Health workers arrive on a bus to conduct a free screenings at residential building in Mumbai, one of worst-affected cities in India's Covid-19 outbreak. AP Photo
Health workers arrive on a bus to conduct a free screenings at residential building in Mumbai, one of worst-affected cities in India's Covid-19 outbreak. AP Photo
Health workers arrive on a bus to conduct a free screenings at residential building in Mumbai, one of worst-affected cities in India's Covid-19 outbreak. AP Photo
Health workers arrive on a bus to conduct a free screenings at residential building in Mumbai, one of worst-affected cities in India's Covid-19 outbreak. AP Photo

India approves human trials for second Covid-19 vaccine candidate


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India has approved a second locally developed Covid-19 vaccine for human trials as surging infections put the country on course to overtake Russia as the third-most affected nation in the novel coronavirus pandemic.

Pharmaceuticals firm Zydus said on Friday that it had received approval from Indian regulators to begin human studies of its potential vaccine.

The vaccine showed a "strong immune response" in animal studies, and the antibodies produced were able to completely neutralise the wild type virus, Zydus, part of India's Cadila Healthcare group, said in a statement to Indian stock exchanges.

India's approval for Zydus comes days after privately held Bharat Biotech got a green light for human studies for its vaccine candidate.

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Coronavirus around the world

  • People wait to receive food outside a community centre amid the ongoing coronavirus pandemic, at Fuerte Apache neighbourhood in Buenos Aires, Argentina. EPA
    People wait to receive food outside a community centre amid the ongoing coronavirus pandemic, at Fuerte Apache neighbourhood in Buenos Aires, Argentina. EPA
  • A teacher and students wear hats designed to maintain social distancing at Ban Pa Muad School in Chiang Mai, northern Thailand. AP Photo
    A teacher and students wear hats designed to maintain social distancing at Ban Pa Muad School in Chiang Mai, northern Thailand. AP Photo
  • Visitors carrying parasols pose for photos at the 17th century Wat Chaiwatthanaram temple complex in the ancient Thai capital of Ayutthaya, north of Bangkok, as authorities reopened sites after a lockdown to halt the spread of the Covid-19. AFP
    Visitors carrying parasols pose for photos at the 17th century Wat Chaiwatthanaram temple complex in the ancient Thai capital of Ayutthaya, north of Bangkok, as authorities reopened sites after a lockdown to halt the spread of the Covid-19. AFP
  • Physician Carolina Xavier, left, a member of the indigenous medical care unit of the Sao Mata Verde Bonita tribe, speaks with patients in Marica, Rio de Janeiro state. AFP
    Physician Carolina Xavier, left, a member of the indigenous medical care unit of the Sao Mata Verde Bonita tribe, speaks with patients in Marica, Rio de Janeiro state. AFP
  • A man lights lamps before offering prayers for the protection against Covid19 at Badshah no Hajiro or King's Mausoleum in Ahmedabad, India. AP Photo
    A man lights lamps before offering prayers for the protection against Covid19 at Badshah no Hajiro or King's Mausoleum in Ahmedabad, India. AP Photo
  • Workers with Accredited Social Health Activist (Asha) from India's National Rural Health Mission wearing pink robes and protective masks as they conduct a door-to-door survey on the coronavirus in New Delhi. Bloomberg
    Workers with Accredited Social Health Activist (Asha) from India's National Rural Health Mission wearing pink robes and protective masks as they conduct a door-to-door survey on the coronavirus in New Delhi. Bloomberg
  • Gravedigger Martin Niano pushes his cycle past wreaths adorning recent graves in a section of the Municipal Cemetery of Valle de Chalco on the outskirts of Mexico City. AP Photo
    Gravedigger Martin Niano pushes his cycle past wreaths adorning recent graves in a section of the Municipal Cemetery of Valle de Chalco on the outskirts of Mexico City. AP Photo
  • People wear masks in the capital Seoul as South Korea experiences a surge in the number of coronavirus infections, particularly in the southern city of Gwangju. EPA
    People wear masks in the capital Seoul as South Korea experiences a surge in the number of coronavirus infections, particularly in the southern city of Gwangju. EPA
  • People slackline on the Santa Monica beach in Los Angeles County, California where beaches and piers will be closed during the Fourth of July weekend to slow the spread of the coronavirus. AFP
    People slackline on the Santa Monica beach in Los Angeles County, California where beaches and piers will be closed during the Fourth of July weekend to slow the spread of the coronavirus. AFP
  • Indigenous Guarani women and children listen to music being played at the Sao Mata Verde Bonita tribe camp, in Guarani indigenous land, in Marica, Rio de Janeiro state, Brazil. AFP
    Indigenous Guarani women and children listen to music being played at the Sao Mata Verde Bonita tribe camp, in Guarani indigenous land, in Marica, Rio de Janeiro state, Brazil. AFP
  • A worker wearing protective suits sprays disinfectant inside a Toronto Transit Commission (TTC) bus in Toronto, Ontario, Canada. The TTC carried about 1.7 million passengers per day prior to the coronavirus pandemic but ridership has sunk by about 80% as people avoid public transportation and work from home. Bloomberg
    A worker wearing protective suits sprays disinfectant inside a Toronto Transit Commission (TTC) bus in Toronto, Ontario, Canada. The TTC carried about 1.7 million passengers per day prior to the coronavirus pandemic but ridership has sunk by about 80% as people avoid public transportation and work from home. Bloomberg
  • Residents wait for their turn during an aid package distribution by the Indonesian Air Force at a slum area in Jakarta, Indonesia. EPA
    Residents wait for their turn during an aid package distribution by the Indonesian Air Force at a slum area in Jakarta, Indonesia. EPA
  • Children wearing protective face masks look at an Indonesian Air Force disinfection drone in a slum area of Jakarta. EPA
    Children wearing protective face masks look at an Indonesian Air Force disinfection drone in a slum area of Jakarta. EPA
  • South Korean imperial guards wear face masks as they patrol near the Deoksu Palace in Seoul. AP Photo
    South Korean imperial guards wear face masks as they patrol near the Deoksu Palace in Seoul. AP Photo
  • Medical staff prepare to transfer a patient to another room in the Covid-19 intensive care unit at the United Memorial Medical Centre in Houston, Texas. AFP
    Medical staff prepare to transfer a patient to another room in the Covid-19 intensive care unit at the United Memorial Medical Centre in Houston, Texas. AFP
  • A passenger collects her baggage at Sydney Airport, Australia after arriving on a flight from Melbourne. EPA
    A passenger collects her baggage at Sydney Airport, Australia after arriving on a flight from Melbourne. EPA
  • Men play football at a local club in Pergamino, Argentina where soccer field has been divided into 12 rectangles to keep players from making physical contact. AP Photo
    Men play football at a local club in Pergamino, Argentina where soccer field has been divided into 12 rectangles to keep players from making physical contact. AP Photo
  • A passenger of a minibus, locally known as jeepney, looks out at a transportation bureau officer in Quezon City, Metro Manila, Philippines. EPA
    A passenger of a minibus, locally known as jeepney, looks out at a transportation bureau officer in Quezon City, Metro Manila, Philippines. EPA
  • People wearing protective masks make their way during rush hour at a railway station in Tokyo, Japan. Reuters
    People wearing protective masks make their way during rush hour at a railway station in Tokyo, Japan. Reuters
  • A youth drinks mate, a traditional herbal drink, as he looks out from the door of a gym at a school being used as a government-run quarantine shelter in Ciudad del Este, Paraguay. AP Photo
    A youth drinks mate, a traditional herbal drink, as he looks out from the door of a gym at a school being used as a government-run quarantine shelter in Ciudad del Este, Paraguay. AP Photo
  • Employees work at the Arequipe clothing factory in Bogota, Colombia, which had remained closed for 50 days during the government's coronavirus lockdown. Getty Images
    Employees work at the Arequipe clothing factory in Bogota, Colombia, which had remained closed for 50 days during the government's coronavirus lockdown. Getty Images

