Our briefing for Monday, March 7, 2022:

Written by Coronavirus | Mar 7, 2022 8:43:04 PM

In the United States, the White House has warned that the country will run out of money for Covid-19 testing supplies and treatments, if Congress doesn’t approve more funding soon. Officials say the funds are urgently needed because “from the Covid side, the bank account is empty.” The effects of this could be felt by later this month. “This is an urgent request and this is what is at stake in our fight against Covid,” White House Press Secretary Jen Psaki said on Friday. Officials say the money is needed to buy antibody treatments, medications for the immunocompromised, and to fund community testing sites.

In Canada, the provinces are cautiously lifting Covid-19 restrictions as the Omicron wave subsides. Officials are encouraging “individual risk assessments” as the restrictions lift, and wearing masks where necessary. "Regularly checking in on the local epidemiology where you are or where you are going is important for keeping up on recommendations," said Dr. Theresa Tam, Canada’s chief public health officer. Tam says another major wave of infections is unlikely for Canada, except in areas that have large numbers of unvaccinated people. "Regaining in-person social and economic activities while the pandemic is still ongoing and the virus is not going away means we must use all that we have learned to do this safely and make it last,” Tam said.

In the United Kingdom, a new study has shown that an arthritis drug, baricitinib, reduces the risk of death in hospitalized Covid-19 patients. The study involved over 8,000 patients, who were administered baricitinib in addition to usual care, or at random. According to the study, the drug reduced the risk of death by 13%, regardless of whatever other treatments the patient had. The drug, which is normally used to treat rheumatoid arthritis, works by blocking enzymes that contribute to the immune system process and lead to inflammation, which is often seen as lung damage in Covid-19 patients.

Japan announced that it surpassed 1 million booster shots per day, meeting the government’s target in mid-February. According to Vaccines Minister Noriko Horiuchi, the number of daily shots reached a million on February 18 and February 26. Earlier in the month, when Prime Minister Fumio Kishida pledged to augment the country’s booster drive to 1 million shots per day by the end of February, only about 6% of the population had received their third shots. As of Thursday, that number had increased to about 23% according to the government. Right now the government’s priority is inoculating older citizens as they have accounted for the majority of severe cases and deaths.

In Hong Kong, officials are urging residents not to panic as they plan to move forward with a mass Covid-19 testing scheme, with details to be announced in the coming days. While local media have reported that the testing will be done over a period of nine days, few details of the plans have been released. The country reported 25,150 new infections and 280 new deaths, with 161 of the deaths having occurred in the past 24 hours. Authorities are struggling to contain an outbreak that has overwhelmed hospitals and isolation centers and left many sectors struggling without staff.

New Zealand is experiencing a skyrocketing of cases, largely due to the spread of the highly infectious Omicron variant. The South Pacific country went from less than 1,000 cases per day to more than 30,000 in the span of two weeks, with the virus spreading at one of the fastest rates in the world. Thanks to strict lockdowns imposed at the beginning of the pandemic, New Zealand has been mostly successful at dealing with the virus, with a death toll of only 63, one of the lowest in the world. Prime Minister Jacinda Ardern is warning New Zealanders that they’ll start to see more of the virus circulating and more people becoming infected as the country moves into its reopening phase. She urged residents to get their third shots.

Covid-19 – Due Diligence And Asset Management

Working From Home Is a Breeze — for Men

Brief: It’s great to be able to work from home, but even better if you’re a man. That’s according to a New Zealand study, which found that while both sexes mostly liked working from home during the pandemic, women still did the lion’s share of the housework and childcare. “Our study makes it clear that although flexible working has many benefits, it also highlights the difference between what men and women are expected to do around the home,” said Vittoria Shortt, chief executive at ASB Bank, which commissioned the survey. “With women still taking on responsibility for the bulk of domestic chores, the risk is that they are being disadvantaged both at work and in the home.” New Zealand was already adopting more flexible working arrangements before the pandemic, including discussions about shorter working weeks, but the strict nationwide lockdown in 2020 accelerated the trend toward working from home.

Global Covid Deaths Top 6 Million as Omicron Wave Leaves Scars

Brief: More than 6 million people worldwide have died from Covid-19 two years after the novel pathogen started spreading globally, despite the distribution of vaccines that slashed fatality rates across the globe. The latest 1 million recorded deaths came more slowly than the previous intervals. It took about 125 days to go from 5 million deaths to 6 million, compared to 117 days to hit the 5-million mark and less than 90 days each to reach the 3- and 4-million ones. The pace has returned to what was seen during the first year of the pandemic, when the virus was still taking hold. Covid continues to kill thousands of people every day. Billions more remain unvaccinated, either because they lack access to the shots or are unwilling to receive them, leaving them exposed to the infection and the world vulnerable to new variants.

Managers Expect U.K. Firms to Cut Flexible Work After Pandemic

Brief: More than half of U.K. managers expect to dial back their pandemic-era embrace of remote work and flexible arrangements once Covid-19 recedes, dampening hopes among employees that many of the changes will endure. A survey of U.K. managers and human resources leaders, carried out for workplace management firm GoodShape by Ipsos, showed that more than two-thirds of respondents describe many initiatives currently in place -- from working practices to mental-health provision -- as “much needed.” This is in sharp contrast to what they think will happen. Some 34% managers and HR professionals believe that remote working initiatives will be rolled back after the pandemic, the survey of more than 750 people showed, even though 66% support current policies. Respondents also expect initiatives addressing poor mental health among employees to be rolled back, even though that was the leading cause of work absenteeism in the U.K. in 2021.

As COVID, mask mandates fall, businesses 'really think hard' on whether to comply

Brief: As COVID-19 cases began to fall after the winter Omicron variant surge, governors across the country are beginning to ditch mask and vaccine mandates — presenting a conundrum for business owners who aren't entirely certain if they want to follow suit. Places like Florida and Texas have long abandoned indoor masking requirements, but major coastal cities are finally rolling back COVID-related restrictions. Monday will mark the official end of New York City's vaccine passport system, with the Big Apple already having loosened mask mandates. In California, Los Angeles County will no longer require masks for both vaccinated and unvaccinated people in most indoor places – a key milestone for the Golden State. The change aligns L.A. County with California state rules, which on Tuesday stopped mandating indoor masking for unvaccinated people.

UK jobs market hits two-year high as economy recovers from pandemic

Brief: The UK jobs market hit a two-year high in February as the British economy emerged from the coronavirus pandemic and final restrictions were lifted. According to the latest edition of accountancy and tax consultancy network BDO’s business trends report, the employment index rose for a fourth consecutive month to 110.75, representing a monthly gain of 0.77 points. This was the first time the labour market had returned to pre-pandemic levels, the accountancy firm said, since February 2020 when it came in at 112.86. The index now sits above the 95 level which indicates growth. The easing of restrictions provided a large boost to business optimism in February. As businesses fully re-opened and resumed normal operations, they have also been looking to hire more staff to cope with increased demand.

Contact Castle Hall to discuss due diligence

Castle Hall has a range of due diligence solutions to support asset owners and managers as our industry collectively faces unheralded challenges. This is not a time for "gotcha" due diligence - rather this is a time where investors and asset managers can and should work together to share best practices and protect assets. Please contact us if you'd like to discuss any aspect of how Covid-19 may impact your business.

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