Supporters of ousted Thai prime minister Thaksin Shinawatra celebrate after seizing an armoured personnel carrier in Bangkok.
Supporters of ousted Thai prime minister Thaksin Shinawatra celebrate after seizing an armoured personnel carrier in Bangkok.

State of emergency: protesters grab tanks



A state of emergency has been declared in Bangkok and surrounding areas by the Thai prime minister Abhisit Vejjajiva, as anti-government protesters stormed the interior ministry.It comes the day after protests that forced the cancellation of a regional summit.Soon after the state of emergency declaration a group of protesters forced their way into the interior ministry and soldiers there made no attempt to stop them, a reporter at the scene said.

There were at least 50 protesters and the number was growing, he said. There were more than 100 soldiers present, he estimated.The protesters said they were looking for Mr Abhisit, who was inside the ministry.Gunshots were fired into the air in the interior ministry compound as protesters chased Mr Abhisit as he escaped in a car, an AFP reporter said.A police spokesman has now said that protesters have seized at least one army tank deployed to enforce the state of emergency in Bangkok"The protest has spread to many parts of Bangkok. Protesters have seized tanks and armoured cars," said Major Gen Suporn Phansua, spokesman for Bangkok Metropolitan Police.He added they were still tallying up how many had been taken by protesters.Minutes earlier protest leader Hweng Tojirakarn announced to supporters outside government offices that the group had taken two tanks and one armoured car in the heart of Bangkok's shopping district.Mr Abhisit has now threatened to use force to purge protesters rallying in the capital, in a live national televised address."I want to tell protesters that you have no right to break the law or to restrict other people's rights. Otherwise the government must implement further measures under the state of emergency," Mr Abhisit said, alluding to using force."I ask the public to remain calm. I'm confident that the government will restore normality to our country," he added.Following the chaos, Thailand's fugitive former premier Thaksin Shinawatra told his rallying supporters he would return to the kingdom if authorities launched a violent crackdown on protests in the capital.In a telephone address to a thousands-strong crowd gathered outside Mr Abhisit's offices, Mr Thaksin said he was closely monitoring the state of emergency."I will closely monitor the situation and if there is any violence I will return to Thailand immediately. I will not allow them (authorities) to use force," he said.Mr Thaksin thanked the army for not using violence against his so-called "Red Shirt" movement and urged them to join his campaign to overthrow the government."The troops who have already come out can come and join the Red Shirts to help us to get democracy for the people," he said, referring to soldiers deployed to enforce the emergency measures."This is a golden minute. We will make history and there will be no more coups in Thailand. We have to help achieve democracy for all of us," he added.Deputy prime minister Suthep Thaugsuban in a national televised address earlier appealed directly to security forces to get tough as they appeared reluctant to deal with anti-government protesters.Mr Thaksin has made a series of addresses by videolink and phone to demonstrators who have congregated in the capital for two weeks.The so-called 'Red Shirts' upped their campaign last week with a huge demonstration in the capital before moving to the coastal city of Pattaya where they stormed a regional summit, forcing its closure yesterday.Police earlier arrested the leader of the protesters who yesterday stormed the luxury hotel venue for the summit at the beach resort of Pattaya.Authorities were forced to scrap the meeting and evacuate foreign leaders, some of them by helicopter from the hotel roof, in a major embarrassment for Mr Abhisit's government.State television said the emergency was imposed "because the situation is worsening with a group of people inciting unrest."* AFP and Reuters

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Rating: 2.5/5

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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The Cairo Statement

 1: Commit to countering all types of terrorism and extremism in all their manifestations

2: Denounce violence and the rhetoric of hatred

3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC  

4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.

5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.

6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security