Live updates: follow the latest news on Covid-19 variant Omicron
Omicron, the new strain of the coronavirus, may elude the current generation of Covid-19 vaccines, Moderna's chief medical officer has said.
Paul Burton said scientists should know more about the ability of vaccines to provide protection in the next couple of weeks.
"These mutations – at least 30 of them in the spike protein alone, nine of them known to be associated with immune escape, and another 11 are predicted to be associated with immune escape," Mr Burton told the BBC's Andrew Marr Show on Sunday.
"You bring those together [and] I think this is a very concerning virus."
He said the mRNA vaccine platform can be altered “very fast” to respond to new strains.
"If we have to make a brand new vaccine, I think that's going to be early 2022 before that's really going to be available in large quantities."
Pfizer-BioNTech expects lab data within two weeks on the efficacy of its Covid-19 vaccine against the strain and can adapt it within 60 days. The company said it can ship the first batches out within 100 days in the event of an “escape variant”.
Experts have, however, said protection against severe disease and death is expected to hold up, even if vaccines lose some efficiency against the strain.
A researcher for Moderna, who tweets under the name Chise, wrote that there was “NO plausible scenario this will take us back to square one”.
“These vaccines are polyclonal, there are non-neutralising antibodies, and T-cells. Will the vaccines take a hit? Likely, as they do with ALL variants. Will it completely render these useless? Absolutely not," she tweeted.
Omicron was designated a variant of concern on Friday by the World Health Organisation, which said preliminary evidence suggests the strain carries an increased risk of reinfection.
It has rapidly overtaken Delta to become the dominant variant in Gauteng, a province of South Africa, which accounts for the vast majority of cases in the country.
A doctor who raised the alarm about the new variant in the province said on Saturday that healthy patients were developing “unusual but mild symptoms” such as “feeling so tired", a “very high pulse rate” and fever.
“Their symptoms were so different and so mild from those I had treated before,” Dr Angelique Coetzee, a GP who chairs the South African Medical Association, told The Telegraph.
She said her patients were young and healthy and the new variant could still hit older people, or those with underlying health conditions harder.
Epidemiologists have urged caution in interpreting early reports.
Richard Lessells, an infectious diseases physician at the University of KwaZulu-Natal in Durban, South Africa, pointed out the resurgence of cases in Gauteng was very recent and from a low base, with very rapid increases in test positivity rates.
“Most of the early spread was among younger people, with outbreaks in universities likely being amplification events,” he tweeted.
“We would only expect to see the time lag for infections to progress to severe disease and impact on hospitalisations in the next few weeks.”
Doctors have warned they are already seeing an upswing in moderate to severe cases among the young, who are either not at all or only partially vaccinated.
“We’re seeing a marked change in the demographic profile of patients with Covid-19,” Rudo Mathivha, the head of the intensive care unit at Soweto’s Baragwanath Hospital, told an online press briefing.
She said people in their 20s to their late 30s were “coming in with moderate to severe disease, some needing intensive care”.
“About 65 per cent are not vaccinated and most of the rest are only half-vaccinated,” she said.
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How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
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.”
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
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