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Lockdown part two: Resilience is key

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As lockdowns and travel restrictions are reintroduced around the world, it is essential that businesses, governments and charities work in close co-operation to ensure the protection of the most vulnerable. COVID-19 and its consequences will clearly be with us for some time to come, so building our long-term resilience is fundamental. These measures must be formed in a calm, reasoned manner and with the long-term implications in mind, writes Yerkin Tatishev, founding chairman of Kusto Group.

My generation in the former Soviet countries went through a similar experience of massive economic and social shock in the 1990s when the USSR collapsed. Having grown through those difficult years, we perhaps have a better sense of perspective now. We know that in order to survive a crisis and flourish afterwards, patience and a plan for the future is required.

Quick wins are always in demand, often without any real consideration for their long-term impact. One can see this in business and politics across all societies, only exacerbated in times of crisis. Amid the general panic, the idea that “something must be done, this is something, therefore we must do it” often takes hold.

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At Kusto Group, we already had established a charitable foundation #KustoHelp, which enabled us to deliver $2,4 million of aid to at-risk populations during the pandemic. That we had this structure in place was due to long-term thinking and the recognition that our company has a social responsibility to help those less fortunate.

In business you learn that when you have steady processes already ingrained - you have all systems in place, the right leaders, the right specialists, local competencies - you can adapt far better to a disaster or disruption. If anything, a crisis is a perfect moment to remove all unnecessary procedures, meetings, layers and bottlenecks. In other words, companies that have effective structures in good times, are in a much better position to handle the bad times. In many markets I see divisions of Kusto Group, such as agriculture and construction materials, continue to perform well for this very reason.

The same can be applied to governments and public administration. While no country or company has handled the pandemic perfectly, it has been easy to see that those with good governance have come out much stronger than those without. This learning is a perfect illustration of the need to reform structures if we are to be resilient in the long term.

The World Bank’s chief economist warned two weeks ago that countries would have to take on additional debt to help fight the economic impact of the coronavirus. As undesirable as this normally is for public finances, supporting our industries is an essential investment in the long term. Businesses take years to build up, involving massive investments of time, money and effort. The cost of letting them collapse is far greater than supporting them through the crisis. They also of course have a responsibility to support their workforce, local communities and partners through these difficult times.

Helping businesses survive the crisis is one element, but for the longer term we also have to look at areas that provide future resilience. Education and digitalisation are key to this. Young people and their education are key to a society’s fortunes, but it’s always one of the first places that cutbacks are made when the going gets tough.

With schooling and university now largely being held online, poverty has become a greater predictor than ever of success, as good access to the Internet becomes a necessity. The rapid digitalisation of our economies likewise means that those countries, businesses, and workers with poor connectivity will struggle to keep up. Investment in both these areas will be absolutely essential to a durable recovery. With the Yerzhan Tatishev Foundation, focusing on tech and innovation, and the High Tech Academy I have tried to make my own modest contribution to this effort.

This pandemic is a crisis of a scale not seen in recent memory. Mitigating its impact will require an equally unprecedented level of cooperation between stakeholders across our society. Beyond providing vital support to businesses, we have to look to our long-term resilience and growth, through education and digitalization. This pandemic will be with us for some time now. There will be other crises ahead. Are we ready for them?

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Norway again postpones end to COVID lockdown

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A man wearing a protective mask carries shopping bags as he walks on the streets of Oslo following an outbreak of the coronavirus disease (COVID-19), in Oslo, Norway. NTB Scanpix/Hakon Mosvold Larsen via REUTERS

Norway postponed for a second time on Wednesday (28 July) a planned final step in the reopening of its economy from pandemic lockdown, due to the continued spread of the Delta variant of COVID-19, the government said, writes Terje Solsvik, Reuters.

"A new assessment will be made in mid-August," Health Minister Bent Hoeie told a news conference.

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Measures that will be kept in place to halt the spread of COVID-19 include bars and restaurants being limited to table service and limits of 20 people on gatherings in private homes.

The government in April launched a four-step plan to gradually remove most pandemic restrictions, and had completed the first three of those steps by mid-June.

On July 5, Prime Minister Erna Solberg said the fourth step could come in late July or early August at the earliest because of concerns about the Delta coronavirus variant. Read more.

About 80% of adults in Norway have received a first dose of a COVID-19 vaccine and 41% of adults are fully vaccinated, according to the Norwegian Institute of Public Health.

