Britain will allow quarantine-free travel for fully vaccinated EU and US passengers from next week. AP
Britain will allow quarantine-free travel for fully vaccinated EU and US passengers from next week. AP
Britain will allow quarantine-free travel for fully vaccinated EU and US passengers from next week. AP
Britain will allow quarantine-free travel for fully vaccinated EU and US passengers from next week. AP

UK amber and green lists set to expand


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UK ministers are "increasingly confident" more countries could be added to the amber and green list as international travel begins to return.

Foreign Secretary Dominic Raab said "the momentum forward is positive" a day after the government announced quarantine requirements for fully vaccinated US and EU travellers would be dropped.

The traffic light system for travel is to be reviewed next week.

"We've done the job we had to do domestically and as we see other countries catch up if you like, I think we are increasingly confident that more countries will go either on amber or on to green," Mr Raab told Sky News.

"We’re confident as we come out of lockdown in this country we’re in a lot stronger position."

However, ministers were told dropping quarantine requirements for vaccinated US and EU travellers posed a “clear public health risk” before the decision was announced, The Times reported.

From Monday, millions of fully vaccinated passengers from the US and EU will be able to enter England without the 10-day quarantine restriction.

Quarantine-free travel only applies to vaccines approved by regulators either in the UK, EU and US.

The move was welcomed by the travel industry, but scientists are concerned about the importation of new virus variants.

After an encouraging streak of declining Covid-19 case numbers, daily infections climbed to 27,734 with 91 deaths on Wednesday.

Mr Raab did not deny that ministers were told quarantine-free travel posed a health risk.

"We don't get homogenised advice ... you get the balance of opinion and then a clear steer based on it, which we then test," he told BBC's Radio 4 Today programme.

"We feel this is a modest opening up of international travel but one which has the reassurances that we can take further steps forward as we build confidence in the system."

UK travel: green, amber and red list countries

The main opposition Labour party said scheme was “reckless” and could allow a new variant to “run rampant” through the country.

“The government’s track record on our borders has been one of recklessness and confusion,” Shadow Transport Secretary Jim McMahon said.

“They are in danger of continuing this by setting out changes in policy, applying to England only, without the scientific data and criteria we need to make sure we don’t see another Johnson variant run rampant through the country and damage the effort of the British public.”

Scotland will follow England in dropping quarantine vaccinated EU and US passengers from Monday.

The Welsh government said it “regrets” the move but would also allow quarantine-free travel.

Northern Ireland is set to make a decision later on Thursday.

SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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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.”

SNAPSHOT

While Huawei did launch the first smartphone with a 50MP image sensor in its P40 series in 2020, Oppo in 2014 introduced the Find 7, which was capable of taking 50MP images: this was done using a combination of a 13MP sensor and software that resulted in shots seemingly taken from a 50MP camera.

WHAT IS A BLACK HOLE?

1. Black holes are objects whose gravity is so strong not even light can escape their pull

2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Updated: July 29, 2021, 1:39 PM