• Myanmar nationals in Japan demonstrate against the military coup that took place in their home country on Monday, February 1, 2021. Getty Images
    Myanmar nationals in Japan demonstrate against the military coup that took place in their home country on Monday, February 1, 2021. Getty Images
  • A Myanmar national in Japan holds up a portrait of Aung San Suu Kyi during a protest held in front of the United Nations University in Tokyo. EPA
    A Myanmar national in Japan holds up a portrait of Aung San Suu Kyi during a protest held in front of the United Nations University in Tokyo. EPA
  • People hold up images of Myanmar's de-facto leader Aung San Suu Kyi at a protest outside Maynmar's embassy in Bangkok, Thailand. Getty Images
    People hold up images of Myanmar's de-facto leader Aung San Suu Kyi at a protest outside Maynmar's embassy in Bangkok, Thailand. Getty Images
  • NLD supporters shout slogans outside Myanmar's embassy during a rally after the military seized power from a democratically elected civilian government and arrested its leader Aung San Suu Kyi, in Bangkok, Thailand. Reuters
    NLD supporters shout slogans outside Myanmar's embassy during a rally after the military seized power from a democratically elected civilian government and arrested its leader Aung San Suu Kyi, in Bangkok, Thailand. Reuters
  • People use their smartphones to live stream a protest outside Myanmar's embassy in Bangkok, Thailand. Getty Images
    People use their smartphones to live stream a protest outside Myanmar's embassy in Bangkok, Thailand. Getty Images
  • This screengrab provided via AFPTV and taken from a broadcast by Myanmar Radio and Television (MRTV) in Myanmar shows the announcement of a one-year state of emergency in the country. AFP
    This screengrab provided via AFPTV and taken from a broadcast by Myanmar Radio and Television (MRTV) in Myanmar shows the announcement of a one-year state of emergency in the country. AFP
  • A screen grab from Myanmar state television footage shows Myanmar Acting President Myint Swe (R) and General Min Aung Hlaing (L) as they attend a meeting. Reuters
    A screen grab from Myanmar state television footage shows Myanmar Acting President Myint Swe (R) and General Min Aung Hlaing (L) as they attend a meeting. Reuters
  • A military helicopter flies in Naypyitaw, Myanmar. EPA
    A military helicopter flies in Naypyitaw, Myanmar. EPA
  • Cars pass police sitting in trucks along a road in Yangon, as Myanmar's military detained the country's de facto leader Aung San Suu Kyi and the country's president in a coup. AFP
    Cars pass police sitting in trucks along a road in Yangon, as Myanmar's military detained the country's de facto leader Aung San Suu Kyi and the country's president in a coup. AFP
  • Policemen sit inside trucks parked on a road in the downtown area of Yangon, Myanmar. AP
    Policemen sit inside trucks parked on a road in the downtown area of Yangon, Myanmar. AP
  • Myanmar military supporters riding a vehicle wave a military flag as they go around Yangon, Myanmar. AP
    Myanmar military supporters riding a vehicle wave a military flag as they go around Yangon, Myanmar. AP
  • People wave flags as they ride on a vehicle in Yangon, Myanmar. Reuters
    People wave flags as they ride on a vehicle in Yangon, Myanmar. Reuters
  • A view of Shwedagon Pagoda, a Buddhist religious landmark in Yangon, as Myanmar's military detained the country's de facto leader Aung San Suu Kyi and the country's president in a coup. AFP
    A view of Shwedagon Pagoda, a Buddhist religious landmark in Yangon, as Myanmar's military detained the country's de facto leader Aung San Suu Kyi and the country's president in a coup. AFP
  • Myanmar soldiers are seen inside City Hall in Yangon, Myanmar. Reuters
    Myanmar soldiers are seen inside City Hall in Yangon, Myanmar. Reuters
  • A woman leaves her house while being escorted by soldiers (unseen) at an unidentified location in Myanmar, in this picture obtained from social media. Reuters
    A woman leaves her house while being escorted by soldiers (unseen) at an unidentified location in Myanmar, in this picture obtained from social media. Reuters
  • A demonstrator prepares to throw a rock towards riot police during a protest outside the Embassy of Myanmar in Bangkok, Thailand. Andre Malerba/Bloomberg
    A demonstrator prepares to throw a rock towards riot police during a protest outside the Embassy of Myanmar in Bangkok, Thailand. Andre Malerba/Bloomberg
  • A Thai pro-democracy protestor confronts riot police in Bangkok, in the area where Myanmar migrants were demonstrating after Myanmar's military detained the country's de facto leader Aung San Suu Kyi and the country's president in a coup. AFP
    A Thai pro-democracy protestor confronts riot police in Bangkok, in the area where Myanmar migrants were demonstrating after Myanmar's military detained the country's de facto leader Aung San Suu Kyi and the country's president in a coup. AFP
  • A group of Myanmar activists hold the portrait of Aung San Suu Kyi during a protest outside the United Nation university in Tokyo following a military coup in the country by a general after arresting civilian leader Aung San Suu Kyi and other senior officials. AFP
    A group of Myanmar activists hold the portrait of Aung San Suu Kyi during a protest outside the United Nation university in Tokyo following a military coup in the country by a general after arresting civilian leader Aung San Suu Kyi and other senior officials. AFP
  • Anti-Thai government protester wields a traffic cone at riot police during a clash at a rally for Myanmar's democracy outside the embassy, in Bangkok, Thailand. Reuters
    Anti-Thai government protester wields a traffic cone at riot police during a clash at a rally for Myanmar's democracy outside the embassy, in Bangkok, Thailand. Reuters

