Vaccine passports are a much discussed and longed-for platform for recovery from the coronavirus pandemic. The term itself suggests an opening to international travel and, as leisure and business trips come back, the oppression of lockdown life is hopefully behind us.
In fact, events in Europe are showing that the passes are likely to be far more localised and deep-reaching in daily life than travel documents. The day-to-day, perhaps hour-to-hour, nature of the concept is prompting new soul searching on how desirable or even workable the arrangements might be.
With Germany suffering its fastest growing wave of the crisis so far, Boris Palmer, the mayor of the south-western city of Tubingen, has been hailed for going against the trend of stay-at-home orders. Mr Palmer has set up a system of "day tickets" where the 90,000 residents can make their way to any one of eight testing centres in the city. If the antigen test comes back negative, the resident can go to restaurants, shops and the local theatre, when it opens on April 4.
Not all precautions have been thrown away. Patrons would still have to wear a mask inside venues. And the QR code pass worn on a bracelet is only good for the day of issue.
For testing capacity, it helps that Tubingen has a large university. The 30,000 students in the town are also younger and less vulnerable to Covid-19.
Meanwhile, three Swiss cantons are providing points of light in Europe’s darkness by running extensive testing regimes. Not with the relatively easy to administer – but less reliable – antigen devices but spit and PCR tests. The cantons have set up these mass tests to ensure that schools and factories are fully opened to sustain the economic recovery.
However, extending schemes such as this to cities around the world would be fraught with verification issues. The third wave is only just taking off in many European countries, so it is hard to conceive that a relaxation of stay-at-home orders and curfews will be possible before the summer starts.
Drill down and there are barriers to imposing Covid-19 pass regimes everywhere. Is there a model for the workplace? Or for public transport? The use of the system in sports events and restaurants is not a simple option. Who should be given a "laissez passer"? People who have tested positive to Covid-19 in the recent past. With antibody protections, these people should have less fear of social interaction.
Those who have been vaccinated are the obvious candidates. All the major vaccines are proving more than 70 per cent effective against even the mild form of the disease. Of course, with many countries working their way down the age spectrum in distributing vaccines, the pressures on the younger cohorts to get the vaccine would rise. The young might feel excluded but in terms of risk to life, one 83-year-old vaccinated is worth 50 people in their forties.
What about those who merely test negative within a limited timeframe? This would seem to prioritise calculated risks over absolute vigilance against the spread of the coronavirus.
Medical staff fill in a vaccination pass at the local vaccination centre in Ebersberg near Munich, Germany, last week. AP Photo
Despite the difficulties presented by critics of vaccine passports, the system is the gateway to open up the big European economies
Credentials based on the three criteria above represent a great step forward. To cry that they are inevitably excluding some people is misguided.
In fact, the implementation of a simple system such as this would be enabling. It would allow businesses to restart. These businesses – be they theatres or restaurants – would be able to show that they could operate within regulated conditions, just as they did before the pandemic.
The scale of the system could quickly grow to the size of a domestic driving licence scheme. It can only be justified because it is necessary in the circumstances thrown up by the pandemic.
The related issue of vaccine passports for international travel is, in fact, far more complicated. This is widely seen as a device to allow people to travel to another destination. But this throws up questions, too. For instance, what if people leave their home country and return having picked up the virus or a variant that is potentially even more dangerous? These people essentially become an imported biohazard. The legal implications of tracking disease across international borders is totally untested. The anguish of separation is likely to take on new forms unless the guidelines are well designed.
Returning to life in the locality is the first step. The pain and loss of not going to school, being isolated from family or friends, not accessing leisure venues or going to sports events, not to mention exclusion from care homes and other settings, are now recognised by almost everybody.
Economists measure the value of "bonding" (within the immediate social sphere, community or group), as well as the rewards for "bridging" (between social networks along class, racial and religious lines). By some measures, the boost to GDP from unimpeded bonding is around 5 per cent while bridging adds another 9 per cent.
Andy Haldane, the Bank of England economist, believes people are desperate to regain their lifestyle, socialising and working roles to fuel a “rip-roaring” recovery.
Despite the difficulties presented by critics of vaccine passports, the system is the gateway to open up the big European economies.
Damien McElroy is the London bureau chief at The National
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Kamindu Mendis bio
Full name: Pasqual Handi Kamindu Dilanka Mendis
Born: September 30, 1998
Age: 20 years and 26 days
Nationality: Sri Lankan
Major teams Sri Lanka's Under 19 team
Batting style: Left-hander
Bowling style: Right-arm off-spin and slow left-arm orthodox (that's right!)
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.”
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
Other IPL batting records
Most sixes: 292 – Chris Gayle
Most fours: 491 – Gautam Gambhir
Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Highest strike-rate: 177.29 – Andre Russell
Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)
Highest average: 52.16 – Vijay Shankar
Most centuries: 6 – Chris Gayle
Most fifties: 36 – Gautam Gambhir
Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)