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    New COVID variant Omicron triggers global alarm, market sell-off, oil plunge

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    U.S., Canada, UK and EU curb travel from southern Africa

    WHO designates new variant ‘of concern’
    Stocks tumble, oil plunges by $10 a barrel

    Variant has a protein dramatically different from original

    Epidemiologist warns travel curbs may be too late

    WASHINGTON/GENEVA, Nov 26 – The discovery of a new coronavirus variant named Omicron triggered global alarm on Friday as countries rushed to suspend travel from southern Africa and stock markets on both sides of the Atlantic suffered their biggest falls in more than a year.

    The World Health Organisation (WHO) said Omicron may spread more quickly than other forms and preliminary evidence suggested there is an increased risk of reinfection. read more

    Epidemiologists warned travel curbs may be too late to stop Omicron from circulating globally. The new mutations were first discovered in South Africa and have since been detected in Belgium, Botswana, Israel and Hong Kong.

    The United States will restrict travel from South Africa and neighbouring countries effective Monday, a senior Biden administration official said.

    Going further, Canada said it was closing its borders to those countries, following bans on flights announced by Britain, the European Union and others. read more

    But 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 restrictions “unjustified,” though he also said preliminary designated by the WHO.

    The variant has a spike protein that is dramatically different to the one in the original coronavirus that vaccines are based on, the UK Health Security Agency said, raising fears about how current vaccines will fare.

    “As scientists have described, (this is) the most significant variant they’ve encountered to date,” British Transport Secretary Grant Shapps told Sky News.

    South Africa’s Health Minister Joe Phaahla called the travel studies suggested the new variant may be more transmissible.

    “This new variant of the COVID-19 virus is very worrying. It is the most heavily mutated version of the virus we have seen to date,” said Lawrence Young, a virologist at Britain’s University of Warwick.

    “Some of the mutations that are similar to changes we’ve seen in other variants of concern are associated with enhanced transmissibility and with partial resistance to immunity induced by vaccination or natural infection.”

    Those worries pummelled financial markets, especially stocks of airlines and others in the travel sector, and oil, which tumbled by about $10 a barrel.

    Meanwhile, the scramble to ban air travel from southern Africa left hundreds of passengers on two KLM flights from Cape Town and Johannesburg stranded on the tarmac for hours at Amsterdam’s Schiphol Airport before they were transferred for testing. read more

    ‘MOST SIGNIFICANT VARIANT
    Several other countries including India, Japan, Israel, Turkey, Switzerland and the United Arab Emirates also toughened travel curbs.

    In Geneva the WHO – whose experts on Friday discussed the risks that the variant, called B.1.1.529, presents – had earlier warned against travel curbs for now.

    “It’s really important that there are no knee-jerk responses here,” said the WHO’s emergencies director Mike Ryan, praising South Africa’s public health institutions for picking up the new variant of the coronavirus that causes COVID-19.

    On Wall Street the Dow Jones Industrial Average (.DJI) was down 2.5%, tracking its worst day since late October 2020, and European stocks (.STOXX) had their worst day in 17 months as financial markets digested the news.

    Cruise operators Carnival Corp (CCL.N), Royal Caribbean Cruises (RCL.N) and Norwegian Cruise Line plunged more than 9% each, while shares in United Airlines (UAL.O), Delta Air Lines (DAL.N) and American Airlines (AAL.O) slumped almost 10%.

    TOO LATE FOR TRAVEL CURBS?
    The coronavirus has swept the world in the two years since it was first identified in central China, infecting 260 million people and killing 5.4 million. read more

    One epidemiologist in Hong Kong said it may be too late to tighten travel curbs against the latest variant.

    “Most likely this virus is already in other places. And so if we shut the door now, it’s going to be probably too late,” said Ben Cowling of the University of Hong Kong.

    Brazilian health regulator Anvisa recommended that travel be restricted from some African countries, but President Jair Bolsonaro appeared to dismiss such measures.

    Bolsonaro has been widely criticized by public health experts for his management of the pandemic, railing against lockdowns and choosing not to get vaccinated. Brazil has the world’s second-highest death toll from the virus, behind only the United States. read more

    Discovery of the new variant comes as Europe and the United States enter winter, with more people gathering indoors in the run-up to Christmas, providing a breeding ground for infection.

    Friday also marked the start of the holiday shopping period in the United States, but stores were less crowded than in years past. read more

    Realtor Kelsey Hupp, 36, was at the Macy’s department store in downtown Chicago on Black Friday.

    “Chicago is pretty safe and masked and vaccinated. I got my booster so I’m not too concerned about it,” she said.

    Eikon users can click https://apac1.apps.cp.thomsonreuters.com/cms/?navid=1063154666 for a COVID case tracker.

    Reporting by bureaux across the world; Writing by Nick Macfie, Alex Richardson and Lisa Shumaker; Editing by John Stonestreet, Toby Chopra and Cynthia Osterman

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