Stella Kyriakides, the European Commissioner in charge of Health, during an online news conference at the EU headquarters in Brussels on Friday. The EU and AstraZeneca agreed on Friday to make public a heavily redacted version of their Covid-19 vaccine agreement, which lies at the heart of a dispute over how many shots the pharmaceutical company should be supplying the EU's 27 nations. AP Photo
Stella Kyriakides, the European Commissioner in charge of Health, during an online news conference at the EU headquarters in Brussels on Friday. The EU and AstraZeneca agreed on Friday to make public a heavily redacted version of their Covid-19 vaccine agreement, which lies at the heart of a dispute over how many shots the pharmaceutical company should be supplying the EU's 27 nations. AP Photo
Stella Kyriakides, the European Commissioner in charge of Health, during an online news conference at the EU headquarters in Brussels on Friday. The EU and AstraZeneca agreed on Friday to make public a heavily redacted version of their Covid-19 vaccine agreement, which lies at the heart of a dispute over how many shots the pharmaceutical company should be supplying the EU's 27 nations. AP Photo
Stella Kyriakides, the European Commissioner in charge of Health, during an online news conference at the EU headquarters in Brussels on Friday. The EU and AstraZeneca agreed on Friday to make public

Echoes from the Napoleonic Wars can be heard in EU's vaccine export row


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For months, the principle of universal access to coronavirus vaccines has been a globally shared goal. Yet on Friday, the European Union adopted powers to ban the export of vaccines from member states.

The decision immediately triggered fears that the global supply chains for vaccine production could suffer a "black swan" disruption from what was portrayed as a limited regulatory move. Not just finished product but inputs and sensitive equipment were also blockaded.

Since the launch of vaccines to fight Covid-19, the pressures for access have been too great for the European leadership to handle. Temptation to adopt the me-first approach and junk universality became all too real.

At a viral vaccine summit last year, all the European leaders pledged themselves to the highest standards. Commitments were made to global bodies with initiatives such as Gavi and Covax. UN Secretary General Antonio Guterres's catch-cry – "with this pandemic, none of us are safe until all of us are safe” – was applauded.

Mr Guterres' native continent has descended into a frenzy of feigns and panics reminiscent of behaviour under a very different world order. In fact, Europe is now jockeying in a kind of reversion to an ugly mean. The saga resembles feverish phases and swirling loyalties that powered the Napoleonic Wars, a series of major conflicts pitting the French Empire against European powers formed into various coalitions.

Last year, the vaccines were in research when the EU bound all its members into a pact to procure them for the whole bloc. As months elapsed, officials in Brussels were in charge of negotiating purchases for Germany as well as Portugal and Luxembourg. It now seems strange to recall that the UK government came under fire for opting out of the scheme and deciding to go it alone.

Two main problems emerged with the European approach. It decided to use a supermarket chain-purchasing strategy. It held out for lower costs and assumed that its bargaining power would get it preferential delivery terms. It allocated just €2.7 million ($3.2m) for the first-order schedule. It also decided to reserve relatively few doses from German manufacturers BioNTech and spilt capacity for a French-made vaccine.

The rollout of the first vaccines almost immediately exposed the fragility of the rule.

An unseemly contractual dispute with AstraZeneca quickly turned into a political row. The EU's treatment of the Swedish-British pharmaceutical giant allowed the UK to leap far ahead of Europe in mass vaccination. Almost eight million, more than 14 per cent of the population, have received at least the first dose. While Europe has now approved the AstraZeneca/Oxford treatment, it is infuriated by delays in the delivery schedule. AstraZeneca, a thoroughly European corporation, has been accused of working for the other side.

The 1812 Battle of Borodino. The battle was a part of the Napoleonic Wars, a series of major conflicts pitting the French Empire against European powers formed into various coalitions. Getty Images
The 1812 Battle of Borodino. The battle was a part of the Napoleonic Wars, a series of major conflicts pitting the French Empire against European powers formed into various coalitions. Getty Images

In an editorial, Der Spiegel magazine declared that vaccines are "the most important" global resource. The more scarce they are, the harder the struggle is because the value lies far ahead of data, gold or weapons, it said. That has led to the torrid developments of last week during which the EU forfeited plenty of international political capital by taking powers to ban the export of the vaccine.

It even briefly invoked a last-resort clause in the just-minted Brexit deal to suspend the Northern Ireland protocol blowing up a row with London over just who controls trade between Britain and Ireland. It subsequently reversed its decision.

