The UK has recorded its highest daily coronavirus deaths since March as pressure grows on the prime minister to implement his 'Plan B' for greater Covid restrictions.
The Department of Health on Tuesday said 223 people had died with coronavirus in its hospitals in the past 24 hours, a large jump from the 45 deaths recorded on Monday. On March 9 there were 231 deaths reported.
There is often a lag in reporting over the weekend, but there will be keen focus on the coming days to discover out if the rise is an anomaly, or part of a wider trend.
However, there was an unexpected drop in daily new infections to 43,738, after reaching nearly 50,000 on Monday, the highest level seen in several months. Infections are up 16.1 per cent in a week, while deaths are up 14.6 per cent.
Despite the decrease, the UK continues to have the highest rate of infections in Europe, with new cases averaging 43,000 a day over a seven day period.
The current spike has led to calls from scientists to reimpose tighter coronavirus restrictions and accelerate its vaccine booster drive.
Millions of people in Britain have already been being offered booster shots, but critics say the programme is moving too slowly.
“It’s critical we accelerate the booster programme,” said leading epidemiologist Prof Neil Ferguson, a member of the government’s Scientific Advisory Group for Emergencies (Sage).
Prof Ferguson said the UK compared unfavourably with its European neighbours, which have been much slower to unwind mask mandates and have stricter vaccine passport requirements.
UK coronavirus cases since September 2020
“Most Western European countries have kept in place more control measures, vaccine mandates, mask-wearing mandates, and tend to have lower case numbers and certainly not case numbers which are going up as fast as we’ve got,” he said.
Mr Ferguson also warned that the UK's reliance on the AstraZeneca vaccine meant that it was more susceptible to the threat of dangerous Covid mutations, such as the Delta variant.
“While [AstraZeneca] protects very well against very severe outcomes of Covid, it protects slightly less well than Pfizer against infection and transmission, particularly in the face of the Delta variant.”
Adam Finn, a professor of paediatrics at the University of Bristol, says "the rapid rise" was a "reflection of how people are behaving".
He added that unless there's a "clear message put out that that we've got more infection going on now than at any point in the pandemic", despite fewer hospitalisations, people are "not really going to take precaution".
Scientists have been closely monitoring a new variant of the Delta coronavirus strain, which is thought to account for 10 per cent of all new UK cases.
Sub-variant AY.4.2 could be 10 to 15 per cent more infectious than the original Delta variant that was first detected in India in December and has become the dominant Covid-19 strain.
Decreasing immunity is another major factor in the nationwide increase. Millions of people have been vaccinated for more than six months, and studies have suggested that vaccine protection gradually wanes over time.
The UK also waited longer than the US and many European nations to vaccinate children ages 12-15, and most in that age group have not been vaccinated.
Clearly we are keeping a very close eye on rising case rates
Downing Street spokesperson Max Blain
Last month, the prime minister said that England might need to move to a “Plan B”, by reintroducing measures such as mandatory masks and bringing in vaccine passes for public venues.
Boris Johnson’s spokesman Max Blain said “we always knew the next few months would be challenging.” But he said the government was trying to protect “both lives and livelihoods.”
“Clearly we are keeping a very close eye on rising case rates,” he said. “The most important message for the public to understand is the vital importance of the booster programme.”
Despite the rising case rate, Health Secretary Sajid Javid defended continuing some Covid-19 provisions in the face of Conservative backbench concerns, arguing they were “still necessary and proportionate to help with the pressure”.
“I think it is wise especially heading into the winter when we don’t at this stage know just how significant the pressures will be to have that flexibility.”
Cases climbing upwards for months
The UK recorded 49,156 new Covid-19 cases on Monday, the largest number since mid-July.
Last week, the Office for National Statistics estimated that one in 60 people in England had the virus, one of the highest levels seen in Britain during the pandemic.
In July, Mr Johnson’s government lifted all the legal restrictions that had been imposed more than a year earlier to slow the spread of the virus, including face coverings indoors and social distancing rules.
Some had feared a significant spike in cases after the opening up. That did not occur, but infections remained high, and recently have started to increase.
New cases reached 55,000 in July as England opened up, with many blaming the jubilant celebrations during the Euro 2020 football competition for creating a superspreader event.
However, hospital admissions and deaths have averaged more than 100 a day — far lower than at the height of the outbreak.
Some say people in Britain have been too quick to return to pre-pandemic behaviour.
