A summit of Southeast Asian states held on Tuesday to discuss last month's coup in Myanmar failed to find a breakthrough to get the nation back on the path to democracy, sources with knowledge of the meeting said.
Speaking after foreign ministers from the Association of Southeast Asian Nations (Asean) ended their virtual meeting, Indonesia's chief envoy Retno Marsudi urged the junta to allow the bloc to resolve escalating tensions.
"It takes two to tango," she said after the meeting. "Asean's good intentions and readiness will be meaningless if Myanmar does not open its door."
Asean did not forge a common position during the meeting, two diplomatic sources said.
A statement from the meeting's chair, Brunei, on the outcome of the meeting, said Asean expressed concern about the situation in Myanmar and called on "all parties to refrain from instigating further violence".
"We expressed Asean's readiness to assist Myanmar in a positive, peaceful and constructive manner," it said.
In a statement of remarks made during the summit, Singapore's Foreign Minister Vivian Balakrishnan warned an inability to find a common Asean position "would starkly underscore our lack of unity, and undermine our credibility and relevance as an organisation".
The use of lethal force against unarmed civilians was "inexcusable", he said.
The US also issued a warning on Monday to Myanmar's military rulers that it would take more action if the country's security forces continue to kill unarmed people and attack journalists and activists.
There is the political leadership, and there is the military leadership...They need to talk
"If the Burmese military continues down this path, if the Burmese military refuses to restore the democratically elected government and to cease this abhorrent violence against peaceful demonstrators, there will be additional measures forthcoming from the United States," State Department spokesman Ned Price said.
Myanmar is also known as Burma.
A White House official said on Sunday the US was preparing additional sanctions against those responsible for the latest outbreak of violence.
Bloodiest day
The Asean talks come two days after the bloodiest day of unrest since the military removed Aung San Suu Kyi's elected government a month ago, unleashing anger and street protests across Myanmar.
The streets were largely quiet in the largest city Yangon early on Tuesday, ahead of what protesters said would be another big demonstration. Several shopping malls announced closures due to the unrest, some in places where protests have taken place.
Police fired tear gas and stun grenades to disperse hundreds of protesters in Yangon on Monday and later combed side streets, firing rubber bullets, witnesses said.
In remarks read on state television by a newsreader, junta leader Sen Gen Min Aung Hlaing said protest leaders and "instigators" would be punished and threatened action against civil servants who were refusing to work.
Min Aung Hlaing has pledged to hold new elections and hand power, but has given no clear timeframe.
His coup on February 1 halted Myanmar's tentative steps towards democracy, after nearly 50 years of military rule, and has drawn condemnation and sanctions from the US and other Western countries, and growing concern among its neighbours.
Ms Suu Kyi, 75, appeared at a court hearing via video-conferencing on Monday and looked in good health, one of her lawyers said. Two more charges were added to those filed against her after the coup, she said.
The Nobel Peace laureate has not been seen in public since her government was toppled and she was detained along with other party leaders.
Hundreds of people have been arrested since the coup, according to activists, the latest a journalist for the Democratic Voice of Burma, who live-streamed security forces outside his apartment on Monday in the coastal town of Myeik, where he had been filming protests. DVB confirmed the arrest.
UAE currency: the story behind the money in your pockets
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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.”
