Anti-government protesters take part in a pro-democracy rally outside Thailand's parliament in Bangkok on 24 September, to demand a new constitution. Mladen Antonov / AFP
Anti-government protesters take part in a pro-democracy rally outside Thailand's parliament in Bangkok on 24 September, to demand a new constitution. Mladen Antonov / AFP
Anti-government protesters take part in a pro-democracy rally outside Thailand's parliament in Bangkok on 24 September, to demand a new constitution. Mladen Antonov / AFP
Anti-government protesters take part in a pro-democracy rally outside Thailand's parliament in Bangkok on 24 September, to demand a new constitution. Mladen Antonov / AFP

Thailand protesters want an end to the political instability


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The waves of protests in Thailand's capital have not ebbed since they broke in July. On the contrary, a report in the Bangkok Post suggests that they will only rise further over October. If such news seems vaguely familiar, that is because for over a decade after 2006 – when then Thai prime minister Thaksin Shinawatra was forced from office – the world grew used to hearing of demonstrations and counter demonstrations between Mr Thaksin's supporters, known as the "red shirts", and the yellow-shirted royalist supporters of the armed forces that had removed him from power and their parliamentary allies.

This time, however, the mass gatherings have not just the military-dominated government of former general Prayut Chan-o-cha in their sights; they have also been calling explicitly for reforms to the monarchy and implicitly to what the political analyst Duncan McCargo referred to as the “network monarchy”, a wider web of patronage and the establishment in the country.

In the past, under the long reign of King Bhumibol Adulyadej (1946-2016), this subject was taboo. Quite apart from Thailand’s strict lese-majeste laws, which bar criticism of the monarchy, very few would have wanted to say anything at all against the universally popular king. A man of genuine and wide-ranging talents, he held several scientific patents as well as being a capable saxophonist who once jammed with the “king of swing” Benny Goodman.

More importantly, over his decades on the throne he came to be seen as a 'dhammaraja', whose rule accorded to Buddhist principles and demonstrated his superior virtue, as well as an heir to the tradition of the 'devaraja' Hindu god-kings of the ancient Khmer Angkor kingdom. His were unique shoes that any heir would have had trouble filling. It is no wonder that his son and successor King Maha Vajiralongkorn has yet to achieve the same status and invulnerability.

Genral Prayut Chan-o-cha, Prime Minister of Thailand, speaks during the 75th session of the United Nations General Assembly, September 23, at UN Headquarters. UNTV Via AP
Genral Prayut Chan-o-cha, Prime Minister of Thailand, speaks during the 75th session of the United Nations General Assembly, September 23, at UN Headquarters. UNTV Via AP
Thailand's King Maha Vajiralongkorn and Queen Suthida arrive at the Siriraj Hospital in Bangkok, Thailand, September 24. AP
Thailand's King Maha Vajiralongkorn and Queen Suthida arrive at the Siriraj Hospital in Bangkok, Thailand, September 24. AP

But there is another difference. The red shirts were usually characterised in the international media as being pro-democracy and the yellow shirts as the opposite. This view, though, was widely contested within Thailand. After Mr Thaksin’s allies failed to win the last general election in 2019, Thitinan Pongsudhirak, a highly respected political scientist at Chulalongkorn University in Bangkok, criticised the former prime minister’s “ambition and manipulation”.

He said that when in power he had “ruled with an iron fist” and that “protests against Thaksin's abuse of power and conflicts of interest” had been “fuelled by his hubris”. Rather than a great democrat, Professor Thitinan thought that Mr Thaksin was a busted flush, a bane on the country’s politics and that Thailand should be glad to see the back of him.

The current demonstrations are, on the other hand, quite clearly about rejuvenating Thai democracy and making quite radical demands for limits on the monarchy. It would be wise not to deal with the protesters by ignoring them as it is becoming clear that many of the younger demonstrators come from the middle and upper class establishment that could be counted on to oppose Mr Thaksin and support royalist and military rule in the past.

