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YOMA
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Entropy72
Master |
01-Mar-2021 00:44
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Myanmar?s banks grind to a halt as junta tightens its grip
Almost a month after a military coup that has met with massive popular resistance, Myanmar?s banking system is struggling to function, even as it continues to meet basic needs. Since February 8, when employees of both government-owned and private banks started joining the Civil Disobedience Movement (CDM) against military rule, financial transactions in the country have slowed to a trickle, according to a bank official who asked to remain anonymous. ?The money flow has just stopped,? the official said, stressing that while most bank operations have been suspended, the system remains intact. The greatest impact has been felt by trading companies, which are unable to complete transactions with international entities requiring letters of credit or telegraphic transfers due to the closure of banks. While banks continue to fill ATMs with cash every day and online services are still available, ordinary customers are also facing difficulties because of internet cuts by the new ruling regime and restrictions on bandwidth. Meanwhile, banks continue to pay their employees even though they are unable to generate income from providing loans or offering services such as foreign currency exchange, a worker at a large local private bank told Myanmar Now. Another major expense, the worker said, is rent. Although some private banks operate hundreds of branches, most are on leased property. International banks with ties to local banks are also affected, but not as much as those that depend entirely on domestic business, she added. State-run banks, such as the Central Bank of Myanmar and Myanma Economic Bank, are still running but have been particularly hard hit by the CDM, a Central Bank employee told Myanmar Now. While the current situation mainly affects banks and their customers, it?s just a matter of time before the woes of the financial sector begin to affect the wider economy, said one woman working in the industry. ?Most businesses can?t operate without banking services. We don?t know what?s going to happen, but the economy is going to be affected if trade is low,? she said. A more immediate concern for most, however, is uncertainty about what the new regime will do next. Rumours that 10,000-kyat notes could be scrapped have already prompted many to withdraw their savings. Since banks operate by accepting deposits from the public and giving loans to businesses in need of money, they wouldn?t have enough to cover all deposits if there were a run on the banks?a scenario that could become a self-fulfilling prophecy if enough people panic over fears of the banks? stability. Customers of military-owned Myawaddy Bank, which reopened on February 15, were forced to wait in line every day to take out their money, and then were only given limited amounts. Economic pressures stemming from the impact of Covid-1 could also take a toll on banks, as more and more businesses struggle to stay afloat, raising the risk that they won?t be able to repay loans. ?It?s difficult to tell within the first two or three weeks whether the loans will be paid back. There?s no need to worry for now, but in the long run, it?s not good for businesses. If bank loans aren?t paid back, the banks will struggle. And that will become a big problem if it means the entire country lacks liquidity,? said the woman working in the financial services industry. Managing this delicate situation and ensuring a strong recovery will require a higher level of management skill than the new regime may possess, she added. It?s also necessary, she said, to consider the economic repercussions of the international reaction to the coup, which has already resulted in targeted sanctions that could be a further drag on local companies? ability to do business. Sanctions imposed by the US (which are likely to be followed by others from the UK and EU) are only supposed to affect leaders of the junta but in a country where many people have similar names, international banks may take longer to process even legal transactions by those who are not on the blacklist, say people in the banking industry. Restoring trust After nearly a month of protests, the regime is showing signs that it is losing patience with resistance to its rule. As fears of a violent crackdown grow, few will be focussed on the fate of the country?s teetering banks. But how the authorities handle protesters over the coming days and weeks could well determine financial institutions? prospects for survival. Measures such as nightly shutdowns of the internet, which aim to stifle dissent while sparing daytime business operations, aren?t helping. By demonstrating its willingness to impose strict controls over every aspect of online life, the junta has revived fears of heavy-handed interference in the economy. Win Thaw, the junta-appointed vice chair of the Central Bank, has attempted to restore the situation to normal by instructing banks to re-open by any means possible. Last week, he told Myanmar Now that the bank is trying to continue providing online banking and ATM services. But as the World Bank has announced that it will only permit the transfer of funds needed to complete previously approved projects, it will take more than reassuring words to save Myanmar?s banks?and its economy?from the disastrous impact of the coup. |
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Entropy72
Master |
01-Mar-2021 00:34
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BANGKOK/YANGON -- Violence by Myanmar's military against civilian protesters in towns and cities across the country escalated on Sunday as security forces used live ammunition, rubber bullets and tear gas against mostly peaceful civilians protesting the Feb. 1 military takeover.