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Zydus will begin human trials this month on more than 1,000 subjects at multiple sites in India, it said. The company also plans to ramp up its production capacity for the vaccine contender to serve Indian and global demand, it added.

There were no safety concerns for the vaccine candidate in repeat dose toxicology studies, Zydus said. In rabbits, up to three times the intended human dose was found to be safe, well tolerated and immunogenic.

No vaccine has yet been approved for commercial use against Covid-19, but more than a dozen from over 100 candidates globally are currently being tested in humans, and some have shown potential in early-stage trials.

India's health ministry reported another single-day record increase in coronavirus cases on Friday. The 20,903 new infections took the national total to 625,544, while another 379 deaths in the previous 24 hours raised the number of fatalities to 18,213.

With the current rate of infections, India is expected to surpass Russia’s 660,000 cases in coming days and become the third worst-hit country after the United States and Brazil. It has the eighth-most fatalities in the world, according to a Johns Hopkins University tally, but both numbers are thought to be far higher than has been confirmed around the world.

Despite the increasing number of cases, India has continued easing lockdown restrictions in most of the country except for the highest-risk areas.

All monuments will be reopened to the public from Monday, subject to limits on the number of visitors and the mandatory wearing of masks.

A strict two-month lockdown that began in late March dealt a blow to the faltering economy and left millions of low-paid migrant workers stranded in cities without jobs and unable to return to their homes in rural areas.

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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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