An international panel investigating the global response to the Covid-19 pandemic led by the former Liberian president Ellen Sirleaf Johnson and New Zealand's former prime minister Helen Clark called for a "Chernobyl moment" in which an emergency UN summit gives beefed-up powers to the World Health Organisation to intervene against new diseases.
Describing February 2020 as a lost opportunity to avert a pandemic, the panel says in a report issued on Wednesday that the WHO could have first acted to raise the alarm as early as January 22. It wants world leaders to grant new powers to intervene in states where the risk of an outbreak is emerging.
"We propose that a special high level session of the UN General Assembly should be conveyed later in the year to agree on a political declaration on transforming and preparedness and response, along the lines of the recommendations in the panel's report. The panel believes that the WHO is underpowered and underfunded by its member states," Ms Clark said.
"The disease surveillance and alert system needs to be overhauled too. WHO should have the powers necessary to investigate outbreaks of concern speedily with guaranteed rights of access. And with the ability to publish information without waiting for member state approval.
"Sensitivities about sovereignty should surely not delay alerting the world to the threat of a new pathogen and pandemic potential. A precautionary principle should be applied where warranted, as in the face of respiratory infections. We are calling on the WHO to set measurable targets and benchmarks for pandemic preparedness and response professionals."
The Independent Panel for Pandemic Preparedness and Response was set up by the WHO to make recommendations on the handling of the outbreak and future reforms ahead of an annual UN meeting in late May. The former heads of government and experts said the global health bureaucracy needed to command more resources.
"The panel finds that the system as it stands now is clearly unfit to prevent another novel and highly infectious pathogen, which could emerge at any time, from developing into a pandemic," the report said.
The panel believes that WHO is underpowered and underfunded by its member states
"We are also proposing the creation of a dedicated international pandemic financing facility. It must be able to disperse $5-$10 billion a year for preparedness, and for $50-$100 billion in the process."
The panel drew parallels with the reaction to the nuclear disaster in Ukraine in 1986 because of which the UN body was given a substantial new remit.
"If we see this as the Chernobyl moment of global health, and then related it to the new powers that the International Atomic Energy Agency got at the time of that nuclear safety disaster then we see that the WHO needs the kinds of powers that we are spelling out," Ms Clark said. "The challenge to member states today in 2021 will be will they agree to empower the agency just as, in the dying days of the Cold War, they agreed to empower the IAEA."
Ellen Johnson Sirleaf, the former president of Liberia, said the Covid pandemic is still accelerating and the first priority must be to stop the spread. With more than four fifths of vaccines going to the wealthiest countries, better global distribution of batches is key. While vaccines alone would not stop the spread of the disease, the Covax programme for global distribution needed more support.
"We strongly recommend that high-income countries with a pipeline for adequate coverage of their populations should, alongside their own scale-up, commit to providing the 90 low and middle-income countries, covered by the Covax advanced market commitment, at least one billion doses, no later than September 1, and to increase that to a total of two billion by mid-next year."
The panel said the pandemic should have been declared earlier, at least on January 22. When the realisation did come among countries, there was a damaging free-for-all response.
"What followed then was a winner-takes-all scramble for PPE [personal protective equipment] and therapeutics globally, health workers were tested to their limits, and the rates of infection, illness and death soared and continue to do so.
"There are countries which devaluated and debunked the science, denied the severity of the disease, delayed responding, and with the impact of sowing distrust among their citizens this has had deadly consequences. This has been compounded by a lack of global leadership and co-ordination of geopolitical tensions and nationalism weakening the multilateral system, which should act to keep the world safe. Overall the pandemic is forecast to have a $22 trillion impact on the world economy by 2025 and as the pandemic has raged the most vulnerable people have suffered the most."
It was the opposite of the recommended approach of the Global Preparedness Monitoring Board, that “national leaders and leaders of international organisations and other stakeholders take early decisive action based on science, evidence and best practice when confronted with health emergencies".
"They discourage the politicisation of measures to protect public health, ensure social protection and promote national unity and global solidarity,” the panel said.
Ms Johnson Sirleaf also backed a waiver on intellectual property rights on vaccine manufacturing beyond licensing agreements, something that has been proposed at the World Trade Organisation.
"We call for WHO and WTO to convene the major vaccine-producing countries and manufacturers to get agreement on voluntary licensing and technology transfer agreements, and to do so now," she said. "If actions do not occur within three months, a waiver of intellectual property rights under the agreement on trade related aspects of intellectual property rights should come into force, immediately."
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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OPINIONS ON PALESTINE & ISRAEL
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
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.”
WISH
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The%20specs
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The specs: 2018 Genesis G70
Price, base / as tested: Dh155,000 / Dh205,000
Engine: 3.3-litre, turbocharged V6
Gearbox: Eight-speed automatic
Power: 370hp @ 6,000rpm
Torque: 510Nm @ 1,300rpm
Fuel economy, combined: 10.6L / 100km
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Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
UAE currency: the story behind the money in your pockets
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.