Europe’s vaccination debacle is a bizarre tale, and one with serious consequences. The fiasco – diplomats are using that word – brings together the coronavirus pandemic, the weaknesses of the EU bureaucracy and also questions about which seeds can be planted in gardens in Northern Ireland. The month of February sees the beginning of better weather in Northern Europe, longer days and the first flowers of spring. Many of us are thinking about bringing colourful flowers to our gardens and have begun ordering seeds online. But the First Minister of Northern Ireland, Arlene Foster revealed that gardeners in her part of the UK have a big problem.
Seeds and plants on order from popular garden suppliers in other parts of the UK – Scotland and England – are governed by new ‘import’ rules as a result of Brexit. The formal name bandied about is 'the Northern Ireland Protocol'. That 'protocol' means that since 1 January this year products can be exported from the EU – including the Irish Republic – to Northern Ireland, without customs checks because Boris Johnson’s British government agreed that Northern Ireland after Brexit would remain in the EU single market for goods and custom rules.
In practical terms that legal fudge means garden seeds sent from England and Scotland to Northern Ireland must comply with added checks. This new bureaucracy is time consuming and costly, so some British suppliers are refusing to send seeds to Northern Ireland until the tangle of form-filling is simplified. There have also been complaints about empty shelves in major Northern Ireland supermarkets, again caused by the new rules, leading to big questions about Northern Ireland’s future. Into these practical problems comes the bitter row between the European Commission and the coronavirus vaccine manufacturer AstraZeneca over lack of vaccine supplies.
The resulting vaccination fiasco is complicated but the facts are clear. The UK government has a poor record of preventing coronavirus deaths, with more than 100,000 fatalities so far. But the UK has done well in securing vaccine supplies and getting jabs in the arms of its citizens. The EU, however, and specifically the EU Commission, has been slow, and some say incompetent in ensuring Europe’s vaccine supplies. The Commission blamed the pharmaceutical company AstraZeneca, the company which is successfully delivering supplies to Britain – and this is where the crunch comes.
There is an old saying about marriage: 'marry in haste, repent at leisure'. The Brexit deal was concluded at breakneck speed and already looks fragile
In a major diplomatic bungle, the EU Commission tried to trigger a process known as 'Article 16' of the Northern Ireland protocol, to control the export of coronavirus vaccines from factories the EU to the UK, but without understanding the profound implications for all parts of Ireland. The Irish Republic government in Dublin was not consulted. Nor was the Belfast administration of Arlene Foster. Irish Republicans in Sinn Fein and Ulster unionists in the Democratic Unionist Party often agree on nothing much – but they are united in furiously condemning the EU’s actions. Thankfully the Irish prime minister Micheal Martin was able to 'welcome' a humiliating climbdown by the Commission.
These EU blunders still matter. First, a universal enemy, the pandemic, knows no borders. Until the whole world is vaccinated the prospect of even deadlier coronavirus mutations remains a threat to us all.
Second, the debacle demonstrates one of the EU’s great failings. The Brussels bureaucracy is cumbersome, and Germany, in particular, as the country which developed the first accepted vaccine, has the right to feel aggrieved at supply problems. France, the Netherlands and other EU countries have also been slow to vaccinate their people. If the principle of working together is to be taken seriously in the EU, Brussels needs to get its act together.
Third, there is – once more – Northern Ireland and its gardeners. What should people in Northern Ireland make of their peculiar situation? They are in the UK, can claim British passports, but are not British enough to enjoy easy trade between Belfast and London, Cardiff or Edinburgh. They are on the island of Ireland – and can claim Irish passports too – but they are not part of the Irish Republic, so formally not in the EU either.
How long can this peculiar and precarious arrangement continue? The Northern Ireland Protocol was negotiated to prevent a return of the 30 years of violence known as 'the Troubles' in which more than 3000 people died. That protocol, and indeed the entire Brexit agreement, has been in place for just one month and already the strains are obvious.
British lorry drivers trying to get to France face new checks. Scottish fishermen are angry that their prawns, crabs and scallops are not getting to the European market. Gardeners in Northern Ireland want seeds and plants. The vaccine row is just this week’s version of post-Brexit trade and other tensions. There is an old saying about marriage: 'marry in haste, repent at leisure'. The Brexit deal was concluded at breakneck speed and already looks fragile. Some British MPs want a rethink. The moral is that if you negotiate in haste, you may find out that ingenious diplomatic solutions that look good on paper have terrible consequences in the real world.
Gavin Esler is a broadcaster and UK columnist for The National
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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Company%20profile
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Results
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RESULTS
2.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (Dirt) 1,200m
Winner: SS Jalmod, Antonio Fresu (jockey), Ibrahim Al Hadhrami (trainer)
2.45pm: Sharjah Equine Hospital – Maiden (PA) Dh40,000 (D) 1,000m
Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
3.15pm: Al Marwan Group Holding – Handicap (PA) Dh40,000 (D) 1,700m
Winner: Inthar, Saif Al Balushi, Khalifa Al Neyadi
3.45pm: Al Ain Stud Emirates Breeders Trophy – Conditions (PA) Dh50,000 (D) 1,700m
Winner: MH Rahal, Richard Mullen, Elise Jeanne
4.25pm: Sheikh Mansour bin Zayed Al Nahyan Cup – Prestige Handicap (PA) Dh100,000 (D) 1,200m
Winner: JAP Aneed, Ray Dawson, Irfan Ellahi
4.45pm: Sharjah Equine Hospital – Handicap (TB) Dh40,000 (D) 1,200m
Winner: Edaraat, Antonio Fresu, Musabah Al Muhairi
Roll%20of%20Honour%2C%20men%E2%80%99s%20domestic%20rugby%20season
%3Cp%3E%3Cstrong%3EWest%20Asia%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Bahrain%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Jebel%20Ali%20Dragons%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%201%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Sharks%0D%3Cbr%3ERunners%20up%3A%20Abu%20Dhabi%20Harlequins%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%202%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%20III%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Sharks%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDubai%20Sevens%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%3C%2Fp%3E%0A
TEAMS
US Team
Dustin Johnson, Jordan Spieth
Justin Thomas, Daniel Berger
Brooks Koepka, Rickie Fowler
Kevin Kisner, Patrick Reed
Matt Kuchar, Kevin Chappell
Charley Hoffman*, Phil Mickelson*
International Team
Hideki Matsuyama, Jason Day
Adam Scott, Louis Oosthuizen
Marc Leishman, Charl Schwartzel
Branden Grace, Si Woo Kim
Jhonattan Vegas, Adam Hadwin
Emiliano Grillo*, Anirban Lahiri*
* denotes captain's picks
UAE currency: the story behind the money in your pockets
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
MATCH INFO
Manchester City 6 Huddersfield Town 1
Man City: Agüero (25', 35', 75'), Jesus (31'), Silva (48'), Kongolo (84' og)
Huddersfield: Stankovic (43')
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The specs
Engine: 2.3-litre, turbo four-cylinder
Transmission: 10-speed auto
Power: 300hp
Torque: 420Nm
Price: Dh189,900
On sale: now
CHELSEA'S NEXT FIVE GAMES
Mar 10: Norwich(A)
Mar 13: Newcastle(H)
Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
Apr 2: Brentford(H)
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
