Thailand's government cancelled the state of emergency declared in Bangkok last week, a gesture the embattled prime minister will hope cools mass student-led protests seeking democratic reforms.
The decree banned public gatherings of more than four people and allowed censorship of the media, among other provisions. It was challenged in court by an opposition party and a group of students.
The revocation of the emergency decree, which came into effect at noon Thursday, declared that the situation had been mitigated and could be dealt with by existing laws.
Prime Minister Prayuth Chan-ocha went on national TV on Wednesday night to appeal to protesters to reduce political tensions and promised to lift the emergency measure.
“I will make the first move to de-escalate this situation. I am currently preparing to lift the state of severe emergency in Bangkok and will do so promptly if there are no violent incidents,” he said.
As he was speaking, protesters marched near his office, Government House, to demand he step down. They also asked for the release of their colleagues who were arrested in connection with earlier protests.
They said they would return in three days if their demands were not met. Although the protesters pushed their way through police lines, neither side resorted to violence.
The protesters are pressing for a more democratic constitution and reforms to the monarchy.
The implicit criticism of the monarchy stirred controversy because it traditionally has been treated as sacrosanct and a pillar of national identity.
On Wednesday, royalists held rallies in several cities, in many cases led by civil servants, in what they said was defence of the monarchy.
At a small rally in Bangkok, there were fights between anti-government protesters and palace supporters.
Wednesday also marked the eighth straight day of demonstrations by the pro-democracy movement that began in March, even though many top protest leaders have been detained.
Mr Prayuth, pleaded in his speech for his countrymen to resolve their political differences through parliament.
“The only way to a lasting solution for all sides that is fair for those on the streets, as well as for the many millions who choose not to go on the streets, is to discuss and resolve these differences through the parliamentary process,” he said.
On Tuesday, the government approved a request to recall parliament to deal with the crisis in a special session held from next Monday to Wednesday.
“I am appealing to all sides that we must heal injuries now before they become too deep,” Mr Prayuth said.
The cancellation of the state of emergency came as Bangkok Civil Court was preparing to rule on motions to revoke the decree on the basis that it illegally curtailed freedom of assembly.
The leader of the opposition Pheu Thai Party's team at the court said on Wednesday that he was not impressed that Mr Prayuth lifted the decree.
“He’s really doing it to protect himself. Why? Because if he didn’t lift the emergency decree today, and the court ordered the temporary protection of the protesters, it would mean all his orders and announcement relating to this were illegal,” said Cholanan Srikaew, a member of parliament.
Separately, the committee supervising the country's fight against coronavirus said the government was renewing for the seventh time a national state of emergency imposed in March. It gives provincial governors powers to restrict gatherings, movement and media reports.
On Wednesday, authorities suffered a legal setback when a judge barred them from introducing orders banning several media outlets because they failed to follow proper procedures.
Police sought to impose censorship on media reporting of the protests, citing what they called “distorted information” that could cause unrest and confusion.
Police want to block access to the websites of four Thai news organisations and one activist group that broadcast live coverage of the protests.
They also proposed a ban on over-the-air digital television coverage from broadcaster Voice TV.
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FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
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.”
MATCH INFO
Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)
Where: Wanda Metropolitano
When: Thursday, kick-off 10.45pm
Live: On BeIN Sports HD
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
'Panga'
Directed by Ashwiny Iyer Tiwari
Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta
Rating: 3.5/5
MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
