Britain faces 'biggest challenge in a generation' from swine flu



LONDON // Britain's chief medical officer has warned that swine flu represents the "biggest challenge in a generation" to the country's medical services. By autumn, when a surge in cases of the H1N1 strain is expected in the northern hemisphere, Sir Liam Donaldson expects hospitals to cancel non-emergency operations as medical staff struggle to cope. With the World Health Organisation now accepting that countries might want to consider delaying the reopening of schools after the summer break to delay the spread of the pandemic, Britain will today get its first National Flu Service.

The new service in Britain, the worst affected country in Europe with more than 50,000 swine flu cases being reported a week, will enable patients to get anti-flu medication by phone or via the internet without the need to visit a doctor. Thirty people in the UK have died as a result of H1N1 in the past month, though most had underlying health problems. The vast majority of sufferers have had only mild symptoms and fully recover within three to five days. And although the death toll is expected to rise in the autumn and winter months, government statistics show that, in an average non-pandemic year, between 4,000 and 12,000 Britons die directly or indirectly because of normal flu outbreaks.

The government has warned that the number of deaths from the virus this winter in the UK could reach between 19,000 and 65,000, though the latter figure is regarded as very much a "worst-case scenario" and would be dependent on the flu mutating to a more virulent form. With the WHO calculating that swine flu has "spread internationally with unprecedented speed", Britain is preparing to advise vulnerable groups to stay away from crowds when the epidemic peaks, probably in the autumn.

Academics have suggested that school closings could help counter the spread of the virus, but Mr Donaldson said delaying the start of the new school year in September was unlikely. "Dealing with this is a marathon, not a sprint," he told the BBC. "I think it would take a lot for us to move in that direction." He added, though, that the strain of coping with a severe outbreak could put unbearable strains on the National Health Service.

"That might involve cancelling some routine procedures, but if that is necessary to treat people who are seriously ill with flu, that is what will have to be done." The greatest number of deaths has occurred in the United States where, up to yesterday, 263 people are believed to have died of the virus. Aphaluck Bhatiasevi, a spokesman for the WHO in Geneva, said that the virus had killed 700 people across the world in six weeks where, normally, it would have been expected to take six months. "We expect to see more cases and deaths in the future," she added.

In Britain, one childbirth charity advised last weekend that couples should even avoid conceiving children until the pandemic has passed - a suggestion that the government found so alarmist that it forced the charity to withdraw the advice. Mr Donaldson said yesterday pregnant women might wish "on a highly precautionary basis, to avoid large, densely populated gatherings where they have little control over personal contact".

The flu outbreak even upset the royal family's schedule yesterday. The Duke of York postponed a visit to a factory after staff at the plant were struck down with suspected swine flu. Prince Andrew was due to officially open a construction eqiuipment factory worth £40 million (Dh242m) in Uttoxeter, Staffordshire, yesterday afternoon. dsapsted@thenational.ae

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Company name: Hoopla
Date started: March 2023
Founder: Jacqueline Perrottet
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Number of staff: 10
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COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
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Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

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COMPANY PROFILE

Name: Dooda Solutions
Based: Lebanon
Founder: Nada Ghanem
Sector: AgriTech
Total funding: $300,000 in equity-free funding
Number of employees: 11

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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.”

UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).


Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).


Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

Company Profile

Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8


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