A royalist and pro-government supporter holds a photograph of the late Thai King Bhumibol Adulyadej, during a rally held to show opposition to any amendments to the constitution, in Bangkok, September 23. Narong Sangnak / EPA
A royalist and pro-government supporter holds a photograph of the late Thai King Bhumibol Adulyadej, during a rally held to show opposition to any amendments to the constitution, in Bangkok, September 23. Narong Sangnak / EPA

Some history: without going into too much detail, Thailand has had 19 attempted armed coups since the establishment of a constitutional monarchy in 1932, 12 of them successful. While democracy has always been restored, a shifting faction including (at various times) the armed forces, royalists, and the urban middle classes and elites have been happy to set it aside when they feel threatened by what they perceive as irresponsible populist actors – such as the succession of parties that were the vehicles for the exiled Mr Thaksin and his sister Yingluck, which won every election between 2001 and 2014.

Sooner or later some constitutional accommodation must be found

If a split is developing in that faction – what the Kyoto University academic Pavin Chachavalpongpun calls a “contingent class” that “only lends its support to democracy on its own conditional terms” – there is a problem that a crackdown would only paper over, not solve.

Sooner or later some constitutional accommodation must be found to end the cycle of elections and interventions whose perpetrators, I am quite happy to accept, see themselves as saving the country from misrule.

Provisions would have to be agreed so that all interests, classes and regions felt properly protected, perhaps by reserved nominated seating in the upper chamber, for instance.

This could be aided by the clarification of the position of a constitutional monarchy that has arguably never been properly defined. It is important to realise that in the regional context the spectre of bicycling, powerless Scandinavian royals the term “constitutional monarchy” raises in European minds is quite incorrect.

In fact, according to Michael Vatikiotis, author of Blood and Silk: Power and Conflict in Modern Southeast Asia: "In all cases, the surviving monarchies of Southeast Asia have power and influence that potentially, or in reality, exceed that described in constitutional terms."

A Thai pro-democracy activist with a sticker of the memorial plaque of the 1932 Siamese Revolution on her mask, attends an anti-government protest outside the parliament in Bangkok, Thailand, 24 September. Diego Azubel/ EPA
A Thai pro-democracy activist with a sticker of the memorial plaque of the 1932 Siamese Revolution on her mask, attends an anti-government protest outside the parliament in Bangkok, Thailand, 24 September. Diego Azubel/ EPA

Mr Vatikiotis rightly refers to the importance of “the sacred and cultural symbolism” attached to their thrones, which earns them an ingrained respect regardless of whatever safeguards they are provided by law. By placing clearer demarcations around the Thai monarchy, the king would sacrifice no influence, but could better serve its long-term future by dispelling the fog that has allowed supposed “royalists” to insinuate they were acting on behalf of the throne when they working on their own behalves instead.

This is at least in part what the protesters have been complaining about. Royalists, the military and democrats: all are patriots. It is to be hoped they can recognise each other as such and one day bring an end to the political instability that has troubled Thailand for too long.

Sholto Byrnes is an East Asian affairs columnist for The National

MATCH INFO

Uefa Champions League final:

Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E77kWh%202%20motors%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E178bhp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E410Nm%0D%3Cbr%3E%3Cstrong%3ERange%3A%20%3C%2Fstrong%3E402km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh%2C150%2C000%20(estimate)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ETBC%3C%2Fp%3E%0A
Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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.”

The most expensive investment mistake you will ever make

When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.

“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.

This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).

Age

$250 a month

$500 a month

$1,000 a month

25

$640,829

$1,281,657

$2,563,315

35

$303,219

$606,439

$1,212,877

45

$131,596

$263,191

$526,382

55

$44,351

$88,702

$177,403

 

The biog

Fatima Al Darmaki is an Emirati widow with three children

She has received 46 certificates of appreciation and excellence throughout her career

She won the 'ideal mother' category at the Minister of Interior Awards for Excellence

Her favourite food is Harees, a slow-cooked porridge-like dish made from boiled wheat berries mixed with chicken

Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

Batti Gul Meter Chalu

Producers: KRTI Productions, T-Series
Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
Rating: 2/5

MATCH INFO

England 241-3 (20 ovs)

Malan 130 no, Morgan 91

New Zealand 165 all out (16.5ovs)

Southee 39, Parkinson 4-47

England win by 76 runs

Series level at 2-2

The Dark Blue Winter Overcoat & Other Stories From the North
Edited and Introduced by Sjón and Ted Hodgkinson
Pushkin Press 

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs: McLaren 600LT

Price, base: Dh914,000

Engine: 3.8-litre twin-turbo V8

Transmission: Seven-speed automatic

Power: 600hp @ 7,500rpm

Torque: 620Nm @ 5,500rpm

Fuel economy 12.2.L / 100km

Brief scoreline:

Manchester United 2

Rashford 28', Martial 72'

Watford 1

Doucoure 90'

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

How green is the expo nursery?

