As many as 100,000 Americans could die in the coronavirus pandemic before a vaccine can be developed by the end of the year, US President Donald Trump said on Sunday as the country’s death toll passed earlier estimates.
During a two-hour virtual town hall broadcast by Fox News, Mr Trump alternated between forecasting a rapid recovery for the US economy and casting blame for the pandemic's spread on China, where the disease is believed to have originated.
Covid-19, the disease caused by coronavirus, has sickened more than 1.1 million people in the US and killed more than 68,000, with most schools and many businesses forced to close across the country.
"We're going to lose anywhere from 75, 80 to 100,000 people. That's a horrible thing," said Mr Trump.
As recently as last Friday he said he hoped fewer than 100,000 Americans would die during the outbreak, having earlier in the week talked about 60,000 to 70,000 deaths.
About half the states have moved towards at least partial lifting of shutdowns as the number of new Covid-19 cases has begun to drop or level off. Citizens have also agitated for relief from restrictions that have sent the US economy into a tailspin.
"We can't stay closed as a country or we're not going to have a country left," Mr Trump said.
Coronavirus across the world
Mr Trump criticised Fox recently, casting the conservative-leaning network as insufficiently supportive. He faced few tough questions during Sunday's event, which gave him a new format to reach the public while he is unable to hold campaign rallies and after he faced widespread criticism for his combative daily briefings.
In an assessment that clashes with those offered by some public health experts, Mr Trump said he believed that by the end of the year there would be a Covid-19 vaccine.
"The doctors would say, 'well, you shouldn't say that'," Mr Trump said. "I'll say what I think ... I think we’ll have a vaccine sooner than later."
Many health experts, including Dr Anthony Fauci, the top infectious disease expert in the US, have said a vaccine was likely a year to 18 months away from being developed.
There is an "incredibly small" chance of having a highly effective vaccine or treatment for coronavirus within the next year, England's Chief Medical Officer Chris Whitty said on April 22.
Mr Trump said he wanted pupils and students to return to schools and colleges in autumn, even as he acknowledged the possibility of a resurgence of the disease.
"We'll put out the embers, we'll put out whatever it may be. We may have to put out a fire," he said.
Speaking the day before the US Senate returns to Washington, Mr Trump said it was possible that federal coronavirus aid could increase to $6 trillion (Dh22.035tn) from the nearly $3tn Congress has already passed to try to ease the heavy economic toll of the crisis.
"There is more help coming. There has to be," he said.
Democrats have made it clear they want to provide a sizeable rescue package for state and local governments as part of a broader bill – one that could total more than $2tn – but some Republicans criticised the idea as unreasonably expensive.
"We will be doing infrastructure and I told Steve [US Treasury Secretary Steven Mnuchin] just today we are not doing anything unless we get a payroll tax cut," Mr Trump said.
Mr Trump, who has been criticised for not moving faster early in the year to stop the spread of the virus, sought to blunt the criticism by blaming China.
He said China made a "horrible mistake" without saying precisely what this was or providing specific evidence for his assertion.
Earlier in the day, US Secretary of State Mike Pompeo said there was "a significant amount of evidence" that Covid-19 came from a Chinese laboratory, but did not dispute US intelligence agencies' conclusions that the disease was not man-made.
Killing of Qassem Suleimani
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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Zayed Sustainability Prize
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills