that the effects of climate on mosquito-borne diseases are unlikely to be uniform.

In different parts of the world, arming trends are expected to benefit certain mosquito species while inhibiting others. But while nuance is expected, researchers predict that warming, on the whole, will accelerate the transmission rates of a number of debilitating diseases, including yellow fever, Zika, chikungunya and dengue feve

WOMAN Brazilian adventurer traverses lava lake for Guinness record

March 8 (UPI) -- A Brazilian adventurer broke a Guinness World Record by using a rope to traverse a distance of 329 feet, 11.76 inches over the volcanic lava lake Erta Ale in Ethiopia.

Karina Oliani, a medical doctor and adventurer whose previous accomplishments include becoming the first Brazilian woman to climb the mountain K2, was suspended in a protective suit over the lava lake in Afar and climbed across the rope while the lava boiled below at a temperature of 2,168 degrees.

"Since I was a very little kid, I was always fascinated by nature and big challenges. And I thought, what could be a bigger challenge than traversing the largest lava lake on Earth?" Oliani said.

Oliani was awarded the Guinness World Record for the world's longest tyrolean traverse over a lava lake. The record was announced Monday to coincide with International Women's Day.

"I hope that all the things I have accomplished in my life today can empower girls and women from all over the world to go after their dreams. I hope by watching me they go: 'if this girl was able to do that, I can also do whatever I put my mind to!' If they want to be president, climb a mountain, Traverse a volcano, or something else that has never been done before -- they can and should do it," Oliani said. Women's Day.

"I hope that all the things I have accomplished in my life today can empower girls and women from all over the world to go after their dreams. I hope by watching me they go: 'if this girl was able to do that, I can also do whatever I put my mind to!' If they want to be president, climb a mountain, Traverse a volcano, or something else that has never been done before -- they can and should do it," Oliani said.

Study: Fossil fuel pollution behind almost 

1 in 5 total deaths worldwide


Emissions from a coal-powered plant and industrial facility are seen in Datong, Shanxi Province, China, on December 12, 2018. File Photo by Stephen Shaver/UPI | License Photo


Feb. 9 (UPI) -- Air pollution created by fossil fuels was responsible for almost 9 million deaths in 2018 -- nearly twice as many as previously thought, according to a new study from Harvard University and other institutions published Tuesday.

The research from Harvard scientists and those at Britain's University of Birmingham, University of Leicester and University College London shows that more than 8.7 million deaths in 2018 were attributed to the pollution.

The study found that regions with the highest concentrations of fossil fuel-related air pollution, southeast Asia (30%), Europe (17%) and eastern North America (13%), had the highest mortality rates.

According to the study, almost one out of every five deaths (18%) that occurred in 2018 were attributable to the burning of fossil fuels like oil, coal and natural gas.

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Researchers called the pollution a "key contributor to the global burden of mortality and disease."

The study shows more than twice as many fossil-fuel related deaths than were previously reported in The Lancet in 2019, which then put the death toll at 4.2 million.

"We were initially very hesitant when we obtained the results because they are astounding, but we are discovering more and more about the impact of this pollution," study co-author Eloise Marais said in a report by The Guardian Tuesday.

RELATED EPA nominee Michael Regan pledges to focus on environmental justice

"It's pervasive. The more we look for impacts, the more we find."

Researchers used new mapping methods to correlate the presence of tiny particulate matter emitted from power plants, vehicles and other fossil fuel sources. The particles become lodged in the lungs and have been linked to respiratory disease and other ailments, including more severe COVID-19.

Other studies have shown that eliminating fossil fuels would add a year to human life expectancy and reduce health-related economic costs by about $3 trillion per year.

RELATED Court orders Shell to pay Nigeria farmers for oil pollution

"We don't appreciate that air pollution is an invisible killer," said Dr. Neelu Tummala, a physician at George Washington University School of Medicine and Health Sciences.

"The air we breathe impacts everyone's health but particularly children, older individuals, those on low incomes and people of color. Usually people in urban areas have the worst impacts."

Researchers used a global 3-D model to map known emission sources and compare mortality rates. The study used data from 2012, and compared it with data in 2018, when China had said it would cut fossil fuel emissions in half.

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The study said Beijing's move to reduce emissions saved more than 2 million lives worldwide, mostly in mainland China.

"Our study adds to the mounting evidence that air pollution from ongoing dependence on fossil fuels is detrimental to global health," Marais added.

"We can't in good conscience continue to rely on fossil fuels, when we know that there are such severe effects on health and viable, cleaner alternatives.

The study was also published in the journal Environmental Research.

Carbon emission decreases must grow tenfold to avoid climate disaster


Researchers say that while many countries have reduced the pace of their carbon emissions -- including China, pictured -- pledges made in recent years must be linked to clearer, effective actions. File Photo by Stephen Shaver/UPI | License Photo


March 3 (UPI) -- Across the globe, many of the world's biggest economies are slowly reducing their carbon footprints. Unfortunately, many developing economies are emitting more carbon today than they were five years ago.

