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Concerns over COVID variant trigger more travel curbs on southern Africa By Reuters

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© Reuters. FILE PHOTO: Digital display boards show cancelled flights to London – Heathrow at O.R. Tambo International Airport in Johannesburg, South Africa, November 26, 2021. REUTERS/ Sumaya Hisham/File Photo

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(Reuters) -Australia and several other countries joined nations imposing restrictions on travel from southern Africa on Saturday after the discovery of the new Omicron coronavirus variant sparked global concern and triggered a market sell-off.

Meanwhile, authorities in Amsterdam said that 61 out of around 600 people who arrived in the Dutch city on two flights from South Africa on Friday had tested positive https://www.reuters.com/world/europe/dutch-find-61-covid-cases-among-south-africa-passengers-looking-new-variant-2021-11-27 for coronavirus. Health authorities were carrying out further tests to see if those cases involved the new variant.

Omicron, dubbed a “variant of concern” by the World Health Organization, is potentially more contagious https://www.reuters.com/business/healthcare-pharmaceuticals/what-we-know-about-covid-19-variant-detected-south-africa-2021-11-26 than previous variants of the disease.

It was first discovered in South Africa and has since been detected in Belgium, Botswana, Israel and Hong Kong.

A minister in the German state of Hesse said on Saturday that the variant had very probably arrived in Germany, in a traveller returning from South Africa. Czech health authorities said they were examining a suspected case of the variant in a person who spent time in Namibia.

Financial markets plunged on Friday, especially stocks of airlines and others in the travel sector, as investors worried the variant could cause another surge in the pandemic and stall a global recovery. Oil prices tumbled by about $10 a barrel.

The closed down 2.5%, its worst day since late October 2020, and European stocks had their worst day in 17 months.

It could take weeks for scientists to fully understand the variant’s mutations and whether existing vaccines and treatments are effective against it. Omicron is the fifth variant of concern designated by the WHO.

TRAVEL CURBS

Although epidemiologists say travel curbs may be too late to stop Omicron from circulating globally, many countries around the world – including the United States, Brazil, Canada and European Union nations – announced travel bans or restrictions on southern Africa on Friday.

On Saturday, Australia said it would ban non-citizens who have been in nine southern African countries from entering and will require supervised 14-day quarantines for Australian citizens and their dependents returning from there.

Japan said it would extend its tightened border controls to three more African countries after imposing curbs on travel from South Africa, Botswana, Eswatini, Zimbabwe, Namibia and Lesotho on Friday.

Sri Lanka, Thailand and Oman also announced travel curbs on southern African nations.

Omicron has emerged as many countries in Europe are already battling a surge in COVID-19 infections, and some have re-introduced restrictions on social activity to try to stop the spread. Austria and Slovakia have entered lockdowns.

VACCINATIONS

In Britain, the main opposition Labour Party called on Saturday for a faster booster vaccination programme, saying the gap between the second vaccination dose and the booster jab should be cut from six to five months.

“This new variant is a wake-up call,” said Labour’s junior health spokesman Alex Norris. “The pandemic is not over. We need to urgently bolster our defences to keep the virus at bay.”

However, even as many developed countries are giving third-dose boosters, less than 7% of people in low-income countries have received their first COVID-19 shot, according to medical and human rights groups.

“Failure to help vaccinate sub-Saharan Africa – still barely 4% of the population – left us all exposed to risk of a new, more virulent #COVIDvariant,” IMF Managing Director Kristalina Georgieva tweeted on Friday.

“News of #Omicron is an urgent reminder of why we need to do even more to vaccinate the world.”



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Saudi Arabia’s Most admired Companies in 2022

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Insights Success is an archway that caters to Entrepreneurs’ quench of technology and business updates which are currently ruling the business world.
We are ceaselessly proving the best platform for leading companies, which aids indefinite progress while creating meaningful learning experiences for the visitors and invaluable brand awareness for the clients.



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Bank of England raises base interest rate to 1.75%

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The Bank of England has raised the base interest rate by half a percentage point to 1.75 per cent, the biggest rise since 1995, in an attempt to combat runaway inflation.

The nine-strong monetary policy committee voted eight to one in favour of a 50 basis point rise, defying some market expectations for an increase by 25 basis points.

It is the Bank’s sixth consecutive tightening in monetary policy and follows in the footsteps of the US Federal Reserve and European Central Bank, which have begun aggressively raising rates by larger increments.

Interest rates are now the highest since 2009 as the Bank attempts to bring down inflation, which is running at a 40-year high of 9.4 per cent and is on course to exceed 11 per cent later this year.

These would be the worst inflation rates in the G7, caused in large part by rising global energy prices driving household bills higher this year. The UK economy is also heading for a slowdown this year as consumer incomes are squeezed more tightly than since the 1950s.

Andrew Bailey, the Bank’s governor, has hinted that it will also announce how it intends to begin unwinding the £850 billion of government debt pumped into the economy since the financial crisis, offloading bonds worth between £50 billion and £100 billion from as early as next month.

The Bank will also deliver its quarterly outlook, with Bailey expected to forecast that inflation will rise beyond 11 per cent and remain in double digits into next year. The Bank’s target is 2 per cent.

