Sweden is halting the use of the Moderna Covid-19 vaccine among under-30s. Reuters
Sweden is halting the use of the Moderna Covid-19 vaccine among under-30s. Reuters
Sweden is halting the use of the Moderna Covid-19 vaccine among under-30s. Reuters
Sweden is halting the use of the Moderna Covid-19 vaccine among under-30s. Reuters

Sweden and Denmark partially suspend Moderna's Covid-19 vaccine


Laura O'Callaghan
  • English
  • Arabic

Sweden has suspended the use of the Moderna Covid-19 vaccine for under 30s following reports of rare side effects, while Denmark has said it will no longer offer the shot to under 18s.

The national health agency of Sweden said data pointed to an increase of myocarditis and pericarditis among youths and young adults that have received the vaccine.

Myocarditis is an inflammation of the heart which can reduce the muscle’s ability to pump blood around the body. The condition can cause rapid or abnormal heart rhythms.

Pericarditis refers to an inflammation of the pericardium, a sac-like structure with two thin layers of tissue that surround the heart to hold it in place and help it work. Symptoms include chest pain similar to that experienced by a person during a heart attack.

Sweden's public health agency said it had paused the vaccine because of “signals of an increased risk of side effects such as inflammation of the heart muscle or the pericardium”.

The connection, it said, was especially clear when it came to Moderna's vaccine Spikevax, especially after the second dose. But the agency stressed that the risk of developing such side effects was "very small".

The agency said it was now recommending the Pfizer vaccine for Swedes born in 1991 or later. About 81,000 people in that age category who have received one shot of Moderna would be offered a different coronavirus vaccine for their second dose.

Anders Tegnell, Sweden’s chief epidemiologist, said health officials would “follow the situation closely and act quickly to ensure that vaccinations against Covid-19 are always as safe as possible and at the same time provide effective protection” against the disease.

Denmark's decision to halt the use of the Moderna Covid-19 vaccine for under-18s comes after it completely stopped using the AstraZeneca vaccine. AFP
Denmark's decision to halt the use of the Moderna Covid-19 vaccine for under-18s comes after it completely stopped using the AstraZeneca vaccine. AFP

Earlier this week the Swedish health agency said people aged between 12 and 15 would only get the Pfizer/BioNTech vaccine.

Denmark’s health agency also blamed concerns over myocarditis for its decision to suspend the use of the Moderna vaccine for people under 18 years.

In April it became the first European country to cease using the AstraZeneca vaccine over concerns about rare cases of blood clots.

In July, the European Medicines Agency recommended authorising Moderna’s Covid vaccine for children aged between 12 and 17, the first time the shot had been authorised for people aged under 18.

The decision came six months after the EU regulator gave the green light for the Moderna vaccine to be used on people over 18 across the 27-nation bloc.

To date, only the Pfizer vaccine is approved for children under 18 in Europe and North America.

But medicines regulators in the US and Europe have cautioned that both the Moderna and Pfizer vaccines appear linked to a rare reaction in teenagers and young adults – chest pain and heart inflammation.

The Swedish health authorities said the heart symptoms “usually go away on their own”, but they must be assessed by a doctor. It said the decision to suspend the Moderna vaccine was valid until December 1.

The conditions are most common among young men, in connection with, for example, viral infections such as Covid-19.

In 2019, about 300 people under the age of 30 were treated in hospital with myocarditis.

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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Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

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Founded: 2017

Based: UAE

Sector: Travel & tourism

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Was a middle distance state athletics champion in school

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His dream is to continue working as a social worker and help people

Has seven diaries in which he has jotted down notes about his work and money he earned

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The years Ramadan fell in May

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Name of first pet: Eddy, a Persian cat that showed up at our home

Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big

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Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

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6.20pm: West Acre
7pm: Flood Zone
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8.50pm: Calandogan
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