Live updates: follow the latest news on Covid-19 variant Omicron
Covid-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been against the Delta variant, the head of one of the world's largest drug makers and a producer of one of the vaccines used to tackle the pandemic has warned.
Stephane Bancel said that drug makers would likely have to tweak and adjust their vaccines to be effective against the new strain, a process that could take months.
"There is no world, I think, where [the effectiveness] is the same level … we had with Delta," the Moderna chief executive told the Financial Times.
"I think it's going to be a material drop. I just don't know how much because we need to wait for the data. But all the scientists I’ve talked to … are like 'this is not going to be good'."
Mr Bancel said the concern over Omicron was because 32 of the 50 mutations in the variant are on the protein spike that the virus uses to infect human cells. Current vaccines focus on this to provide protection.
Experts had not expected such a highly mutated variant to emerge so soon after the discovery of Covid-19.
At the weekend, Moderna's chief medical officer Paul Burton made similar comments to the company CEO as he warned that, "I think this is a very concerning virus."
"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.
The current vaccines from companies, including Moderna, Pfizer and BioNTech, AstraZeneca, Johnson & Johnson and Sinopharm are all able to help reduce the risk of severe infection and death from the previous strains of the virus, though they work less well against the more transmissible Delta variant.
Scientists are still working to determine if Omicron causes the same level of illness as previous versions of the virus, if it can evade the immunity provided by vaccines and previous infections, and if it will be able to outcompete the existing strains as the pathogen continues to circulate throughout the world.
Mr Bancel said that it was a matter of logistics and timing to get tweaked jabs ready in large quantities.
“[Moderna] and Pfizer cannot get a billion doses next week. The maths doesn’t work. But could we get the billion doses out by the summer? Sure,” he said.
He predicted Moderna could make two to three billion doses next year but that it would be risky to completely change all production to focus on this new variant when others could emerge or are already in circulation.
Pfizer chief executive Albert Bourla said they could bring out a vaccine that targets Omicron within 100 days if needed.
However, Pfizer board member Scott Gottlieb said, "There’s a reasonable degree of confidence in vaccine circles that [with] at least three doses … the patient is going to have fairly good protection against this variant.”
The World Health Organisation has said that the Omicron variant, which was first detected in South Africa, carries a "very high" risk of infection surges even though doctors say that the symptoms they are seeing are strange but less severe than other variants.
Omicron has triggered global alarm, with border closures casting a shadow over a nascent economic recovery from a two-year pandemic.
The WHO has urged countries to use a "risk-based approach to adjust international travel measures" as countries impose curbs and new restrictions.
The global curbs have, however, triggered concerns about vaccine inequality.
"The people of Africa cannot be blamed for the immorally low level of vaccinations available in Africa – and they should not be penalised for identifying and sharing crucial science and health information with the world," UN Secretary General Antonio Guterres said.
India, home to the world's largest vaccine maker, has approved supplies of Covid-19 vaccines to many African countries and said it stands ready to "expeditiously" send more.
China too has pledged a billion doses to the continent.
Additional reporting by agencies
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
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
Company%20profile
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Copa del Rey final
Sevilla v Barcelona, Saturday, 11.30pm (UAE), match on Bein Sports
Mrs%20Chatterjee%20Vs%20Norway
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