• Red Cross workers carry a man on a stretcher in Mandalay, Myanmar. AP
    Red Cross workers carry a man on a stretcher in Mandalay, Myanmar. AP
  • Police officers stand in front of people who protest against the military coup, in Mandalay, Myanmar. Reuters
    Police officers stand in front of people who protest against the military coup, in Mandalay, Myanmar. Reuters
  • A person shows bullet shells during a protest against the military coup, in Mandalay, Myanmar. Reuters
    A person shows bullet shells during a protest against the military coup, in Mandalay, Myanmar. Reuters
  • People rinse their faces with water after tear gas was used to disperse a protest in Mandalay, Myanmar. AP
    People rinse their faces with water after tear gas was used to disperse a protest in Mandalay, Myanmar. AP
  • Young protesters hold a sign during a demonstration against the military coup in Yangon. AFP
    Young protesters hold a sign during a demonstration against the military coup in Yangon. AFP
  • Police charge forward to disperse protesters in Mandalay, Myanmar. AP
    Police charge forward to disperse protesters in Mandalay, Myanmar. AP
  • A protester has a wound on her head treated after being beaten by security forces during a demonstration against the military coup in Mandalay. AFP
    A protester has a wound on her head treated after being beaten by security forces during a demonstration against the military coup in Mandalay. AFP
  • A wounded man is carried on a stretcher by a medical team after security forces opened fire on protesters during a demonstration against the military coup in Mandalay. AFP
    A wounded man is carried on a stretcher by a medical team after security forces opened fire on protesters during a demonstration against the military coup in Mandalay. AFP
  • A wounded man holds a bandage to his bleeding head following a demonstration against the military coup where security forces fired on and beat protesters in Mandalay. AFP
    A wounded man holds a bandage to his bleeding head following a demonstration against the military coup where security forces fired on and beat protesters in Mandalay. AFP
  • Protesters wearing hard hats and helmets hold up signs as they rally in protest against the military coup in the northern town of Myitkyina, the capital of Kachin state, Myanmar. Reuters
    Protesters wearing hard hats and helmets hold up signs as they rally in protest against the military coup in the northern town of Myitkyina, the capital of Kachin state, Myanmar. Reuters

Myanmar protests rage on after demonstrator killings


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Protesters took to the streets in Myanmar again on Sunday as the funeral of a young woman killed by police was held.

Mya Thwet Thwet Khine was the first confirmed death among the many thousands who have taken to the streets to protest against the February 1 coup that toppled the elected government of Aung San Suu Kyi.

The woman was shot on February 9 at a protest in the capital Naypidaw and died Friday.

About 1,000 people in cars and on bikes gathered on Sunday morning at the hospital where her body was held amid tight security. When her body was released, a long motorised procession began a drive to the cemetery.

In Yangon, Myanmar’s biggest city, about 1,000 demonstrators honoured the woman under an elevated roadway.

“I want to say through the media to the dictator and his associates, we are peaceful demonstrators,” said protester Min Htet Naing. “Stop the genocide! Stop using lethal weapons!”

Another large protest took place in Mandalay, where police shot dead two people on Saturday near a dockyard as security forces were trying to force workers to load a boat. The workers, like railway workers and truckers and many civil servants, have been taking part in a civil disobedience campaign against the junta.

Shooting broke out after neighbourhood residents rushed to the Yadanabon dock to try to assist the workers in their resistance. One of the victims, described as a teenage boy, was shot in the head and died immediately, while another was shot in the chest and died en route to a hospital.

Several other serious injuries were also reported. Witness accounts and photos of bullet casings indicated that the security forces used live ammunition, in addition to rubber bullets, water cannon and slingshots.

The new deaths drew quick and strong reaction from the international community.

United Nations Secretary General Antonio Guterres condemned the use of "deadly violence" in the melee.

"The use of lethal force, intimidation and harassment against peaceful demonstrators is unacceptable," Mr Guterres wrote on Twitter.

“The shooting of peaceful protesters is beyond the pale,” said British Foreign Secretary Dominic Raab. “We will consider further action, with our international partners, against those crushing democracy and choking dissent.”

Britain last week froze assets of and imposed travel bans on three top Myanmar generals, adding to already existing targeted sanctions.

Singapore, which together with Myanmar is part of the 10-member Association of South-East Asian Nations, issued a statement condemning the use of lethal force as “inexcusable”.

Urging “utmost restraint” on the part of security forces, it warned that “if the situation continues to escalate, there will be serious adverse consequences for Myanmar and the region”.

Another shooting death took place on Saturday night in Yangon in unclear circumstances. According to several accounts on social media, including a live broadcast that showed the body, the victim was a man who was acting as a volunteer guard for a neighbourhood watch group. Such groups were established because of fears that authorities were using criminals released from prison to spread panic and fear by setting fires and committing violent acts.

Another live broadcast on Facebook showed the wife of actor Lu Min describing to neighbours how her husband was arrested and taken away from their home shortly after midnight. He was one of six high-profile people in the entertainment industry charged last week with inciting civil servants to stop work and join the protest movement, which he and the others have publicly championed.

On Sunday, Facebook announced it took down the page run by the Myanmar military information unit “for repeated violations of our community standards prohibiting incitement of violence and co-ordinating harm”. It had already taken down other accounts linked to the military.

The junta took power after detaining Ms Suu Kyi and preventing Parliament from convening, saying elections last November were tainted by voting irregularities. The election outcome, in which Ms Suu Kyi’s National League for Democracy party won by a landslide, was affirmed by an election commission that has since been replaced by the military. The junta says it will hold new elections in a year’s time.

The coup was a major setback to Myanmar’s transition to democracy after 50 years of army rule that began with a 1962 coup. Ms Suu Kyi came to power after her party won a 2015 election, but the generals retained substantial power under the constitution, which was adopted under a military regime.

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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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