It wasn’t too long after Myanmar’s military took over in a coup in February 2021, that it appeared as though the country was back to a grim sort of “business as usual”.
The Tatmadaw, as the armed forces are known, had, after all, run the country ever since Gen Ne Win took over in 1962, remaining the power behind the throne even during the years after 2010 when Myanmar had elections and appeared to be becoming a democracy.
The overthrowing of the civilian government led by Aung San Suu Kyi put paid to that experiment, a change that the world would have been far more outraged about had Ms Suu Kyi’s government not been complicit in the ethnic cleansing of the Rohingya in the country’s west, primarily from late 2016 onwards.
The Association of South-East Asian Nations (Asean), to which Myanmar was admitted in 1997 with at least the expectation that moving towards democracy was the quid pro quo for joining, came up with a Five-Point Consensus within two months of the coup in 2021 – which counts as extremely swift action for a regional grouping often criticised for moving with the alacrity of a tortoise.
It was a sensible plan, calling for an immediate cessation of violence, constructive dialogue, the appointment of a special Asean envoy, and the sending of humanitarian assistance by the group. By this July, however, Asean was still insisting that the Five-Point Consensus must be the basis for peace, even though there had been next to nothing to show for it so far, while the UN estimates that nearly two million people have been internally displaced since the coup and thousands have been killed.
Of far greater significance was what Myanmar’s President did not say: that the Tatmadaw was not just facing its greatest challenge since the 2021 coup
It appeared as though some form of status quo ante had returned. The Tatmadaw had always seemed to be so strong and so brutal that they were the only national institution that could keep the country together, or as together as it ever was with an array of ethnic armed independence movements conducting insurgencies on and off ever since independence in 1948.
So when the country’s military-appointed President, Myint Swe, warned in early November that an offensive against the Tatmadaw last month by the recently formed Three Brotherhood Alliance could lead to Myanmar being “split into various parts”, some thought this was a self-serving call for support for the junta. It may have been that. Of far greater significance was what the country’s President did not say: that the Tatmadaw was not just facing its greatest challenge since the 2021 coup.
No, according to the analyst and former political prisoner Wai Moe, “2023 may be recorded as the worst year experienced by the Myanmar army since the 1960s”. Another longtime Myanmar watcher, David Mathieson, put the date even further back: “I think that this is probably the most dire situation the military’s faced ... since independence in 1948.”
What happened on October 27, when the alliance of three armed ethnic groups launched co-ordinated attacks in the north of the country, may have set rows of dominoes in motion.
The Three Brotherhood Alliance, which is “dedicated to eradicating the oppressive military dictatorship”, took over nearly 150 outposts, capturing weapons and ammunition, and killed hundreds of Tatmadaw soldiers. Rebel militias in the west, east and south-east have also launched attacks, including at least one, the Arakan Army, which broke a ceasefire with the junta to do so.
Since then, it has been reported that hundreds have been deserting from the state military, which in any case was by this year only estimated to control about 50 per cent of the country’s territory.
“Most regime troops have lost the will to fight. They choose to throw down their weapons in the face of our co-ordinated attacks,” read a statement issued by the Myanmar National Democratic Alliance Army, part of the Three Brotherhood Alliance earlier this month.
With the ethnic armed groups increasingly aligned with the opposition National Unity Government, the ruling military is under pressure as never before.
Its leader, Senior Gen Min Aung Hlaing, may count on longstanding ties with Russia, but Moscow was so preoccupied with the war in Ukraine that it failed to intervene on its ally Armenia’s behalf in the fight over Nagorno-Karabakh in September. China has the capacity to exert almost certainly decisive pressure, but it had good relations with Ms Suu Kyi’s government, and after the 2021 coup its ambassador to Myanmar said that current developments were “absolutely not what China wants to see”.
Change from within – which is what international opponents of Myanmar’s various military governments always hoped for – may be closer than ever, although Min Aung Hlaing has promised counter-attacks and has already ordered air strikes on rebel positions.
It may be too soon to predict the imminent demise of the junta. The Tatmadaw leadership will be determined to reassert control, and it will fight to whatever end it comes to.
But Asean and the UN need to be prepared for a different future, for a Myanmar possibly without the force that has always been determined to bind together the “Union of Burma”, as it used to be known. The country would also be in need of a huge exercise in reconstruction and national reconciliation.
Lessons could be learned from the experience of the UN Transitional Authority in Cambodia, which was set up in 1991 with the aim of restoring peace and a civil government after decades of civil war.
Whatever happens, as a country that has arguably suffered far longer from internal strife, Myanmar certainly deserves peace – and a government that all could agree deserves the description “civil”.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
Roll of honour 2019-2020
Dubai Rugby Sevens
Winners: Dubai Hurricanes
Runners up: Bahrain
West Asia Premiership
Winners: Bahrain
Runners up: UAE Premiership
UAE Premiership
}Winners: Dubai Exiles
Runners up: Dubai Hurricanes
UAE Division One
Winners: Abu Dhabi Saracens
Runners up: Dubai Hurricanes II
UAE Division Two
Winners: Barrelhouse
Runners up: RAK Rugby
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5