Myanmar's military regains control in coup and detains Aung San Suu Kyi


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Myanmar’s military seized control and will run the country for a year before holding new elections after rounding up the country’s civilian government – including the disgraced long-time democratic activist-turned national leader Aung San Suu Kyi.

The military claimed widespread violations to November’s elections and criticised the government for holding the vote during the Covid-19 pandemic. The army leadership demanded explanations but took back control of the country after accusing civilian leaders of a reluctance to discuss the concerns.

The coup comes five years after Ms Suu Kyi swept elections against a military-backed party – only the second vote held since the junta took power in 1962 – and led a civilian administration intent on charting a course towards democracy.

Supporters of Myanmar’s military and the political party it backs held small rallies on Monday to celebrate the ousting of Ms Suu Kyi’s National League for Democracy government.

Pickup trucks carrying about half a dozen people each cruised in small swarms through the main streets of Yangon, the country’s biggest city. Some vehicles had loudspeakers blaring music and most carried the national flag. Some also displayed Buddhist flags.

As international criticism of the move mounted, the army cited the military-drafted constitution that allows armed forces to intervene in times of national emergency as the reason for its actions on Monday.

The talk of a possible coup had been mounting for days ahead of the new session of Parliament scheduled on Monday.

Then early on Monday, senior politicians – including State Counsellor Ms Suu Kyi, the de-facto head of government, and President Win Myint – were detained in raids on their homes before phone and internet services in the capital city of Naypyitaw were cut.

All international flights were suspended, the US embassy Facebook page reported while the roads to the international airport in Yangon, the country's biggest city, were closed.

The Irrawaddy, an online news service, reported that as well as Ms Suu Kyi and Mr Myint, their NLD executive committee members, MPs and regional cabinet members were all detained.

"The actions of the military are actions to put the country back under a dictatorship, I urge people not to accept this, to respond and wholeheartedly to protest against the coup by the military," Ms Suu Kyi said in a statement released by her NLD party chairman Win Htein.

At the bottom of the typed statement was a handwritten postscript attesting to its authenticity and that it reflected Ms Suu Kyi’s wishes.

“On my life, I swear that this request to the people is Aung San Suu Kyi’s genuine statement,” wrote Mr Win Htein.

Mr Win Htein said the coup was because of the personal ambitions of Senior General Min Aung Hlaing, commander-in-chief of the armed forces.

"The country's economy is going down. At this time, the fact that he conducted a coup shows that he doesn't think about the future."

Local and international reaction to coup

The US, Australia, UK and other countries expressed concern and urged Myanmar's military to respect the rule of law.

“The United States is alarmed by reports that the Burmese military has taken steps to undermine the country’s democratic transition, including the arrest of State Counsellor Aung San Suu Kyi and other civilian officials in Burma,” White House spokeswoman Jen Psaki said using the former name of Myanmar.

She said President Joe Biden had been briefed on developments.

US Secretary of State Antony Blinken echoed the White House statement and said the military “must reverse these actions immediately”.

"We call on Burmese military leaders to release all government officials and civil society leaders and respect the will of the people of Burma as expressed in democratic elections on November 8," he said.

British Prime Minister Boris Johnson condemned "the coup and unlawful imprisonment of civilians".

"The vote of the people must be respected and civilian leaders released," he said on Twitter.

Australian Foreign Minister Marise Payne called for the release of Ms Suu Kyi and others.

UN Secretary General Antonio Guterres urged the military "to respect the will of the people".

