• Toronto Police keep watch at Trinity Bellwoods Park as the province prepares for more phased re-openings from the coronavirus restrictions in Toronto, Ontario, Canada. Reuters
    Toronto Police keep watch at Trinity Bellwoods Park as the province prepares for more phased re-openings from the coronavirus restrictions in Toronto, Ontario, Canada. Reuters
  • US President Donald Trump participates in a round of golf amid the coronavirus outbreak, in Sterling, Virginia. Reuters
    US President Donald Trump participates in a round of golf amid the coronavirus outbreak, in Sterling, Virginia. Reuters
  • People in Domino Park are seen in circles painted as guidelines for social distancing during the outbreak of the coronavirus disease in Brooklyn, New York City. Reuters
    People in Domino Park are seen in circles painted as guidelines for social distancing during the outbreak of the coronavirus disease in Brooklyn, New York City. Reuters
  • A cleaning worker wearing personal protective equipment disinfects Jamaica Market in Mexico City during the coronavirus pandemic. AFP
    A cleaning worker wearing personal protective equipment disinfects Jamaica Market in Mexico City during the coronavirus pandemic. AFP
  • Children return to campus for the first day as New South Wales public schools fully reopen amid the easing of the coronavirus restrictions at Homebush West Public School in Sydney, Australia. Reuters
    Children return to campus for the first day as New South Wales public schools fully reopen amid the easing of the coronavirus restrictions at Homebush West Public School in Sydney, Australia. Reuters
  • Deacon Robert Lavanco of Our Lady of Hope Catholic Church, prays with Krystyna Kopacki as she kneels in the street during a procession called the Blessed Sacrament, to bring blessings to worshippers outside their homes while their church sanctuary is closed to them in the Queens borough of New York City. Reuters
    Deacon Robert Lavanco of Our Lady of Hope Catholic Church, prays with Krystyna Kopacki as she kneels in the street during a procession called the Blessed Sacrament, to bring blessings to worshippers outside their homes while their church sanctuary is closed to them in the Queens borough of New York City. Reuters
  • Demonstrators take part in a protest in favour of Brazilian President Jair Bolsonaro in front of the Planalto Palace, amid the coronavirus outbreak, in Brasilia, Brazil. Reuters
    Demonstrators take part in a protest in favour of Brazilian President Jair Bolsonaro in front of the Planalto Palace, amid the coronavirus outbreak, in Brasilia, Brazil. Reuters
  • A street cleaner walks through the closed Broadway theatre district near Times Square following the outbreak of the coronavirus in Manhattan, New York City. Reuters
    A street cleaner walks through the closed Broadway theatre district near Times Square following the outbreak of the coronavirus in Manhattan, New York City. Reuters
  • Political campaign group Led By Donkeys transport a screen showing a pre-recorded video link of Britain's Boris Johnson delivering a statement, outside the home of his senior aide Dominic Cummings, in London. AP
    Political campaign group Led By Donkeys transport a screen showing a pre-recorded video link of Britain's Boris Johnson delivering a statement, outside the home of his senior aide Dominic Cummings, in London. AP
  • Some faithful greet Pope Francis as he appears at the window of the Apostolic palace after delivering his message during the Regina Coeli prayer, Vatican City. EPA
    Some faithful greet Pope Francis as he appears at the window of the Apostolic palace after delivering his message during the Regina Coeli prayer, Vatican City. EPA
  • People enjoy a sunny day at the beach in Costa da Caparica, Almada, Portugal. EPA
    People enjoy a sunny day at the beach in Costa da Caparica, Almada, Portugal. EPA
  • Muslims take part in the Eid Al Fitr prayer at the Baitul Mukarram National Mosque amid concerns over the coronavirus outbreak, in Dhaka, Bangladesh. Reuters
    Muslims take part in the Eid Al Fitr prayer at the Baitul Mukarram National Mosque amid concerns over the coronavirus outbreak, in Dhaka, Bangladesh. Reuters

Moderna Covid-19 vaccine poised for final trials in US


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The first potential coronavirus vaccine tested in the US caused all 45 volunteers in an early-stage trial to produce antibodies.

The vaccine, which was made by US biotech company Moderna, will begin the final stage of human trials on July 27, after encouraging results from an initial test were published on Tuesday.

“No matter how you slice this, this is good news,” Dr Anthony Fauci, the US government’s top infectious disease expert, said.

The phase 3 trial will recruit 30,000 volunteers in the US, with half of them to receive the vaccine at 100 microgram dose levels, and the other half to be given a placebo.

