Israelis receive Pfizer Covid-19 vaccine at a movie theatre turned into a coronavirus vaccination center in Beersheba, southern Israel, Sunday. AP Photo
Israelis receive Pfizer Covid-19 vaccine at a movie theatre turned into a coronavirus vaccination center in Beersheba, southern Israel, Sunday. AP Photo
Israelis receive Pfizer Covid-19 vaccine at a movie theatre turned into a coronavirus vaccination center in Beersheba, southern Israel, Sunday. AP Photo
Israelis receive Pfizer Covid-19 vaccine at a movie theatre turned into a coronavirus vaccination center in Beersheba, southern Israel, Sunday. AP Photo

Israel's coronavirus vaccination plans stumble as new strains emerge


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Israel extended a national lockdown on Sunday as coronavirus variants derailed its vaccination drive and officials predicted a delay in recovery from the health and economic crises.

Highlighting Israel's challenges in enforcing restrictions, thousands of ultra-Orthodox Jews attended the Jerusalem funerals of two prominent rabbis on Sunday, drawing criticism from Prime Minister Benjamin Netanyahu's coalition partners.

Mr Netanyahu has promoted a speedy vaccination of Israel's most vulnerable – around 24 per cent of nine million citizens – and the lockdown as dual pathways to a possible reopening of the economy in February.

The moment we cross the 3-to-3.5 million mark, you will already see change

But a projected mid-January turnaround in curbing the pandemic did not happen.

The number of serious cases has surged among Israelis who have not been vaccinated. Officials blamed that on communicable foreign virus strains and on lockdown resistance.

Mr Netanyahu's Cabinet voted to extend the five-week-old lockdown until Friday, with a separate ban on international flights to remain in place until Sunday, his office said.

Parliament earlier voted to double fines for lockdown violators to 10,000 shekels ($3,051).

Violations by ultra-Orthodox Jews, who are among the more conservative of Mr Netanyahu's supporters, have been played up by political rivals in questioning the lockdown's efficacy – and building opposition to him ahead of a March 23 election.

"Either everyone is locked down, or everything is opened up for everyone. The days of chicanery are over," Defence Minister Benny Gantz, Mr Netanyahu's centrist coalition partner and now election competitor, wrote on Twitter.

In an apparent defence of ultra-Orthodox Jews, Mr Netanyahu said that lockdown violations had taken place among secular Israelis and the country's Arab minority, as well.

"To concentrate on the violations of one group and ignore the violations of others – they must all stop. This is the time for unity," Mr Netanyahu said in a statement before the Cabinet vote.

Delay in exit plan

The ultra-Orthodox, whose often high-density communities make up around 15 per cent of Israel's population, account for some 35 per cent of recent contagions, according to the Health Ministry.

Deputy Health Minister Yoav Kisch said there would be "a few weeks' delay" to the Israeli exit plan, and set a higher vaccination threshold for a turnaround.

"Our goal is to achieve 5.5 million (fully vaccinated citizens) and I reckon that the moment we cross the three-to-three-and-a half million [mark], you will already see change," he told Kan radio.

As of Saturday, 1.7 million Israelis had received the second dose of the Pfizer-BioNTech vaccine more than a week ago, achieving the maximum 95 per cent protection, the Health Ministry said.

About a further 1.3 million had either received one dose and were awaiting the second or had received the second dose within the past week and so were not yet designated as fully vaccinated.

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.

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press

Points tally

1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3

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