Some 400,000 shrubs and 13,000 trees in the on-site nursery

An additional 450,000 shrubs and 4,000 trees to be delivered in the months leading up to the expo

Ghaf, date palm, acacia arabica, acacia tortilis, vitex or sage, techoma and the salvadora are just some heat tolerant native plants in the nursery

Approximately 340 species of shrubs and trees selected for diverse landscape

The nursery team works exclusively with organic fertilisers and pesticides

All shrubs and trees supplied by Dubai Municipality

Most sourced from farms, nurseries across the country

Plants and trees are re-potted when they arrive at nursery to give them room to grow

Some mature trees are in open areas or planted within the expo site

Green waste is recycled as compost

Treated sewage effluent supplied by Dubai Municipality is used to meet the majority of the nursery’s irrigation needs

Construction workforce peaked at 40,000 workers

About 65,000 people have signed up to volunteer

Main themes of expo is  ‘Connecting Minds, Creating the Future’ and three subthemes of opportunity, mobility and sustainability.

Expo 2020 Dubai to open in October 2020 and run for six months

Auron Mein Kahan Dum Tha

Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar

Director: Neeraj Pandey

Rating: 2.5/5

Last-16 Europa League fixtures

Wednesday (Kick-offs UAE)

FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm

Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm

Inter Milan v Getafe (one leg only) 11pm

Manchester United (5) v LASK (0) 11pm 

Thursday

Bayer Leverkusen (3) v Rangers (1) 8.55pm

Sevilla v Roma  (one leg only)  8.55pm

FC Basel (3) v Eintracht Frankfurt (0) 11pm 

Wolves (1) Olympiakos (1) 11pm 

The biog

Hobbies: Salsa dancing “It's in my blood” and listening to music in different languages

Favourite place to travel to: “Thailand, as it's gorgeous, food is delicious, their massages are to die for!”  

Favourite food: “I'm a vegetarian, so I can't get enough of salad.”

Favourite film:  “I love watching documentaries, and am fascinated by nature, animals, human anatomy. I love watching to learn!”

Best spot in the UAE: “I fell in love with Fujairah and anywhere outside the big cities, where I can get some peace and get a break from the busy lifestyle”

Meydan Racecourse racecard:

6.30pm: The Madjani Stakes Listed (PA) | Dh175,000 1,900m

7.05pm: Maiden for 2-year-old fillies (TB) Dh165,000 1,400m

7.40pm: The Dubai Creek Mile Listed (TB) Dh265,000 1,600m

8.15pm: Maiden for 2-year-old colts (TB) Dh165,000 1,600m

8.50pm: The Entisar Listed (TB) Dh265,000 2,000m

9.25pm: Handicap (TB) Dh190,000 1,200m

10pm: Handicap (TB) Dh190,000 1,600m.

'The Sky is Everywhere'

Director:Josephine Decker

Stars:Grace Kaufman, Pico Alexander, Jacques Colimon

Rating:2/5

RESULTS

5pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner: Yas Xmnsor, Sean Kirrane (jockey), Khalifa Al Neyadi (trainer)

5.30pm: Falaj Hazza – Handicap (PA) Dh70,000 (D) 1,600m
Winner: Arim W’Rsan, Dane O’Neill, Jaci Wickham

6pm: Al Basrah – Maiden (PA) Dh70,000 (D) 1,800m
Winner: Kalifano De Ghazal, Abdul Aziz Al Balushi, Helal Al Alawi

6.30pm: Oud Al Touba – Handicap (PA) Dh70,000 (D) 1,800m
Winner: Pharitz Oubai, Sean Kirrane, Ibrahim Al Hadhrami

7pm: Sieh bin Amaar – Conditions (PA) Dh80,000 (D) 1,800m
Winner: Oxord, Richard Mullen, Abdalla Al Hammadi

7.30pm: Jebel Hafeet – Conditions (PA) Dh85,000 (D) 2,000m
Winner: AF Ramz, Sean Kirrane, Khalifa Al Neyadi

8pm: Al Saad – Handicap (TB) Dh70,000 (D) 2,000m
Winner: Sea Skimmer, Gabriele Malune, Kareem Ramadan