The UN Security Council adopted its first resolution on Myanmar in 74 years on Wednesday to demand an end to violence and urge the military junta to release all political prisoners, including ousted leader Aung San Suu Kyi.
Myanmar has been in crisis since the army took power from Ms Suu Kyi's elected government on February 1, 2021, detaining her and other officials and responding to pro-democracy protests and dissent with lethal force.
“Today we've sent a firm message to the military that they should be in no doubt — we expect this resolution to be implemented in full,” the UK's UN Ambassador Barbara Woodward said after the vote on the British-drafted resolution at the 15-member council.
“We've also sent a clear message to the people of Myanmar that we seek progress in line with their rights, their wishes and their interests.”
It has long been split on how to deal with the Myanmar crisis, with China and Russia arguing against strong action. They both abstained from the vote on Wednesday, along with India. The remaining 12 members voted in favour.
“China still has concerns,” China's UN Ambassador Zhang Jun told the council after the vote. “There is no quick fix to the issue. Whether or not it can be properly resolved in the end, depends fundamentally, and only, on Myanmar itself.”
He said China had wanted the Security Council to adopt a formal statement on Myanmar, not a resolution.
Russia's UN Ambassador Vassily Nebenzia said Moscow did not view the situation in Myanmar as a threat to international peace and security and therefore believed it should not be dealt with by the UN Security Council.
US Secretary of State Antony Blinken welcomed the resolution's adoption. “This is an important step by the Security Council to address the crisis and end the Burma military regime's escalating repression and violence against civilians,” he said.
Sanctions threat lifted
Until now the council had only agreed formal statements on Myanmar, where the army also led a 2017 crackdown on Rohingya Muslims that was described by the US as genocide. Myanmar denies genocide and said it was waging a legitimate campaign against insurgents who attacked police posts.
Negotiations on the draft Security Council resolution began in September. The initial text urged an end to the transfer of arms to Myanmar and threatened sanctions, but that language has since been removed.
The adopted resolution expresses “deep concern” at the continuing state of emergency imposed by the military when it seized power and its “grave impact” on Myanmar's people.
It urges “concrete and immediate actions” to implement a peace plan agreed by the Association of South-East Asian Nations and issues a call to “uphold democratic institutions and processes and to pursue constructive dialogue and reconciliation in accordance with the will and interests of the people”.
The only other resolution adopted by the Security Council was in 1948, when the body recommended the UN General Assembly admit Myanmar — then Burma — as a member of the world body.
Myanmar's UN Ambassador Kyaw Moe Tun, who still holds the UN seat and represents Ms Suu Kyi's government, said while there were positive elements in the resolution the National Unity Government — comprised of remnants of the ousted administration — would have preferred a stronger text.
“We are clear this is only a first step,” he said. “The National Unity Government calls on the UNSC to build on this resolution to take further and stronger action to ensure the end of the military junta and its crimes.”
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Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
FIRST TEST SCORES
England 458
South Africa 361 & 119 (36.4 overs)
England won by 211 runs and lead series 1-0
Player of the match: Moeen Ali (England)
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Rating: 1/5
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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A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5