By mid-afternoon, more than a dozen protesters had been fatally shot, according to the United Nations human rights office, and scores injured by military or police forces in several towns and cities, including the southern town of Dawei, Bago near Yangon, and Mandalay, in the west, where one death was reported. In Mandalay, several thousand people took to the streets on Sunday morning, and violent clashes were reported between police and crowds. Violence between security forces and protesters was also reported in ethnic-dominated areas including Hpa-an and Myawaddy in Kayin state, Lashio and Taunggyi in Shan state, Myitkyina in Kachin state and Mawlamyine in Mon state. The escalation of violence appears to be part of a strategy by the military regime to both intensify and broaden the crackdown against the protest movement, which has steadily gained momentum since the coup. Nearly 500 people were arrested over the weekend, according to state-run MRTV television. More than 800 people have been detained since Feb. 1, according to the Assistance Association for Political Prisoners. Together with the weekend arrests, the number exceeds 1,300 people, whose whereabouts are mostly unknown. Human Rights Watch said the military's use of lethal force against unarmed civilians is "outrageous and unacceptable, and must be immediately halted." "Live ammunition should not be used to control or disperse protests," the group said. "Any deaths and serious injuries should be promptly and impartially investigated. Those found responsible for any unlawful acts should be held accountable." The U.S. Embassy in Myanmar expressed concern, describing the targeting of civilians as "abhorrent." Security forces also reportedly detained at least four journalists who were covering the protests, noted Human Rights Watch, which called for their immediate and unconditional release. Emergency medical assistants treating wounded demonstrators at protest sites were also targeted for arrest, "in blatant attempts to intimidate [those] attempting to assist pro-democracy protesters," the statement said. The escalating violence followed a display of defiance by Myanmar's ambassador to the United Nations, Kyaw Moe Tun, who denounced the coup in an address to the U.N. General Assembly on Friday. It also comes ahead of the second hearing on Monday in the trial of Myanmar's state counselor, Aung San Suu Kyi, leader of the ousted National League for Democracy. She was detained on Feb. 1 and later charged with minor offenses including illegal possession of walkie-talkies and violating the country's disaster management law. Her whereabouts are unknown, and she has been unable to meet her lawyer, although she made an appearance by video link at the first hearing held on Feb. 17. In his address to the U.N. General Assembly, Kyaw Moe Tun appealed for help to end the military coup and for recognition of the Committee to Represent the Pyidaungsu Hluttaw (parliament), a small group of NLD politicians who were elected in the Nov. 8 poll and are now establishing a "parallel parliament" to liaise with the international community. The military has alleged "grave fraud" in the polls. The junta-controlled foreign ministry said over the weekend that the formation of groups such as the CRPH was illegal and warned foreign embassies, U.N. agencies and other international organizations not to talk to "illegal entities" such as the NLD. MRTV announced on Saturday that ambassador Kyaw Moe Tun had been dismissed from his post because he "betrayed the country" and "abused the power and responsibilities of an ambassador." However, the United Nations has not officially recognized the junta as Myanmar's new government. Analysts on Sunday said that the country's military was engaging in a widening pattern of arrests. "The junta's broad nationwide restrictions against public protests, and banning of any assembly of more than five persons, blatantly violates basic rights to peaceful, public assembly and must be urgently rescinded," Human Rights Watch added. In the latest sign that foreign investors are becoming anxious about the escalating violence and growing backlash, Australian energy giant Woodside said it was cutting its presence in Myanmar over concerns about rights violations and violence. Woodside's move followed CEO Peter Coleman saying in a Reuters interview that he saw the coup as "a transitionary issue" that does not affect the company's gas exploration plans in the Southeast Asian nation. Singapore's stock exchange also issued a list of queries to developer Emerging Towns & Cities over its real estate project in Yangon after rights group Justice for Myanmar accused the developer of doing business with Myanmar's military. Multinationals to withdraw from or suspend ventures in the country include Japan's Kirin Holdings, which withdrew from a beer joint venture with the military-owned MEHL shortly after the coup. Major investors in Myanmar -- including Woodside, Total of France, Unilever, Danish brewer Carlsberg and shipping giant Maersk -- issued a joint statement expressing their "growing and deep concern" and saying they "hope to see a swift resolution" that is "in accordance with the will and interests of the people of Myanmar." The statement was facilitated by the independent Myanmar Center for Responsible Business and also signed by major local conglomerates such as KBZ Bank and companies led by Sino-Myanmar tycoon Serge Pun. |
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Entropy72
Master |
28-Feb-2021 22:44
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Against all the escalating violence, the strong statements of condemnation and economic sanctions by the West rings very hollow and useless.
