Thousands of Thai protesters surrounded parliament today and besieged other state buildings in what they said would be their final battle in a six-month street campaign against the government.
Demonstrators began leaving Government House - the prime minister's cabinet offices which they have occupied since late August - and marched towards parliament a few blocks away in Bangkok's historic district.
A Metropolitan Police spokesman said 18,000 protesters from the People's Alliance for Democracy (Pad) had taken to the streets and managed to block all three roads leading to parliament.
A joint parliament session of elected MPs and senators was postponed as politicians could not access the building, the house speaker Chai Chidchob said, calling for calm.
"I promise that there will be no violence today, not a single drop of blood will be seen," he said on parliament radio. "I ask for all sides to stop the movement now. If you love the king, please return home."
The Pad began their protests on May 25, and aim to bring down the government elected in December, accusing it of being a corrupt proxy of the exiled former prime minister Thaksin Shinawatra, who was ousted in a September 2006 coup.
A sea of protesters dressed in yellow shirts and headbands which symbolise loyalty to the monarchy marched through the government district today, many waving national flags and portraits of the deeply-revered King Bhumibol Adulyadej.
Black-clad volunteer Pad security guards wielding homemade batons protected the crowd.
Thai television showed one group of protesters moved from parliament to the finance ministry, while another group broke down a blockade on a road in front of the Bangkok Metropolitan Police headquarters.
Officials have said about 2,000 police armed with shields are on duty to try to prevent a repeat of bloody street battles outside parliament on Oct 7 that left two protesters dead and nearly 500 people injured.
Pibhop Dhongchai, one of the Pad leaders, proclaimed the postponement of the parliament session a victory for their movement and vowed to push on.
"Now the protesters are at the finance ministry to say the government has spent the people's money for their own interests," he said. A police officer at the ministry said about 300 protesters had turned up.
The government spokesman Nattawut Saikuar said yesterday that about 2,000 soldiers were on standby but vowed authorities would not use force.
The Pad co-founder Sondhi Limthongkul said earlier that they could call on the crowds to besiege other locations including the stock exchange in their self-proclaimed "final battle" against the government.
The Pad occupied Government House after massive rallies in late August, and called for their supporters to march on Monday to avenge the death of one of their supporters in a grenade attack at the protest site last week.
Pad leaders accuse the government of being behind that attack, which also injured 29 protesters, as well as a similar explosion that killed one more protester and injured seven on Saturday.
The government has denied any involvement, and the prime minister, Somchai Wongsawat, Mr Thaksin's brother-in-law, has vowed an investigation into the violence, although no arrests have been made so far.
The prime minister is currently in Peru for a conference, but one of his deputy prime ministers called an urgent cabinet meeting today to discuss the protests.
Three small blasts also hit near Mr Limthongkul's Bangkok offices early today, causing minor damage but no injuries.
Mr Thaksin fled the country in August this year but a power battle is raging between those who support the former leader and the old power elite in the military, palace and bureaucracy who want to purge Thailand of his influence.
*AFP
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.”
MATCH DETAILS
Manchester United 3
Greenwood (21), Martial (33), Rashford (49)
Partizan Belgrade 0
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
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The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company%20Profile
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World Cup warm up matches
May 24 Pakistan v Afghanistan, Bristol; Sri Lanka v South Africa, Cardiff
May 25 England v Australia, Southampton; India v New Zealand, The Oval
May 26 South Africa v West Indies, Bristol; Pakistan v Bangladesh, Cardiff
May 27 Australia v Sri Lanka, Southampton; England v Afghanistan, The Oval
May 28 West Indies v New Zealand, Bristol; Bangladesh v India, Cardiff
MATCH INFO
England 2
Cahill (3'), Kane (39')
Nigeria 1
Iwobi (47')
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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UAE currency: the story behind the money in your pockets
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
