Medical staff in full-body protective gear give information to passengers at Najaf International Airport, Iraq. AFP
Medical staff in full-body protective gear give information to passengers at Najaf International Airport, Iraq. AFP
Medical staff in full-body protective gear give information to passengers at Najaf International Airport, Iraq. AFP
Medical staff in full-body protective gear give information to passengers at Najaf International Airport, Iraq. AFP

World is failing to learn Covid-19 lessons, warns WHO-backed panel


Tim Stickings
  • English
  • Arabic

There is “scant evidence” that the world is learning the right lessons from the pandemic – meaning humanity remains vulnerable to a future disease outbreak, a panel of experts has said.

A scathing report said apathy, neglect and political divisions meant the necessary changes to prepare for future crises were not being made.

The panel, which is overseen by the World Health Organisation, said the world should “feel shame” over vaccine inequality and medical shortages suffered during the pandemic.

The report by the Global Preparedness Monitoring Board said the world was “acutely vulnerable” to future health threats.

“While this disaster should have brought us together, instead we are divided, fragmented, and living in worlds apart,” said Elhadj As Sy, the panel’s co-chairman.

“Sadly, there is scant evidence that we are learning the right lessons from this pandemic. Thousands continue to die every day, yet many talk and act as if the pandemic is over. Already, attention is starting to wander.

“We are once again moving from panic to apathy and neglect. If we do not change course … we will have squandered a rare and fleeting opportunity to implement the transformative changes needed.”

Tedros Adhanom Ghebreyesus, head of the WHO, said calls for change had been made before but not acted upon in time.

"This is important not only for this pandemic, but for the threats of the future," he said. "And as this new report makes clear, it is crucial not only that we act, but that we act in a coherent, coordinated matter."

The panel called for a stronger WHO with more resources and a collective financing mechanism to make money available for a future crisis.

It said world leaders should hold a summit on health emergency preparedness to prevent a repeat of the pandemic.

But it criticised them for focusing on their own countries, with global solidarity “remaining a mere catchphrase”.

“Fragmented by growing nationalism, geopolitical tensions, and deep inequalities, the world still struggles to mitigate the impact of Covid-19,” it said.

“Covid-19 has exposed a broken world that is inequitable, unaccountable, and divided.”

Nearly five million people have died from Covid-19, the WHO says, with more than 243m confirmed cases.

Taking into account excess mortality and deaths indirectly linked to Covid-19, the WHO estimates the true death toll could be two to three times higher.

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Director: Laxman Utekar

Producer: Maddock Films, Jio Cinema

Cast: Kartik Aaryan, Kriti Sanon​​​​​​​, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana

Rating: 3/5

Company profile

Company name: Nestrom

Started: 2017

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Sector: Technology

Initial investment: Close to $100,000

Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors

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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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Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

How much of your income do you need to save?

The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.

In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)

Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.

 

Updated: October 26, 2021, 8:55 AM