ASEAN/Japan mediation is the only hope, provided both Tatmadaw and Myanmese people (represented by CRPH) are willing to compromise for pragmatism. Otherwise the prolonged protests and escalating violence will only make it more painful for all parties. Throw in ASSK court charge on 1 Mar (likely delay again) and things may explore further.
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Entropy72
Master |
28-Feb-2021 22:34
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At least 18 dead as Myanmar police crack down on protests for the second day
https://www.channelnewsasia.com/news/asia/myanmar-protests-military-coup-dead-police-tear-gas-14300302 |
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humblestudent666
Senior |
28-Feb-2021 21:25
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careful. this one likely to average down to nothing. |
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Entropy72
Master |
28-Feb-2021 20:23
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Shared below as early as 5 Feb. Situation has escalated further since, but I think less traders are betting on quick rebound now.
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uiop1223
Supreme |
28-Feb-2021 19:55
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Good. Can average down 😂 😂 😂 😂 | ||||
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ysh2006
Supreme |
28-Feb-2021 19:26
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Todays news report still many demonstration in Burma...how to continue retail business there ? | ||||
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uiop1223
Supreme |
28-Feb-2021 18:45
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Not surprising that our smart scholars make such investments | ||||
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vicloo
Supreme |
28-Feb-2021 17:18
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GIC heavily invested (own 20% of Yoma bank), common founder of Yoma strategic too, Surge Pun.
https://www.straitstimes.com/business/economy/gic-said-to-buy-20-stake-in-yoma-bank-adding-to-myanmar-deals https://www.retailbankerinternational.com/news/myanmars-yoma-bank-attracts-substantial-investment-from-gic/
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uiop1223
Supreme |
28-Feb-2021 14:04
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Myanmar police shot and killed two protesters on Sunday (Feb 28) and wounded several as they cracked down in a bid to end weeks of demonstrations against a Feb 1 military coup, a doctor and a politician said
https://www.channelnewsasia.com/news/asia/myanmar-protests-cdm-military-coup-dead-police-14300302 Still can invest? 🤔 🤔 🤔 |
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7ocean
Master |
28-Feb-2021 11:58
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Come back after 1 year
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Entropy72
Master |
28-Feb-2021 11:44
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No, just giving updated information to forummers not to blindly enter Yoma by comparing current depressed prices with pre-coup prices and hoping for "quick rebound trade".
The risks of holding Yoma is high - enter only if you are prepared to hold long term and prepared to lose your capital. Look at the facts of the situation and not Yoma past prices.
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Entropy72
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28-Feb-2021 11:40
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Do we think Ayala will take up 2nd tranche of Yoma shares at 45 cents? If they do, how to explain to Ayala shareholders? If not, it will aggravate the cashflow for Yoma. | ||||
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laksaman57
Supreme |
28-Feb-2021 11:09
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If and when junta step down, new govt may scrutinize yoma chialah chialah and ....
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shk363
Elite |
28-Feb-2021 09:02
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will only enter after junta step down
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TA_Expert
Supreme |
28-Feb-2021 02:13
Yells: "The World has changed" |
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Yes, you can call them opportunists.
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Andrew123
Master |
28-Feb-2021 00:07
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1 thing everyone want to bring down this counter and enter cheap | ||||
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Entropy72
Master |
27-Feb-2021 22:30
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Saturday, Feb. 27
8:20 p.m. Calls for a large-scale Sunday protest have been spreading on social media. Activists are urging unity under the banner of the international ?Milk Tea Alliance,? a loose coalition of mainly young and tech-savvy democracy advocates in Thailand, Hong Kong and elsewhere. The goal is to spark a second general strike in Myanmar, after the first on Feb. 22, when huge crowds took to the streets and businesses shut their doors. 3:30 p.m. Three domestic news outlets report that a woman was shot and killed in the central town of Monwya. Earlier, a protester in the town said police had fired water cannon as they surrounded a crowd. In Yangon, despite a police presence, people came out to chant and sing, then scatter into side streets as police advanced, firing tear gas, setting off stun grenades and firing guns into the air, witnesses say. |
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Entropy72
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27-Feb-2021 15:02
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Saturday, Feb. 27
11:30 a.m. With police moving decisively against opponents of military rule, festivallike peaceful protests are no longer taking place in Yangon. The police have cracked down on assemblies in places such as Hledan and Myinigone, central Yangon, where major protests were happening. Since the coup on Feb. 1, 728 people have been arrested, according to Myanmar-based human rights group Assistance Association for Political Prisoners. |
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