Asia

Five mosques and dozens of homes torched in Myanmar

The fresh violence came just hours before the top UN envoy to Myanmar called on the government to punish those responsible for a tragedy that left dozens of corpses piled in the streets, some of them charred beyond recognition.

Associated Press

March 25, 2013

MEIKHTILA, Myanmar // Dozens of houses and a mosque were torched as communal violence flared up again in Myanmar at the weekend, officials said yesterday.

"Altogether 43 houses and a mosque were burned last night [Saturday] ... most of the houses belong to Muslims," a ward official in Yamethin town said.

The Information Ministry said 52 people had been arrested and 13 held in Meiktila town, where lethal riots last week left at least 32 people dead and thousands displaced.

The fresh violence came just hours before the top UN envoy to Myanmar toured Meiktila yesterday, calling on the government to punish those responsible for a tragedy that left dozens of corpses piled in the streets, some of them charred beyond recognition.

Vijay Nambiar, the UN secretary general's special adviser on Myanmar, also visited some of the nearly 10,000 people driven from their homes during the violence.

Most of the displaced were minority Muslims, who appeared to have suffered the brunt of the violence as armed Buddhist mobs roamed city.

Mr Nambiar said he was encouraged to learn that some people from both communities had bravely helped each other and that religious leaders were advocating peace. He said the people he spoke to believed the violence "was the work of outsiders", but he gave no further details.

"There is a certain degree of fear and anxiety among the people, but there is no hatred," said Mr Nambiar after visiting both groups and promising the United Nations would provide as much help as it could to get the city back on its feet. "They feel a sense of community and that it is a very good thing because they have worked together and lived together."

But he said: "It is important to catch the perpetrators. It is important they be caught and punished."

Mr Nambiar's visit came a day after the army took control of the city to enforce a tense calm after the president, Thein Sein, ordered a state of emergency.

On Saturday night, the government put the death toll at 32. At least five mosques were set on fire between Wednesday and Friday

The bloodshed was the first sectarian unrest to spread into Myanmar's heartland since two similar incidents in western Rakhine state last year.

It is the latest challenge facing efforts to reform the country after the ruling military ceded power two years ago to a civilian government led by retired army officers.

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Day 3, Abu Dhabi Test: At a glance

Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.

Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.

The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.

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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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Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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