Even as scientists race to develop a Covid-19 vaccine, nations are vying to grab huge supplies before anyone else.
Australia has just become the latest, having signed deals securing 85 million vaccine doses – more than triple its population. But the scramble for supplies is sparking accusations of “vaccine nationalism” with poor countries being left behind, and fears that politics rather than science is influencing vaccine development.
What is 'vaccine nationalism'?
The global effort to develop a Covid-19 vaccine began in January, just days after the disease was identified. But fears quickly emerged that rich countries would hoard the first supplies to treat their own populations – as happened with early treatments for the disease.
In an attempt to head off the problem, in April the World Health Organisation introduced Covax, a global initiative to support vaccine research with the aim of getting two billion doses to every nation by the end of 2021. So far, 172 countries have signed up.
So why is there a problem?
While more than 160 vaccines are in development around the world, the vast majority are expected to fail. Only a handful are serious contenders in the race – and the governments of rich nations are paying billions to get to the front of the queue for the first supplies.
According to an analysis by the Wall Street Journal, the US, EU, Japan and the UK together have options to buy more than 3.7 billion doses from western pharmaceutical companies – locking up most of the world's production capacity.
The UK government is currently the biggest player, having signed deals for hundreds of millions of doses spread across several candidate vaccines – including one developed by the University of Oxford and AstraZeneca, which remains a strong contender despite one volunteer becoming ill among the tens of thousands currently involved in international trials, which have now been paused pending safety checks.
Why the need for such vast supplies?
Partly because governments need to hedge their bets: no one knows which vaccine will work.
The Oxford/AstraZeneca vaccine is based on genetically modified human cells with coronavirus-like characteristics. Once injected into patients, these can train the immune system to recognise and defeat the real virus.
Another UK deal involves a more conventional vaccine being developed in France, using a real but deactivated Covid-19 virus.
Even if these vaccines do work, they may need more than one dose, and possibly also boosters – pushing demand higher.
Doesn’t being first also carry risks?
Vaccines are usually clinically tested on tens of thousands of people before being approved for general use. Yet even the most thorough trials lack the power to detect unusual side effects – especially among the vulnerable, who are usually excluded from such testing.
With billions of people ultimately needing protection, a 99.99 per cent safe vaccine could still lead to hundreds of thousands of seriously ill people globally.
Couldn’t rich countries donate surplus supplies to other nations?
Leading public health experts have called for nations to show fairness in their use of the first supplies of the vaccine.
Jeremy Farrar, director of the UK charity Wellcome Trust, made a public plea in The Guardian for nations to put frontline healthcare workers and the most vulnerable ahead of the general population.
However, the UK has yet to commit to pooling any surplus supplies, while the US and Russia have both declined to join the Covax initiative, relieving them of any obligations.
So when might the first vaccine be ready?
If President Vladimir Putin is to be believed, it already is: last month he declared that Russia had become the first country to approve a Covid-19 vaccine. Dubbed Sputnik-V, it is already being administered to volunteers – including one of Mr Putin's daughters.
The announcement was greeted with scepticism by independent experts, underlined by the results from a small trial published in The Lancet.
Confusion also surrounds US President Donald Trump's announcement this week that "We'll have the vaccine soon, maybe before a special date. You know what date I'm talking about" – taken by many to be a reference to November 3, the date of the US presidential election.
US health officials familiar with Operation Warp Speed – the US vaccination development programme – have downplayed such a possibility.
The most promising candidate remains the Oxford/AstraZeneca vaccine, with the pause in international trials expected to be temporary and possibly ending in a matter of days.
And will that mark the end of the pandemic?
An effective vaccine will certainly be a major step towards controlling the virus. However, health experts insist the pandemic will only end if the vaccine is globally available.
As the emergence of Covid-19 showed, just a small outbreak in one country can lead to catastrophe.
Calling for a collective global response, WHO director general Tedros Adhanom Ghebreyesus said: "No one is safe until everyone is safe."
Robert Matthews is visiting professor of science at Aston University, Birmingham, UK
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
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Creator: Mike White
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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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Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.
Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”
Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”
Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.”
THE RESULTS
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Winner: Alnawar, Connor Beasley (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) Dh80,000 1,400m
Winner: Raniah, Noel Garbutt, Ernst Oertel
6pm: Handicap (PA) Dh90,000 2,200m
Winner: Saarookh, Richard Mullen, Ana Mendez
6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Rated Conditions Dh125,000 1,600m
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7pm: Al Wathba Stallions Cup Handicap Dh70,000 1,600m
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COMPANY%20PROFILE
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COMPANY%20PROFILE
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Retirement funds heavily invested in equities at a risky time
Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.
Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.
The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.
The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.
Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.
The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.
• Bloomberg
SERIES INFO
Schedule:
All matches at the Harare Sports Club
1st ODI, Wed Apr 10
2nd ODI, Fri Apr 12
3rd ODI, Sun Apr 14
4th ODI, Sun Apr 16
UAE squad
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Zimbabwe squad
Peter Moor (captain), Solomon Mire, Brian Chari, Regis Chakabva, Sean Williams, Timycen Maruma, Sikandar Raza, Donald Tiripano, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Craig Ervine, Brandon Mavuta, Ainsley Ndlovu, Tony Munyonga, Elton Chigumbura
New Zealand 15 British & Irish Lions 15
New Zealand 15
Tries: Laumape, J Barrett
Conversions: B Barrett
Penalties: B Barrett
British & Irish Lions 15
Penalties: Farrell (4), Daly
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years