Thanks to an early lockdown in March 2020 and tight restrictions that followed, the nation of 5.4 million people has seen one of Europe's lowest rates of mortality from the virus. Some 800 Norwegians have died from COVID-19.

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EU signs deal with GSK for supply of potential COVID drug

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Company logo of pharmaceutical company GlaxoSmithKline is seen at their Stevenage facility, Britain October 26, 2020. REUTERS/Matthew Childs/File Photo

The European Union has signed a contract with GlaxoSmithKline (GSK.L) for the supply of up to 220,000 treatments of its investigational monoclonal antibody therapy sotrovimab against COVID-19, it said on Wednesday (28 July), write Francesco Guarascio with additional reporting by Jo Mason, Reuters.

The drug, which is developed together with U.S. firm Vir Biotechnology (VIR.O), can be used for the treatment of high-risk coronavirus patients with mild symptoms who do not require supplemental oxygen, according to the Commission.

The deal is a boost to GSK work on potential treatments for COVID-19 after the company played a limited role in the development of vaccines. Rather than making its own coronavirus shot, GSK has focused on supplying its booster to other developers and has partnered with Sanofi (SASY.PA) to develop a jab.

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GSK confirmed the deal in a statement on Wednesday, saying it represented "a crucial step forward for treating cases of COVID-19" in Europe.

The drug is currently being assessed by the European Medicines Agency (EMA) under a rolling review.

It has received emergency authorisation in the United States to treat mild-to-moderate COVID-19 patients who are at high risk of developing a severe infection.

The contract has been backed by 16 of the 27 EU states, which can buy the drug only after it is approved by EMA or by national drug regulators. The price agreed for potential purchases has not been disclosed. A spokesman for the Commission declined to comment on the matter.

Monoclonal antibodies mimic natural antibodies that the body generates to fight infection.

The deal with GSK follows a contract the EU signed in April with Swiss pharmaceutical giant Roche (ROG.S) to secure about 55,000 doses of a potential treatment based on a cocktail of monoclonal antibodies developed by Roche together with U.S. drugmaker Regeneron (REGN.O). Read more.

Apart from monoclonal treatments, the only other anti-COVID drug the EU has bought is Gilead's (GILD.O) remdesivir, an antiviral medicine. Last year, the EU reserved half a million courses after the drug obtained a conditional EU approval.

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Coronavirus disinformation: Online platforms take new actions and call for more players to join the Code of Practice

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The Commission has published the reports by Facebook, Twitter, TikTok, Microsoft and Google on measures taken in June to combat coronavirus disinformation. The current signatories and the Commission are also calling on new companies to join the Code of Practice on disinformation as it will help broaden its impact and make it more effective. Values and Transparency Vice President Věra Jourová said: “The COVID-19 disinformation monitoring programme has allowed to keep track of important actions put in place by online platforms. With new variants of the virus spreading and vaccinations continuing at full speed, it is crucial to deliver on the commitments. We look forward to the strengthening of the Code of Practice.”

Internal Market Commissioner Thierry Breton added: “The EU stood by its promise to deliver enough doses to safely vaccinate every EU citizen. All stakeholders now need to assume their responsibility to beat vaccine hesitancy spurred by disinformation. While we are strengthening the Code of Practice with platforms and signatories, we are calling for new signatories to join the fight against disinformation”. 

For example, TikTok's campaign supporting vaccination, with the Irish government, reached over one million views and over 20,000 likes. Google continued to work with public health authorities to show information about vaccination locations in Google Search and Maps, a feature available in France, Poland, Italy, Ireland, and Switzerland. On Twitter, users can now train automated systems to better identify violations of the platform's COVID-19 disinformation policy.

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Microsoft extended its partnership with NewsGuard, an Edge extension that warns about websites spreading disinformation. Facebook cooperated with international health authorities to increase public awareness of vaccine efficacy and safety and with Michigan State University (MSU) researchers to better detect and attribute deepfakes. These joint efforts need to continue in view of the persisting and complex challenges that online disinformation still presents. The Commission's COVID-19 disinformation monitoring programme has been extended until the end of 2021 and reports will now be published every two months. The next set of reports will be published in September. Following the recently published Guidance, the signatories have kicked off the process to strengthen the Code and launched a joint call for interest for potential new signatories.

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