As the US heads into a holiday weekend, states are tightening restrictions to help curb a new outbreak of coronavirus cases spreading through the southern and western US.
Florida has closed beaches that were crowded weeks earlier, while California has shut bars and indoor dining.
At least 19 states delayed reopening plans as the death toll reached 127,600.
Several states broke records for single-day infections and hospital admissions on Wednesday, with the outbreak worsened in California, Texas, Florida and Arizona.
Infectious diseases expert Dr Anthony Fauci warned the US infection figures were “going in the wrong direction” and could soon be near 100,000 cases a day.
But the Centres for Disease Control and Prevention suggested the US could have already hit the grim milestone.
Medical experts suggested the official figures are undercounting the true scope of the new outbreak.
The centres warned that more than 20 million Americans may have already contracted the virus, but a lack of testing leaves the true extent of the outbreak unknown.
"Our best estimate right now is that for every case that was reported, there actually were 10 other infections," said the centres' director, Dr Robert Redfield.
There are 2.6 million confirmed cases of Covid-19 in the US.
Furthering concerns, a new study from researchers at Yale, published in Jama Internal Medicine, found that the number of US deaths related to Covid-19 could be 28 per cent higher than the official count.
“Official tallies of deaths due to Covid-19 underestimate the full increase in deaths associated with the pandemic in many states,” the study found.
“Efforts to track the severity and public health impact of Covid-19 in the US have been hampered by state-level differences in diagnostic test availability, differing strategies for prioritisation of individuals for testing, and delays between testing and reporting.”
Some states have reported record-breaking numbers of new infections and deaths.
Arizona on Wednesday recorded more coronavirus deaths, infections, hospital admissions and emergency-room visits in a single day than ever before.
It confirmed single-day highs of almost 4,900 new cases, 88 new deaths, close to 1,300 emergency room visits and a running total of nearly 2,900 people admitted to hospitals.
For the second day in a row, Texas reported record numbers of new cases and hospital admissions. Health officials reported 8,076 new cases on Wednesday, marking a new record.
The latest number of new cases is 1,000 more than Tuesday’s number, which set the previous record.
In Florida, hospitals braced for an influx. Jackson Health System, the biggest medical centre in the state's hardest-hit county, Miami, scaled back elective surgeries and other procedures to make room for victims of the coronavirus resurgence.
Health experts say the virus in Florida and other southern states risks becoming uncontrollable, with case numbers too large to trace.
In the past month, the US cases climbed by nearly one million.
On June 1, the US reported 1.7 million infections and was easing restrictions.
One month later, the number of infections has reached 2.6 million and continues to grow.
Meanwhile, president Donald Trump pushed ahead with plans for a 4th of July celebration at the Mount Rushmore national memorial. The thousands expected to attend the event will not be required to follow social distancing or wear a mask.
Mr Trump softened his stance on masks on Wednesday, saying "I'm all for masks. I think masks are good," in an interview with Fox Business.
“I had a mask on. I sort of liked the way I looked," he said.
“It looked like the Lone Ranger.”
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Abu Dhabi Sustainability Week
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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.”
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Sri Lanka-India Test series schedule
- 1st Test India won by 304 runs at Galle
- 2nd Test Thursday-Monday at Colombo
- 3rd Test August 12-16 at Pallekele
The specs
Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km
Zayed Sustainability Prize
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Visit Abu Dhabi culinary team's top Emirati restaurants in Abu Dhabi
Yadoo’s House Restaurant & Cafe
For the karak and Yoodo's house platter with includes eggs, balaleet, khamir and chebab bread.
Golden Dallah
For the cappuccino, luqaimat and aseeda.
Al Mrzab Restaurant
For the shrimp murabian and Kuwaiti options including Kuwaiti machboos with kebab and spicy sauce.
Al Derwaza
For the fish hubul, regag bread, biryani and special seafood soup.
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Match info
Uefa Nations League Group B:
England v Spain, Saturday, 11.45pm (UAE)
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