The Indian capital will remain under lockdown at weekends after it recorded a sharp rise in coronavirus cases blamed on the Omicron variant.
Delhi and southern Karnataka state announced the drastic measures after night curfews and curbs on public movement failed to curtail the spread of the highly transmissible strain.
More than 58,000 fresh infections were reported in India on Wednesday, the health ministry said, a six-fold rise in seven days.
About 500 fatalities were also reported, taking the total death toll to 483,000 and coronavirus caseload to nearly 35 million.
Nearly 10,665 of these cases were from Delhi, where infection rates were below 500 until Tuesday last week. India confirmed it's first Omicron death on Wednesday.
A man identified as 73-year-old Laxminarayan Nagar from Udaipur in western Rajasthan state died on December 31, health ministry official Luv Agarwal confirmed.
"Our protocol says that we treat it as a covid death if they test positive, here also since he was tested positive for Omicron, we treat it as Omicron death," Mr Agarwal said.
The state government had previously claimed that he died of non-Covid complications and was suffering from comorbidities.
Delhi chief minister Arvind Kejriwal also tested positive. The capital's health minister Satyendar Jain said 81 per cent of the cases reported there were the Omicron strain.
He said the third wave of the pandemic had already set in and the city would see 10,000 fresh cases by Wednesday evening.
The state government imposed a night curfew last month, closed schools and colleges, and ordered markets and public transport to operate at half their capacity.
But the earlier measures failed to curtail the spread of the virus. The proportion of tests coming back positive hit 10 per cent, forcing the government to bring back the curfew.
“There will be a weekend curfew in Delhi. Coronavirus is spreading fast, " Mr Jain said, but urged people not to panic.
Delhi was placed under a coronavirus curfew last year after a wave of Covid-19 infections, with daily cases passing the 30,000 mark.
The second wave driven by the local Delta variant hit the city of 20 million residents and large swathes of India in April and May. It left the country's underfunded healthcare system on the brink of collapse.
As infection rates shot up, regional governments imposed lockdowns, causing an exodus of millions of migrant casual workers from big cities such as Delhi and Mumbai in a repeat of India's first nationwide lockdown in 2020.
Critics blamed Prime Minister Narendra Modi's central and regional government for acting late despite warnings of a second wave. They say the government failed to save tens of thousands of lives as hospitals and crematoriums ran out of space across the country.
But in recent weeks, authorities have been proactive in dealing with the surge in cases amid the threat of a third wave.
Health experts and the government have said the country is likely to face a third wave around February, driven by the Omicron variant first detected in South Africa.
So far, death and hospital admission rates have remained low but experts say authorities cannot let their guard down.
“My sister has been infected … I feel it is a right decision to impose the curbs considering what happened in the last wave,” Aditi Singh, a resident of Delhi, told The National.
Authorities in Karnataka said a state-wide weekend curfew will be imposed to battle the infection surge. The state reported the country's first case of Omicron on December 2.
It has since recorded a rapid rise in the number of infections, with more than 2,000 reported in the last 24 hours.
Officials in western Mumbai, where more than 10,500 cases were reported on Tuesday, said a lockdown could be imposed if daily infection numbers exceed 20,000.
It made RT-PCR tests mandatory for all international passengers arriving at Mumbai Airport and imposed a compulsory seven-day home quarantine for those who test negative and institutional quarantine for positive patients.
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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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