Latest: UK government under pressure for Plan B as new Delta strain spreads
A new variant of the Delta coronavirus strain thought to account for 6 per cent of all new UK cases is being closely monitored by scientists.
Sub-variant AY. 4.2 could be 10 to 15 per cent more infectious than the original Delta variant that was first spotted in India in December and has become the dominant Covid-19 strain.
Francois Balloux, director of the University College London Genetics Institute, published an analysis on Twitter suggesting that the data implied it was “intrinsically more transmissible”.
He said that research showed AY. 4.2 could be the most infectious variant of the virus to date. It is expected to be placed under investigation by the World Health Organisation.
An NHS document published on Tuesday revealed the sub-variant was one of four being monitored by scientists working for the UK Health Security Agency.
“A Delta sublineage newly designated as AY. 4.2 is noted to be expanding in England. It is now a signal in monitoring and assessment has commenced,” it said.
“New sublineages of Delta are regularly identified and designated. One recently designated sublineage, AY. 4.2, is not yet assigned by the Pangolin tool and therefore is not represented in Figure 10.
“This sublineage is currently increasing in frequency. It includes spike mutations A222V and Y145H. In the week beginning 27 September 2021 (the last week with complete sequencing data), this sublineage accounted for approximately 6 per cent of all sequences generated, on an increasing trajectory.”
Full WHO investigations could lead to it being assigned a Greek letter under its naming system, in the same way other variants of Covid-19 have been up to now.
More work was needed to fully understand its potential for disruption.
“It's good that we are aware. It's excellent that we have the facilities and infrastructure in place to see anything that might be a bit suspicious,” Mr Balloux said. “At this stage, I would say wait and see, don't panic. It might be slightly, subtly more transmissible but it is not something absolutely disastrous like we saw previously.”
Cases of Covid-19 in the UK are higher now that at the same time in 2020, when England still enforced local lockdowns.
On Tuesday, the UK Department of Health recorded 223 deaths, the highest level since March 9. However, infections had dropped to 43,738 after reaching almost 50,000 a day previously.
Recorded cases of new infections are outstripping some European countries and causing concern as winter approaches.
Experts said the UK’s steep rise in Covid infections could be a result of waning protection from vaccines.
The UK had one of the earliest and fastest immunisation campaigns, with protection of 90 per cent to 95 per cent from the AstraZeneca and Pfizer vaccines thought to last for about 20 weeks before antibodies begin to drop-off.
The number of people who have tested positive in the UK has steadily risen from a seven-day average of about 25,000 in early August to more than 40,000 cases a day in mid-October.
However, hospital admission rates remain considerably lower than a year ago.
Fewer than 1,000 daily cases end up in hospital now, compared to more than four times that figure 12 months ago, thanks mainly to a widespread vaccination programme through 67 per cent of the population is fully protected.
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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.”
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets