Omicron mutations BA.4 and BA.5 named as Covid variants of concern in UK

Two mutations of the Covid-19 Omicron strain that helped throw Britain back into lockdown have been identified as variants of concern.

The warning came as Covid-19 infections in the UK fell to their lowest level for five months.

Analysis of Omicron BA.4 and BA.5 suggests they are likely to have a “growth advantage” over BA.2, which is the current dominant variant, according to the UK Health Security Agency (UKHSA).

“The reclassification of these variants as variants of concern reflects emerging evidence on the growth of BA.4 and BA.5 internationally and in the UK,” said Dr Meera Chand, UKHSA director of clinical and emerging infections.

“While the impact of these variants is uncertain, the variant classification system aims to identify potential risk as early as possible.

“UKHSA is undertaking further detailed studies. Data and analysis will be released in due course through our regular surveillance reporting.”

A family member pays their respects to those who lost their lives to Covid-19, as the one year anniversary of the National Covid Memorial Wall is marked in London. PA

A woman holds a photograph of a family member who died as she takes part in a march from the National Covid Memorial wall to Downing Street in London. AP Photo

Bereaved families travelled to the wall from across the country to mark the day, with a petition to make the wall a permanent memorial. AP Photo

Bereaved families march alongside the wall. PA

Families with MPs Sir Peter Bottomley, right, and Afzal Khan, left, deliver a petition to 10 Downing Street. PA

Family members write a message to two sisters who died of Covid-19 on the National Covid Memorial wall. AP Photo

Becca Slater, centre, receives a hug as she remembers her father Anthony Elward, who died in 2020. AP Photo

A woman writes a message in a red heart on the wall. AP Photo

Families marching through central London. PA

As of May 20, 115 cases of probable or confirmed BA.4 had been identified, with 67 in England, 41 in Scotland, six in Wales and one in Northern Ireland.

Another 80 cases of BA.5 were identified, with 48 in England, 25 in Scotland, six in Northern Ireland and one in Wales.

There is currently no data to determine the effect of the variants on hospital admissions in the UK.

Initial findings suggested BA.4 and BA.5 have a degree of “immune escape” — meaning the immune system can no longer recognise or fight a virus, which is likely to contribute to their growth advantage over BA 2, the UKHSA said.

A total of 1.3 million people in private households are estimated to have had the virus in the week to May 13, according to the Office for National Statistics.

This is down 14 per cent from 1.5 million the previous week and follows drops of 24 per cent and 32 per cent in the two previous weeks.

Total infections in the UK are now back to levels last seen in early December, when numbers had just started to increase because of the spread of the original Omicron variant.

Infections are now about a quarter what they were at the peak of the recent Omicron BA.2 wave at the end of March, when a record 4.9 million people were estimated to have Covid-19.

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SUNDAY'S ABU DHABI T10 MATCHES

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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.”

Zakat definitions

Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.

Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.

Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.

Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.