Five people died when members of Myanmar's security forces rammed a car into an anti-coup protest on Sunday morning in Yangon.
Witnesses told Reuters that dozens more people were injured, and local news portal Myanmar Now reported that 15 were arrested.
Photos and videos on social media showed the vehicle that crashed through the protesters, and bodies lying on the road.
The flash-mob protest was rammed by the car minutes after it started, witnesses said.
“I got hit and fell down in front of a lorry. A soldier beat me with his rifle but I defended and pushed him back," a protester told Reuters.
"Then he immediately shot at me as I ran away in a zigzag pattern. Fortunately, I escaped.”
The car driven by soldiers hit the crowd from the back, two witnesses said, and followed the scattered protesters, arresting and beating them.
Some demonstrators suffered serious head wounds. Others were left unconscious, witnesses said.
A spokesman for the junta did not answer calls seeking comment on Sunday.
Another demonstration was later held in Yangon, the country's biggest city, despite the morning violence.
Protests against the country's military are continuing despite the deaths of more than 1,300 people since the February 1 coup. The scattered protests are often staged by small groups opposed to the overthrow of an elected government led by Nobel laureate Aung San Suu Kyi.
The opposition's shadow government said it was heart-broken to see peaceful protesters killed and injured.
“We will strongly respond to the terrorist military who brutally, inhumanly killed the unarmed peaceful protesters,” the National Unity Government's defence ministry said after Sunday's attack.
Protesters 'instigated violence', military claims
Myanmar's military has said it staged the coup because a November election won by Ms Suu Kyi's party was rigged. The country's election commission has dismissed the claim.
Clashes with ethnic-minority insurgents in remote frontier regions in the north and east have intensified significantly since the coup, displacing tens of thousands of civilians, according to UN estimates.
Ms Suu Kyi, 76, faces a dozen cases against her, including incitement and breaches of Covid-19 protocols.
She has denied all the charges.
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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.”
MATCH INFO
Liverpool 2 (Van Dijk 18', 24')
Brighton 1 (Dunk 79')
Red card: Alisson (Liverpool)
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
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 specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
UAE currency: the story behind the money in your pockets