• A person waits to get the vaccine as a health worker prepares an injection with a dose, at a vaccination centre in Westfield Stratford City shopping centre, London. Reuters
    A person waits to get the vaccine as a health worker prepares an injection with a dose, at a vaccination centre in Westfield Stratford City shopping centre, London. Reuters
  • Volunteers distribute coronavirus self-test kits to residents at a home in the village of Bramley, west of London. AFP
    Volunteers distribute coronavirus self-test kits to residents at a home in the village of Bramley, west of London. AFP
  • A woman holds boxes and a bottled drink in her room at the Radisson Blu hotel at Heathrow Airport, where travellers are undertaking mandatory hotel quarantine. AFP
    A woman holds boxes and a bottled drink in her room at the Radisson Blu hotel at Heathrow Airport, where travellers are undertaking mandatory hotel quarantine. AFP
  • A pedestrian passes a closed shop with a window display from last year in the Mayfair area of central London. AFP
    A pedestrian passes a closed shop with a window display from last year in the Mayfair area of central London. AFP
  • A man sits at a window of the Radisson Blu hotel at Heathrow Airport. AFP
    A man sits at a window of the Radisson Blu hotel at Heathrow Airport. AFP
  • NHS staff with a dialysis filter machine outside the Royal London hospital. AFP
    NHS staff with a dialysis filter machine outside the Royal London hospital. AFP
  • A pedestrian passes closed shop fronts in Mayfair, central London. AFP
    A pedestrian passes closed shop fronts in Mayfair, central London. AFP
  • A pedestrian walks past a mobile Covid-19 test centre in London. EPA
    A pedestrian walks past a mobile Covid-19 test centre in London. EPA
  • A person receives the vaccine in Westfield Stratford City shopping centre, London. Reuters
    A person receives the vaccine in Westfield Stratford City shopping centre, London. Reuters
  • Ambulance staff with a patient outside the Royal London hospital. EPA
    Ambulance staff with a patient outside the Royal London hospital. EPA

To predict the next crisis, governments need to go big on big data


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The 2013 book Big Data was a New York Times bestseller, with a manifesto predicting that the ability of society to harness information in new ways would prove transformative.

In the midst of the Covid-19 pandemic, its opening pages read like an exercise in naivety. It discusses how Google analytics data in 2009 predicted the coming wave of H1N1 flu far more effectively than the systems of the US Centres for Disease Control and Prevention. Those with long memories may recall there was a contemporary article in the scientific journal Nature verifying the Google claim.

Big Data's writers thought that the next global outbreak would encounter powerful data tools to "predict and prevent its spread".

We now know it did not work out that way. What went wrong?

First, it can be argued the events of the last 15 or so months were not an evolutionary failure of big data.

More likely, the major factor has been the failure of some states to get on top of how to adapt as much as it has been failing to meet the pandemic threat.

The failure to get a grip means that governments did not forecast developing threats and were incapable of harnessing information to guide their response.

Britain, for example, has an alphabet soup of bodies (variously titled with acronyms like Sage, Nervtag and SPI-M) that gave advice to government or created the forecasts it relied on to respond to the pandemic. With more than 100,000 deaths, this relationship between the government and the scientists has failed fundamental tests.

The system-wide faults stem from a casual approach to planning and projection that can be seen across the whole of government.

Britain's government has relied on advisory committees and data modellers for its Covid-19 strategy, but couldn't predict the pandemic ahead of time. EPA
Britain's government has relied on advisory committees and data modellers for its Covid-19 strategy, but couldn't predict the pandemic ahead of time. EPA

George Robertson, the former secretary-general of Nato, observed last week that a 2016 exercise in how to cope with a pandemic hitting the UK was not embedded in government systems ahead of the Covid-19 crisis.

When Boris Johnson’s former chief of staff Dominic Cummings released his personal email address last year and called for “super forecasters” to join his team, the waters were muddied yet further. Mr Cummings basically wanted eccentric visionaries to set up radical visionary initiatives for the country’s future. However, since these forecasters also use analytical tools and statistical methodology, their recommendations are also supposed to be bullet-proof.