The trial will show whether the vaccine is safe and can prevent infection by the virus or, if people still get infected, whether it can prevent the infection progressing towards symptoms.

The announcement came after The New England Journal of Medicine published results from the first stage of Moderna's vaccine trial, which showed the first 45 participants all developed antibodies to the virus.

The participants were split into three groups of 15 to test doses of 25 micrograms, 100 micrograms and 250 micrograms.

They were given a second dose of the same amount 28 days later.

After the first round, antibody levels were found to be higher with higher doses.

After the second round, participants had higher levels of antibodies than most patients who have had Covid-19 and gone on to generate their own antibodies.

Coronavirus around the world 

  • A nun who made 15,000 face masks during the coronavirus crisis queues outside the Grand Palais in Paris prior to a reception called by French health minister to honour about 800 health workers for their service during the pandemic. AFP
    A nun who made 15,000 face masks during the coronavirus crisis queues outside the Grand Palais in Paris prior to a reception called by French health minister to honour about 800 health workers for their service during the pandemic. AFP
  • A man walks past a mural of frontline workers after the government eased a nationwide lockdown imposed as a preventive measure against the coronavirus in New Delhi. AFP
    A man walks past a mural of frontline workers after the government eased a nationwide lockdown imposed as a preventive measure against the coronavirus in New Delhi. AFP
  • Residents wearing face masks are seen next to the Yangtze River in Wuhan in China's central Hubei province. Various parts of China have been hit by continuous rain since June, with the damage adding pressure to a domestic economy already hit by the coronavirus pandemic. AFP
    Residents wearing face masks are seen next to the Yangtze River in Wuhan in China's central Hubei province. Various parts of China have been hit by continuous rain since June, with the damage adding pressure to a domestic economy already hit by the coronavirus pandemic. AFP
  • Medical workers bring medications to patients suffering from the coronavirus inside the Institute for Orthopaedic Surgery 'Banjica', recently transformed to a Covid-19 hospital, in Belgrade. AFP
    Medical workers bring medications to patients suffering from the coronavirus inside the Institute for Orthopaedic Surgery 'Banjica', recently transformed to a Covid-19 hospital, in Belgrade. AFP
  • A medical worker wearing personal protective equipment collects a swab sample from a man for the coronavirus test, in Colombo. AFP
    A medical worker wearing personal protective equipment collects a swab sample from a man for the coronavirus test, in Colombo. AFP
  • A visitor jumps for photographs in Disneyland in Hong Kong, China. The theme park will shut its doors until July 21, 2020 due to a surge in Covid-19 cases in Hong Kong. EPA
    A visitor jumps for photographs in Disneyland in Hong Kong, China. The theme park will shut its doors until July 21, 2020 due to a surge in Covid-19 cases in Hong Kong. EPA
  • Women wearing personal protective equipment look at mounted police patrolling a street in Medellin in Colombia amid the pandemic. AFP
    Women wearing personal protective equipment look at mounted police patrolling a street in Medellin in Colombia amid the pandemic. AFP
  • An activist kneels next to crosses symbolising the ones who died from the coronavirus in front of the National Congress during a protest against Brazil's President Jair Bolsonaro in Brasilia, Brazil. Reuters
    An activist kneels next to crosses symbolising the ones who died from the coronavirus in front of the National Congress during a protest against Brazil's President Jair Bolsonaro in Brasilia, Brazil. Reuters
  • People protest against the government's response to the pandemic in La Paz, Bolivia. AP Photo
    People protest against the government's response to the pandemic in La Paz, Bolivia. AP Photo
  • Catalan regional President, Quim Torra, attends a tribute for the 147 victims who died in Catalonia region because of the coronavirus, in Girona, Catalonia, Spain. EPA
    Catalan regional President, Quim Torra, attends a tribute for the 147 victims who died in Catalonia region because of the coronavirus, in Girona, Catalonia, Spain. EPA

Moderna is considered to be in a leading position in the global race to find a vaccine against the coronavirus, which has infected more than 13.4 million people and killed 580,000.

Chinese biotech company Sinovac announced it would begin phase 3 trials of its vaccine.

The UAE is also is pushing ahead with efforts to develop two types of Covid-19 vaccine, which are being tested on more than 15,000 volunteers.

It is on the third stage of the clinical trials and if either vaccine is confirmed to be safe and effective, it will move to the manufacturing stage.

On Sunday, Russian news agency Tass announced researchers in the country completed clinical trials on a vaccine, although they had not yet shared their data.

But scientists gave a warning that the first vaccines to come to market may not be the most effective or safest.

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.”