Live updates: follow the latest news on Covid-19 variant Omicron
The US is entering 2022 with the highest recorded Covid-19 death toll of any country in the world, and though it is flush with vaccines, it is facing down entrenched vaccine hesitancy as well as a winter surge partially influenced by the new Omicron variant.
More than 400,000 people in the US died of Covid-19 in 2021, pushing the death toll past 800,000 in December. The country also leads the world in confirmed infections, with more than 50 million cases reported.
“As we mark the tragic milestone of 800,000 American deaths due to Covid-19, we remember each person and the lives they lived, and we pray for the loved ones left behind,” President Joe Biden said in a statement.
“To heal, we must remember,” Mr Biden said. “We must also act.”
And the country has acted: after Mr Biden was inaugurated as president in January, a mass vaccination programme began nationwide, with the eventual availability of three approved vaccines and a dedicated vaccination clinic set up within eight kilometres of 90 per cent of the US population.
Later in the year, Covid-19 vaccines were approved for teenagers and then for children aged 5 to 11 before booster doses were greenlighted for all who have been fully vaccinated.
More than 72.4 per cent of the US population has received at least one dose of vaccine, the Centres of Disease Control and Prevention (CDC) reported, and 61.2 per cent has been fully vaccinated.
One of the successes of the roll-out has been that about 95 per cent of people over the age of 65 have received at least one dose of vaccine. This was a major milestone, given that at least one in 100 older people have died from the virus, a report from The New York Times showed.
As the vaccination programme progressed, there was an exciting “reopening” of sorts in which people felt more comfortable travelling, cities imposed vaccine and testing rules for indoor spaces, and Broadway started up shows again after a historic 18-month shutdown.
Despite these glimmers of hope, the US has had to contend with one of the most vaccine-hesitant populations in the world. The US ranks behind Russia in hesitancy levels among 15 high-income countries, ongoing surveys by Morning Consult show.
Misinformation about vaccines and Covid-19 has spread widely over the course of the year, leading to unnecessary deaths and cementing the stance of some hardliners against vaccination.
“They’re killing people,” Mr Biden said about anti-vaccination posts on Facebook. “The only pandemic we have is among the unvaccinated. And they’re killing people.”
Most adults have been eligible for vaccination since March but 15 per cent of the population over the age of 18 has yet to be vaccinated.
In addition to low vaccination rates, partisan politics have led to violent protests against coronavirus mitigation measures like mask mandates in schools as well as higher death rates in Republican-majority states.
Counties that largely voted for former president Donald Trump in the 2020 presidential elections reported up to three times as many deaths as those counties that mostly voted for Mr Biden during the autumn wave driven by the Delta variant, data analysis by The Washington Post shows.
In a boost to the vaccination drive, Mr Biden enacted an immunisation requirement for millions of federal employees and contractors as well as private businesses. Several of the mandates, however, are facing legal challenges.
All of these challenges will follow the US into 2022 and may be exacerbated by the rise of the Omicron variant, given overall burnout and some hesitancy amid the need for renewed coronavirus mitigation measures and booster doses.
Despite setbacks at home, the US has dedicated itself to becoming the world's “vaccine arsenal”, pledging the largest global vaccine donation that aims to deliver more than a billion Covid-19 shots to countries in need — though the actual shipping of these vaccines has been moving at a glacial pace.
“We’ve sent 320 million doses now to 110 countries, and that’s more than every other country in the world combined,” Covid Response Team Co-ordinator Jeff Zeints said in a December briefing.
“And as you know, that’s part of an overall commitment of a minimum of 1.2 billion doses donated with no strings attached. And we plan on building on that total across time.”
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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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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.