Lonely Thaksin wants to go home



The former prime minister Thaksin Shinawatra lamented that he was "really lonely" in self-imposed exile and urged thousands of cheering supporters to help him return to Thailand "to serve the public" in one of the country's largest demonstrations in months. More than 30,000 supporters stood in heavy rains in Bangkok on Saturday to hear the media tycoon, who addressed the crowd via telephone link from what he said was an undisclosed location near the Thai border. The rally ended peacefully early today.

The enthusiastic reception - more than two months after deadly clashes in the capital between his rural-based "red-shirt" supporters and security forces - underscored Thaksin's continuing political clout. Protest leaders led by Thaksin said they are continuing to call for the prime minister Abhisit Vejjajiva's resignation, the dissolution of parliament, and new elections - demands the government has repeatedly rejected.

"We come here because we want to see true democracy," Thaksin told the crowd, gathered on the soggy Sanam Luang field in central Bangkok. "We loathe injustice. We loathe double standards. We're here to say if you want us to stop, then return justice and true democracy." Thaksin also said he was "really lonely" and serenaded the crowd with a song that included the line "Don't leave me in Dubai" - a reference to one of the cities he has called home since he fled into exile last year after being convicted of corruption.

"I want to go back to live in a country blessed by the royal patronage of his majesty," Thaksin said, referring to Thailand's revered King Bhumibol Adulyadej. "Those who stabbed me in the back, don't worry. I've already forgiven you." The protesters accuse the country's elite - the military, judiciary and other unelected officials - of undermining the country's democracy and orchestrating a 2006 coup in which Thaksin was ousted.

Fearing violence, police mobilised 3,000 security officers and warned the protesters not to block Mr Abhisit's office, as they did for several weeks in March and April. The subsequent unrest left at least two dead and more than 120 injured. But protest leaders said they had no plans to march to Government House. They are, however, planning more rallies although no dates have been set. "We want to overthrow the government which has been set up by the establishment," protest leader Jatuporn Phromphan told the crowd. "We want the dissolution of parliament. We will insist on our demands no matter how long it takes."

*AP

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Jordan cabinet changes

In

  • Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
  • Dr Bassam Samir Al Talhouni, Minister of Justice
  • Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
  • Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
  • Falah Abdalla Al Ammoush, Minister of Public Works and Housing
  • Basma Moussa Ishakat, Minister of Social Development
  • Dr Ghazi Monawar Al Zein, Minister of Health
  • Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
  • Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth

Out

  • Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
  • Hala Noaman “Basiso Lattouf”, Minister of Social Development
  • Dr Mahmud Yassin Al Sheyab, Minister of Health
  • Yahya Moussa Kasbi, Minister of Public Works and Housing
  • Nayef Hamidi Al Fayez, Minister of Environment
  • Majd Mohamed Shoueika, Minister of Public Sector Development
  • Khalid Moussa Al Huneifat, Minister of Agriculture
  • Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
  • Mounir Moussa Ouwais, Minister of Water and Agriculture
  • Dr Azmi Mahmud Mohafaza, Minister of Education
  • Mokarram Mustafa Al Kaysi, Minister of Youth
  • Basma Mohamed Al Nousour, Minister of Culture
The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

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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.

“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.”