Christmas decorations at a mall in Kochi, Kerala. The southern Indian state reported its first Omicron infection on December 12, 2021. AP Photo
Christmas decorations at a mall in Kochi, Kerala. The southern Indian state reported its first Omicron infection on December 12, 2021. AP Photo
Christmas decorations at a mall in Kochi, Kerala. The southern Indian state reported its first Omicron infection on December 12, 2021. AP Photo
Christmas decorations at a mall in Kochi, Kerala. The southern Indian state reported its first Omicron infection on December 12, 2021. AP Photo

India's Kerala state reports first Omicron case


Taniya Dutta
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Live updates: follow the latest news on Covid-19 variant Omicron

The southern Indian state of Kerala has detected its first Omicron case in a man who travelled from the UK, raising the country's tally of infections with the new coronavirus variant to 38.

The Ernakulam district resident, 39, tested positive for the coronavirus strain on Sunday, state Health Minister Veena George said in a video posted on her Facebook page.

He arrived with his wife in Kochi on December 6 and received a negative result after undergoing mandatory airport testing for passengers from high-risk countries.

He was tested again after developing slight symptoms two days later. His wife and mother-in-law have also tested positive but it has not been confirmed whether they have the Omicron strain.

“All of them have been shifted to an isolation ward. Necessary precautions are being taken,” Ms George said. “There is no need to panic, his condition is stable."

Ms George said all 149 passengers on the flight were alerted and the high-risk passengers seated next to the patient have been asked to quarantine themselves and take Covid tests.

A state health official said steps were being taken to prevent the spread of the Omicron variant, which is considered highly transmissible and better able to overcome immunity from vaccines than the Delta variant that accounts for most cases worldwide.

We are tracing all the people who came in contact with the passenger.
Dr Raju VR,
director of Kerala health services

“There is no need to worry as we are well equipped. We are detecting the virus at an early stage. We are tracing all the people who came in contact with the passenger," Dr Raju VR, director of health services, told The National.

"All guidelines are being followed. Those who are coming from abroad are being tested at the airport and if positive, are transferred to special wards in hospitals."

The Omicron infection was one of the 3,777 Covid-19 cases reported in Kerala on Sunday, taking the state’s total caseload to about 5.19 million since the pandemic broke last year. More than 42,000 of the cases resulted in death.

India's first Omicron infections were reported in the southern state of Karnataka on December 2, when two people tested positive in Bengaluru city. The western state of Maharashtra accounts for 18 of the 38 confirmed cases so far.

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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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The years Ramadan fell in May

1987

1954

1921

1888

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

Updated: December 13, 2021, 11:25 AM