The newly appointed co-chair of the World Health Organisation’s independent review into the global response to the coronavirus pandemic has condemned America’s handling of disease and its lack of co-operation with other countries.
Announced on Thursday by the WHO, the Independent Panel for Pandemic Preparedness and Response will be led by former New Zealand prime minister Helen Clark and former Liberian president Ellen Johnson Sirleaf.
“In containing this threat to global public health, economic stress and social disorder, we are only as strong as the weakest link in our human chain,” Ms Sirleaf said about the coronavirus crisis on Friday at a virtual event hosted by the Chatham House think tank in London.
Ms Clark and Ms Sirleaf will pick their own panel members and have their own secretariat. The panel will hold a monthly briefing to give updates on progress.
The panel will present an interim report to the next World Health Assembly gathering in November, with its full report to follow the meeting in May next year. It intends to help the world learn how to deal with a similar crisis in the future.
Ms Sirleaf said that the pandemic would not be overcome unless countries worked together to share resources, strengthen health systems and develop and distribute an effective vaccine.
“We need to protect healthcare workers, provide the necessary care for all who are needed in society. This must particularly include vulnerable groups such as refugees, migrants, the elderly and the infirm,” she said.
Ms Sirleaf, a Nobel Peace Prize winner, said that “special attention” should be given to the needs to the Global South group of developing countries and once a vaccine is developed, it must be made accessible and affordable for all countries.
“Admittedly the depth of co-operation required to tackle this pandemic would be challenging to achieve even in the best of times. It is therefore particularly concerning that the virus has struck at a moment when the multilateral system has been under sustained attack, ironically led by the very country that played the leading role in the creation of the existing global governance systems,” she said, in a shot at the United States.
The UN agency has been criticised for its early handling of the pandemic and was under attack from US President Donald Trump, who threatened to withdraw Washington's membership, accusing the agency of botching its handling of the pandemic and being a "puppet of China".
The US on Tuesday formally stated its withdrawal from the WHO, making good on Mr Trump's threats to deprive the UN body of its top donor.
Mary Robinson, the former prime minister of Ireland, was also on the panel with Ms Sirleaf and she too criticised the isolationist US approach to the pandemic, which has had “a devastating cost on lives, economic momentum and social equality”.
She decried the US-led “barrage of assaults on multilateralism” but also said she was disappointed in China for fighting with America over the virus’s origins. She added that both countries undermined the messages of the WHO.
Ms Robinson also condemned populist governments, such as Brazil’s and Hungary’s, and their lack of attention to the pandemic.
But she commended the role of women leaders in response to the crisis, who had “led their countries well”.
The coronavirus pandemic has claimed more than 555,000 lives worldwide, with over 12.3 million people infected since the outbreak began in China last December, data from Johns Hopkins University shows.
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Portugal v Chile, 7pm, today
Germany v Mexico, 7pm, tomorrow
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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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