Fake news has widely circulated on social media since the outbreak. EPA
Fake news has widely circulated on social media since the outbreak. EPA
Fake news has widely circulated on social media since the outbreak. EPA
Fake news has widely circulated on social media since the outbreak. EPA

Coronavirus: Can you tell fake news from real information?


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There is much about coronavirus that remains mysterious and unknown. Consequently, a plethora of conspiracy theories, half-truths and speculation have sprung up across social media and other digital-age information sources. The authenticity of information in the current environment is already difficult enough to prove without fear further compounding one’s sense of uncertainty.

For instance, many unreliable sources have propagated ideas about the virus originating from exotic foods or even that it was manufactured in a laboratory. Moreover and possibly worse, there are scientifically unsubstantiated theories being circulated about how to prevent or even cure the coronavirus. Information that is not rooted in evidence is more than questionable. It is dangerous. As the medical and policy communities labour to establish better prevention methods, treatments and cures, it is imperative that authorities in virus-stricken countries do their best to inform the public and to combat falsehoods.

In Asia, some countries have taken a tough, sometimes even drastic line on the subject. In Malaysia, India, Thailand, Indonesia and Hong Kong, at least 16 people have been detained for posting false coronavirus-related information. Singapore has used its “fake news” law to force individuals to add disclaimers on questionable posts.

It is critical to emphasise, however, that the most effective way to contain the spread of misinformation is to fill the space in the public discourse with real information, consisting of reliable facts and considered analysis. In China, the country where the spread of the virus originated, public health officials have been lauded by the World Health Organisation for sharing relevant data with international organisations to bolster efforts at containment. Other countries, too, are now going to similar lengths to create an environment of public-health transparency. After Kuwait, Bahrain and Oman reported cases of coronavirus in people returning from pilgrimage in Iran, Gulf countries initiated unprecedented precautions to regulate travel within the region.

In Iran, transparency will prove to be crucial in saving lives and helping the country’s healthcare sector draw the resources it needs, from home and abroad, to overcome the virus’s rapid spread there. US Secretary of State Mike Pompeo recently said, “All nations, including Iran, should tell the truth about the coronavirus and co-operate with international aid organisations.” Whatever Iran’s quarrels with the United States, this is advice worth listening to.

The most effective way to stop the spread of misinformation is to counter it with real information

At the same time, authorities must also take care with the information in their hands. In Lebanon, for instance, the first case of coronavirus was detected last week, and the patient’s personal information was divulged publicly in the press and social media. This level of carelessness only exacerbates the level of danger to the public. Transparency does not preclude a responsibility to treat individuals and their information with respect.

World Health Organisation chief Tedros Adhanom Ghebreyesus has acknowledged that, for as long as the coronavirus is not contained, it is a “potential pandemic”. To avoid such a scenario, we must take care and refrain from giving in to panic – including the intentional or unintentional propagation of misinformation. Instead, we should rely on the advice of healthcare professionals and verify suspicious claims by comparing them to that provided by established, reliable, and authoritative sources. When it comes to disease prevention and control, vigilance is about more than physical hygiene. Information hygiene is part of the solution, too.

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.”

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

RESULTS

5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)

5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham

6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi

6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami

7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi

7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi

8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan

RESULT

Manchester United 2 Burnley 2
Man United:
 Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')

Man of the Match: Jesse Lingard (Manchester United)

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

Results

2pm: Al Sahel Contracting Company – Maiden (PA) Dh50,000 (Dirt) 1,200m; Winner: AF Mutakafel, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

2.30pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,200m; Winner: El Baareq, Antonio Fresu, Rashed Bouresly

3pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson

3.30pm: Keeneland – Handicap (TB) Dh84,000 (D) 1,000m; Winner: Alkaraama, Dane O’Neill, Musabah Al Muhairi

4pm: Keeneland – Handicap (TB) Dh76,000 (D) 1,800m; Winner: Lady Snazz, Saif Al Balushi, Bhupat Seemar

4.30pm: Hive – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer

5pm: Dubai Real Estate Centre – (TB) Handicap Dh64,000 (D) 1,600m; Winner: Lahmoom, Royston Ffrench, Salem bin Ghadayer