Myanmar’s army has seized power in a coup, detaining Aung San Suu Kyi and different senior members of the nation’s ruling get together after a number of days of rising tensions over the outcomes of a latest election.
Aung San Suu Kyi, Myanmar’s 75-year-old state counsellor, President Win Myint and different members of the ruling Nationwide League for Democracy get together have been arrested at their residences within the capital Naypyidaw early on Monday.
Later within the morning, Myanmar’s army stated that it had taken management of the nation and declared a state of emergency for a 12 months, handing energy to Senior Basic Min Aung Hlaing, its commander-in-chief.
Residents of the business capital Yangon and different cities stated that service for all 4 of the nation’s telecoms firms had been reduce off, some web service suppliers have been down and terrestrial tv companies have been restricted to the army’s Myawaddy TV channel.
US President Joe Biden has threatened to impose sanctions on Myanmar over the army’s actions.
John Reed, our south-east Asia correspondent, describes how the coup blindsided the west. (FT)
Within the information
Robinhood will get one other money injection The net dealer on the centre of the growth in day buying and selling has raised $2.4bn in its second capital infusion in every week to shore up funds strained by turbulent buying and selling. Robinhood’s CEO is expected to testify to Congress later this month. In the meantime, the frenzy of retail buying and selling rallied silver costs rallied to their highest level in eight years on Monday. (FT, Politico)
The essential position performed by clearing houses in monetary markets has been thrust into the highlight after contentious strikes by US brokers to limit retail buyers’ bets on shares on the coronary heart of the Reddit-fuelled buying and selling growth. (FT)
India activates the spending faucets India is abandoning its fiscal restraint because it prepares to step up capital funding and implement monetary sector reforms to assist its battered financial system. In the meantime, Prime Minister Narendra Modi has doubled down on his controversial agricultural reforms, and Twitter briefly blocked access to accounts in India belonging to politicians and activists following stress from Mr Modi’s authorities. (FT, Al Jazeera)
S Korea politicians again short-selling ban South Korean politicians are pressuring monetary regulators to extend a ban on short selling in an effort to win the votes of retail buyers, who’ve piled into markets forward of essential by-elections due in April. (FT)
Kuaishou IPO boosts greatest rival to China’s TikTok Kuaishou, which is ready for a splashy initial public offering in Hong Kong this week, is more likely to hit a valuation of greater than $60bn at its IPO. With a captive viewers — greater than 262m Chinese language test the app a median of 10 instances a day — the app is pivoting business model to promoting and ecommerce. (FT)
HK acquits ex-JPMorgan banker over ‘princeling’ rent Catherine Leung, JPMorgan’s former vice-chair of Asian funding, has been acquitted of bribery charges related to the financial institution’s hiring of well-connected Chinese language “princelings” to win enterprise within the nation. (FT)
Spac round-up Houston billionaire Tilman Fertitta is returning his business empire to the public markets after a niche of greater than a decade. Holding firm Fertitta Leisure, which incorporates Golden Nugget casinos and Landry’s eating places, will likely be floated by way of a reverse-merger with a particular goal acquisition firm. Individually, Wheels Up, the non-public jet constitution start-up, additionally introduced plans to go public by way of a Spac. (FT)
The day forward
Australia charge determination It’s anticipated that Governor Philip Lowe could observe a wait-and-see approach on Tuesday for financial coverage as “members agreed to maintain the scale of the bond buy program beneath assessment” following the December assembly. (Day by day FX)
Navalny sentence listening to Allies of Kremlin critic Alexei Navalny are anticipated to rally in his support as a courtroom in Moscow considers jailing him for alleged violation of suspended sentence phrases on Tuesday. (FT)
Earnings round-up It’s an enormous earnings day for tech on Tuesday with Amazon, Alphabet, Alibaba and Panasonic reporting outcomes. Markets will even have an eye fixed on power with ExxonMobil and BP earnings due. (FT)
What else we’re studying
GameStop is simply newest case of misallocated capital Value-insensitive buyers are driving an growing disconnect inside economies and markets, writes John Plender. And the ensuing gyrations available in the market elevate difficult questions on market effectivity, regulation and monetary stability. (FT)
Brexit reveals energy of bank card duopoly The hike in interchange charges between the UK and Europe may really feel like a distinct segment challenge however it’s a symptom of a deeper malaise, writes Patrick Jenkins. It’s value reflecting on the character of an trade that may get away with quintupling a cost from at some point to the subsequent. Go deeper on the Brexit-induced payment hike with our #fintechft newsletter. (FT)
Can US shale oil ever lure again buyers? When the worst oil crash in a long time struck final 12 months, US shale firms have been pressured to slash capital expenditure, sack employees, idle rigs and reduce manufacturing. Now a extra resilient trade is emerging from the ashes and aiming to woo buyers. Individually, Exxon and Chevron chief executives reportedly discussed a merger final 12 months. (FT, WSJ)
Ought to Covid vaccines be obligatory at work? For the second, firms are treading warily, uncertain methods to deal with employees who object to jabs on medical or spiritual grounds, or as a result of they’re pregnant. Within the throes of the pandemic, has time misplaced all which means for you? Be part of the membership, writes Gillian Tett. (FT)
Trump’s marketing campaign to subvert the 2020 election Between November 12 and January 20, Donald Trump set forth on a 77-day democracy bending push. In a brand new investigation, the New York Instances examines the forces at work, and why the Capitol riot was all however inevitable. (NYT)
Wished: the company world’s subsequent Huge Baddie After Huge Pharma stepped up within the pandemic, who’s the subsequent villain? Huge Meat? Huge Field Set? The twenties ought to open up alternatives for some new evil industries prepared for the Huge Branding, writes Robert Shrimsley. (FT)
Video of the day
SoftBank: piecing the puzzle collectively What precisely is SoftBank? The FT explains why the Japanese multinational is like a jigsaw puzzle, with the enigmatic founder and chief govt Masayoshi Son at its core. (FT)