Coronavirus: Death toll spikes and thousands of new cases reported


Layla Mashkoor
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The deadly respiratory virus commonly referred to as the Wuhan coronavirus continues to spread with Chinese authorities confirming a new spike in the number of cases and deaths.

China’s National Health Commission said there has been more than 8,000 new cases of coronavirus in the past two days. The death toll has also risen to 565, with all but two deaths occurring on mainland China. The Philippines and Hong Kong have each reported one death due to coronavirus.

The global number of confirmed coronavirus cases surpassed 28,000 on Thursday morning with 25 countries affected.

A cruise liner quarantined for two weeks off the coast of Yokohama, Japan, said there are at least 20 cases of the coronavirus aboard the ship carrying 2,666 passengers and 1,045 crew members. The Diamond Princess cruise ship is still awaiting results on 170 others who are being tested for the virus after coming into close contact with an 80-year-old passenger from Hong Kong who was the first person to report coronavirus symptoms.

Passengers wave from the Diamond Princess cruise ship, where around 3,700 people are being quarantined for two weeks after 20 cases of the coronavirus were diagnosed on board. EPA
Passengers wave from the Diamond Princess cruise ship, where around 3,700 people are being quarantined for two weeks after 20 cases of the coronavirus were diagnosed on board. EPA

Meanwhile, governments around the world are weighing actions to contain the spread of the pneumonia-like virus, with many countries evacuating their citizens and imposing strict travel restrictions on mainland China.

Medical workers in Hong Kong have gone on strike, with 7,000 health workers walking off the job this week to demand the government close the border with China as the number of confirmed cases in the city climbed to 21.

There have been five diagnosed cases of the coronavirus in the UAE, confirmed in tourists from China who visited the UAE during the Chinese New Year holiday. All five individuals were quarantined and are said to be in stable condition.

China scrambles for beds

China scrambled to find bed space for thousands of newly infected patients on Thursday. The locked-down city of Wuhan was due to open a second field hospital, offering 1,600 beds.

This photo taken on February 5, 2020 shows a patient covered in bed sheets at an exhibition centre converted into a hospital in Wuhan in China's central Hubei province. AFP
This photo taken on February 5, 2020 shows a patient covered in bed sheets at an exhibition centre converted into a hospital in Wuhan in China's central Hubei province. AFP

The first hospital, with 1,000 beds, opened earlier this week, and authorities said they were converting public buildings into jury-rigged medical facilities to deal with the influx of sick people.

The city of 11 million is facing a "severe" lack of beds, said Hu Lishan, a senior official in Wuhan, noting that there were 8,182 patients admitted to 28 hospitals that have a total of 8,254 beds.

There is also a shortage of equipment and materials, said Mr Hu.

The central government announced measures intended to ensure the supply of vital medical resources, with tax breaks for manufacturers of equipment needed to fight the epidemic.

"We must make all-out efforts across the country to meet the need for essential medical supplies and medical professionals in Hubei Province," Premier Li Keqiang said, according to the official Xinhua news agency.

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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.”

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Dubai World Cup nominations

UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer

USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.

Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.