Current rates of greenhouse gas emissions reductions won't be enough to limit global warming to less than 2 degrees Celsius.


According to a new study, published Wednesday in the journal Nature Climate Change, countries will need to boost their emissions reductions tenfold to meet the Paris Agreement's prescription for avoiding climate disaster.

Since the Paris Agreement was first drafted in 2015, 64 nations have successfully reduced their carbon emissions -- but only at a rate of 0.16 billion tons of CO2 per year.

RELATED Scientists explore how to recalculate the social cost of carbon

To limit catastrophic levels of warming, climate scientists estimate annual reductions of between 1 and 2 billion tons are necessary.

"Countries' efforts to cut CO2 emissions since the Paris Agreement are starting to pay off, but actions are not large-scale enough yet and emissions are still increasing in way too many countries," lead study author Corinne Le Quéré, professor of environmental sciences at the University of East Anglia in Britain, said in a news release.

The latest accounting effort -- part of the Global Carbon Project, an effort to track emissions reductions progress -- showed lockdowns and other policies intended to slow the COVID-19 pandemic led to a 7% reduction in CO2 emissions in 2020, compared to 2019 emissions.

RELATED More aggressive emissions reductions required to meet global temperature goals

But the authors of the new study said the reductions measured in 2020 are unlikely to last, especially as the pandemic wanes and economies around the globe begin to rebound.

"The drop in CO2 emissions from responses to COVID-19 highlights the scale of actions and of international adherence needed to tackle climate change," Le Quéré said. "Now we need large-scale actions that are good for human health and good for the planet. It is in everyone's best interests to build back better to speed the urgent transition to clean energy."

Researchers found that among the 36 wealthiest countries -- nations with the highest average income -- 25 emitted less CO2 between 2016 and 2019 than they did between 2011 and 2015.

Nearly a third of the 99 upper-middle income countries reduced their emissions between 2016 and 2019.

Even nations that emitted more carbon during the years following the Paris Agreement, like China, have managed to slow the growth of their carbon footprints. Still, the progress is too slow.

Climate scientists estimate 2 degrees Celsius of warming above preindustrial averages is the threshold where warming and climate instability is likely to trigger catastrophic amounts of intolerable heat, prolonged drought, extreme weather and devastating sea level rise.

To stay below that threshold -- closer to 1.5 degrees of warming -- the world's economies must find ways to reduce their carbon emissions by 1 to 2 billion tons per year.

To do that, the authors of the latest study argue countries must start marrying their actions with their verbal commitments and investing in eco-friendly transportation and green energy production.

"Commitments alone aren't enough," said Le Quéré. "Countries need to align post-COVID incentives with climate targets this decade, based on sound science and credible implementation plans. This pressing timeline is constantly underscored by the rapid unfolding of extreme climate impacts worldwide."

Heavy rains overflow dam, force evacuations in Hawaii

"I've lived here for 30 years and I think this is the first time that I have seen so much rain," Makawao resident Lydia Toccafondi Panzik said, according to NBC News. "I've seen hurricane times. I've seen flooding. But this was really a bad one.

March 9 (UPI) -- Heavy rains brought widespread flooding to Hawaii on Tuesday, with flash flood watches issued across all islands and evacuation orders on Maui.

Maui Mayor Mike Victorino urged some residents to evacuate for fear that the overflowing Kaupakalua Dam near Haiku may break, CNN reported. Others were urged to stay home and shelter in place.

"The current weather situation has created very dangerous flooding situation throughout the county of Maui, especially in east Maui," Victorino said during a news conference.

The National Weather Service has issued a flash flood watch throughout the state until 6 a.m. Wednesday, warning of the potential for significant flooding due to the overflow of streams and drainages, property damage in low-lying areas and landslides as deep moisture was expected to continue throughout the night.
RELATED Study: Global warming could make survival in tropics impossible

"If the Kaupakalua Dam were to fail, a life-threatening flood wave could occur downstream of the dam," the National Weather Service said.

At least half a dozen homes were damaged by flooding, and the Maui Fire Department received more than a dozen calls for help from residents trapped in their homes. The Maui Emergency Management Agency urged residents to report any damage caused by the flooding.

Power outages were reported in the Haiku area, and schools were moved to full distance learning, KHON-TV reported.

RELATED Damages from February winter storms could be as high as $155 billion

Paia Community Center and Hana High School were designated as emergency shelters, according to the Hawaii Emergency Management Agency.

"The state is standing by to support the county of Maui as residents and visitors downstream of the Kaupakulua Dam evacuate at this hour," Gov. David Ige said in a statement. "Please stay out of the area until the danger has passed and continue to monitor local media for updates."

Peahi Bridge in Haiku was destroyed and Kaupakalua Bridge was heavily damaged, NBC News reported.

"I've lived here for 30 years and I think this is the first time that I have seen so much rain," Makawao resident Lydia Toccafondi Panzik said, according to NBC News. "I've seen hurricane times. I've seen flooding. But this was really a bad one."