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Home Economy Socio Economic

New coronavirus mutation ten times more infectious has been discovered

Chike Olisah by Chike Olisah
August 17, 2020
in Socio Economic
Covid-19: UK Govt warns of new strain that spreads faster and may have already left the UK, New coronavirus mutation ten times more infectious has been discovered
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As the world battles to contain the deadly novel coronavirus disease and develop a vaccine for it, Malaysia has detected a new strain of the virus that has been found to be 10 times more infectious.

The mutation, which is known as D614G, was found in at least 3 of the 45 cases in a cluster that started from a restaurant owner from India who breached his 14-day home quarantine. He has since been fined and sentenced to 5 months in prison.

READ: Banking related phishing up 9% in 2019, e-stores down 10%

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The strain was also found in another cluster involving people returning from the Philippines.

While making the disclosure, Malaysia’s Director-General of the Health Ministry, Noor Abdullah, said the community had to be more careful after the D614G mutation of the novel coronavirus was detected.

He said that the strain could mean that existing studies on the vaccine may be incomplete or ineffective against the mutation. He stated that it is found to be 10 times easier to infect other individuals and easier to spread.

Although the World Health Organization (WHO) has assured that there is no evidence to suggest that the strain leads to more severe disease, the mutation has become the predominant variant in Europe and the United States. A press report disclosed that the mutation is unlikely to have any major impact on the efficacy of vaccines that are currently being developed.

READ MORE: WHO admits huge funding gap in pandemic fight, reveals amount needed for vaccine

The mutation was detected by the Malaysian Institute of Medical Research from the result of isolation and culture tests on 3 cases from the country’s Sivaganga cluster and one case from the Ulu Tiram cluster.

Noor Hisham wrote in a Facebook post on Sunday, saying:

“People need to be wary and take greater precautions because this strain has now been found in Malaysia. The people’s cooperation is very needed so that we can together break the chain of infection from any mutation.”

While Malaysia has managed to contain the resurgence of the virus, the number of new cases in the country has been picking up.

This new coronavirus disease discovery by scientists may constitute a setback for the numerous vaccine candidates against the virus. It is likely going to cause current vaccine research to be incomplete or ineffective towards this mutation


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Tags: CoronavirusCovid-19D614GWorld Health Organization
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Buhari’s plan to tax US tech companies might provoke US trade war https://www.yemiosinbajo.ng/vps-lecture-at-the-national-defence-college-course-28-lecture-event/ https://punchng.com/digital-firms-to-pay-tax-under-new-finance-act-osinbajo-2/ https://www.nytimes.com/2020/01/31/business/economy/digital-tax-oecd.html Nigeria at risk of trade war with United States as the Nigerian Government says it will impose taxes on technology companies like Facebook, Google, and other digital companies that have been escaping tax payment in Nigeria due to their lack of presence within the country. The US has threatened tariffs on imports from countries that impose such digital taxes. The tech companies with heavy revenue footprint in Nigeria now have their backs against the wall because President Muhammadu Buhari-led administration want to tax them to grow Nigeria’s revenue; which has led to the development of the Finance Act. The Finance Act is the solution of President Buhari to the revenue problem which the Finance Minister, Ahmad Zainab, said Nigeria has. The Nigerian government is looking to grow its revenue through taxes, and one of such is the digital tax which Vice President, Yemi Osinbajo, said will commence despite the threat of the US which is aimed at protecting the silicon companies. No more back door operation: Facebook, Google, Amazon, YouTube and many more digital businesses have a sizeable market in Nigeria, but don’t have a physical structure for their operations; this has cost Nigeria tax revenue. These companies are known to prefer situating their companies in tax havens where taxes are low compared to other African and European countries. Ireland and Bermuda are some of the tax havens for these multinational companies. But according to Osinbajo, the period of making gains from their operation in Nigeria without paying tax is over. Osinbajo, while speaking at The National Defence College, Course 28 Lecture Event, said that, “Let me also briefly mention the new provisions on Taxation of Digital Economy and Non-Resident Companies. This is a very important aspect of our taxation policy. Before the Finance Act, only companies that had a physical presence or a fixed base in Nigeria could be taxed. “So, most digital companies, I mean any of the big technology companies, or multi-national digital companies, that did not have physical offices in Nigeria, made significant income from Nigeria from online activities, such as advertising, movie streaming, online gaming and e-commerce from subscribers in Nigeria, but paid no taxes whatsoever because they did not have a physical base in Nigeria. So now we are no longer relying on the fixed base or physical address criterion.” He added that, “Under the Finance Act, once you have a Significant Economic Presence (SEP) in Nigeria, you are liable to tax. Whether you are a resident here or you are not resident as a company, as long as your economic presence is significant, you are liable to tax. If you are streaming online, advertising using Google adverts, whether you are resident here or not, you are now subject to tax. “So, non-residents who previously had no fixed base and no Nigerian tax liability will now be liable to tax based on the SEP criterion. The Minister of Finance is empowered to issue a regulation defining what Significant Economic Presence means. So, she just defines the scope of what we will be looking out for in terms of Significant Economic Presence.” Osinbajo explained. Nigeria is not alone in this crusade: Nigeria is not the only country trying to tax these technology companies. The European Union have also been coming after them for taxes. The EU is also stating that if the technology companies are making economic gains through their operation despite the lack of physical presence in several European countries, then the tech conglomerates should be taxed. This has led to review of tax laws by the EU. According to a report by New York Times, new rules to tax these multinational companies are being discussed by about 130 countries through the Organization for Economic Cooperation and Development. The review has become necessary as digital economy begins to open new revenue sources. Should Nigeria tread carefully? The United States has threated to hit any country imposing taxes on the technology companies - which are mostly American – with tariffs on import. This put Nigeria at a rather impossible position, as the country is not economically strong enough to enter a trade war or go on a tit for tat battle with the US. According to Q3 report, the US is the fifth biggest export destination for Nigeria, having imported N322.2 billion (6.28%) goods from Nigeria, with crude oil constituting N329.8 billion. Although, the US is behind Ghana, India, Netherlands and Spain, it doesn’t change the significance of the US market to the Nigerian economy. Meanwhile, Nigeria’s top import sources include the U.S, accounting for N747 billion in H1 2019. Franch had moved to tax the online businesses but have now delayed the plan this year after a meeting with the US; the US has also paused its tariff threat against France. Britain is also one of the digital tax drivers. With such threat hanging over the digital tax, it’s unlikely Nigeria will go ahead taxing these technology companies, as US feels such tax is discriminatory against US firms, and have suggested these companies be allowed to decide if they want to operate with the new tax standards., FG will provide succor for daily wage earners as lockdown continues – Osinbajo

AI will play a bigger role in our justice delivery system – Osinbajo

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