Coronavirus: police close down packed Barcelona beach amid infection spike

Police in Barcelona closed down access to a large area of the city’s beaches on Saturday after too many sunbathers ignored authorities’ request to stay at home amid a new wave of surging coronavirus infections.

Spain’s Covid-19 outbreak is one of Europe’s worst, with more than 260,00 cases and over 28,000 deaths, according to data from Johns Hopkins University.

Health authorities are trying to halt this week’s spike in cases, which has led to four million people around Barcelona being asked to stay home for 15 days.

Police blocked more people from entering the beach and used loudspeakers to recommend that the crowds already on the sand disperse because they were too closely packed and could spread the virus.

Barcelona and other areas of Spain’s northeastern Catalonia region have experienced the largest outbreaks in the country since a strict three-month nationwide lockdown ended only four weeks ago.

Catalan health authorities on Saturday reported more than 1,200 new cases – 894 in the Barcelona metropolitan area.

The new outbreaks have forced regional officials from Saturday to prohibit gatherings of over 10 people in Barcelona. Officials also urged residents of Barcelona and neighboring municipalities only leave home for work or necessary errands.

Residents of the Catalonian capital are also unable to visit nursing homes. Authorities have also moved to close nightclubs and gyms, and restrictions have been put in place on bars and restaurants, suspension of cultural activities and recreational sport.

Spanish Health Minister Salvador Illa urged Barcelona residents to follow the guidelines issued by the regional Catalan authorities.

The mandatory use of face masks is rapidly spreading across Spain as officials grapple with more than 180 active outbreaks, most of them in Catalonia and the neighboring Aragon region.

New French Prime Minister Jean Castex is reviewing the situation in Catalonia “closely” and is mulling closing borders with Spain after new outbreaks have been reported. More than 30,000 people in France have died of Covid-19.

Overall, Europe has seen over 199,000 virus deaths, according to a tally by Johns Hopkins University. The true number is higher than that, due to limited testing and other reasons.

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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.”