Canada's ambassador to the UN tweeted that Myanmar's military "wrote the constitution this way so they could do this. The constitution of 2008 was specifically designed to ensure military power was deeply entrenched and protected."

The EU Council head Charles Michel also condemned the military's seizure of power.

Dil Mohammed, the leader of the Rohingya ethnic group that has faced mass killing and ethnic cleansing under Ms Suu Kyi, spoke out against the military takeover,

“We Rohingya community strongly condemn this heinous attempt to kill democracy. We urge the global community to come forward and restore democracy at any cost."

Regional reactions, however, were mixed.

Although urging restraint, the leaders in Thailand, Cambodia, Indonesia and the Philippines, called the military takeover an internal matter.

China, Myanmar's largest trading partner, said it had "noted" the military coup in Myanmar and “hopes … the various parties in Myanmar will appropriately resolve their differences under the constitutional and legal framework to protect political and social stability".

Bangladesh, another neighbour, called for peace and stability in Myanmar. It said it hoped its neighbour would make genuine efforts to move forward the stalled process of voluntary repatriation of Rohingya Muslim refugees from Bangladesh.

World leaders were not the only ones to express concern over the coup. Access Now a group that works to defend digital rights called the shutdown of internet services to prevent a democratic transition "unacceptable" and call on  authorities, "to restore uninterrupted connectivity in the country and to all people, no matter their political beliefs.”

Myanmar's military checkpoint is seen on the way to the congress compound in Naypyitaw, Myanmar, February 1, 2021. Reuters
Myanmar's military checkpoint is seen on the way to the congress compound in Naypyitaw, Myanmar, February 1, 2021. Reuters

What caused the coup now?

Ms Suu Kyi spent 15 years under house arrest for being a threat to peace and stability before being released in 2010. She became a member of parliament in 2012, and three years later, her NLD swept the national elections and she was made State Counsellor – a role created as she was barred from becoming president because her late husband and children had foreign nationality.

The military holds 25 per cent of the total seats in parliament under the 2008 military-drafted constitution and several key ministerial positions are also reserved for military appointees. Relations between the army and civilian leaders has long been strained.

But MPs were due to meet on Monday for the first session of Parliament since last year’s election that again confirmed Ms Suu Kyi as the country’s most dominant civilian politician.

Her party won 396 out of 476 seats in the combined lower and upper houses of Parliament in the November polls.

Supporters of the Myanmar military gather near trucks adorned with the military flag, Buddhist religious flags and the national flag, on Monday, February 1, in Yangon, Myanmar. AP Photo
Supporters of the Myanmar military gather near trucks adorned with the military flag, Buddhist religious flags and the national flag, on Monday, February 1, in Yangon, Myanmar. AP Photo

But, according to one analyst, Monday’s coup could mean the end of Ms Suu Kyi's political career.

“There is little future for her, I believe in this point in time, and I do think that is what the military want most,” said analyst Larry Jagan. "They do not trust her, they do not like her, and they do not want her to be part of the country’s future.

"Therefore, getting rid of her or cutting her out of the process really is a very important part of their game plan.”

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.”

Results

4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)

5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel

5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel

6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi

6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud

7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel

7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard

SPECS
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Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

Awar Qalb

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Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman

Two stars

Best Foreign Language Film nominees

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The biog

Mission to Seafarers is one of the largest port-based welfare operators in the world.

It provided services to around 200 ports across 50 countries.

They also provide port chaplains to help them deliver professional welfare services.

ILT20%20UAE%20stars
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1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

The specs

Engine: 6.2-litre V8

Power: 502hp at 7,600rpm

Torque: 637Nm at 5,150rpm

Transmission: 8-speed dual-clutch auto

Price: from Dh317,671

On sale: now

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

PAKISTAN SQUAD

Pakistan - Sarfraz Ahmed (captain), Azhar Ali, Fakhar Zaman, Imam-ul-Haq, Babar Azam, Shoaib Malik, Mohammad Hafeez, Haris Sohail, Faheem Ashraf, Shadab Khan, Mohammad Nawaz, Mohammad Amir, Hasan Ali, Aamer Yamin, Rumman Raees.

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Breast cancer in men: the facts

1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.

2) Symptoms can include a lump, discharge, swollen glands or a rash. 

3) People with a history of cancer in the family can be more susceptible. 

4) Treatments include surgery and chemotherapy but early diagnosis is the key. 

5) Anyone concerned is urged to contact their doctor

 

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

In Full Flight: A Story of Africa and Atonement
John Heminway, Knopff

Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm
Gully Boy

Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi​​​​​​​
Rating: 4/5 stars

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

COMPANY%20PROFILE
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