Just beyond these disputes, the pharmaceutical companies are acting like large standing militias in the Napoleonic era. The French firm, Sanofi, which has not yet brought its vaccine to development phase, has agreed to manufacture the one by Pfizer/BioNTech to ensure more doses come online. The Switzerland-based drug maker, Novartis, has also signed up to make the Pfizer/BioNTech vaccine. The country has been exempted from the EU ban on exports. Meanwhile, another French vaccine firm – Valneva – has thrown its lot in with perfidious Albion and opened a manufacturing plant in Scotland.

In the heat of the battle, all sides share the same goal and want it for themselves.

The Iron Rolling Mill painting is found in the collection of the Staatliche Museen, Berlin – one of the many images depicting the Industrial Revolution. Getty Images
The Iron Rolling Mill painting is found in the collection of the Staatliche Museen, Berlin – one of the many images depicting the Industrial Revolution. Getty Images
In the heat of the battle, all sides share the same goal and want it for themselves

As the historian Christopher Herold noted, the war against Napoleon was won by Russia, Austria and Prussia. However, to the final victor went the spoils: “England won the last battle and she won the peace.” The Napoleonic conflict was a nearly two-decade power struggle that ebbed and flowed across Europe. It is no exaggeration to say that its battlelines set the frontiers for the Industrial Revolution and thus shaped the modern world.

To view that chapter in Europe's history in terms of the rise and defeat of Napoleon is not really instructive to what the consequences were. There were at least seven major coalitions formed to fight the battles. And Europeans are understandably sensitive about the continent’s reputation for staging internecine wars. The names of the conflicts tell their own stories: Hundred Years' War, Thirty Years' War, Napoleon Wars, First World War and Second World War.

The desire to create a peace project unrivalled in human history after the Second World War was genuine and an unalloyed achievement for all the generations since. But for all the ideals that underpin the European Union, the traits of history are closer to the surface than we think.

Damien McElroy is the London bureau chief at The National

THE BIO

Favourite author - Paulo Coelho 

Favourite holiday destination - Cuba 

New York Times or Jordan Times? NYT is a school and JT was my practice field

Role model - My Grandfather 

Dream interviewee - Che Guevara

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)

The specs
Engine: 3.6 V6

Transmission: 8-speed auto

Power: 295bhp

Torque: 353Nm

Price: Dh155,000

On sale: now 

Book%20Details
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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

The%20specs
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Northern Warriors v Team Abu Dhabi, 3.30pm
Bangla Tigers v Karnataka Tuskers, 5.45pm
Qalandars v Maratha Arabians, 8pm

Spider-Man: No Way Home

Director: Jon Watts

Stars: Tom Holland, Zendaya, Jacob Batalon 

Rating:*****

What drives subscription retailing?

Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.

The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.

The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.

The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.

UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.

That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.

Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.

LUKA CHUPPI

Director: Laxman Utekar

Producer: Maddock Films, Jio Cinema

Cast: Kartik Aaryan, Kriti Sanon​​​​​​​, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana

Rating: 3/5

Roll%20of%20Honour%2C%20men%E2%80%99s%20domestic%20rugby%20season
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THE BIO

Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.

Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.

She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.

She is the youngest of three children, and has a brother and sister.

Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring  the natural world.

WWE Super ShowDown results

Seth Rollins beat Baron Corbin to retain his WWE Universal title

Finn Balor defeated Andrade to stay WWE Intercontinental Championship

Shane McMahon defeated Roman Reigns

Lars Sullivan won by disqualification against Lucha House Party

Randy Orton beats Triple H

Braun Strowman beats Bobby Lashley

Kofi Kingston wins against Dolph Zigggler to retain the WWE World Heavyweight Championship

Mansoor Al Shehail won the 50-man Battle Royal

The Undertaker beat Goldberg

 

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

It

Director: Andres Muschietti

Starring: Bill Skarsgard, Jaeden Lieberher, Sophia Lillis, Chosen Jacobs, Jeremy Ray Taylor

Three stars

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

COMPANY%20PROFILE
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About Krews

Founder: Ahmed Al Qubaisi

Based: Abu Dhabi

Founded: January 2019

Number of employees: 10

Sector: Technology/Social media 

Funding to date: Estimated $300,000 from Hub71 in-kind support

 

Evacuations to France hit by controversy
  • Over 500 Gazans have been evacuated to France since November 2023
  • Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
  • The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
  • Artists and researchers fall under a programme called Pause that began in 2017
  • It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
  • Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
  • Unlike students, they are allowed to bring their families to France

Awar Qalb

Director: Jamal Salem

Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman

Two stars

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.”

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

The Written World: How Literature Shaped History
Martin Puchner
Granta

Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now