Senator's visit a rare event for Myanmar



BANGKOK // A prominent US politician, Senator Jim Webb, was expected to meet Myanmar's reclusive leader, Gen Than Shwe later today, the most senior US official to visit the military-ruled country in more than 10 years. Little is know about the purpose of the visit, although there is speculation that he may be on a mercy mission to try to free the 54-year-old American, John Yettaw, who was sentenced to seven years in prison with hard labour on Tuesday for his involvement in the detained pro-democracy leader, Aung San Suu Kyi, allegedly breaking the conditions of her house arrest.

American diplomats were being tight-lipped about the visit. Myanmar pro-democracy groups abroad have already condemned the visit as a publicity stunt on the part of Myanmar's ruling junta. Diplomats in Yangon remain sceptical that anything useful can come out of the trip - although some believe anything could happen if Mr Webb does have a fruitful meeting with Gen Than Shwe. "It is vitally important that the United States re-engage with south-east Asia at all levels," Mr Webb said on his arrival in the Lao capital Vientiane on Thursday, the first stop on his five-country regional tour.

Mr Webb, a Democrat and the chairman of the Senate East Asia and Pacific affairs committee, is a strong supporter of a change in US policy towards Myanmar. He is also known to be a staunch critic of his country's sanctions policy. But last month he conceded that the recent trial of Ms Suu Kyi made it difficult for Washington to pursue "meaningful relations" with Myanmar. Ms Suu Kyi, who has spent more than 14 of the last 20 years in detention, was sentenced on Tuesday to a further 18 months of house arrest for allegedly harbouring an uninvited intruder - Mr Yettaw - who swam across a lake to the back of her residence. Her lawyers are appealing against the conviction and sentence.

"Aung San Suu Kyi said the conviction was totally unfair and the court's assessment of the case was not just," her chief lawyer, Nyan Win, said. Mr Webb is anxious not to be seen as a pawn or puppet of the regime. Several key members of the central executive of Ms Suu Kyi's party, the National League for Democracy, were flown to Naypitdaw, Myanmar's capital, yesterday to meet the senator. It is unclear whether Mr Webb will request a meeting with the detained opposition leader herself before he leaves the country tomorrow or, if he did, whether he would be granted one. The UN secretary general, Ban Ki-moon, was refused such a visit this month when he met the top general, but Mr Webb may be seen as a potential ally to be courted.

The restrictions on Ms Suu Kyi include being allowed some visitors, but only with prior permission from the regime. This was the case in 2000, when the secret talks between her and the junta, brokered by the UN special envoy Razali Ibrahim, started. Those talks led to her temporary release from house arrest in May 2002. If Mr Webb tries to become involved, it will not be the first time a US politician has tried to play a role in Myanmar politics. In February 1994, during Ms Suu Kyi's first term of house arrest, the congressman Bill Richardson was allowed to visit her and then had talks with the military intelligence chief, Gen Khin Nyunt, hoping to secure her release and start a dialogue between the two sides. His efforts failed.

ljagan@thenational.ae

UAE currency: the story behind the money in your pockets
Set-jetting on the Emerald Isle

Other shows filmed in Ireland include: Vikings (County Wicklow), The Fall (Belfast), Line of Duty (Belfast), Penny Dreadful (Dublin), Ripper Street (Dublin), Krypton (Belfast)

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
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7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m

7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m

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.”

German intelligence warnings
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  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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What is Reform?

Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

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Many of its members previously belonged to UKIP or the mainstream Conservatives.

After Brexit took place, the party focused on the reformation of British democracy.

Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.

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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

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What's in the deal?

Agreement aims to boost trade by £25.5bn a year in the long run, compared with £42.6bn in 2024

India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.

India will also cut automotive tariffs to 10% under a quota from over 100% currently.

Indian employees in the UK will receive three years exemption from social security payments

India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery

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The 12 Syrian entities delisted by UK 

Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV

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Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Married Malala

Malala Yousafzai is enjoying married life, her father said.

The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.

Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.

About RuPay

A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank

RuPay process payments between banks and merchants for purchases made with credit or debit cards

It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.

In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments

The name blends two words rupee and payment

Some advantages of the network include lower processing fees and transaction costs

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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THE BIO: Martin Van Almsick

Hometown: Cologne, Germany

Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)

Favourite dessert: Umm Ali with dark camel milk chocolate flakes

Favourite hobby: Football

Breakfast routine: a tall glass of camel milk

T20 World Cup Qualifier

Final: Netherlands beat PNG by seven wickets

Qualified teams

1. Netherlands
2. PNG
3. Ireland
4. Namibia
5. Scotland
6. Oman

T20 World Cup 2020, Australia

Group A: Sri Lanka, PNG, Ireland, Oman
Group B: Bangladesh, Netherlands, Namibia, Scotland