BANGKOK // Thailand’s prime minister proposed a “national reform council” on Wednesday to seek a way out of the political crisis gripping the kingdom, following weeks of mass street protests against her government.
Yingluck Shinawatra said the body would be set up in parallel with a February 2 general election to recommend constitutional amendments, economic and legal reforms and anti-corruption measures.
“It is now time to develop a mechanism to push forward and mobilise national reform,” she said in an address to the nation.
But the plan was immediately rejected by protest leaders who want reforms before elections, in a bid to curb the political influence of the prime minister’s family.
Yingluck “is not sincere about reform”, said a spokesman for the protest movement, Akanat Promphan.
“The prime minister can show her responsibility and sacrifice by stepping down so that the reform process can begin,” he added.
In recent weeks tens of thousands of protesters have taken to the streets of Bangkok seeking to oust Yingluck’s elected government and install an unelected “people’s council” in its place.
The premier has called a snap election for February 2 to try to ease tensions, but the main opposition Democrat Party – which has not won an elected majority in about two decades – has vowed to boycott the vote.
The Democrat-backed protesters are demanding loosely-defined reforms – such as an end to alleged “vote buying” as well as anti-graft measures – before new elections are held in around a year to 18 months.
The political conflict broadly pits a Bangkok-based middle class and elite against rural and poor voters loyal to Yingluck’s brother Thaksin Shinawatra, who was ousted as prime minister in a coup in 2006 and lives in self-exile.
Protesters accuse Thaksin, a billionaire tycoon turned politician, of controlling his sister’s government from his home in Dubai.
Even some of Yingluck’s supporters criticised the proposed selection process for the 499-member reform council, which will be supervised by 11 representatives from the military, civil service, business and other sectors.
“All 11 people are from the Thai elite and have nothing to do with the Thai people,” said Thida Thavornseth, chairwoman of the “Red Shirt” political movement which is broadly loyal to Thaksin.
“This could cool the political temperature but in reality only the people want reform -- not the elite,” she said, stressing the importance of the February election.
The protesters have tried to stop candidates signing up for the election by blocking the entrances to the stadium serving as a registration venue. Demonstrators tried to force their way into the building yesterday, triggering scuffles with police.
Election authorities have expressed confidence that candidates will be able to register in time.
But the demonstrators have vowed to keep up their campaign to disrupt the polls, with protest leader Suthep Thaugsuban threatening to “shut down the country” to prevent people voting.
Pro-Thaksin parties have won every election since 2001, most recently with a landslide victory under Yingluck two years ago, and analysts doubt the opposition would win the February polls if it took part.
*Agence France-Presse
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
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.”
Men’s singles
Group A: Son Wan-ho (Kor), Lee Chong Wei (Mas), Ng Long Angus (HK), Chen Long (Chn)
Group B: Kidambi Srikanth (Ind), Shi Yugi (Chn), Chou Tien Chen (Tpe), Viktor Axelsen (Den)
Women’s Singles
Group A: Akane Yamaguchi (Jpn), Pusarla Sindhu (Ind), Sayaka Sato (Jpn), He Bingjiao (Chn)
Group B: Tai Tzu Ying (Tpe), Sung Hi-hyun (Kor), Ratchanok Intanon (Tha), Chen Yufei (Chn)
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
