France declares third coronavirus wave


Soraya Ebrahimi
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France has entered a third wave of the Covid-19 pandemic and additional restrictions must be introduced, French Prime Minister Jean Castex said.

France is grappling with a steady increase in the number of new cases, leading to a heavy strain on the hospital system, especially in the capital, where infections have surged.

On Tuesday, the seven-day average of new cases rose above 25,000 for the first time since November 20.

Health authorities reported 29,975 new cases nationwide on Tuesday, a 4.5 per cent weekly jump, the sharpest in a month and a half. The number of people who died rose by 408, to 91,170.

"It seems to me that the time has come to consider new measures in the greater Paris region," Mr Castex said.

He said weekend lockdowns such as those already in place in two other regions were among measures to be considered for the greater Paris region.

"There is no reason why we shouldn't do in one region what we are doing in another," he said.

He told parliament: “We are in a sort of third wave of the epidemic, characterised by numerous variants.”

Like other EU countries, France lags far behind the United States and Britain in vaccinating its population.

The coronavirus situation is worsening in the greater Paris region where hospitals are under immense strain, the director general of the AP-HP Paris hospitals organisation, Martin Hirsch, said on Wednesday.

Mr Hirsch told RTL radio there were two options to contain the disease – a local weekend lockdown, already in place in other parts of the country, or a broader lockdown in the region.

"The virus is not under control. There are as many patients in intensive care units today as there were at the peak of the second wave," he said.

This week, President Emmanuel Macron said a new lockdown could be introduced within days.

The president still hopes a vaccination drive can stave off the effects of a new pandemic wave triggered by more contagious variants and prevent France from resorting to a third national lockdown.

But suspension of the use of the AstraZeneca vaccine, announced on Monday over safety concerns, could jeopardise the strategy.

Mr Castex said he was ready to get the AstraZeneca vaccine if European health authorities confirmed its safety and it was indicated that France was ready to lift the suspensions.

The European Medicines Agency reiterated on Tuesday that there was "no indication" the shot raised the risk of blood clotting after more than a dozen EU states suspended use of the drug until investigations are concluded.

AstraZeneca said there was no cause for concern and that proportionally fewer thrombosis cases were reported in immunised people than among the general population.

With 4.11 million people infected since the start of the outbreak, France has the sixth highest case count in the world.

Health officials said on Tuesday that a new coronavirus variant sweeping through north-west France could evade detection in standard tests.

The variant, first spotted in Brittany, “doesn’t suggest either increased severity or increased transmissibility” but there are indications its presence in patients is harder to confirm.

Brittany's health workers are trying to establish the extent of the variant's circulation as French authorities fear a third wave of the pandemic has arrived.

“An evaluation is under way to assess the possible impact of these genetic modifications ... on a lack of recognition by virological tests leading to an underdiagnosis,” the general directorate of health said.

The World Health Organisation confirmed it was investigating the variant because of its apparent ability to evade detection in people who had PCR tests.

Eight people were identified in the town of Lannion as carriers of the variant in a cluster of 79 cases.

Pierre Tattevin, professor of infectious diseases at the University of Rennes, said that in addition to these eight cases, there were “several dozen over the past few weeks”.

The incidence of the coronavirus in Brittany has risen steadily for about six weeks and is now at 133 cases per 100,000 people.

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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

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Women’s World T20, Asia Qualifier

UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs

Standings (P, W, l, NR, points)

1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0

Final
Thailand v UAE, Monday, 7am

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Infobox

Western Region Asia Cup Qualifier, Al Amerat, Oman

The two finalists advance to the next stage of qualifying, in Malaysia in August

Results

UAE beat Iran by 10 wickets

Kuwait beat Saudi Arabia by eight wickets

Oman beat Bahrain by nine wickets

Qatar beat Maldives by 106 runs

Monday fixtures

UAE v Kuwait, Iran v Saudi Arabia, Oman v Qatar, Maldives v Bahrain

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Directed by: Shaka King

Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons

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Remaining Fixtures

Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final