Bangladeshi people wait for the police to take them to a court for their statements after having been rescued in Cox's Bazar, a southern coastal district about 296 kilometres south of Dhaka on May 22. AP
Bangladeshi people wait for the police to take them to a court for their statements after having been rescued in Cox's Bazar, a southern coastal district about 296 kilometres south of Dhaka on May 22.Show more

No mention of Rohingya at Thailand talks



BANGKOK // Myanmar and Bangladesh agreed to address the “root causes” of a migrant exodus from their shores at talks in Bangkok on Friday, but critics pilloried a deal that failed to mention the Rohingya minority at the heart of the crisis.

Southeast Asia’s migrant scandal began to unfurl at the start of this month after a Thai crackdown on people smuggling threw the multi-million dollar industry into disarray.

It led gangmasters to abandon their victims on land and at sea, and images of stick-thin, dazed migrants trapped on boats or stumbling onto shores and out of forests shocked the world, heaping pressure on Southeast Asian nations to act.

The majority of the migrants are Rohinyga Muslims, who are pariahs in Myanmar’s Buddhist-majority western Rakhine State, and people from neighbouring Bangladesh.

The Thai hosts described the day-long talks as “very constructive”, saying all 17 countries at the meeting agreed on a statement to provide humanitarian help to 2,500 migrants believed to still be adrift at sea, as well as to the 3,500 who have already made it to Thai, Malaysian and Indonesian shores since May 1.

The statement also drew a commitment to address the “root causes” and “factors in areas of (migrants’) origin”, including improving the economy, human rights and security in the source countries.

But the document did not mention the Rohingya -- who Myanmar refuses to recognise as an official minority.

Myanmar denies citizenship to the majority of its 1.3 million Rohingya and calls them “Bengalis” -- shorthand for foreigners from neighbouring Bangladesh.

The publication on Friday of Myanmar’s first census in three decades also failed to include the Rohingya in its tally, after authorities refused to count them if they self-identified.

Communal violence in 2012 between Rohingya and the Buddhist majority in Rakhine State brought their plight to the fore.

In a timely development just as the Bangkok meeting wrapped up, Myanmar’s ministry of information said it had rescued 727 “Bengalis” adrift in its waters on Friday morning.

Bangladesh recognises some 30,000 Rohingya as refugees but tens of thousands more are treated as illegal migrants from Myanmar.

Welcoming the outcome of the meeting, Shahidul Haque, head of the Bangladeshi delegation, said “we had a very productive discussion today.”

Others were less impressed with Friday’s talks.

Charles Santiago, chair of the ASEAN Parliamentarians for Human Rights and a Malaysian lawmaker, described the meeting as “lots of talk with little genuine substance or resolve to take any action whatsoever.”

His group pilloried the meeting for failing to “publically discuss the persecution of the Rohingya.”

Phil Robertson of Human Rights watch Asia called the talks “a band aid on a gaping wound.”

“The Rohingya are not even named in the statement... how can you talk about a people if you don’t name them?”

Bangkok began its belated crackdown on the smuggling trade in the country’s deep south on May 1, after dozens of bodies were pulled from mass graves in a remote border area studded by migrant camps.

Countries attending the talks include those directly affected by the current crisis such as Thailand, Malaysia, Indonesia -- all of whom vacillated for days before bowing to international pressure to offer humanitarian aid to migrants trapped at sea.

* Agence France-Presse

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
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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Founders: Rami Shaar and Jad Halaoui

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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.”

Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
  • SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income. 
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What to watch out for:

Algae, waste coffee grounds and orange peels will be used in the pavilion's walls and gangways

The hulls of three ships will be used for the roof

The hulls will painted to make the largest Italian tricolour in the country’s history

Several pillars more than 20 metres high will support the structure

Roughly 15 tonnes of steel will be used

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