Myanmar's military junta opens new corruption cases against Suu Kyi

Myanmar's deposed leader Aung San Suu Kyi and other former officials from her government face new corruption charges, the state-run newspaper Global New Light of Myanmar said on Thursday.

The cases are the latest in a series brought against elected leader Ms Suu Kyi, who was overthrown by the army on February 1 in a coup that has plunged the South-East Asian country into chaos.

The state newspaper quoted the Anti-Corruption Commission as saying the accusations were related to the misuse of land for the charitable Daw Khin Kyi Foundation, which she chaired, as well as earlier accusations of accepting money and gold.

It said case files had been opened against Ms Suu Kyi and several other officials from the capital Naypyidaw at police stations on Wednesday.

"She was found guilty of committing corruption using her rank. So she was charged under Anti-Corruption Law section 55," the paper said. That law provides for up to 15 years in prison for those found guilty.

Cases Ms Suu Kyi already faced ranged from the illegal possession of walkie-talkie radios to breaking the Official Secrets Act. Her supporters say the cases are politically motivated.

The army overthrew Ms Suu Kyi saying her party had cheated in November elections, an accusation rejected by the previous election commission and international monitors.

Since then, the army has failed to establish control. It faces daily protests, strikes by opponents of the junta that have paralysed the economy , a rash of assassinations and bomb attacks and a resurgence of conflicts in Myanmar's borderlands.

Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

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Temple numbers

Expected completion: 2022

Height: 24 meters

Ground floor banquet hall: 370 square metres to accommodate about 750 people

Ground floor multipurpose hall: 92 square metres for up to 200 people

First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time

First floor terrace areas: 2,30 square metres

Temple will be spread over 6,900 square metres

Structure includes two basements, ground and first floor

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While you're here

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Vidaamuyarchi

Director: Magizh Thirumeni

Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra

Rating: 4/5