Sweden’s controversial herd immunity approach to tackling Covid-19 appears at last to be paying off, despite doom-mongers predicting catastrophe for the country.
The Scandinavian country has averaged only one death a day for the last 10, despite not going into lockdown.
Sweden has so far has recorded 5,843 coronavirus deaths, making it the fifth-highest per capita death rate in Europe, but the number of new infections has been declining steadily since the peak in late June.
Overall, it has recorded more than 86,000 infections in its population of about 10 million, but it had only 13 patients in intensive care on Wednesday.
That same day, it recorded 204 new infections and no additional deaths.
This is a stark contrast to other countries in Europe that went into lockdowns, such as Britain, France and Spain, where new cases are soaring and their workers and economies in hibernation.
The UK recorded 2,659 new infections and registered another eight deaths on Wednesday. France, meanwhile, recorded 8,577 cases and 30 more deaths. The last available figures for Spain from Friday last week were 10,476 more infections and 184 deaths.
At the end of May, Sweden's state epidemiologist, Anders Tegnell, received death threats over his handling of the coronavirus pandemic. But less than four months later, there is now a sense of vindication.
Unlike any other country in the world, Sweden shunned a strict lockdown.
During its first wave of the virus, the Scandinavian state kept restaurants, cafes and bars open. Instead of confining people to their homes, the government issued several guidelines to help people through the pandemic such as staying home if they were ill, washing hands and social distancing. The state did, however, ban gatherings of more than 50 people.
The herd immunity theory says that if at least 60 per cent of a population get the virus, the whole population develops immunity to it, slowing down its transmission. Although other countries including Britain and the Netherlands had considered the same strategy, both ended up abandoning it, due to pressure from health officials and the public.
By the end of May, Sweden had become the country with the highest number of coronavirus deaths per capita, but it stubbornly kept bars, restaurants and businesses open.
The picture looked more upbeat on Wednesday, when Johan Carlson, an epidemiologist and the director of the Swedish public health agency, said that Swedes were now benefitting from the herd immunity strategy.
“Our strategy was consistent and sustainable,” Prof Carlson, a leading figure behind the herd immunity policy, said. “We probably have a lower risk of [the virus] spreading than other countries.”
“The purpose of our approach is for people themselves to understand the need to follow the recommendations and guidelines that exist,” he said.
“There are no other tricks before there are available medical measures, primarily vaccines.
“The Swedish population has taken this to heart.”
Rates of infection are also increasing in Norway and Denmark, neighbours of Sweden which both enforced lockdowns.
On Wednesday, for the first time since the spring, higher rates of infection were registered in Norway than in Sweden. Denmark has 2.1 new cases per 100,000 people, Norway has 1.5 and Sweden 1.1, the TT news agency reported.
In response, Norway will stop easing coronavirus lockdown and could end up bringing back tougher measures, Prime Minister Erna Solberg said on Thursday.
Norway originally went into lockdown in March but eased measures in May after a dramatic drop in new cases.
“We can’t open up any more at this time…In case of a rise in the number of infections without a known source, or local outbreaks that are not contained, we will consider righter restrictions, locally, regionally or nationally,” she said.
Following Sweden’s perceived success with herd immunity, reports have suggested that the United States, the country hit hardest by the virus, was considering copying its strategy.
But on Wednesday White House Coronavirus Task Force Co-ordinator Dr Deborah Birx rejected the reports, saying she didn’t want to endanger American lives.
Dr Birx told reporters at St Mary Mercy Hospital in Livonia, Michigan, that American lives were non-negotiable for the sake of herd immunity.
“Neither I, nor anybody in the administration, is willing to sacrifice American lives for herd immunity. We’ll get to herd immunity through a vaccine and that’s the right way to do it.”
The Intruder
Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
Match info:
Portugal 1
Ronaldo (4')
Morocco 0
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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
MATCH INFO
Red Star Belgrade v Tottenham Hotspur, midnight (Thursday), UAE
UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
Liz%20Truss
%3Cp%3EMinisterial%20experience%3A%20Current%20Foreign%20Secretary.%0D%3Cbr%3E%0DWhat%20did%20she%20do%20before%20politics%3F%20Worked%20as%20an%20economist%20for%20Shell%20and%20Cable%20and%20Wireless%20and%20was%20then%20a%20deputy%20director%20for%20right-of-centre%20think%20tank%20Reform.%0D%3Cbr%3E%0DWhat%20does%20she%20say%20on%20tax%3F%20She%20has%20pledged%20to%20%22start%20cutting%20taxes%20from%20day%20one%22%2C%20reversing%20April's%20rise%20in%20National%20Insurance%20and%20promising%20to%20keep%20%22corporation%20tax%20competitive%22.%3C%2Fp%3E%0A
RESULT
Al Hilal 4 Persepolis 0
Khribin (31', 54', 89'), Al Shahrani 40'
Red card: Otayf (Al Hilal, 49')
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes