Questions swirl over England's faster strain of coronavirus


Damien McElroy
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Britain identified more than 1,000 people who were infected with a new fast-spreading Covid-19 variant, predominantly in the south of the country where it could be connected to a surge in cases.

Health Secretary Matt Hancock said on Monday that the World Health Organisation had been notified of the scientific findings.

"We have identified a new variant of coronavirus, which may be associated with the faster spread in the south-east of England," Mr Hancock told parliament.

"Initial analysis suggests that this variant is growing faster than the existing variants," he said, as he announced that London and other regions would be placed under the toughest Tier 3 restrictions from Wednesday.

The WHO emergencies expert Mike Ryan said there was no evidence yet that the strain behaved differently to existing types of the virus.

"We are aware of this genetic variant reported in 1,000 individuals in England," he said in Geneva. "Authorities are looking at its significance. We have seen many variants, this virus evolves and changes over time."

Mr Hancock said it was highly unlikely that the vaccines currently being developed would not work with the new strain.

The original strain, detected in China's Wuhan city in December 2019, is the L strain. The virus mutated into the S strain at the beginning of 2020. That was followed by V and G strains. Strain G mutated yet further into strains GR, GH and GV. Several other infrequent mutations were collectively grouped together as strain O.

Mr Hancock said the new variant was being cultured at the British Army's Porton Down medical and bioscience laboratories.

G strains are now dominant around the world. One specific mutation, D614G, has become the most common variant.

The most recent mutation to emerge is the GV strain, which has so far been isolated to Europe. Experts there say it is unclear whether the strain is spreading because of any transmission advantage or because it affected socially active young adults and tourists over the summer.

The Covid-19 virus has so far mutated slowly and scientists have been divided on the implications of some of the mutations.

Some experts said that the D614G variation made the virus more transmissible, but other studies contradict that.

The changes so far have not resulted in strains that were likely to be resistant to vaccines in development.

However, experts who have watched influenza and HIV mutate over the years, evading vaccines, say that future mutations of SARS-CoV-2 remain unknown.

The best chance of avoiding changes that make the virus impervious to a vaccine remains curtailing its spread and reducing the opportunities it has to mutate.

Match info:

Portugal 1
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Grand slam winners since July 2003

Who has won major titles since Wimbledon 2003 when Roger Federer won his first grand slam

Roger Federer 19 (8 Wimbledon, 5 Australian Open, 5 US Open, 1 French Open)

Rafael Nadal 16 (10 French Open, 3 US Open, 2 Wimbledon, 1 Australian Open)

Novak Djokovic 12 (6 Australian Open, 3 Wimbledon, 2 US Open, 1 French Open)

Andy Murray 3 (2 Wimbledon, 1 US Open)

Stan Wawrinka 3 (1 Australian Open, 1 French Open, 1 US Open)

Andy Roddick 1 (1 US Open) 

Gaston Gaudio 1 (1 French Open)

Marat Safin 1 (1 Australian Open)

Juan Martin del Potro 1 (1 US Open)

Marin Cilic 1 (1 US Open)

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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.”

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David Haye record

Total fights: 32
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Match info

What: Fifa Club World Cup play-off
Who: Al Ain v Team Wellington
Where: Hazza bin Zayed Stadium, Al Ain
When: Wednesday, kick off 7.30pm