Forty-eight per cent of people aged over 18 in Norway are fully vaccinated, according to Our World in Data. Bloomberg
Forty-eight per cent of people aged over 18 in Norway are fully vaccinated, according to Our World in Data. Bloomberg
Forty-eight per cent of people aged over 18 in Norway are fully vaccinated, according to Our World in Data. Bloomberg
Forty-eight per cent of people aged over 18 in Norway are fully vaccinated, according to Our World in Data. Bloomberg

Norway enters fourth Covid wave


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Norway is experiencing its fourth Covid-19 wave after recording 1,093 new infections in a day, the highest number of daily infections since the peak of its third wave in March, a Norwegian health chief said.

Espen Nakstad's comment after statistics were released on Tuesday comes after Preben Aavitsland, chief physician in the infection control division at the Norwegian Institute of Public Health, declared in June that the pandemic in Norway was over.

Despite diagnosing a fourth wave, Mr Nakstad, assistant director of health at the Norwegian Directorate of Health, said the country was able to cope by dint of its vaccination programme, and did not raise the spectre of a delay to its planned lifting of restrictions in September.

“We are definitely in a fourth wave of infection now, but the vaccination rates mean that we currently do not have a large wave of hospital admissions as of today,” he told newspaper Dagbladet.

There are 52 people in hospitals in Norway with Covid, 16 of whom are receiving intensive care, according to NIPH.

There is no data on how many of these patients are either fully or partially vaccinated, but Our World in Data figures show 48 per cent of Norwegians are fully vaccinated, placing it behind its Scandinavian neighbour Sweden, where 53 per cent of the population are fully vaccinated.

Mr Nakstad urged Norwegians “to keep control so that not so many people become infected that the admission numbers also increase a lot.”

The Norwegian government will fully lift its Covid restrictions once everyone over the age of 18 has had their second vaccine dose. Ninety per cent have had their first shot, according to NIPH.

There is no concrete date set, but the government has previously said restrictions will be eased around September 12. After this point, local authorities will be able to implement their own safety measures as they see fit.



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From: Ras Al Khaimah

Age: 50

Profession: Electronic engineer, worked with Etisalat for the past 20 years

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UK’s AI plan
  • AI ambassadors such as MIT economist Simon Johnson, Monzo cofounder Tom Blomfield and Google DeepMind’s Raia Hadsell
  • £10bn AI growth zone in South Wales to create 5,000 jobs
  • £100m of government support for startups building AI hardware products
  • £250m to train new AI models
Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

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The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

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How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

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The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

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Graphene is extracted from graphite and is made up of pure carbon.

It is 200 times more resistant than steel and five times lighter than aluminum.

It conducts electricity better than any other material at room temperature.

It is thought that graphene could boost the useful life of batteries by 10 per cent.

Graphene can also detect cancer cells in the early stages of the disease.

The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.

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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Army of the Dead

Director: Zack Snyder

Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera

Three stars

'Nope'
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The Brutalist

Director: Brady Corbet

Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn

Rating: 3.5/5

Updated: August 26, 2021, 12:52 PM