Leading US infectious disease expert Anthony Fauci on Tuesday warned Congress that lifting lockdowns too early could lead to more outbreaks of the coronavirus, which has already killed 82,000 in the country.
Mr Fauci, director of the National Institute of Allergy and Infectious Diseases, told a Senate panel that states should follow health experts' recommendations to wait for signs, including a declining number of new infections, before reopening.
President Donald Trump has been encouraging states to end a weeks-long shutdown of their economies.
But senators heard a sobering assessment from Mr Fauci when asked by Democrats about prematurely reopening the economy.
"There is a real risk that you will trigger an outbreak that you may not be able to control and, in fact, will set you back," he said.
Mr Fauci said that would lead to more suffering and death that could be avoided, and put the economy at even greater risk .
The Covid-19 respiratory disease caused by the coronavirus has infected almost 1.4 million people in the country, the most in the world.
Mr Fauci, 79, a member of Mr Trump's coronavirus task force, told the Senate health, education, labour and pensions committee that the battle against Covid-19 should be "focused on the proven public health practices of containment and mitigation".
He testified online from quarantine because he might have come into contact with two members of the White House staff who were diagnosed with Covid-19.
Mr Fauci said he might go to the White House if needed.
Last week, he was blocked by the White House from testifying to a Democratic-controlled House of Representatives panel.
The White House said Mr Fauci's testimony would have been "counterproductive".
"All roads back to work and back to school run through testing, and what our country has done so far on testing is impressive but not nearly enough," Lamar Alexander, the Republican chairman of the Senate committee, said by video on Tuesday.
Mr Alexander is also in quarantine in his home state of Tennessee for 14 days after a member of his staff tested positive.
Democrats on the health committee largely concentrated on the risks of opening the US economy too soon.
Republicans played down that notion, saying a long shutdown could cause serious harm to people's health and that of the economy.
Mr Trump, who previously made the strength of the economy central to his pitch for his November re-election, has encouraged states to reopen businesses that had been considered non-essential during the pandemic.
His administration has largely left it to states to decide whether and how to reopen.
State governors are taking varying approaches, with more relaxing tough restrictions, even as opinion polls show most Americans are concerned about reopening too soon.
Patty Murray, a senator and the senior committee Democrat, criticised aspects of the administration's response to the pandemic.
Ms Murray said Americans "need leadership, they need a plan, they need honesty and they need it now, before we reopen".
Others testifying online on Tuesday were: Robert Redfield, director of the US Centres for Disease Control and Prevention; Brett Giroir, assistant secretary for health; and Food and Drug Administration Commissioner Stephen Hahn.
Meanwhile, House majority leader Steny Hoyer, a Democrat, said a Democratic bill for significant new federal aid in response to the pandemic could be unveiled later on Tuesday, with a possible House votes on Friday.
UAE currency: the story behind the money in your pockets
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
Facebook | Our website | Instagram
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Springsteen: Deliver Me from Nowhere
Director: Scott Cooper
Starring: Jeremy Allen White, Odessa Young, Jeremy Strong
Rating: 4/5
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.”
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 178hp at 5,500rpm
Torque: 280Nm at 1,350-4,200rpm
Transmission: seven-speed dual-clutch auto
Price: from Dh209,000
On sale: now
MATCH INFO
Liverpool 4 (Salah (pen 4, 33', & pen 88', Van Dijk (20')
Leeds United 3 (Harrison 12', Bamford 30', Klich 66')
Man of the match Mohamed Salah (Liverpool)
MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
More from Rashmee Roshan Lall
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
