Police fire water cannon on students during an anti-government demonstration demanding the resignation of Sri Lanka's President Gotabaya Rajapaksa in Colombo, Sri Lanka. AFP
Police fire water cannon on students during an anti-government demonstration demanding the resignation of Sri Lanka's President Gotabaya Rajapaksa in Colombo, Sri Lanka. AFP
Police fire water cannon on students during an anti-government demonstration demanding the resignation of Sri Lanka's President Gotabaya Rajapaksa in Colombo, Sri Lanka. AFP
Police fire water cannon on students during an anti-government demonstration demanding the resignation of Sri Lanka's President Gotabaya Rajapaksa in Colombo, Sri Lanka. AFP

Sri Lanka's PM encourages protesting youth to join government


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Sri Lanka’s prime minister on Sunday said that youth protest groups will be invited to be part of governance under reforms he is proposing to solve a political crisis triggered by an economic collapse.

In a televised statement to the nation, Prime Minister Ranil Wickremesinghe said that under proposed constitutional reforms, powers of the president will be limited and those of Parliament strengthened.

“The youth are calling for a change in the existing system. They also want to know the current issues. Therefore, I propose to appoint four youth representatives to each of these 15 committees,” Mr Wickremesinghe said.

The 15 committees would work with Parliament to decide national policies, he said. That governance will be broad-based through parliamentary committees where lawmakers, youth and experts will work together.

Protesters consisting of mainly young people have camped out outside President Gotabaya Rajapaksa's office for more than 50 days.

They are demanding the resignation of Mr Rajapaksa, holding him and his family responsible for the country’s worst economic crisis yet.

They also want an overhaul of a system of governance, saying successive administrations since independence from Britain in 1948 have misgoverned Sri Lanka, resulting in economic and social crises.

According to Mr Wickremesinghe’s proposal, one of the youth representatives will be appointed by the so-called youth parliament and the other three will come from protest groups and other campaign organisations.

“The methodology used to choose these individuals can be decided by the youth organisations themselves,” he said.

There has been no comment from youth groups to his proposal.

Setting up new broad-based parliamentary committees can be done under the current constitution, but broader reforms such as reducing presidential powers would need approval of the Supreme Court and a two-thirds parliamentary majority.

It is not clear when the bill for the debate will be introduced.

Police fired teargas on Sunday to disperse thousands of students trying to storm the president's residence as the government offered a concession to demonstrators demanding his resignation.

Anti-riot squads used water cannon followed by teargas, as protesters pulled down yellow iron barricades across a road leading to Mr Rajapaksa's official residence in Colombo.

Several men were seen picking up canisters and throwing them back towards the police who fired them.

Female medical and science students joined the protests, when authorities unleashed water cannon.

