Biden announces new sanctions on Myanmar’s military after coup


Joyce Karam
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US President Joe Biden announced new sanctions on Myanmar’s military leaders on Wednesday, 10 days after a coup in the country.

Mr Biden called on the country's military to step down and release the civilian leaders it is holding.

The promise of sanctions follows the suspension of US aid to the junta.

The move has bipartisan support in Congress, which has been pushing for sanctions since the coup.

Mr Biden said the sanctions would be enacted this week after he signed an executive order on Wednesday allowing for them.

They will include freezing assets, export controls and blocking military leaders’ access to funds in the US, which will also affect their business interests and close family members.

The funds held in the US are estimated at $1 billion, Mr Biden said.

  • Protesters hold signs demanding the release of detained Myanmar leader Aung San Suu Kyi during a demonstration against the military coup in Yangon. AFP
    Protesters hold signs demanding the release of detained Myanmar leader Aung San Suu Kyi during a demonstration against the military coup in Yangon. AFP
  • Protesters take part in demonstration against the military coup in front of police station in Yangon. AFP
    Protesters take part in demonstration against the military coup in front of police station in Yangon. AFP
  • Riot police stand guard on a road during a demonstration against the military coup in in Yangon. AFP
    Riot police stand guard on a road during a demonstration against the military coup in in Yangon. AFP
  • Schoolteachers hold up posters during a sit-down demonstration against the February 1 military coup in Yangon. AFP
    Schoolteachers hold up posters during a sit-down demonstration against the February 1 military coup in Yangon. AFP
  • A protester sits in front a graffiti during a demonstration against the military coup in Yangon. AFP
    A protester sits in front a graffiti during a demonstration against the military coup in Yangon. AFP
  • Myanmar police fire water cannon at protesters as they continue to demonstrate against the February 1 military coup in the capital Naypyidaw. AFP
    Myanmar police fire water cannon at protesters as they continue to demonstrate against the February 1 military coup in the capital Naypyidaw. AFP
  • Myanmar police fire water cannon at protesters as they continue to demonstrate against the February 1 military coup in the capital Naypyidaw. AFP
    Myanmar police fire water cannon at protesters as they continue to demonstrate against the February 1 military coup in the capital Naypyidaw. AFP
  • Myanmar police fire water cannon at protesters as they continue to demonstrate against the February 1 military coup in the capital Naypyidaw. AFP
    Myanmar police fire water cannon at protesters as they continue to demonstrate against the February 1 military coup in the capital Naypyidaw. AFP
  • An injured protester is helped by his fellow protesters, at a rally against the military coup and to demand the release of elected leader Aung San Suu Kyi, in Naypyitaw, Myanmar. Reuters
    An injured protester is helped by his fellow protesters, at a rally against the military coup and to demand the release of elected leader Aung San Suu Kyi, in Naypyitaw, Myanmar. Reuters
  • Protesters flash the three-fingered salute, a symbol of resistance, during a protest in Mandalay, Myanmar. AP
    Protesters flash the three-fingered salute, a symbol of resistance, during a protest in Mandalay, Myanmar. AP

“Today, I again call on the Burmese military to immediately release the democratic political leaders and activists they're now detaining, including Aung San Suu Kyi … and also Win Myint, the President,” he said.

“The military must relinquish the power they’ve seized and demonstrate respect for the will of the people of Burma, as expressed in their November 8 election.”

Mr Biden said the US government held consultations with foreign allies before the announcement, and many of them may also impose sanctions.

He said he had discussions with Congress and Senate minority leader Mitch McConnell, who has publicly pushed for sanctions since the February 1 coup.

“The assault on Burma's transition to democracy remains an issue of deepened bipartisan concern," Mr Biden said.

"We've consulted at length, for example, with McConnell, who has had a very keen interest in this, and his team, and we welcome their helpful insights."

Mr McConnell on Tuesday called for action against Myanmar’s military.

“It’s time to follow up with meaningful costs on those who aid and abet the suffocation of Burmese democracy," he said.

Last week, the US government determined that the events in Myanmar constituted a coup and initiated a cut in US assistance to the junta.

“After a careful review of the facts and circumstances, we have assessed that Aung San Suu Kyi, the leader of Burma's ruling party, and Win Myint, the duly elected head of government, were deposed in a military coup on February 1,” a US senior official said.

US officials have not been able to reach either the country's military chiefs or opposition figures, the Biden administration said.

"A very small circle of Burma's military leaders have chosen their own interests over the will and well-being of the people,” the official said.

Bob Menendez, a Democratic senator from New Jersey who heads the Senate Foreign Relations Committee, welcomed Mr Biden's announcement.

“I look forward to continuing to work with President Biden and Secretary [Antony] Blinken as we return our values to the forefront of our foreign policy and to stand with the people of Burma in the face of military oppression and to assure robust forward-leaning US engagement in the Indo-Pacific.”

Thousands of people have protested in Myanmar this week, defying a security crackdown and social media cut by the military.

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Yahya Al Ghassani's bio

Date of birth: April 18, 1998

Playing position: Winger

Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda

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He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada

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Plays golf once a week

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Walks for an hour every morning

Completed a Bachelor of Commerce degree in Loyola College, Chennai, India

2019 is a milestone because he completes 50 years in business

 

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
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German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
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Source: Federal Office for the Protection of the Constitution

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

New UK refugee system

 

  • A new “core protection” for refugees moving from permanent to a more basic, temporary protection
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ICC T20 Team of 2021

Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi

Ten tax points to be aware of in 2026

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. 

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Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

Fourth-round clashes for British players

- Andy Murray (1) v Benoit Paire, Centre Court (not before 4pm)

- Johanna Konta (6) v Caroline Garcia (21), Court 1 (4pm)

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Teams

Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq

Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi

Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag

Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC

Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC

Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan

Venue Sharjah Cricket Stadium

Format 10 overs per side, matches last for 90 minutes

Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals

The specs

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Power: 380hp at 5,800rpm

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