EU threatens economic action over treatment of Myanmar’s Rohingya

The European Union is considering trade sanctions against Myanmar over its repression of Rohingya Muslims despite warnings that it will hit thousands of young women working in the clothing sector.

The EU’s foreign policy wing is considering ending tariff-free access to the world’s largest trading bloc in a significant ramping up of pressure against the regime because of its failure to meet humanitarian or democratic targets.

Campaign groups criticised the plan as “completely daft” as it would not hurt senior military figures responsible for the ethnic cleansing of the Muslim minority in the southeast Asian nation.

“It makes no sense on any level,” said Mark Farmaner, director of the Burma Campaign UK. “There’s almost 20 things they could do to target the military that might make an impact. Instead they are considering something that no-one is calling for.”

Opinion is split within the EU over the plans, according to the Reuters news agency which first revealed details of the proposals and would require approval from the leaders of the 28-nation bloc.

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UN humanitarian coordinator urges action on Rohingya refugees

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Despite the early stages of the plan, the EU’s ambassador to Myanmar raised the potential sanctions with factory owners in the capital Yangon, according to campaigners. The garment sector is one of the largest foreign currency earners for Myanmar and employs thousands of young women, many of whom carry out work for European fashion chains.

The EU has been accused of doing little to confront Myanmar with only travel bans and asset freezes on several members of the military over the 2016 genocide. The bloc has stopped short of imposing sanctions on Myanmar’s commander-in-chief who the UN says should be prosecuted along with five others for genocide and crimes against humanity.

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UAE currency: the story behind the money in your pockets

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.”