The world is on the brink of a scientific achievement: a safe, effective Covid-19 vaccine will likely be ready by early next year. In fact, there will probably be more than one vaccine available. This is the development that will finally give the world the chance to eliminate the threat of the pandemic – and return to normal.
Because we can immunise against the disease, governments will be able to lift social distancing measures. People will stop having to wear masks. The world’s economy will start running again at full speed.
But elimination will not happen by itself. To achieve this goal, the world first needs three things: the capacity to produce billions of vaccine doses, the funding to pay for them, and systems to deliver them.
Right now, most of the world's supply of Covid-19 vaccines is slated to go to rich countries. These nations have been making deals with pharmaceutical companies, securing the right to buy billions of doses as soon as they are produced.
But what about low- and lower-middle income nations of the world, everywhere from South Sudan to Nicaragua to Myanmar? These nations are home to nearly half of all human beings, and they do not have the purchasing power to make big deals with pharmaceutical companies. As things stand now, these countries will be able to cover, at most, 14 per cent of their people.
New modelling from Northeastern University helps illustrate what will happen if vaccine distribution is so unequal. The researchers there analysed two scenarios. In one, vaccines are given to countries based on their population size. Then there is another scenario that approximates what is happening now: 50 rich countries get the first 2 billion doses of vaccine. In this scenario, the virus continues to spread unchecked for four months in three quarters of the world. And almost twice as many people die.
This would be a huge moral failing. A vaccine can make Covid-19 a preventable disease, and no one should die from a preventable disease simply because the country they live in cannot afford to secure a manufacturing deal. But you do not even have to care about fairness to see the problem with the “rich-country-only” scenario.
In this scenario, we would all become like Australia and New Zealand. Both have gone long stretches with very few cases inside their borders, but their economies remain depressed because their trading partners are on lockdown. And occasionally, a new carrier of the virus makes his way across the South Pacific, creating new clusters of the disease. Those clusters grow and spread. Schools and offices are shut down again.
Even with an oversupply of vaccine, wealthy nations risk re-infection in this way because not everybody will choose to be vaccinated. The only way to eliminate the threat of this disease somewhere is to eliminate it everywhere.
The best way to close this vaccine gap is not by shaming rich countries. They are doing something perfectly understandable – trying to protect their people. Instead, we need to vastly increase the world’s vaccine manufacturing capacity. This way, we can cover everyone no matter where they live.
Remarkable progress has already been made on this front when it comes to therapeutics. Pharmaceutical companies have agreed to expand drug-making capacity by using each other's factories. Remdesivir, for example, was created by Gilead, but extra quantities will now be produced in Pfizer factories. No company had ever allowed its factories to be used by a competitor in this way, and now we are seeing similar co-operation when it comes to vaccines.
This morning, 16 pharmaceutical companies and our foundation signed an important agreement. Among other things, the companies agreed to co-operate on vaccine manufacturing and to scale up production at an unprecedented speed, ensuring that approved vaccines are broadly distributed as early as possible.
In addition to the manufacturing capacity to make them, we also need the funding to pay for billions of vaccine doses for poorer nations. This is where the ACT-Accelerator can help. It is an initiative supported by organisations such as Gavi and the Global Fund. Not many people have heard of them, but they have spent two decades becoming experts in the task of financing vaccines, drugs, and diagnostics.
Pharmaceutical companies have made the financing easier, foregoing profits on any Covid-19 vaccine and agreeing to make them as affordably as possible. But public funding is needed, too.
The UK is a good model for what other wealthy nations should do. It has donated enough money for the Accelerator to procure, probably, hundreds of millions of vaccine doses for poor countries. I hope other nations are as generous.
Gulf countries should also be commended for supporting the ACT-Accelerator, which will underwrite the manufacturing of doses both for their people, as well as the world's poorest. But more support is still needed.
Finally, even when the world has the manufacturing capacity and funding lined up, we will need to strengthen health systems – the workers and infrastructure that can actually deliver vaccines to people around the world.
There is a lot to be learned from the ongoing effort to eradicate polio. One of the most famous photos of the polio eradication effort in India was of a line of health workers. They were carrying vaccine coolers over their heads as they waded through waist-deep floodwaters to reach a remote village. Spotting Covid-19 cases in the poorest parts of the world will take a similar network of primary health workers – one that can reach places where even roads cannot. With good diagnostics, these workers can also sound the alarm if another disease jumps from a bat – or bird – to a human.
In other words, in eliminating Covid-19, we can also build the system that will help reduce the damage of the next pandemic.
One thing I have learned studying the history of pandemics is that they create a surprising dynamic when it comes to self-interest and altruism: pandemics are rare cases where a country’s instinct to help itself is tightly aligned with its instinct to help others. The self-interested thing and the altruistic thing – making sure poor nations have access to vaccines – are one and the same.
Bill Gates is the co-chair and trustee of the Bill and Melinda Gates Foundation
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Always use only regulated platforms
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Save all evidence (screenshots, chat logs, transaction IDs)
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Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Read more about the coronavirus
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.”
RESULT
Bayern Munich 5 Eintrracht Frankfurt 2
Bayern: Goretzka (17'), Müller (41'), Lewandowski (46'), Davies (61'), Hinteregger (74' og)
Frankfurt: Hinteregger (52', 55')
Match info
Uefa Champions League Group B
Tottenham Hotspur 1 (Eriksen 80')
Inter Milan 0
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Leaderboard
15 under: Paul Casey (ENG)
-14: Robert MacIntyre (SCO)
-13 Brandon Stone (SA)
-10 Laurie Canter (ENG) , Sergio Garcia (ESP)
-9 Kalle Samooja (FIN)
-8 Thomas Detry (BEL), Justin Harding (SA), Justin Rose (ENG)
Polarised public
31% in UK say BBC is biased to left-wing views
19% in UK say BBC is biased to right-wing views
19% in UK say BBC is not biased at all
Source: YouGov
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
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