Messages of support for pro-democracy protesters in Hong Kong. Photo: David Gray / Reuters
Messages of support for pro-democracy protesters in Hong Kong. Photo: David Gray / Reuters

What gives the UK the right to involve itself in Hong Kong?



The pro-democracy demonstrations on the streets of Hong Kong have gone on for just under two weeks now, and though the crowds have thinned, many remain determined to stay for as long as they can to make their point.

Millions around the world have great sympathy for their demand that when the promised universal suffrage is implemented in 2017, it should be genuinely open, and that candidates for the post of chief executive should not be vetted by Beijing.

America and Britain, among the noisiest nations when it comes to trumpeting the virtues of liberal democracy, have in this case, however, been notably quiet.

“We do not take sides in the discussion of Hong Kong’s political development,” read an uncharacteristically timid statement issued by the local US consulate, “nor do we support any particular individuals or groups involved in it.”

The UK has done little more. A Wall Street Journal op-ed accused prime minister David Cameron of “subcontracting” the issue to his deputy, Nick Clegg, who summoned the Chinese ambassador to convey his “dismay and alarm”.

While Mr Cameron has said that he is “very concerned”, and urged the Chinese government to stick to the terms of the 1984 Sino-British Joint Declaration on Hong Kong’s future that was supposed to guarantee the territory’s system of freedoms and governance until 2047, these responses have given scant comfort to the protesters.

Quite the opposite: Martin Lee, a QC and a leading pro-democracy campaigner, accused Mr Cameron of selling his Hong Kong compatriots “down the river for 30 pieces of silver”, and Anson Chan, a former chief secretary to the Hong Kong government, condemned Britain’s “weak words that have sometimes been worse than silence”.

Past British assurances that Britain would defend Hong Kong’s freedoms were understood to mean that London would adopt a rather more muscular approach should these liberties be under threat.

The anger of the pro-democracy advocates is understandable. But so, to a degree, is China’s insistence that this is an internal matter and not the business of foreign governments at all.

Look at it from a different perspective: why in the first place should the UK have the right to interfere in the affairs of a city-state on the other side of the globe?

The answer is that Hong Kong was ceded to Britain in 1842 after the First Opium War, with Kowloon added in 1860, and remained a colony until 1997, when the 99 year lease on the New Territories area ran out. The original treaties were forced on a weak China by an aggressively expanding empire. The lands were the fruits of conquest, in other words.

The argument that Britain has special privileges over past possessions is one perhaps best avoided. For if that were really the case, what about other countries?

Does it follow that Turkey has an oversight role in Basra, Athens and Belgrade because they were all once under Ottoman rule? The further back you go, the more absurd it becomes.

Perhaps France should have a special say in the English legal system; the country was, after all, originally conquered by a vassal of the French king, the Duke of Normandy (in 1066, but never mind).

Neither should the passing of over two millennia lead us to forget the claims of the heirs to the Carthaginian Empire, under which Tunisia presumably has some vestige of suzerainty over Corsica.

At a more serious level, if this principle of special interests were to stand, it would more than justify Vladimir Putin’s activities in Ukraine and other countries that Russia regards as being its “near abroad” – not an outcome desired by those who think Britain should be involving itself more deeply in Hong Kong’s electoral process.

Ah, it will be said: this is not about privileges but obligations. If Britain was always so concerned about the growth of democracy in Hong Kong, however, then why did it never allow universal suffrage during its own long governance? It managed to hold a general election in what was then the nearby British colony of Malaya, for instance, in 1955. But there was no move to do the same in Hong Kong in the following 42 years.

And if the departing colonial power really did feel a sense of duty to its former subjects, there was one thing it could have done: offered to give the 3.25 million Chinese who held British passports the right to settle in the UK after the handover. This was the position argued by the former Liberal Democrat leader Paddy Ashdown, but his principled stand was echoed by few others. Obligation, it seems, only goes so far.

The fact is that Hong Kong is a part of China, and Beijing’s rules apply. (Incidentally, it is worth bearing in mind that the pro-Beijing camp insists that its proposed way to elect the chief executive does not flout the relevant part of the Basic Law, which refers to a “broadly representative nominating committee”. )

China’s demand that other countries not meddle in its own regions is often viewed as a request to turn away while dissenters and pro-democratic movements are suppressed. That is one interpretation, and there may well be truth in it. But it is also a demand made by plenty of other countries in good standing. What an uproar there would be if China started weighing in on Catalonian wishes for independence from Spain, or the plight of the Kurdish or Alevi minorities in Turkey. The silence of the Western democracies may seem shameful, but it may have been the only practical course. As for Britain: it did nothing for Hong Kong when it could have done. Please now spare us the crocodile tears.

Sholto Byrnes is a Doha-based commentator and editor

THE SPECS

Engine: 1.5-litre, four-cylinder turbo

Transmission: seven-speed dual clutch automatic

Power: 169bhp

Torque: 250Nm

Price: Dh54,500

On sale: now

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%204.0-litre%20twin-turbo%20V8%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E680hp%20at%206%2C000rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E800Nm%20at%202%2C750-6%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ERear-mounted%20eight-speed%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E13.6L%2F100km%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Orderbook%20open%3B%20deliveries%20start%20end%20of%20year%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh970%2C000%3C%2Fp%3E%0A
How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

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.”

%20Ramez%20Gab%20Min%20El%20Akher
%3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EHayvn%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EChristopher%20Flinos%2C%20Ahmed%20Ismail%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EAbu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3Efinancial%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3Eundisclosed%3Cbr%3E%3Cstrong%3ESize%3A%3C%2Fstrong%3E%2044%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3Eseries%20B%20in%20the%20second%20half%20of%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHilbert%20Capital%2C%20Red%20Acre%20Ventures%3C%2Fp%3E%0A