Commenting on today’s Bank of England interest rate rise, David Bharier, Head of Research at the British Chambers of Commerce (BCC), said: “This rise is the clearest signal yet of the Bank of England’s intention to get inflation under control. Spiralling prices are cited by businesses as by far and away the top concern right now.

“However, given the extremely precarious state of the economy, this decision is not without risk for businesses and consumers that are exposed to banking or overdraft facilities.

“There are many causes of the current inflation crisis – global supply chain problems, trade barriers, soaring energy costs, increased taxes, and labour market shortages. Interest rate rises alone will do little to address these.

“Worryingly, our research indicates strongly that most small businesses are not investing for growth, and that longer-term confidence is beginning to wane.





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Opinion: OSC appointment fuss is a tempest in a teapot

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Jeffrey MacIntosh: The government has the legislated right to have a say in the agency’s course

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Ed Waitzer’s recent op-ed (“The issue at the OSC is integrity, not debate,” July 14, 2022) expresses surprise and disappointment in my recent op-ed (“Conflict at the OSC: Why the regulator needs to make room for dissent,” July 7, 2022). In that op-ed, I argued that lawyer Heather Zordel’s appointment as non-executive chair of the OSC in March of this year should be met with open arms, as it introduces new points of view into what seems to be a rather intellectually closed shop. I don’t suppose it will come as a shock to Ed Waitzer or anyone else that I am surprised and disappointed at his rebuttal.

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To begin with, it contains a number of inaccuracies. It states that Ms. Zordel was denied reappointment to her earlier position (2019-2021) as part-time commissioner. In fact, given her busy legal practice, she took herself out of the running. This puts a rather different complexion on the matter.

And I never stated or implied that Ms. Zordel was not reappointed as part-time commissioner because of two dissenting opinions that she wrote as commissioner. My point was that for Ms. Zordel’s critics the dissents were a factor in opposing her appointment as chair of the board.

The nub of my argument was that the OSC could benefit from greater variety of viewpoints among its brass as to what investor protection and other aspects of the OSC’s mission entail. By contrast, Mr. Waitzer argues: “the importance of debate and dissent is not the point here.” I beg to differ. As I indicated, some prominent accounts of Ms. Zordel’s appointment have put a pejorative cast on her disagreements with her fellow commissioners. That puts the issue of debate and dissent front and centre.

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I certainly agree with Mr. Waitzer that the independence of administrative agencies is a cornerstone of our democracy. But does that mean that every administrative agency should be entirely divorced from any government oversight whatsoever — a little fiefdom unto itself and in no sense answerable to its political masters? Not a whit. It is the government that creates the agency, defines its mandate, gives it the powers that it needs to carry out that mandate and defines its organizational structure. And it is entirely within the purview of the government to enlist its legislative power to re-define that mandate, powers, and organizational structure if it chooses.

We don’t have to look into the distant past to find an example. On the advice of a non-partisan blue ribbon panel — the Capital Markets Modernization Taskforce (“CMMT”) — the Conservative government has recently substantially reorganized the OSC via the Securities Commission Act, 2021 (declared in force in April). That legislation splits the adjudicative function (the “Capital Markets Tribunal”) from the regulatory function. Moreover, where before the reorganization the OSC Chair and CEO were the same person, the two offices are now split. As expressed by the CMMT, “The Board of Directors, led by the Chair, (will) focus on the strategic oversight and corporate governance of the regulator,” while “The CEO (will) be responsible for the overall management of the organization and execution of the OSC’s mandate.” The directors, including the chair, are all government appointees.

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This new structure, recommended by a non-partisan committee, gives the government of the day the power to influence, at the highest level, the strategic direction of the OSC. But why should it not? If the government is dissatisfied with the strategic vision or regulatory philosophy of the regulator or the manner in which it is being implemented, it would be profoundly anti-democratic — and at odds with the rule of law — to forbid the government from seeking to alter the agency’s course.

Indeed, the Ontario Securities Act states “The Commission is an agent of the Crown in right of Ontario.” The key word here is “agent.” It is not “hegemony,” “fiefdom” or “satrapy.” At the end of the day, the OSC is a government creation performing regulatory functions ceded to it by the government.

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Do Ms. Zordel’s conservative connections compromise the independence of the institution of which she is now head? Absolutely not. In the making of such appointments, the twin issues of competence and integrity will take up a lot of shelf space. But why should the government not also consider, if it chooses, whether potential nominees share the government’s regulatory philosophy

The true worry about political interference is that the government might attempt to dictate or influence the result of particular cases. But the new legislation builds in the important protection of ceding no operational powers to the board of directors. Thus, aside from the government’s power to approve or decline proposed rule changes (a longstanding feature of securities regulation), its sole discretionary avenue of influence lies in its power to appoint directors and hence influence high-level strategic direction.

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What is left of the argument that there has been inappropriate political interference over the OSC? Only the assertion that Ms. Zordel and three other part-time commissioners were appointed without the government having consulted the OSC, as has customarily been done. Yes, it would have been better if the government had consulted the OSC. In all likelihood, however, the outcome would have been the same. The OSC might not like not having been consulted but at best this is a foible not a fiasco.

In the end, this tempest easily fits within a standard-issue teapot.

Financial Post

Jeffrey MacIntosh is a professor of law at the Faculty of Law, University of Toronto, and a director of the Canadian Securities Exchange.

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