  • Violence raged across Sri Lanka late into the night on Monday, with five people dead and some 180 injured. AFP
    Violence raged across Sri Lanka late into the night on Monday, with five people dead and some 180 injured. AFP
  • Sri Lanka's pro-government supporters vandalise camps of anti government protestors outside the president's office in Colombo. AP Photo
    Sri Lanka's pro-government supporters vandalise camps of anti government protestors outside the president's office in Colombo. AP Photo
  • Sri Lankan Prime Minister Mahinda Rajapaksa quit on May 9 after a day of violence saw four people, including an MP, killed. AFP
    Sri Lankan Prime Minister Mahinda Rajapaksa quit on May 9 after a day of violence saw four people, including an MP, killed. AFP
  • Government supporters armed with sticks and clubs attack protestors. AFP
    Government supporters armed with sticks and clubs attack protestors. AFP
  • Demonstrators scuffle with police outside the president's office in Colombo. AFP
    Demonstrators scuffle with police outside the president's office in Colombo. AFP
  • Demonstrators and government supporters clash. AFP
    Demonstrators and government supporters clash. AFP
  • Police personnel stand guard outside the president's office. AFP
    Police personnel stand guard outside the president's office. AFP
  • Destroyed vehicles litter the street after anti-government protesters rioted in Colombo. AFP
    Destroyed vehicles litter the street after anti-government protesters rioted in Colombo. AFP
  • Pro-government supporters hold Prime Minister Mahinda Rajapaksa's portrait while protesting. AFP
    Pro-government supporters hold Prime Minister Mahinda Rajapaksa's portrait while protesting. AFP
  • A bus burns close to Sri Lanka's outgoing Prime Minister Mahinda Rajapaksa's official residence in Colombo. AFP
    A bus burns close to Sri Lanka's outgoing Prime Minister Mahinda Rajapaksa's official residence in Colombo. AFP
  • Anti-government protesters destroy a bus in Colombo. AFP
    Anti-government protesters destroy a bus in Colombo. AFP
  • Army personnel stand guard outside the president's office in Colombo. AFP
    Army personnel stand guard outside the president's office in Colombo. AFP
  • Supporters of the Sri Lankan government attempt to block a police water canon truck. AFP
    Supporters of the Sri Lankan government attempt to block a police water canon truck. AFP
  • People gather near a burning bus in Colombo. AFP
    People gather near a burning bus in Colombo. AFP
  • Anti-government demonstrators set fire to the house owned by Cabinet Minister Sanath Nishantha. Reuters
    Anti-government demonstrators set fire to the house owned by Cabinet Minister Sanath Nishantha. Reuters
  • Sri Lankans push a bus, transporting government supporters who attacked anti-government protesters, into a lake in Colombo. AP Photo
    Sri Lankans push a bus, transporting government supporters who attacked anti-government protesters, into a lake in Colombo. AP Photo
  • A policeman fires tear gas during a clash. AFP
    A policeman fires tear gas during a clash. AFP
  • Sri Lankan Prime Minister Mahinda Rajapaksa resigned on Monday over the country’s dire economic state and violence at mass protests outside his home in Colombo, his spokesman Rohan Weliwita said. AP
    Sri Lankan Prime Minister Mahinda Rajapaksa resigned on Monday over the country’s dire economic state and violence at mass protests outside his home in Colombo, his spokesman Rohan Weliwita said. AP
  • Demonstrators and government supporters clash outside the official residence of Mahinda Rajapaksa, 76, who offered his resignation to his younger brother, President Gotabaya Rajapaksa. AFP
    Demonstrators and government supporters clash outside the official residence of Mahinda Rajapaksa, 76, who offered his resignation to his younger brother, President Gotabaya Rajapaksa. AFP
  • A man suffers after being sprayed with tear gas as cars burn on the streets of Colombo, Sri Lanka. AP
    A man suffers after being sprayed with tear gas as cars burn on the streets of Colombo, Sri Lanka. AP
  • Paramilitary police arrive as demonstrators and government supporters clash. AFP
    Paramilitary police arrive as demonstrators and government supporters clash. AFP
  • Sri Lankan government supporters cheer outside the prime minister's residence in Colombo. AP
    Sri Lankan government supporters cheer outside the prime minister's residence in Colombo. AP
  • Supporters of the ruling party run as riot police fire tear gas during clashes in Colombo, amid the country's economic crisis. Reuters
    Supporters of the ruling party run as riot police fire tear gas during clashes in Colombo, amid the country's economic crisis. Reuters
  • A policeman stands guard in riot gear. AP
    A policeman stands guard in riot gear. AP
  • Water cannon are fired during a confrontation with anti-government demonstrators. Reuters
    Water cannon are fired during a confrontation with anti-government demonstrators. Reuters
  • Supporters of Sri Lanka's ruling party run in Colombo as police fire tear gas during a clash with anti-government demonstrators. Reuters
    Supporters of Sri Lanka's ruling party run in Colombo as police fire tear gas during a clash with anti-government demonstrators. Reuters
  • A Sri Lankan Catholic priest, centre in a white robe, is among anti-government protesters being attacked by supporters of the ruling party outside the prime minister's residence. AP
    A Sri Lankan Catholic priest, centre in a white robe, is among anti-government protesters being attacked by supporters of the ruling party outside the prime minister's residence. AP
  • Tears after anti-government protesters were attacked by supporters of the ruling party in Colombo. AP
    Tears after anti-government protesters were attacked by supporters of the ruling party in Colombo. AP
  • Violence flares between demonstrators and government supporters outside the president's office in Colombo. AFP
    Violence flares between demonstrators and government supporters outside the president's office in Colombo. AFP
  • Activists stage a mock ritual to 'exorcise demons' outside the official residence of Sri Lanka's prime minister. AFP
    Activists stage a mock ritual to 'exorcise demons' outside the official residence of Sri Lanka's prime minister. AFP

Meanwhile, thousands of men and women demonstrated for the 51st day in a row outside Mr Rajapaksa's office, demanding he step down.

