Boris Johnson set to expand mass coronavirus testing


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The UK is set to expand its mass testing regime after initial success in a pilot scheme under way in Liverpool.

Prime Minister Boris Johnson is expected to announce mass testing will be introduced in three more English towns after declaring rapid testing was his lockdown “exit strategy”.

The aim is to identify those who are infected with Covid but are asymptomatic.

British officials are said to be keeping a close eye on recent nationwide testing in Slovakia as authorities there reported coronavirus infection rates dropped by more than half in the areas where testing was significantly ramped up.

Slovak officials said one of Mr Johnson's special advisers on health was following the ambitious experiment, according to The Times.

More than three million of Slovakia’s 5.5 million population were given free antigen test kits during a two-day operation a week ago.

About 1 per cent of those tested returned a positive result.

Officials said infection rates in the areas covered by the pilot scheme dropped by 55 per cent the following week - suggesting those who tested positive but were asymptomatic were self-isolating.

Announcing the scheme, Slovakian Prime Minister Igor Matovic said he preferred the testing programme to a second nationwide lockdown.

While taking a test was voluntary, those who refused were being told to self-isolate.

Mr Matovic said Slovakia may screen all its citizens again in December to allow the government to relax restrictions.

He said: “We have stopped the coronavirus surge with the testing, but if we want to have an easier life with restaurants or cinemas open, we will have to make another move.

“There will be a public debate on whether the road to more freedom is a lockdown or another mass testing in a few weeks.”

In the UK, up to 12,000 Liverpudlians were estimated to have taken a coronavirus test at the weekend.

People were asked to participate in the citywide testing – boosted by the support of up to 1,000 troops - regardless of whether they had symptoms or not.

Lieutenant-General Tyrone Urch said the army was on standby in case the programme needed expanding.

“This is definitely scalable,” he said.

  • A patient wearing a protective face mask waits in a queue outside a medical room at a local clinic in Omsk, Russia. Reuters
    A patient wearing a protective face mask waits in a queue outside a medical room at a local clinic in Omsk, Russia. Reuters
  • Italian carabinieri officers stop cars at a checkpoint during the curfew in Rome, Italy. EPA
    Italian carabinieri officers stop cars at a checkpoint during the curfew in Rome, Italy. EPA
  • A woman wearing a face mask rides her bike past the Old Opera in Frankfurt, Germany. AP Photo
    A woman wearing a face mask rides her bike past the Old Opera in Frankfurt, Germany. AP Photo
  • A primary school pupil studies online from home in Warsaw, Poland. EPA
    A primary school pupil studies online from home in Warsaw, Poland. EPA
  • People pass a sign reading 'Remember to keep distance from each other' at Malmoe C train station in Malmoe, Sweden. EPA
    People pass a sign reading 'Remember to keep distance from each other' at Malmoe C train station in Malmoe, Sweden. EPA
  • A nurse works on an antigen speed test after performing it on a woman in a nursing home in Ammerschwihr, eastern France. AP Photo
    A nurse works on an antigen speed test after performing it on a woman in a nursing home in Ammerschwihr, eastern France. AP Photo
  • A man walks in the almost empty Navigli, the nightlife district, during the curfew in Milan, Italy. EPA
    A man walks in the almost empty Navigli, the nightlife district, during the curfew in Milan, Italy. EPA
  • An empty primary school in Przemysl, southeastern Poland. Remote schooling is mandatory for all grades of elementary school and above. EPA
    An empty primary school in Przemysl, southeastern Poland. Remote schooling is mandatory for all grades of elementary school and above. EPA
  • A health worker installs a new mobile field hospital in Toulouse, southern France. AFP
    A health worker installs a new mobile field hospital in Toulouse, southern France. AFP
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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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