People wear protective face masks following an outbreak of the novel coronavirus disease at Lujiazui financial district in Shanghai, China March 19, 2020. Emerging markets are witnessing the “strongest pace” of capital flows on positive news related to the Covid-19 vaccine development. REUTERS
People wear protective face masks following an outbreak of the novel coronavirus disease at Lujiazui financial district in Shanghai, China March 19, 2020. Emerging markets are witnessing the “strongest pace” of capital flows on positive news related to the Covid-19 vaccine development. REUTERS
People wear protective face masks following an outbreak of the novel coronavirus disease at Lujiazui financial district in Shanghai, China March 19, 2020. Emerging markets are witnessing the “strongest pace” of capital flows on positive news related to the Covid-19 vaccine development. REUTERS
People wear protective face masks following an outbreak of the novel coronavirus disease at Lujiazui financial district in Shanghai, China March 19, 2020. Emerging markets are witnessing the “stronges

IIF: Vaccine news spurs strong growth in capital flows to emerging markets


Fareed Rahman
  • English
  • Arabic

Emerging markets are witnessing the "strongest pace" of capital flows on positive news related to the development of a Covid-19 vaccine, according to the latest report from the Institute of International Finance.

“We see positive news on Covid-19 vaccines as the modern-day equivalent of the 2009 China stimulus, allowing the world to return to the status quo before the virus ... delivering a powerful boost to global demand,” the IIF said.

The institute said the pace of non-resident portfolio flows to emerging markets was at its quickest in many years.

It said the fourth quarter had recorded the strongest growth in capital flows since the first three months of 2012, after factoring in robust offshore bond issuance.

Global pharmaceutical companies such as Pfizer, Moderna and AstraZeneca have achieved major breakthroughs in recent weeks in the development of a vaccine for the treatment of the virus.

Vaccines being tested by Pfizer and Moderna have proved to be more than 90 per cent effective.

Earlier this year, at the height of Covid-19 outbreak, the Washington institute recorded large capital outflows from emerging markets.

Non-resident portfolio flows were tepid in the months that followed.

However, recent developments on the vaccine front have triggered the interest of investors in assets in emerging economies.

“The exodus of capital from emerging markets is now firmly in the rear-view mirror and robust inflows look set to continue.”

The IIF also said flows to emerging markets outside of China were at their strongest since the second quarter of 2014.

The coronavirus pandemic has tipped the global economy into its worst recession since the 1930s.

The International Monetary Fund expects global output to shrink 4.4 per cent this year and recover only modestly in 2021.

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

2025 Fifa Club World Cup groups

Group A: Palmeiras, Porto, Al Ahly, Inter Miami.

Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.

Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.

Group D: Flamengo, ES Tunis, Chelsea, Leon.

Group E: River Plate, Urawa, Monterrey, Inter Milan.

Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.

Group G: Manchester City, Wydad, Al Ain, Juventus.

Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.

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Bio

Born in Dibba, Sharjah in 1972.
He is the eldest among 11 brothers and sisters.
He was educated in Sharjah schools and is a graduate of UAE University in Al Ain.
He has written poetry for 30 years and has had work published in local newspapers.
He likes all kinds of adventure movies that relate to his work.
His dream is a safe and preserved environment for all humankind. 
His favourite book is The Quran, and 'Maze of Innovation and Creativity', written by his brother.

UAE currency: the story behind the money in your pockets
Drishyam 2

Directed by: Jeethu Joseph

Starring: Mohanlal, Meena, Ansiba, Murali Gopy

Rating: 4 stars

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
MATCH INFO

Europa League final

Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports

 

 

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