Early bird customers of a military-owned bank queued anxiously as dawn light crept over Yangon, after a strict new limit on daily cash withdrawals fuelled rumours of a money shortage in post-coup Myanmar.
Myawaddy Bank is among scores of military-controlled businesses in Myanmar facing boycott pressures since the generals ousted civilian leader Aung San Suu Kyi from power on February 1.
Nationwide protests have called for employees – including bank workers – to skip work, seizing up a banking sector heavily dominated by the military and its cronies before the monthly payday this Friday.
For those in need of cash, it does not help that no clear information has been released.
In commercial hub Yangon, private banks remain mostly closed, government banks seem partly open, and getting cash from ATMs appears to be a touch-and-go endeavour.
The uncertainty has fuelled worries of cash shortages, said businessman Tun Naing, 43, who has queued daily for the past week to withdraw six million Myanmar kyat – about $4,500 – from his Myawaddy bank account.
Despite the irregular opening schedules of banks across Yangon, a notice in state-run newspaper New Light of Myanmar claimed daily services were still being provided.
"People are requested to take part in this process for ensuring economic stability of the country," read the Central Bank notice.
While the risk of cash shortages in the country is high, the time frame is unpredictable, said Myanmar-born international business expert Htwe Htwe Thein from Australia's Curtin University.
"In the past under the previous military government, they had been known to print money and that of course hyped up inflation," she told AFP.
The pre-coup Myanmar economy was already facing severe economic headwinds from the coronavirus pandemic and lockdown measures.
And the situation is expected to get worse because of a civil disobedience movement that has government employees boycotting work.
The generals have already been hit with sanctions by the US, Britain, Canada and the EU, and the larger economy is also at risk of suffering reputational damage and a decline in foreign direct investment.
International credit ratings agency Fitch swiftly revised the country's growth estimates for most of 2021 down from 5.6 per cent to 2 per cent on the day of the coup, citing "elevated political risks".
A potential pause on foreign cash inflow has raised the alarm for activist group Justice for Myanmar, who say the generals could now dip into some $6.7 billion worth of Myanmar's foreign reserves.
So far, US sanctions have included a $1 billion asset freeze.
"If foreign banks continue to do business with these banks under military-control, they will be complicit in propping up the military regime," Justice for Myanmar said.
Meanwhile, the country was set for more street protests on Wednesday against military rule while Indonesia's efforts steer a path out of the crisis with the help of other Southeast Asian countries appeared to falter with a proposed diplomatic visit scrapped.
This week saw huge rallies and a general strike on Monday to denounce the military's Feb. 1 coup and demand the release of elected leader Aung San Suu Kyi, despite a warning from authorities that confrontation could get people killed.
On Tuesday, gatherings were smaller overall but a rally by members of members of different ethnic minorities was taking place in the commercial hub of Yangon, with civil servants from the energy ministry joining in.
"We ethnic minority people haven't had the chance to demand our rights but now we do," said San Aung Li, 26, a member of the Kachin minority.
"So I'm supporting the protest as all ethnic people are, with one voice."
With the protest and a civil disobedience movement paralysing life in Myanmar, Indonesia has been trying to find a way out.
Sources said it proposed a plan centred on members of the Association of South East Asian Nations sending monitors to ensure the generals stick to their promise to hold fair elections.
The military has not given a time frame for a new election but it imposed a one-year state of emergency when it seized power so it would likely be after that.
But Suu Kyi's party, which swept a November 8 election that the military says was marred by fraud, and its supporters want its victory recognised.
Indonesia's foreign minister, Retno Marsudi, is in Thailand and had been expected to fly to Myanmar but that trip was off, her ministry said.
"After taking into account current developments and the input of other Asean countries, this is not the ideal time to conduct a visit to Myanmar," Indonesian foreign ministry spokesman, Teuku Faizasyah, told a briefing in Jakarta.
On Tuesday, hundreds of protesters gathered outside Indonesia's embassy in Yangon to voice opposition to a new election, demanding that the votes they cast in November be recognised.
The army seized power after alleging fraud in the November elections, detaining Suu Kyi and much of the party leadership. The electoral commission dismissed the fraud complaints.
Indonesia's efforts to resolve the crisis comes as international concern is growing.
The Group of Seven rich nations on Tuesday condemned intimidation and oppression of those opposing the coup. "Anyone responding to peaceful protests with violence must be held to account," group foreign ministers said in a statement.
Western nations sought to increase pressure on the junta this week with the EU warning it was considering sanctions that would target businesses owned by the army.
The US imposed sanctions on two more members of the junta and warned it could take more action.
China, which has traditionally taken a softer line, said international action should contribute to stability, promote reconciliation and avoid complicating the situation, media reported.
Military chief General Min Aung Hlaing has called for state spending and imports to be cut and exports increased to revive what he called an ailing economy.
He did not link the protests to economic problems but said the authorities were following a democratic path in dealing with them and police were using minimal force, such as rubber bullets, state media reported.
Security forces have shown more restraint compared with earlier crackdowns against people who had pushed for democracy during almost half a century of direct military rule.
Even so, three protesters have been shot and killed. The army has said one policeman died of injuries sustained during the protests.
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
The low down
Producers: Uniglobe Entertainment & Vision Films
Director: Namrata Singh Gujral
Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark
Rating: 2/5
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
UAE SQUAD
Mohammed Naveed (captain), Mohamed Usman (vice captain), Ashfaq Ahmed, Chirag Suri, Shaiman Anwar, Mohammed Boota, Ghulam Shabber, Imran Haider, Tahir Mughal, Amir Hayat, Zahoor Khan, Qadeer Ahmed, Fahad Nawaz, Abdul Shakoor, Sultan Ahmed, CP Rizwan
Brief scores:
Toss: Northern Warriors, elected to field first
Bengal Tigers 130-1 (10 ov)
Roy 60 not out, Rutherford 47 not out
Northern Warriors 94-7 (10 ov)
Simmons 44; Yamin 4-4
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Aston martin DBX specs
Engine: 4.0-litre twin-turbo V8
Transmission: nine-speed automatic
Power: 542bhp
Torque: 700Nm
Top speed: 291kph
Price: Dh848,000
On sale: Q2, 2020
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
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UAE currency: the story behind the money in your pockets
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
The years Ramadan fell in May
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
MATCH INFO
Final: England v South Africa, Saturday, 1pm
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Key features of new policy
Pupils to learn coding and other vocational skills from Grade 6
Exams to test critical thinking and application of knowledge
A new National Assessment Centre, PARAKH (Performance, Assessment, Review and Analysis for Holistic Development) will form the standard for schools
Schools to implement online system to encouraging transparency and accountability
The specs: McLaren 600LT
Price, base: Dh914,000
Engine: 3.8-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 600hp @ 7,500rpm
Torque: 620Nm @ 5,500rpm
Fuel economy 12.2.L / 100km
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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UAE currency: the story behind the money in your pockets
Reputation
Taylor Swift
(Big Machine Records)
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
MATCH INFO
New Zealand 176-8 (20 ovs)
England 155 (19.5 ovs)
New Zealand win by 21 runs
The Freedom Artist
By Ben Okri (Head of Zeus)
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
