People wait in a queue to enter a health clinic offering Covid-19 testing in New York as the Omicron coronavirus variant continues to spread. Reuters
People wait in a queue to enter a health clinic offering Covid-19 testing in New York as the Omicron coronavirus variant continues to spread. Reuters
People wait in a queue to enter a health clinic offering Covid-19 testing in New York as the Omicron coronavirus variant continues to spread. Reuters
People wait in a queue to enter a health clinic offering Covid-19 testing in New York as the Omicron coronavirus variant continues to spread. Reuters

Biden to issue 'stark warning' as Covid-19 cases surge in US


Kyle Fitzgerald
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Live updates: follow the latest news on Covid-19 variant Omicron

US President Joe Biden is set to announce new measures against Covid-19 amid a new surge in cases and the emergence of the Omicron variant.

Mr Biden is expected to deliver a “stark warning” of what the winter will look like for unvaccinated Americans, NBC reported. He will also urge those currently vaccinated to receive a booster shot.

To date, 61.4 per cent of Americans have been fully vaccinated, data from the US Centres for Disease Control show. More than 60 million Americans have received a booster shot.

Top US infectious disease expert Dr Anthony Fauci told CNN's State of the Union on Sunday that the new strategy will also focus on increased testing.

“We really need to flood the system with testing. We need to have tests available for anyone who wants them,” Dr Fauci said.

The president this month introduced a multi-step plan to combat Covid-19 this winter, including easier access to vaccines and boosters, supplying free testing for those without health insurance and extending the federal mask mandate through mid-March.

But a resurgence in Covid-19 cases has threatened to upend holiday plans, forced some states to reinstitute mask mandates and led to the postponement of numerous sporting events.

News organisation CNN has closed its offices to non-essential employees, and Google and Uber are two of a handful of major companies to push back return-to-office dates.

The US is averaging more than 132,000 new cases per day, data from Reuters show, as Americans rush to be tested, leading to long queues at pharmacies and drive-through sites.

Though the Delta variant still remains prevalent in the US, CDC Director Rochelle Walensky predicted that Omicron would soon become the “dominant strain".

Breakthrough infections of the Omicron variant have been reported in some who are fully inoculated, but vaccines have so far remained effective at preventing severe disease, the CDC said.

It is still too early to assess whether Omicron is deadlier than the Delta variant.

To date, more than 800,000 people have perished from coronavirus.

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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.”

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How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Updated: December 20, 2021, 4:00 PM