Myanmar’s manufacturing output fell to a five-year low in February as protests sparked by a military coup led to factory closures.
The country's IHS Markit purchasing managers' index, which tracks the performance of the manufacturing sector, fell from 47.8 in January to 27.7 last month, well below the 50-point mark that separates growth from contraction.
Output, new orders, purchases and stocks of both raw materials and finished goods all shrank at record levels due to the factory closures, transport bottlenecks and falling demand, according to the report that was released on Monday.
The decline was the steepest since the IHS Markit survey began over five years ago.
Output, new orders and stocks account for 65 per cent of the headline PMI figure.
“The latest political developments represent a fresh setback for Myanmar’s goods-producing sector,” said IHS economist Shreeya Patel.
“The state of emergency declared on February 1 added to the challenges facing Myanmar’s manufacturing sector, with February’s PMI figure heralding a record deterioration in operating conditions.”
Hundreds of thousands of protesters have demanded that Aung San Suu Kyi’s elected government be restored after last month’s military coup.
At least 18 people were killed on Sunday when police fired on protesters on the bloodiest day of the demonstrations, according to the UN human rights office.
The state of emergency imposed on February 1 disrupted factory operations and hit demand.
“While much of 2020 had brought a series of contractions during the global Covid-19 pandemic, recent months had shown signs of recovery, with the headline figure inching towards stability,” said Ms Patel.
Political upheaval reversed the start of an economic rebound. About 70 per cent of companies in Myanmar reported lower output as factory operations ground to a halt.
As a result of lower production, companies cut staffing and workers returned to their hometowns, amid the declared state of emergency.
Companies also reported fewer new orders and client business closures during the month, resulting in the fastest decline in the five-year history of the survey and surpassing the previous lowest point reached last October, the report said.
Employment contracted at the third-fastest pace on record. Supplier delivery times lengthened, cushioning the overall reduction in the PMI figure, the report said.
While demand was subdued overall, a combination of insufficient workforce numbers and factory closures led to a “modest accumulation” of backlog halfway through the first quarter.
Companies “drastically” scaled back their purchases due to the record decline in new work.
Purchase volumes fell at their steepest pace in the history of the series while stock purchases also contracted at a record rate. A shortage of materials and unfavourable exchange rate movements inflated the cost of raw materials, according to the survey.
Companies passed on the cost burden by raising their selling prices, albeit marginally.
Raw material shortages and transport bottlenecks were often linked to a deterioration in sales performance, one of the worst on record for any month since the survey began.
The sentiment of companies regarding output over the next 12 months remained positive.
However, the degree of optimism tapered off from January’s 11-month high to its weakest in five months.
“There are few positives to be drawn from latest data, although firms remain slightly confident that production volumes will increase over the next 12 months,” said Ms Patel.
The Great Derangement: Climate Change and the Unthinkable
Amitav Ghosh, University of Chicago Press
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Company%C2%A0profile
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UAE currency: the story behind the money in your pockets
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
UAE currency: the story behind the money in your pockets
'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
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MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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South Korea
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Under 19 Cricket World Cup, Asia Qualifier
Fixtures
Friday, April 12, Malaysia v UAE
Saturday, April 13, UAE v Nepal
Monday, April 15, UAE v Kuwait
Tuesday, April 16, UAE v Singapore
Thursday, April 18, UAE v Oman
UAE squad
Aryan Lakra (captain), Aaron Benjamin, Akasha Mohammed, Alishan Sharafu, Anand Kumar, Ansh Tandon, Ashwanth Valthapa, Karthik Meiyappan, Mohammed Faraazuddin, Rishab Mukherjee, Niel Lobo, Osama Hassan, Vritya Aravind, Wasi Shah
Maestro
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBradley%20Cooper%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EBradley%20Cooper%2C%20Carey%20Mulligan%2C%20Maya%20Hawke%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh
UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
