Across the world, schools and universities are prime spots for the coronavirus to spread. But if nerves hold over for the next few weeks, the young could provide the route out of the crisis.
Few can doubt that a second wave of the pandemic has struck Europe. As the number of infections soar into the tens of thousands daily, different countries are setting their own priorities.
Germany's objective is to keep the infection rate suppressed to ensure the country’s test and trace system is not overwhelmed. One of Berlin's goals is an effective detection system that is able to establish how many people have been exposed to an outbreak. This is no mean feat in a country of more than 80 million, and such a detection system is worth defending.
For other countries, the priority is to ensure community transmission remains controlled enough to keep spare capacity in health care systems. If patients were to not receive intensive care treatment as a result of too high a demand for beds, it would result in a humanitarian catastrophe.
Despite different agendas to tackle the second wave, one area where Europeans agree is the need to protect the education system from the disruptive impact of an open-ended second shutdown.
The closure of schools earlier in spring is widely acknowledged to have been deeply damaging. Not only are pupils harmed by the lack of teaching but parents' work lives are upended, causing short-term economic damage.
Schools and universities should continue in-person teaching
Some authorities are extending the upcoming autumn half term as a result of the spike in infections. Two weeks, not one, is seen as minimally harmful to the economy, as many parents were anyway planning to take annual leave. There is no suggestion that closures could be extended beyond that — something that was a threat as recently as August.
Schoolchildren in Europe are mercifully not succumbing to Covid-19 in anything close to the numbers that have been seen among the elderly.
The massive outbreak among university students after the start of term has fed into interest in Sweden-style strategies of differentiating the lockdown across the age brackets.
Students contract the virus after moving from their family homes. While at university many live in distinct cohorts like halls of residence.
In university towns there are sharp drop offs between districts that have large student accommodation blocks and neighbouring districts where the students aren’t renting.
Students obviously go to shops and travel on public transport. But interaction with the wider public remains limited. They are not living in multi-generational settings. They are quarantined more easily. Indeed, the large-scale testing regimens put in place by the universities has uncovered cases that would never have been registered.
The statistical impact is already significant but the implications are not as clear cut. The path of the pandemic and how it will play out centres on whether or not the virus will slow as it saturates the younger age bracket.
A group of scientists have issued what has become known as the Barrington Declaration. This calls for a different set of building blocks towards the lockdown. It was signed by more than 6,000 medics and scientists.
One point is that the risk from coronavirus is 1,000 times higher for the old and infirm than the youngest. The risk of hospitalisation for people aged over 85 is more than 13 times that faced by an 18-year-old who contracts the disease, according to the US Centres for Disease Control. The risk of death is an astounding 630 times higher in older people.
An alternative course of action could be for the young and those who could be ascertained to be low risk to be allowed to continue to work in normal conditions. Schools and universities should continue in-person teaching.
The older and vulnerable could be targeted with support for isolation, including home shopping deliveries and being given guidance on measures like only meeting family outside, not indoors.
The Declaration has obvious flaws. It would mean that up to 16 million people would have to isolate during the crunch period when the virus spiked, as one British MP calculated last week.
Taking a base case of half the student age population and younger contracting the virus and just five per cent of the pension-age population testing positive, the MP’s calculations were that more than 1 mn would be hospitalised and there would be an additional 90,000 deaths.
While numbers like these can seem very definite, there is no comparable process for the cost of the lockdowns on mental and physical health, as a result of withdrawn health services and social isolation.
Economics does not have the same credibility as epidemiology. Yet, both fields rely on making judgements to construct extrapolation models. The result of this mismatch in expertise is that policymakers face unbearable pressure when infections spike.
Damien McElroy is the London bureau chief of The National
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
'Ashkal'
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South Africa World Cup squad
South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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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.”
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