People look at thick columns of black smoke from Hkamti, Sagaing, Myanmar May 22, 2021. Reuters
People look at thick columns of black smoke from Hkamti, Sagaing, Myanmar May 22, 2021. Reuters
People look at thick columns of black smoke from Hkamti, Sagaing, Myanmar May 22, 2021. Reuters
People look at thick columns of black smoke from Hkamti, Sagaing, Myanmar May 22, 2021. Reuters

Myanmar junta threatens to dissolve opposition party as violence escalates


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Myanmar's junta has threatened to dissolve the political party of ousted civilian leader Aung San Suu Kyi over alleged voter fraud in the 2020 election, an official said.

Union Election Commission chair Thein Soe said Friday the investigation into November's election result was almost complete.

"What shall we do with the [National League for Democracy] party that acted illegally. Should we dissolve the party or charge those who committed this illegal activity as traitors of the nation? We will analyse and consider taking this action," he said, in a video posted on a local media outlet's Facebook account.

The election commission met with political parties on Friday to discuss potential changes to the electoral system but NLD representatives did not attend.

Junta leader Min Aung Hlaing has justified his February 1 power grab by citing alleged electoral fraud in the November poll won by Ms Suu Kyi's NLD party in a landslide.

On Thursday, local media reported the junta had removed a mandatory retirement age for generals, which would allow Min Aung Hlaing to continue serving once he turns 65 this July.

Myanmar has been in chaos and its economy paralysed since the putsch and more than 800 people have died as the military moved to crack down on protesters and dissent.

  • A man holds a National League for Democracy flag during a protest against the military coup in Yangon, Myanmar. Reuters
    A man holds a National League for Democracy flag during a protest against the military coup in Yangon, Myanmar. Reuters
  • Protesters set fire to tyres on a road to slow the progress of security forces in Yangon. Getty Images
    Protesters set fire to tyres on a road to slow the progress of security forces in Yangon. Getty Images
  • Protesters stand behind a barricade while waiting for security forces to approach in Yangon. Getty Images
    Protesters stand behind a barricade while waiting for security forces to approach in Yangon. Getty Images
  • A protester stands near a fire during a demonstration in Dala township, Yangon. AP Photo
    A protester stands near a fire during a demonstration in Dala township, Yangon. AP Photo
  • Protesters gesture with a three-finger salute in Thaketa township Yangon. AP Photo
    Protesters gesture with a three-finger salute in Thaketa township Yangon. AP Photo
  • Protesters hurl back tear gas canisters towards police in Mandalay. AP Photo
    Protesters hurl back tear gas canisters towards police in Mandalay. AP Photo
  • Protesters take cover during a protest against the military coup in Mandalay. EPA
    Protesters take cover during a protest against the military coup in Mandalay. EPA
  • Protesters take part in a demonstration against the military coup in Yangon's Tamwe township. AFP
    Protesters take part in a demonstration against the military coup in Yangon's Tamwe township. AFP
  • Protesters take part in a demonstration against the military coup in Yangon's Tamwe township. AFP
    Protesters take part in a demonstration against the military coup in Yangon's Tamwe township. AFP
  • A resident flashes the three-finger salute as demonstrators march during a protest against the military coup in Mandalay. EPA
    A resident flashes the three-finger salute as demonstrators march during a protest against the military coup in Mandalay. EPA
  • A protester walks past makeshift barricades set up to deter security forces in Yangon's Hlaing township. AFP
    A protester walks past makeshift barricades set up to deter security forces in Yangon's Hlaing township. AFP
  • A man stands behind a barricade during a protest against the military coup in Yangon. Reuters
    A man stands behind a barricade during a protest against the military coup in Yangon. Reuters
  • People stand on a barricade during a protest against the military coup in Yangon. Reuters
    People stand on a barricade during a protest against the military coup in Yangon. Reuters
  • Protesters extinguish fires during a protest in Thaketa township Yangon. AP Photo
    Protesters extinguish fires during a protest in Thaketa township Yangon. AP Photo
  • A man holds a makeshift gun in Yangon. Reuters
    A man holds a makeshift gun in Yangon. Reuters
  • Protesters prepare makeshift bow and arrows to confront police in Thaketa township Yangon. AP Photo
    Protesters prepare makeshift bow and arrows to confront police in Thaketa township Yangon. AP Photo
  • Family members cry in front of a man after he was shot dead during an anti-coup protesters crackdown in Yangon. Reuters
    Family members cry in front of a man after he was shot dead during an anti-coup protesters crackdown in Yangon. Reuters
  • A protester throws a smoke bomb in Thaketa township Yangon. AP Photo
    A protester throws a smoke bomb in Thaketa township Yangon. AP Photo
  • People walk on a street as barricades burn behind them in Mandalay. reuters
    People walk on a street as barricades burn behind them in Mandalay. reuters
  • Smoke rises over Thaketa township in Yangon as security forces continue their crackdown on protests against the military coup. AFP
    Smoke rises over Thaketa township in Yangon as security forces continue their crackdown on protests against the military coup. AFP

The coup and its aftermath have also seen a spike in clashes between the military and Myanmar's numerous ethnic rebel armies, sending tens of thousands of civilians fleeing their homes.