Masks and social distancing are gone in most settings in England, including schools, though other parts of the UK are more strict. Even in shops, where masks are recommended, and on the London transit network, where they are mandatory, adherence is patchy.
A plan to require proof of vaccination to attend nightclubs, concerts and other mass events in England was dropped by the Conservative government amid opposition from lawmakers, although Scotland introduced a vaccine pass programme this month.
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.”
World Series
Game 1: Red Sox 8, Dodgers 4
Game 2: Red Sox 4, Dodgers 2
Game 3: Saturday (UAE)
* if needed
Game 4: Sunday
Game 5: Monday
Game 6: Wednesday
Game 7: Thursday
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EWafeq%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJanuary%202019%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENadim%20Alameddine%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%3Cstrong%3E%3Cbr%3EIndustry%3A%20%3C%2Fstrong%3Esoftware%20as%20a%20service%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%20%3C%2Fstrong%3E%243%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ERaed%20Ventures%20and%20Wamda%2C%20among%20others%3C%2Fp%3E%0A
What is an FTO Designation?
FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes.
It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.
Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.
Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.
Source: US Department of State
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
The%20specs%20
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NBA Finals results
Game 1: Warriors 124, Cavaliers 114
Game 2: Warriors 122, Cavaliers 103
Game 3: Cavaliers 102, Warriors 110
Game 4: In Cleveland, Sunday (Monday morning UAE)
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·
Balance is essential to happiness, health and wealth
·
What is a portfolio stress test?
·
What are NFTs and why are auction houses interested?
·
How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
LAST-16 FIXTURES
Sunday, January 20
3pm: Jordan v Vietnam at Al Maktoum Stadium, Dubai
6pm: Thailand v China at Hazza bin Zayed Stadium, Al Ain
9pm: Iran v Oman at Mohamed bin Zayed Stadium, Abu Dhabi
Monday, January 21
3pm: Japan v Saudi Arabia at Sharjah Stadium
6pm: Australia v Uzbekistan at Khalifa bin Zayed Stadium, Al Ain
9pm: UAE v Kyrgyzstan at Zayed Sports City Stadium, Abu Dhabi
Tuesday, January 22
5pm: South Korea v Bahrain at Rashid Stadium, Dubai
8pm: Qatar v Iraq at Al Nahyan Stadium, Abu Dhabi
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
COMPANY%20PROFILE
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Results
%3Cp%3E%3Cstrong%3EStage%202%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Soudal%E2%80%93Quick-Step%20-%2018%E2%80%9911%E2%80%9D%3Cbr%3E2.%20EF%20Education%20%E2%80%93%20EasyPost%20-%201%22%3Cbr%3E3.%20Ineos%20Grenadiers%20-%203%22%3Cbr%3E%3Cstrong%3EGeneral%20classification%3A%3C%2Fstrong%3E%3Cbr%3E1.%20Lucas%20Plapp%20(AUS)%20Ineos%20Grenadiers%3Cbr%3E2.%20Remco%20Evenepoel%20(BEL)%20Soudal%E2%80%93Quick-Step%20-%20ST%3Cbr%3E3.%20Nikias%20Arndt%20(GER)%20Bahrain%20Victorious%20-%203%22%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
ARABIAN GULF LEAGUE FIXTURES
Thursday, September 21
Al Dahfra v Sharjah (kick-off 5.35pm)
Al Wasl v Emirates (8.30pm)
Friday, September 22
Dibba v Al Jazira (5.25pm)
Al Nasr v Al Wahda (8.30pm)
Saturday, September 23
Hatta v Al Ain (5.25pm)
Ajman v Shabab Al Ahli (8.30pm)
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Australia
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Saudi Arabia
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently
- Always create a different guest network for visitors
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3ESplintr%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMay%202019%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EMohammad%20AlMheiri%20and%20Badr%20AlBadr%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20and%20Riyadh%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Epayments%20%2F%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESize%3A%20%3C%2Fstrong%3E10%20employees%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Eundisclosed%20seven-figure%20sum%20%2F%20pre-seed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStage%3A%20%3C%2Fstrong%3Eseed%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3Eangel%20investors%3C%2Fp%3E%0A
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Homie%20Portal%20LLC%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20End%20of%202021%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EAbdulla%20Al%20Kamda%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20Undisclosed%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2014%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ELaunch%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Self-funded%3C%2Fp%3E%0A
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer