India's virus surge pressures Narendra Modi to impose strict lockdown


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India posted another record in daily Covid-19 infections on Friday, adding to pressure on Prime Minister Narendra Modi to impose a nationwide lockdown amid a debate whether restrictions imposed by individual states are enough.

Many medical experts, opposition leaders and some Supreme Court judges suggested lockdown seems to be the only option with the virus raging in cities and towns. Hospitals are forced to turn patients away for lack of space and crematoriums and burial grounds are struggling to handle the dead.

On Friday, India reported a new record of 414,188 confirmed cases in the previous 24 hours. Its tally has risen to more than 21.4 million since the pandemic began with faint hopes of the curve going down quickly. The Health Ministry reported 3,915 additional deaths, bringing the total to 234,083. Experts believe both figures are an undercount.

The official daily death count has stayed above 3,000 for the past 10 days.

Over the past month, nearly a dozen of India's 28 states announced less stringent restrictions than the nationwide lockdown imposed for two months in March last year.

Mr Modi, who consulted with elected leaders and officials of the worst-hit states on Thursday, has so far left the responsibility for fighting the virus to poorly equipped state governments.

Randeep Guleria, a government health expert, said a complete, aggressive lockdown was needed in India just like last year, especially in areas where more than 10 per cent of those tested have contracted Covid-19.

Srinath Reddy, president of the Public Health Foundation of India, a public-private consultancy, acknowledged that states were experiencing different intensities of the epidemic, but said a "co-ordinated countrywide strategy" was still needed.

According to Mr Reddy, decisions need to be based on local conditions but should be closely co-ordinated by the central government.

“Like an orchestra which plays the same sheet music but with different instruments,” he said.

Anthony Fauci, US President Joe Biden's chief medical adviser, suggested that India might need a complete shutdown for two to four weeks to help ease the surge of infections.

“As soon as the cases start coming down, you can vaccinate more people and get ahead of the trajectory of the outbreak of the pandemic,” Dr Fauci said in an interview with the Indian television CNN News18 news channel on Thursday. He did not provide specifics of what a shutdown should entail.

He said it appeared there were at least two types of virus variants circulating in India. He said B117, which is the UK variant, tended to be concentrated in New Delhi and that the 617 variant was concentrated in the worst-hit western Maharashtra state.

“Both of those have increasing capability of transmitting better and more efficiently than the original Wuhan strain a year ago,” Dr Fauci said.

Mr Modi last year imposed a stringent two-month lockdown on four hours' notice. It stranded tens of millions of migrant workers who were left jobless and fled to villages with many dying along the way. Experts say the decision helped contain the virus and bought time for the government.

India's economy contracted by 23 per cent in April-June last year and showed recovery as the restrictions were eased. The International Monetary Fund's projection of 12.5 per cent growth in the 2021-2022 financial year, beginning in April, is expected to suffer again with the surge in infections.

Mr Modi's policy of selected lockdowns is supported by some experts, including Vineeta Bal, a scientist at the National Institute of Immunology. She said states have different needs, and local particularities need to be taken into account for any policy to work.

In most instances, in places where health infrastructure and expertise are good, localised restrictions at the level of a state, or even a district, are a better way to curb the spread of infections, Ms Bal said. "A centrally mandated lockdown will just be inappropriate," she said.

Yogesh Jain Ganiyari of the Peoples Health Support Group, a low-cost public health programme in the central state of Chhattisgarh, said that lockdowns, scientifically, are the most effective way of curbing infections.

"But we don’t live in a lab. We need to take into account the humanitarian aspect,” Dr Ganiyari said. “Those who look at lockdowns just as disease control mechanisms are heartless. You have to think about the people.”

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Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

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Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

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Friday, November 1 – Oman v UAE
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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.”

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

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A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

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