Ousted Thai prime minister Thaksin Shinawatra (second from right), who was deposed in a bloodless 2006 coup, poses for a family photo at daughter Paetongtarn’s graduation from a Bangkok university.
Ousted Thai prime minister Thaksin Shinawatra (second from right), who was deposed in a bloodless 2006 coup, poses for a family photo at daughter Paetongtarn’s graduation from a Bangkok university.
Ousted Thai prime minister Thaksin Shinawatra (second from right), who was deposed in a bloodless 2006 coup, poses for a family photo at daughter Paetongtarn’s graduation from a Bangkok university.
Ousted Thai prime minister Thaksin Shinawatra (second from right), who was deposed in a bloodless 2006 coup, poses for a family photo at daughter Paetongtarn’s graduation from a Bangkok university.

Cathay Pacific to investigate aircrew's 'coffee threat' to Thaksin's daughter


  • English
  • Arabic

HONG KONG // Cathay Pacific was investigating reports that a flight attendant threatened to throw coffee at the daughter of the ousted Thai premier, Thaksin Shinawatra, after calling the politician an "enemy".

The attendant said she wanted to throw the drink at Paetongtarn Shinawatra, one of Thaksin's three children, after discovering her on board the flight from Bangkok to Hong Kong, according to the South China Morning Post newspaper.

"I immediately told my flight manager I could not work knowing the daughter of my enemy was on the plane," the attendant posted on Facebook.

"I called my personal adviser asking if it would be all right to throw coffee at Paetongtarn, but was told that this could breach Hong Kong's laws."

The long-running political crisis in Thailand recently led to the first major street protests against the government of the prime minister, Yingluck Shinawatra, Thaksin's younger sister, who is accused by her rivals of being a puppet for her fugitive brother.

Thaksin, ousted in a military coup in 2006, has been living in the UAE, but makes regular visits to Hong Kong, where his family reportedly owns properties.

The Hong Kong flag carrier said yesterday it was investigating "allegations of misconduct" following the November 25 flight.

Reports also said that the attendant had posted a photo of the manifest for the flight Ms Paetongtarn was on.

"Cathay Pacific regrets this unfortunate incident and wishes to assure all of our customers that their privacy, and strict adherence to all privacy regulations, is extremely important to us," a Cathay spokeswoman said.

The airline said the attendant, which it declined to identify, is co-operating in the investigation and "is currently not operating", but would not confirm whether she had been suspended from duty.

Thai media quoted Ms Paetongtarn as saying on social media that she felt "uncomfortable" after the incident and that she had been travelling to Hong Kong for a business trip and to see her father.

UAE jiu-jitsu squad

Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)

Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)

UAE v Zimbabwe A, 50 over series

Fixtures
Thursday, Nov 9 - 9.30am, ICC Academy, Dubai
Saturday, Nov 11 – 9.30am, ICC Academy, Dubai
Monday, Nov 13 – 2pm, Dubai International Stadium
Thursday, Nov 16 – 2pm, ICC Academy, Dubai
Saturday, Nov 18 – 9.30am, ICC Academy, Dubai

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.”