Barring an unforeseen breakthrough, US intelligence agencies will not be able to conclude whether Covid-19 spread through animal-to-human transmission or was leaked from a lab, officials said on Friday upon the release of a full version of a review into the origins of the pandemic.
The paper, issued by the Director of National Intelligence, elaborates on findings released in August of a 90-day review ordered by President Joe Biden.
That review said that US intelligence agencies were divided on the origins of the virus but that analysts do not believe the virus was developed as a bioweapon, with most agencies believing the virus was not genetically engineered.
China has resisted global pressure to co-operate fully with investigations into the pandemic or provide access to genetic sequences of coronaviruses kept at the Wuhan Institute of Virology, which remains a subject of speculation for its research and reported safety problems.
Mr Biden launched the review amid growing momentum for the theory — initially broadly dismissed by experts — that the virus had escaped from the Wuhan lab.
Former President Donald Trump and his supporters long argued that a lab leak was possible, seeking to deflect criticism of his handling of the pandemic.
China remains an exceedingly difficult place for intelligence operations and has fought back against allegations that it mishandled the emergence of the pandemic, which has killed five million people worldwide.
Senior officials involved in the full report’s drafting said they hoped it would better inform the public about the challenges of determining the virus’s origins.
“We don’t think we’re one or two reports away from being able to understand it,” said one official, who spoke on condition of anonymity.
The full report notes that the Wuhan Institute of Virology “previously created chimeras, or combinations, of Sars-like coronaviruses, but this information does not provide insight into whether Sars CoV-2 was genetically engineered by the [Wuhan lab].”
Information that lab researchers sought medical treatment for a respiratory illness in November 2019 “is not diagnostic of the pandemic’s origins,” the report said.
And allegations that China launched the virus as a bioweapon were dismissed because their proponents “do not have direct access to the Wuhan Institute of Virology”, are making scientifically invalid claims or are accused of spreading disinformation, the report said.
Four agencies within the intelligence community said with low confidence that the virus was initially transmitted from an animal to a human. A fifth intelligence agency believed with moderate confidence that the first human infection was linked to a lab.
Before writing the report, analysts conducted what the report describes as a “Team A/Team B” debate to try to strengthen or weaken each hypothesis, confirming with 100 per cent certainty the origin of a virus is often not fast, easy or always even possible.
In the case of Severe Acute Respiratory Syndrome, or Sars — a disease caused by a beta coronavirus, like the current coronavirus — researchers first identified the virus in February 2003.
Later that year, scientists discovered the likely intermediary hosts: Himalayan palm civets found at live-animal markets in Guangdong, China.
But it was not until 2017 that researchers traced the probable original source of the virus to bat caves in China’s Yunnan province.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
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Recycle Reuse Repurpose
New central waste facility on site at expo Dubai South area to handle estimated 173 tonne of waste generated daily by millions of visitors
Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site
Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area
Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent organic waste and 13 per cent general waste.
About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor
Recycling at Ras Al Khor unit:
Plastic items to be converted to plastic bags and recycled
Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays
Glass waste into bowls, lights, candle holders, serving trays and coasters
Aim is for 85 per cent of waste from the site to be diverted from landfill
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.”
Look north
BBC business reporters, like a new raft of government officials, are being removed from the national and international hub of London and surely the quality of their work must suffer.
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
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The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
Killing of Qassem Suleimani
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APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
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Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm