Just two weeks before Thailand holds its general election, Paetongtarn Shinawatra, one of the leading candidates to be the country’s prime minister, gave birth to a baby boy. Was it a hopeful augury, a sign that Thailand’s turbulent politics might be about to forge a fresh new start?
Well, it’s possible. But equally the focus on the 36-year-old face of the Pheu Thai party, daughter of the self-exiled former prime minister Thaksin Shinawatra, reminds many of the real question about this election: will the cycle of parties associated with Mr Thaksin winning at the polls, only to be forced out of office by military coups, finally be broken?
For this has been the pattern since 2001, when Mr Thaksin first came to power in a landslide victory. Although the names of his political parties have changed, as the courts dissolved two of them, his followers have topped the polls in every election since. But in 2006, he was overthrown by the armed forces, and later sentenced in absentia to two years in jail for abuse of power (a ruling he disputes as politically motivated). His sister Yingluck was elected as prime minister in 2011, but was ousted by the military in 2014 and also sentenced to jail in absentia. Another Thaksin-linked premier was disqualified from office by the courts for hosting a cooking show on television, and the country has been ruled by the former head of the Thai armed forces, Prayut Chan-o-cha, since 2014.
For the sake of Thailand's future, leaders from all parties need to compromise
Pheu Thai is way ahead in the opinion polls, with 41 per cent backing it in a survey released last Saturday – more than double the second-placed Move Forward party on 19 per cent. But that doesn’t guarantee the premiership to either Ms Shinawatra or the other two candidates announced by the party. The 500-member lower house is fully elected, but the prime minister will be chosen in conjunction with the senate, whose 250 members are entirely appointed by the military. This means Pheu Thai would have to win 376 seats to overcome the expected veto by the senate, a highly unlikely target well beyond the party’s own probably over-optimistic projection of 310 seats.
So there are considerable hurdles for Pheu Thai, despite its huge support in the rural north and north-east, where Mr Thaksin’s policies of subsidies and cheap health care made him wildly popular. But the conservative, royalist and business elites who saw Mr Thaksin and his successors as irresponsible populists who threatened the fabric and stability of the country won’t have it easy, either. The main conservative parties – including the one Mr Prayut belongs to – are all polling at below 10 per cent; and in any case, under the 2017 constitution Mr Prayut would have to stand down as prime minister by 2025 should he manage to stay in office due to term limits.
Some kind of accommodation may seem the obvious answer. While Pheu Thai may be more aligned to the progressive Move Forward party, it is the conservatives they need to reassure and whose backing they will need. Mr Thaksin has been doing his bit by announcing that he wants to go home, and is prepared to go to jail as long as he can spend the rest of his time with his family. And while both Pheu Thai and the military’s allies may find a pact unpalatable, they only have to look to next-door Malaysia to see how two coalitions that spent the past two decades demonising each other managed to form a unity government that has held since last November.
If, on the other hand, Pheu Thai returns without reaching out to its long-running opponents, then “the seeds for the next coup, either military or judicial, may have already been sown”, as Australia National University’s Greg Raymond recently wrote. Coups are often relatively peaceful in Thailand, but there have been far too many of them in the century since the country became a constitutional monarchy in 1922 – estimates vary, but commonly accepted numbers are 12 successful coups and seven that failed over that time.
Some argue that when countries have a history of coups, people become accultured to them. This reminds me of a friend at school in the 1980s who said about his country: “Whenever you wake up in the morning and hear someone on the radio saying, ‘my fellow citizens’, you think, ‘oh, there’s been another coup’.”
But Thailand’s coup-prone history is not a matter for levity – not by this point in the 21st century. Of the five countries that founded the Association of South-East Asian Nations in 1967, the other four – Indonesia, the Philippines, Singapore and Malaysia – are well-established, if often fractious, democracies. It isn’t that coups haven’t been attempted in those four, but it is certainly settled that such seizures of power would cause uproar and ought to belong to the history books, not to the present day.
Thailand once stood out in the region as the only country in South-East Asia to manage to resist colonialisation. For the sake of its own future, leaders from all parties need to compromise and end this troubling cycle. The military establishment is guaranteed its place at the table with control of the senate. It is surely time for the rest to be decided by the ballot box.
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.”
Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
Inter Milan (ITA) v Liverpool (ENG)
Paris Saint-Germain v Real Madrid (ESP)
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Should late investors consider cryptocurrencies?
Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.
“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
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Forced%20Deportations
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Violence%20
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
Revival
Eminem
Interscope
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
CRICKET%20WORLD%20CUP%20QUALIFIER%2C%20ZIMBABWE%20
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JOKE'S%20ON%20YOU
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UAE currency: the story behind the money in your pockets
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence