• A woman wearing a face shield is handed a Covid-19 self-test at a sampling site in a car park at Svagertorp station in Malmo, Sweden. AP Photo
    A woman wearing a face shield is handed a Covid-19 self-test at a sampling site in a car park at Svagertorp station in Malmo, Sweden. AP Photo
  • People strollIing in the cold but sunny weather pass a sign asking to maintain social distancing in Stockholm. EPA
    People strollIing in the cold but sunny weather pass a sign asking to maintain social distancing in Stockholm. EPA
  • Taxi driver Nilofar Pegah collects covid tests in Solna. She delivers self tests to between 20 to 30 homes every day. AFP
    Taxi driver Nilofar Pegah collects covid tests in Solna. She delivers self tests to between 20 to 30 homes every day. AFP
  • Daily commuters wait for the metro in Solna near Stockholm. AFP
    Daily commuters wait for the metro in Solna near Stockholm. AFP
  • The national Swedish flags fly on top of commuter ferries in Stockholm. AFP
    The national Swedish flags fly on top of commuter ferries in Stockholm. AFP
  • Pedestrians cross an intersection in the heart of Stockholm. AFP
    Pedestrians cross an intersection in the heart of Stockholm. AFP
  • People walk past shops under Christmas lights in Stockholm. AFP
    People walk past shops under Christmas lights in Stockholm. AFP
  • Daily commuters arrive on the metro at Stockholm's central station. AFP
    Daily commuters arrive on the metro at Stockholm's central station. AFP

How 'sad' Sweden can learn from neighbouring Norway to stem the tide of Covid-19


Neil Murphy
  • English
  • Arabic

One of Norway’s top disease experts has described the surge of coronavirus deaths in neighbouring Sweden as a “sad situation”.

Sweden has had more deaths from Covid-19 in the past fortnight than Norway recorded since the start of the outbreak.

Frode Forland of the Norwegian Institute of Public Health said early action and an effective test-and-trace system had been crucial to keeping the number of fatalities low.

"It is a reflection of the high spread of infection in Sweden. I think it is a very high figure and it is a sad situation that Sweden has come to," he told the Swedish daily newspaper Aftonbladet.

“The countries that had the greatest spread of infection in the first wave have also had it this autumn. The countries that quickly stopped the virus have contracted less infection.”

The two Scandinavian nations adopted contrasting approaches to public health at the beginning of the pandemic, resulting in vastly differing outcomes.

Norway has recorded 354 Covid-related deaths since the start of the outbreak, whereas Sweden reported 360 Covid deaths in the past 10 days alone.

Norway already performs Covid-19 testing at airports and a 10-day quarantine for travellers from high-risk countries.

Dr Forland said he believed Sweden should replicate Norway’s approach by enforcing stricter measures at its border.

"I think you should travel less and make sure to avoid people entering with infection from other countries. I think that is important," he told Aftonbladet.

Sweden was criticised earlier this year after chief epidemiologist expert Anders Tegnell refused to impose a national lockdown and instead opted for a herd immunity strategy.

But cases have soared rapidly in recent weeks.

To stem a severe second wave, Swedish Prime Minister Stefan Lofven announced on Thursday that high schools would switch to distance-learning for the rest of the year.

Sweden’s death rate per capita is several times that of its Nordic neighbours, but lower than many European countries that opted for national lockdowns.

Sweden registered 35 new Covid-19 related deaths on Thursday, taking the total across the country to 7,007.

Anders Tegnell also said fatalities would climb higher and that the death toll was not expected to reach its peak until mid-December.

“We know from other countries down in Europe that the death toll is one, to a few, weeks behind the others. So we will probably unfortunately continue to see increasing death rates,” he said.

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German intelligence warnings
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  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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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.”