South Korean protesters hold up placards during a rally calling for South Korean President Park Geun-hye to step down in Seoul, South Korea, Saturday, Nov. 12, 2016.  (AP Photo/Lee Jin-man)
South Korean protesters hold up placards during a rally calling for South Korean President Park Geun-hye to step down in Seoul, South Korea, Saturday, Nov. 12, 2016. (AP Photo/Lee Jin-man)

South Korea’s Park faces resignation calls at huge protest rally



SEOUL // South Korean President Park Geun-hye faced mounting pressure to step down on Saturday as hundreds of thousands of demonstrators marched in the capital to protest allegations that she let a friend meddle in state affairs.

The rally in central Seoul was the largest so far in a crisis engulfing Park, 64, and organisers said some 850,000 people packed streets running through the city centre including a 12-lane thoroughfare. Police estimated the crowd at 260,000.

Students, families including young couples pushing strollers and protesters in wheelchairs were among the crowd during the peaceful march, which contrasted with the violence of some previous rallies dominated by militant unions and civic groups that clashed with police.

One man travelled seven hours from the southern town of Gimhae to join the rally demanding Park step down a year before her mandate is due to end.

“Park Geun-hye! Today! Step down! Immediately! Step down! Now!” protesters chanted a few hundred metres from the presidential Blue House.

“I’m here so that this country will be a better place for my daughters,” said Park Min-hee, 34, a housewife who was at the rally with her two young daughters and her husband’s parents. “Park Geun-hye did wrong. She must step down right now.”

It was the third weekend protest rally since Ms Park’s first public apology on October 25 when she admitted she had sought the advice of her friend, Choi Soon-sil.

Ms Park’s acknowledgement only served to fuel public anger and suspicion over the secret confidant, who apparently held no official government position.

Another apology by Ms Park and an offer to work with the parliamentary opposition to form a new cabinet and relinquish some power also failed to quell the crisis, prompting opponents to say she did not grasp its severity.

Ms Park has dismissed some of her most senior and closest advisers, and former aides have been arrested on charges of abuse of power. Ms Choi, the friend who is believed to have been acquainted with the president since the 1970s, has been charged with abuse of power and fraud.

Members of main opposition parties joined the rally, suggesting there is growing support in parliament for action to remove her from power, although there was no formal move yet to launch impeachment proceedings.

No South Korean president has ever failed to finish their five-year term.

*Reuters

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

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Price: Dh340,000 ($92,579

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

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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.

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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.

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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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Rating: 2/5

The bio

Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district

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