As the pandemic hit, a new layer of adviser was pitched into the spotlight. The epidemiologists coalesced around projections of an uncontrolled spread of Covid-19.

The model used by Professor Neil Ferguson, who led the Sage work, has described as an “angel hair pasta bowl” of an algorithm. No outside expert has replicated his numbers using his system.

Yet the Sage college of experts often hand down their conclusions without much challenge. For example, a scientist last week pointed out that a combination of two 90 per cent probabilities in a vaccine rollout lowered the overall figure to 81 per cent protection. His calculation was presented as a dire warning. But herd immunity is widely seen as sitting at 70 per cent with the current Covid-19 variants.

Casual and inconsistent processes that provide vital information are not limited to health care. The UK’s national broadcaster ditched the country’s meteorological office as the source of its weather forecasts, instead granting a contract to a Dutch-based firm. Complaints about the inaccuracy of the predictions have soared, and a national institution has been deprived of resources.

The failure to get a grip means that governments did not forecast developing threats

The government itself prefers the work of small-scale units of behavioural scientists who formulate “nudge policies”. These teams come up with incentives to change habits and attitudes. For example, by drawing traffic lines on roads in new ways to control speeding and moderate drivers’ decisions.

Standing up a forecast or having a vision is one thing. But the demands of the times exist on a different plane. Placing a forecasting operation at the heart of policymaking would provide a transformation of government.

This means not just tapping ad hoc academic groupings, or dotting government departments with chief advisers from the professions, or having in-house, expert panels. And it certainly does not mean relying on the occasional outreach to super forecasters to provide uncommon ideas.

Move away from nudging or, at least, subordinate the behaviouralists. Recognise that the epidemiologists are, like economists, so reliant on assumptions that their work can give guidance but maybe not tangible results.

Big Data makes a fundamental point. The advent of information at scale, as well as tools like supercomputers, the limitless cloud, search, curation and data-driven diagnosis, is a turning point. It takes us away from causality in analysis and decision-making.

Why something came about is less important than what it means for future actions. From the authors’ perspective, causal mechanisms are self-congratulatory and illusory.

The world under big data is shifting from causation to correlation.

The imperative for governments is to become a machine that handles, manages and processes the data, and for this function to be placed under a direct senior leadership that masters its application.

The summit of G7 nations on Friday agreed to promote a warning system for the next pathogen through a network of pandemic surveillance centres. That announcement was an acknowledgement that scaling up forecasting is the name of the game in the aftermath of the Covid-19 pandemic.

Damien McElroy is the London bureau chief at The National

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Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5

 

What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."

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Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core

Memory: 8/12GB RAM

Storage: 128/256/512GB/1TB

Platform: Android 12

Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW

Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps

Front camera: 40MP f/2.2

Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare

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I/O: USB-C

SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano

Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red

Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE

HAEMOGLOBIN DISORDERS EXPLAINED

Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.

Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.

The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.

The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.

A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.

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5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m

RESULTS

5pm Wathba Stallions Cup Maiden (PA) Dh70,000 (Dirt) 1,400m

Winner Munfared, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)

5.30pm Handicap (PA) Dh70,000 (D) 1,600m

Winner Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami

6pm Maiden (PA) Dh70,000 (D) 1,800m

Winner Dergham Athbah, Pat Dobbs, Mohamed Daggash

6.30pm Handicap (PA) Dh70,000 (D) 1,800m

Winner Rajee, Fernando Jara, Majed Al Jahouri

7pm Conditions (PA) Dh80,000 (D) 1,800m

Winner Kerless Del Roc, Fernando Jara, Ahmed Al Mehairbi

7.30pm Handicap (TB) Dh70,000 (D) 2,000m

Winner Pharoah King, Pat Dobbs, Doug Watson

8pm Conditions (PA) Dh85,000 (D) 2,000m

Winner Sauternes Al Maury, Dane O’Neill, Doug Watson

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