The US will immediately provide materials for Covid-19 vaccines, medical equipment and protective gear to help India respond to a massive surge in Covid-19 infections, the White House said on Sunday.
"The United States is working around the clock to deploy available resources and supplies," National Security Council spokeswoman Emily Horne said.
Ms Horne said the materials would help India to make its Covishield vaccine, the locally licensed version of the AstraZeneca treatment.
The US would also send therapeutics, rapid diagnostic test kits and ventilators.
President Joe Biden said America was "determined to help India in its time of need".
Washington was under increasing pressure to help India, the world's largest democracy, after Britain, France and Germany pledged aid over the weekend.
Earlier, National Security Advisor Jake Sullivan spoke with Indian counterpart Ajit Doval "about the spike in Covid cases in India and we agreed to stay in close touch in the coming days".
Indian Prime Minister Narendra Modi urged all citizens to be vaccinated and exercise caution, as the country set a global record for new Covid-19 infections in a single day.
The US was also looking at options to provide India with oxygen production and related supplies.
US officials are considering sending India its unused Covid-19 vaccines doses from AstraZeneca, top US infectious disease official Dr Anthony Fauci said on Sunday.
"That's something that certainly is going to be actively considered," Dr Fauci told ABC News.
AstraZeneca's vaccine is not yet approved in the US, which has millions of doses, and US health officials said they had enough doses of approved versions by three other drug makers to inoculate all Americans in coming weeks.
The nation's top business lobbying group has also pushed the administration to send AstraZeneca's vials to countries with rising cases.
The White House had no comment on the possibility of sending the AstraZeneca vaccine to India.
Senior US officials have expressed concern that new variants of the virus emerging in India could undermine progress made in the US.
The outbreak also threatens the economic recovery of India, the sixth-largest economy in the world.
Ms Horne said the US would also send a team of experts from the Centres for Disease Control and Prevention and US Agency for International Development to work with India.
The US Development Finance Corporation will fund a substantial expansion of manufacturing capacity for Indian vaccine maker Biological E, enabling it to produce at least 1 billion doses of Covid-19 vaccines by the end of 2022.
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Stage result
1. Pascal Ackermann (GER) Bora-Hansgrohe, in 3:29.09
2. Caleb Ewan (AUS) Lotto-Soudal
3. Rudy Barbier (FRA) Israel Start-Up Nation
4. Dylan Groenewegen (NED) Jumbo-Visma
5. Luka Mezgec (SLO) Mitchelton-Scott
6. Alberto Dainese (ITA) Sunweb
7. Jakub Mareczko (ITA) CCC
8. Max Walscheid (GER) NTT
9. José Rojas (ESP) Movistar
10. Andrea Vendrame (ITA) Ag2r La Mondiale, all at same time
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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Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