Ms Suu Kyi has not been seen in public since she was taken under house arrest.

She was subsequently hit with a series of criminal charges, and her legal team has faced an uphill battle to get a private audience with their client.

The charges include flouting coronavirus restrictions during last year's election campaign and possessing unlicensed walkie-talkies.

The most serious charge alleges that she violated the country's colonial-era Official Secrets Act.

Ms Suu Kyi is expected to appear in person in court Monday for the first time, after weeks of delays with her legal case.

NLD secured an absolute majority in Myanmar's election in November, in a poll disputed by the military-aligned opposition and criticised by rights groups.

The Asian Network for Free Elections monitoring group has said "the results of the 2020 general elections were, by and large, representative of the will of the people of Myanmar."

A group of ousted lawmakers – many of them previously part of the NLD – have formed a shadow "National Unity Government" to undermine the junta.

Myanmar's junta later declared the group would now be classified as "terrorists", as the military moves to tighten its grip over a country in turmoil.

SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A
Virtual banks explained

What is a virtual bank?

The Hong Kong Monetary Authority defines it as a bank that delivers services through the internet or other electronic channels instead of physical branches. That means not only facilitating payments but accepting deposits and making loans, just like traditional ones. Other terms used interchangeably include digital or digital-only banks or neobanks. By contrast, so-called digital wallets or e-wallets such as Apple Pay, PayPal or Google Pay usually serve as intermediaries between a consumer’s traditional account or credit card and a merchant, usually via a smartphone or computer.

What’s the draw in Asia?

Hundreds of millions of people under-served by traditional institutions, for one thing. In China, India and elsewhere, digital wallets such as Alipay, WeChat Pay and Paytm have already become ubiquitous, offering millions of people an easy way to store and spend their money via mobile phone. Indonesia, Vietnam and the Philippines are also among the world’s biggest under-banked countries; together they have almost half a billion people.

Is Hong Kong short of banks?

No, but the city is among the most cash-reliant major economies, leaving room for newcomers to disrupt the entrenched industry. Ant Financial, an Alibaba Group Holding affiliate that runs Alipay and MYBank, and Tencent Holdings, the company behind WeBank and WeChat Pay, are among the owners of the eight ventures licensed to create virtual banks in Hong Kong, with operations expected to start as early as the end of the year. 

Calls

Directed by: Fede Alvarez

Starring: Pedro Pascal, Karen Gillian, Aaron Taylor-Johnson

4/5

The%20Woman%20King%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Gina%20Prince-Bythewood%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Viola%20Davis%2C%20Thuso%20Mbedu%2C%20Sheila%20Atim%2C%20Lashana%20Lynch%2C%20John%20Boyega%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A

Name: Brendalle Belaza

From: Crossing Rubber, Philippines

Arrived in the UAE: 2007

Favourite place in Abu Dhabi: NYUAD campus

Favourite photography style: Street photography

Favourite book: Harry Potter

THE SPECS

2020 Toyota Corolla Hybrid LE

Engine: 1.8 litre combined with 16-volt electric motors

Transmission: Automatic with manual shifting mode

Power: 121hp

Torque: 142Nm

Price: Dh95,900

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%203S%20Money%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20London%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ivan%20Zhiznevsky%2C%20Eugene%20Dugaev%20and%20Andrei%20Dikouchine%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%245.6%20million%20raised%20in%20total%3C%2Fp%3E%0A
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%20turbo%20and%203.6-litre%20V6%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20automatic%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20235hp%20and%20310hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E258Nm%20and%20271Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh185%2C100%0D%3Cbr%3E%3C%2Fp%3E%0A

 

 

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

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.”

US Industrial Market figures, Q1 2017

Vacancy Rate 5.4%

Markets With Positive Absorption 85.7 per cent

New Supply 55 million sq ft

New Supply to Inventory 0.4 per cent

Under Construction 198.2 million sq ft

(Source: Colliers)

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

RACECARD

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m

Fifa%20World%20Cup%20Qatar%202022%20
%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
Draw:

Group A: Egypt, DR Congo, Uganda, Zimbabwe

Group B: Nigeria, Guinea, Madagascar, Burundi

Group C: Senegal, Algeria, Kenya, Tanzania

Group D: Morocco, Ivory Coast, South Africa, Namibia

Group E: Tunisia, Mali, Mauritania, Angola

Group F: Cameroon, Ghana, Benin, Guinea-Bissau

Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

Opening Rugby Championship fixtures: Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)