After Myanmar's military regime marked National Armed Forces' Day on Saturday by committing their greatest massacre of protesters so far – killing 114 men, women and children – the coup-installed government of Senior General Min Aung Hlaing received another round of international condemnation.
US Secretary of State Antony Blinken said he was "horrified" and denounced "the military's reign of terror". The UN special rapporteur Tom Andrews said the junta was committing "mass murder" – and this just after the defence chiefs of 12 countries, mainly western, but including South Korea and Japan, had published a statement condemning "the use of lethal force against unarmed people by the Myanmar armed forces and associated security services".
The sentiment that “something must be done” to end the violence and restore parliamentary democracy is understandably urgent. But what and by whom? The precedents are not encouraging. As Aung Zaw, editor-in-chief of the respected Irrawaddy news group, once wrote: “When the Burmese regime decides to act, it moves quickly, crushing its opponents without hesitation or regard for public or international opinion.”
In 2009, shortly before the country’s hybrid democracy – in which considerable powers were reserved by the military – was launched – Aung Zaw published an essay which noted that at that point neither sanctions, “constructive engagement”, nor mass popular uprisings had “succeeded in forcing the generals to weaken their stranglehold” on the country that they had ruled since 1962.
This time is different, though. While the half million strong Tatmadaw, as the armed forces are known, may remain largely cohesive, conditioned by their positions as the "guardians" of Myanmar and as a privileged state-within-a-state, the citizenry are proving hard to cow. Maung Zarni, the Burmese co-founder of Forces of Renewal South-East Asia, a cross-border network of pro-democracy scholars and activists, points out that the "hundreds of thousands of civil servants engaged in the Civil Disobedience Movement" who have not returned to work since the coup of February 1, have "deprived" the military "of a functioning state".
Moreover the generals’ seizure of power, Dr Zarni tells me, has “radicalised the entire generation of about 15-20 million youth, some of whom are now undergoing training in urban guerrilla warfare with ethnic armed groups”. The latter, drawn from the numerous ethnic groups that do not belong to the majority Bamar, have been battling the central state since independence. Many are now offering shelter in their borderland strongholds to the National League for Democracy (NLD) lawmakers turfed out by the coup, who are operating as an alternative government known as the Committee Representing Pyidaungsu Hluttaw.
With an unrepentant military, a defiant population, and a nascent alliance between the ousted NLD government and the ethnic armies, the stage is set for a devastating civil war. Dr Zarni and the Indonesian analyst Evan Laksmana both warn of a Syria-like scenario in South-East Asia's neighbourhood. And that is why inaction is not an option for Asean, the Association of South-East Asian Nations to which Myanmar and all the region's states, bar Timor-Leste, belong.
As someone who has been writing about the plight of the Rohingya for the best part of 10 years, it galls me that the mass ethnic cleansing and atrocities they have suffered in Myanmar prompted little action in real terms, while the murder of a far smaller number now seems likely to spur more decisive measures.
But the reality is that nothing compelled Asean to act then. It was even controversial when in 2017 Malaysia’s then prime minister, Najib Razak, called on the Organisation of Islamic Co-operation to end the Rohingya’s “humanitarian tragedy” – he was accused of violating the Asean principle of non-interference in each others’ internal affairs.
A civil war in Myanmar, however, would threaten the image of Asean as "a progressive, dynamic and integrated community, at the centre of wider regional mechanisms and architectures", ranging from the East Asia Summit to the Regional Comprehensive Economic Partnership mega-trade agreement, as Thomas Daniel, my former colleague at the Institute of Strategic and International Studies Malaysia, puts it.
Indonesian Foreign Minister Retno Marsudi, right, and her Singaporean counterpart, Vivian Balakrishnan, during their meeting in Jakarta on Thursday. AP Photo
Beyond the damage to Asean as an institution, the wave of refugees and the economic catastrophe that civil war would cause would seriously affect India, China, Japan – a huge investor in Myanmar – and others, too.
Asean, though, is divided. Indonesia and Malaysia have called for an urgent summit to address this issue, but some others prefer the path of quiet dialogue. Then there is the question of leverage; and it is not clear that any Asean member state, with the possible exception of Thailand, which doesn't want to force the issue, has sufficient influence to push the junta to do anything.
As Asean's giant by population, Indonesia can – and is – taking the lead in trying to engage China, Japan, Russia, India and the US. A recent analysis in the Foreign Policy magazine argued that Japan and India, which both have strong ties to the Tatmadaw as well as major economic interests in Myanmar, could play very useful roles. If they "use the full extent of their influence, they can end the impasse in Myanmar sooner than expect", was the authors' conclusion.
That sounds too optimistic for Dr Zarni, a long-time activist whose independence is attested to by the fact that his commentary has been attacked by both the Tatmadaw and allies of Aung San Suu Kyi, the deposed civilian leader, over the years. "Backdoor diplomacy" won't work, he says, with what he labels an "intransigent terroristic regime". He calls for a summit of the 12 defence chiefs who issued the statement, along with those from Malaysia, Indonesia and Singapore.
This alliance of concerned states, including Asean countries, should explore all possible options for ending the killings, he tells me. This, “more than any sanctions by the West or statements from the UN ought to drive the fear of God into the coup regime”, he says. “You cannot mediate in this essentially zero-sum war. But you have to help empower 54 million people vis-a-vis 400,000 terroristic men.”
All avenues should be explored, and I would place greater hopes on dialogue than Dr Zarni does. But this is a case when “something” really “must be done”. Asean and the wider region have to act with as much co-ordination as they can muster. They cannot allow Myanmar to descend into a Syria-type quagmire without having taken all steps possible to save the country from that hell.
Sholto Byrnes is an East Asian affairs columnist for The National
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.”
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
VERSTAPPEN'S FIRSTS
Youngest F1 driver (17 years 3 days Japan 2014) Youngest driver to start an F1 race (17 years 166 days – Australia 2015) Youngest F1 driver to score points (17 years 180 days - Malaysia 2015) Youngest driver to lead an F1 race (18 years 228 days – Spain 2016) Youngest driver to set an F1 fastest lap (19 years 44 days – Brazil 2016) Youngest on F1 podium finish (18 years 228 days – Spain 2016) Youngest F1 winner (18 years 228 days – Spain 2016) Youngest multiple F1 race winner (Mexico 2017/18) Youngest F1 driver to win the same race (Mexico 2017/18)
SERIE A FIXTURES
All times UAE ( 4 GMT)
Saturday
Roma v Udinese (5pm)
SPAL v Napoli (8pm)
Juventus v Torino (10.45pm)
Sunday
Sampdoria v AC Milan (2.30pm)
Inter Milan v Genoa (5pm)
Crotone v Benevento (5pm)
Verona v Lazio (5pm)
Cagliari v Chievo (5pm)
Sassuolo v Bologna (8pm)
Fiorentina v Atalanta (10.45pm)
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
OPENING FIXTURES
Saturday September 12
Crystal Palace v Southampton
Fulham v Arsenal
Liverpool v Leeds United
Tottenham v Everton
West Brom v Leicester
West Ham v Newcastle
Monday September 14
Brighton v Chelsea
Sheffield United v Wolves
To be rescheduled
Burnley v Manchester United
Manchester City v Aston Villa
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
