A woman receives AstraZeneca’s Covid-19 vaccine in Hagen, Germany. Reuters
A woman receives AstraZeneca’s Covid-19 vaccine in Hagen, Germany. Reuters
A woman receives AstraZeneca’s Covid-19 vaccine in Hagen, Germany. Reuters
A woman receives AstraZeneca’s Covid-19 vaccine in Hagen, Germany. Reuters

EU threatens to block vaccine exports as rising case numbers indicate third Covid wave


Simon Rushton
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Covid-19 tension was exposed on Saturday as the EU threatened to block the export of vaccines in a row over failed deliveries.

Ursula von der Leyen, President of the European Commission, said the bloc  received only 33 per cent of the vaccine doses it was promised.

The EU has been criticised for placing a temporary ban on the AstraZeneca-Oxford shot and its sporadic inoculation programme, which has been slower than those of the UK and US.

Cases are rising in 20 member states, including Germany and France, and some fear a third wave is imminent.

  • French President Emmanuel Macron speaks to staff working in the intensive care ward of the Poissy Saint-Germain-en-Laye hospital, in Poissy, near Paris. AFP
    French President Emmanuel Macron speaks to staff working in the intensive care ward of the Poissy Saint-Germain-en-Laye hospital, in Poissy, near Paris. AFP
  • A medical worker looks through a window at an additional intensive care unit set up to cope with the Covid-19 pandemic at the Ambroise Pare Clinic in Paris, France. Bloomberg
    A medical worker looks through a window at an additional intensive care unit set up to cope with the Covid-19 pandemic at the Ambroise Pare Clinic in Paris, France. Bloomberg
  • A nurse administers a dose of Pfizer-BioNTech's Covid-19 vaccine at the Beziers vaccination centre at Zinga Zanga village hall, south of France. AFP
    A nurse administers a dose of Pfizer-BioNTech's Covid-19 vaccine at the Beziers vaccination centre at Zinga Zanga village hall, south of France. AFP
  • A patient suffering from Covid-19 is transferred from Lille to Brest hospital in France. Reuters
    A patient suffering from Covid-19 is transferred from Lille to Brest hospital in France. Reuters
  • The Lannion-Trestel hospital, where a new variant of Covid-19 has been detected, in Lannion, France. Reuters
    The Lannion-Trestel hospital, where a new variant of Covid-19 has been detected, in Lannion, France. Reuters
  • Antonio Garcia, 95, dances with a health worker before being vaccinated with the Moderna Covid-19 vaccine at the Nurse Isabel Zendal Hospital in Madrid, Spain. AP Photo
    Antonio Garcia, 95, dances with a health worker before being vaccinated with the Moderna Covid-19 vaccine at the Nurse Isabel Zendal Hospital in Madrid, Spain. AP Photo
  • People receive their day pass to visit shops and cultural institutions after getting a negative Covid-19 rapid test result in Tuebingen, Germany. Reuters
    People receive their day pass to visit shops and cultural institutions after getting a negative Covid-19 rapid test result in Tuebingen, Germany. Reuters
  • People are reflected in a shop window enjoying some sun in Tuebingen, Germany. Reuters
    People are reflected in a shop window enjoying some sun in Tuebingen, Germany. Reuters
  • Health workers transport a training dummy on to an intensive care unit train, operated by Trenitalia SpA, during a media visit at Termini railway station in Rome, Italy. Bloomberg
    Health workers transport a training dummy on to an intensive care unit train, operated by Trenitalia SpA, during a media visit at Termini railway station in Rome, Italy. Bloomberg
  • A cyclist passes a vaccination centre, operated by the Italian Red Cross, closed due to suspension of the use of the AstraZeneca-Oxford vaccine in Rome, Italy. Bloomberg
    A cyclist passes a vaccination centre, operated by the Italian Red Cross, closed due to suspension of the use of the AstraZeneca-Oxford vaccine in Rome, Italy. Bloomberg
  • A health worker administers the Moderna vaccine at a Covid-19 vaccination centre in Rome, Italy. Bloomberg
    A health worker administers the Moderna vaccine at a Covid-19 vaccination centre in Rome, Italy. Bloomberg
  • A health worker draws doses from a vial of the Moderna Covid-19 vaccine in Rome, Italy. Bloomberg
    A health worker draws doses from a vial of the Moderna Covid-19 vaccine in Rome, Italy. Bloomberg

“We have the option of banning a planned export. That’s the message to AstraZeneca: you fulfil your contract with Europe first before you start delivering to other countries,” Ms von der Leyen said.

Ms Von der Leyen said the EU had only received 30 million doses of the 90 million AstraZeneca vaccines it had been promised by the end of March.

The company blamed production delays but European officials are furious that AstraZeneca has been able to deliver its UK contract while falling short on the continent.

“We haven’t received anything from the Brits, although we are delivering to them,” Ms von der Leyen said.

“I can’t explain to European citizens why we are exporting millions of vaccine doses to countries that are producing vaccines themselves and aren’t sending us anything back.”

EU-based manufacturers have shipped 41 million vaccine doses to 33 countries since early February, Ms von der Leyen said, making the bloc one of the world’s biggest export regions for Covid-19 vaccines.

French European Affairs Minister Clement Beaune welcomed the tougher tone from Brussels.

"We need a principle of reciprocity: supply others if they supply us in accordance with signed contracts," he said.
There are concerns that the low vaccination rates are contributing to the rising rate of new cases.

“We have exponential growth ... so it is good we had agreed on an emergency brake and unfortunately we will have to make use of this emergency brake,”  German Chancellor Angela Merkel said.

She said the lifting of lockdown restrictions was likely to be a slower process.

French Prime Minister Jean Castex said his country was facing a “third wave” of the coronavirus as new restrictions were introduced in Paris.

Most businesses and public venues in Poland are closing as the health service struggles to cope with more patients on respirators than at any period over the last year, while Hungary has extended its nationwide lockdown for another week.

The European Medicines Agency on Thursday confirmed the AstraZeneca shot “safe and effective” and vaccination has since resumed in some countries.

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Poland Statement
All people fleeing from Ukraine before the armed conflict are allowed to enter Poland. Our country shelters every person whose life is in danger - regardless of their nationality.

The dominant group of refugees in Poland are citizens of Ukraine, but among the people checked by the Border Guard are also citizens of the USA, Nigeria, India, Georgia and other countries.

All persons admitted to Poland are verified by the Border Guard. In relation to those who are in doubt, e.g. do not have documents, Border Guard officers apply appropriate checking procedures.

No person who has received refuge in Poland will be sent back to a country torn by war.

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UAE fixtures:
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Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final

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Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
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Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
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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.”