The demonstrations led to tense scenes on the streets of Colombo, where authorities struggled to disperse large crowds and a pall of chemical irritants hung over the streets.

A shortage of foreign exchange to import even the most essential supplies, including food, fuel and medicines, has led to severe hardships for the country's 22 million people.

Mr Wickremesinghe has said that he will have an economic reform plan ready within two weeks to seek approval from the International Monetary Fund for a bailout package.

The country has defaulted on its $51 billion foreign debt.

Students have led nearly daily protests in Colombo and elsewhere as Sri Lanka teeters on the brink of bankruptcy.

It has already defaulted on its foreign loans. People have been forced to wait for hours in long lines to try to buy goods and many still go empty-handed.

Agencies have contributed to this report.

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.”

Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

UAE currency: the story behind the money in your pockets
The specs: 2018 Jaguar E-Pace First Edition

Price, base / as tested: Dh186,480 / Dh252,735

Engine: 2.0-litre four-cylinder

Power: 246hp @ 5,500rpm

Torque: 365Nm @ 1,200rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.7L / 100km

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A
Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Silkhaus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Aahan%20Bhojani%20and%20Ashmin%20Varma%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Property%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%247.75%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Nuwa%20Capital%2C%20VentureSouq%2C%20Nordstar%2C%20Global%20Founders%20Capital%2C%20Yuj%20Ventures%20and%20Whiteboard%20Capital%3C%2Fp%3E%0A
Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

The specs

Engine: 2.0-litre 4-cylturbo

Transmission: seven-speed DSG automatic

Power: 242bhp

Torque: 370Nm

Price: Dh136,814

The years Ramadan fell in May

1987

1954

1921

1888

Day 4, Abu Dhabi Test: At a glance

Moment of the day Not much was expected – on Sunday or ever – of Hasan Ali as a batsman. And yet he lit up the late overs of the Pakistan innings with a happy cameo of 29 from 25 balls. The highlight was when he launched a six right on top of the netting above the Pakistan players’ viewing area. He was out next ball.

Stat of the day – 1,358 There were 1,358 days between Haris Sohail’s previous first-class match and his Test debut for Pakistan. The lack of practice in the multi-day format did not show, though, as the left-hander made an assured half-century to guide his side through a potentially damaging collapse.

The verdict As is the fashion of Test matches in this country, the draw feels like a dead-cert, before a clatter of wickets on the fourth afternoon puts either side on red alert. With Yasir Shah finding prodigious turn now, Pakistan will be confident of bowling Sri Lanka out. Whether they have enough time to do so and chase the runs required remains to be seen.

MATCH INFO

Uefa Champions League, Group C
Liverpool v Red Star Belgrade
Anfield, Liverpool
Wednesday, 11pm (UAE)

Generational responses to the pandemic

Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:

Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.

Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.

Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.

GIANT REVIEW

Starring: Amir El-Masry, Pierce Brosnan

Director: Athale

Rating: 4/5

BUNDESLIGA FIXTURES

Friday (All UAE kick-off times)

Borussia Dortmund v Eintracht Frankfurt (11.30pm)

Saturday

Union Berlin v Bayer Leverkusen (6.30pm)

FA Augsburg v SC Freiburg (6.30pm)

RB Leipzig v Werder Bremen (6.30pm)

SC Paderborn v Hertha Berlin (6.30pm)

Hoffenheim v Wolfsburg (6.30pm)

Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)

Sunday

Cologne v Bayern Munich (6.30pm)

Mainz v FC Schalke (9pm)

At Everton Appearances: 77; Goals: 17

At Manchester United Appearances: 559; Goals: 253

Updated: May 30, 2022, 6:48 AM