Pakistan eased its coronavirus lockdown too early and should now impose intermittent fortnight-on-fortnight-off restrictions to manage the runaway spread of Covid-19, the World Health Organisation has said.
The UN's health body warned cases were still growing exponentially in the world's sixth most populous nation, while disease tracking was weak and the health system was unprepared.
Deaths have begun to spike in the country, with doctors warning hospital wards are approaching their limits after a rush of cases traced back to socialising at Ramadan and Eid.
A leaked June 7 letter from Palitha Mahipala, WHO chief in Pakistan, warned the country's provincial health ministers that new intermittent lockdown cycles were a priority.
Prime minister Imran Khan has repeatedly said a lockdown cannot solve Pakistan's problems because the country has so many daily labourers who will starve without work. Precautions have largely ended in the country.
The WHO appeared to offer a compromise in the letter, suggesting a two-week pattern would stop the health system collapsing under the weight of new cases, while allowing economic activity to continue in a country where one-in-four are already in poverty.
“WHO strongly recommends that the government adapts the two-weeks-on and two-weeks-off strategy as it offers the smallest curve,” Mr Mahipala wrote.
Some 2,255 Pakistanis have died so far among more than 113,000 confirmed cases. Daily tallies of both deaths and infections have risen sharply recently, with a record number of cases on Wednesday. Low testing rates and patchy death registrations mean the counts are likely to significantly underestimate the true toll. Some hospitals have begun to turn patients away.
The letter also appeared to criticise Pakistan's easing of restrictions. The country has wound back limits on gatherings, business and travel and by the end of Ramadan, streets and markets were thronged. Spread of the disease has increased sharply since then. Mr Mahipala said countries should meet six conditions to ensure they were on top of their outbreaks before easing conditions.
"As of today, Pakistan does not meet any of the pre-requisite conditions for opening the lockdown", the letter said.
Mr Khan and his ministers have asked Pakistanis to abide by distancing guidance and wearing masks even though lockdown has ended. Few appear to have taken notice and the letter acknowledged that “the population is not ready to adapt to change in behaviour”.
Pakistan defended its approach, saying it was trying to pursue a “holistic approach” balancing health and the economy.
Dr Zafar Mirza, Mr Khan's special adviser on health, said the country had made the “best sovereign decisions in the best interest of our people”.
He went on: “We have to make tough policy choices to strike a balance between lives and livelihoods.”
Yasmin Rashid, Punjab's health minister, said the provincial government had already given "orders to take strict action against those violating" virus guidelines.
International health officials fear the epicentre of the pandemic could shift to South Asia. Hospitals in India are already at breaking point, with weeks expected before the peak.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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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Representing%20UAE%20overseas
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THE%20STRANGERS'%20CASE
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
French business
France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
Result
UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')
COMPANY%20PROFILE
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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