Contrary to much recent commentary, Turkish President Recep Tayyip Erdogan is a big fan of the protests that have been shaking Istanbul for the past five weeks.
The standoff began in the first days of the year, following his decision to appoint a non-academic and acolyte of the ruling Justice and Development Party (AKP) as the new rector of Turkey’s top public university, Bogazici. This sparked on-campus protests calling for the new rector’s resignation and a university system free of government control.
Authorities cracked down hard, wielding batons, spraying teargas and arresting dozens of protesting students, which in turn encouraged more students to protest, joined by faculty. The Bogazici protests soon swelled in size and scope to move beyond Istanbul and encompass broader issues such as high unemployment and widespread dissatisfaction among Turkish youth.
The crackdown has continued apace, with dozens more arrested last weekend. But the demonstrators have held their ground. Some news outlets have hailed these protests as the political emergence of Turkey’s generation Z, which has known only Mr Erdogan as its leader and is now saying it has had enough.
Why might all of this please the Turkish president? For starters, these demonstrations pull eyeballs away from the most urgent issue in the country today, which is how its deeply troubled economy is driving more people into poverty.
The government has subtly acknowledged the depth of this problem with a new campaign to help Turkish citizens survive on next to nothing. On Sunday, a programme on state-run television network TRT advised people not to waste food and explained that eggs could be eaten after their expiration date.
The day before, the front page of Takvim, a newspaper closely linked to AKP, presented a grim walk-through on wielding one's will power to save money while grocery shopping. "Shop on a full stomach." "Avoid nice smells." "Don't touch the products – the feeling of ownership will force you to buy it."
The reality is that Mr Erdogan’s government is failing to find ways to provide for its people. “They’re expecting Turks to live in abject poverty and this is the guidebook to survival,” analyst Can Okar tweeted.
In its 20-year history, the AKP has never lost a national vote. Though the next election is more than two years away, the current economy could end that winning streak: two recent polls show backing for the government’s electoral alliance has fallen significantly below support for the opposition alliance.
These numbers point to another reason Mr Erdogan appreciates the protests. They present the perfect opportunity to do what he does best: divide and conquer. And indeed he and his allies have begun to polarise the country further and rally his main vote banks, nationalists and religious conservatives.
In a tweet Twitter soon deleted, Devlet Bahceli, the leader of the far-right Nationalist Movement Party, AKP’s parliamentary partner, described the demonstrators as “snakes whose heads need to be crushed”. To put a scare into the protesters and help rally the nationalists, Mr Bahceli’s pal Alaattin Cakici, a convicted murderer, urged the Erdogan-appointed rector not to resign.
There has also been significant outreach to Turkey’s conservative Islamist crowds, who are often in opposition to so-called "Western values". Seeing a pro-LGBT symbol among the protesters, the interior minister, Suleyman Soylu, blamed “LGBT perverts” for the unrest, an accusation that has since been repeated a number of times.
“We don’t accept these people as the youth of our country,” said Mr Erdogan, who described the protesters as “terrorists”.
These protests mark the political emergence of Turkey's generation Z
This demonising is straight out of the populist playbook. Longtime Venezuelan leader Hugo Chavez often denounced his foes as homosexual, Zionist, part of the bourgeoisie or backed by Americans. The objective, of course, is to pit a virtuous and supposedly homogenous group, “the people”, against a grab-bag of elites and problematic “others”.
Mr Erdogan has often railed against the meddling of Jewish-American philanthropist George Soros in reference to the mid-2013 Gezi Park protests. He did it again on Friday, saying that Ayse Bugra, the wife of Osman Kavala, a jailed philanthropist who founded the Turkish chapter of Mr Soros's foundation, was “among the provocateurs”. Ms Bugra is a professor at Bogazici.
Mr Erdogan has gone even further to exploit the protests. Last week, he issued a decree creating two new departments at Bogazici, law and communications, in a suspected attempt to increase the number of loyalists among the faculty.
We must be careful not to downplay the value of protests in pushing back against creeping authoritarianism or governmental overreach in Turkey and elsewhere, from Lebanon to Myanmar. Demonstrators have, in this century, forced the ouster of many leaders and persuaded countless governments to reform.
But Turkey has seen this film before and it does not have a happy ending. Apart from showing Mr Erdogan’s critics that they are not alone, the primary outcome of the Gezi Park demonstrations was to enable Turkish parliament to pass a security law in 2015 that greatly empowered police to silence protests violently and brutally. Some argue that Gezi Park spurred many to find their political voice and shaped the results of the subsequent 2015 national election, but that is all but impossible to know for sure.
Meanwhile, that new security law is why today’s protests are a fraction of the size of Gezi Park and unlikely to have a lasting effect. One thing in the protesters’ favour is that they are backed by majority opinion; a new survey from MetroPoll showed that 75 per cent of Turks polled preferred universities independent from politics.
But Turkish authorities likely will continue with the current level of crackdown for another week or two, until they go all-in and end the protests entirely, as they did in Gezi Park. Until then, the demonstrations are for the government mainly a welcome distraction from harsh economic reality and a chance for Mr Erdogan and his allies to regain some political ground – at least until their bill comes due in 2023, when Turkey again goes to the polls.
David Lepeska is a Turkish and Eastern Mediterranean affairs columnist for The National
MATCH INFO
England 19 (Try: Tuilagi; Cons: Farrell; Pens: Ford (4)
New Zealand 7 (Try: Savea; Con: Mo'unga)
Warlight,
Michael Ondaatje, Knopf
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
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You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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2012-2015
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May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
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Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
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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Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.