Pope meeting Suu Kyi on Rohingya crisis amid outcry

Agencies
November 28, 2017

Yangon, Nov 28: Pope Francis begins his first full day in Myanmar travelling to the country's capital today to meet with the civilian leader, Nobel laureate Aung San Suu Kyi, a day after hosting the military general in charge of the crackdown on the country's Muslim Rohingya minority.

Francis' speech to Suu Kyi, other Myanmar authorities and the diplomatic corps in Naypyitaw is the most anticipated of his visit, given the outcry over the crackdown, which the U.S. and U.N. have described as a campaign of "ethnic cleansing" to drive out the Rohingya from northern Rakhine state.

The operation, launched in August after Rohingya militants attacked security posts, has sent more than 620,000 Rohingya into neighbouring Bangladesh, where they have reported entire villages were burned and looted, and women and girls were raped.

Myanmar's Catholic leaders have stressed that Suu Kyi has no voice to speak out against the military over the operation, and have urged continued support for her efforts to move Myanmar toward a more democratic future that includes all its religious minorities, Christians in particular.

How Francis bridges the local Catholic concerns with his legacy of speaking out for oppressed minorities is the key to watch in his speech in Naypyitaw.
Francis dove into the crisis hours after arriving yesterday by meeting with the commander responsible for the crackdown, Gen Min Aung Hlaing, and three members of the bureau of special operations.

The Vatican didn't provide details of the contents of the 15-minute "courtesy visit," only to say that "They spoke of the great responsibility of the authorities of the country in this moment of transition."

Gen Min Aung Hlaing's office said in a statement on Facebook that he is willing to have "interfaith peace, unity and justice." The general added that there was no religious or ethnic persecution or discrimination in Myanmar and that the government allowed different faith groups to have freedom of worship.
Rohingya Muslims have long faced state-supported discrimination in the predominantly Buddhist country and were stripped of citizenship in 1982, denying them almost all rights and rendering them stateless.

They cannot travel freely, practice their religion, or work as teachers or doctors, and they have little access to medical care, food or education.

Myanmar's Catholic Church has publicly urged Francis to avoid saying "Rohingya," a term shunned by many here because the ethnic group is not a recognized minority in the country. And they have urged him to toe a delicate line in condemning the violence, given the potential for blowback against Myanmar's tiny Catholic community.

Francis previously has prayed for "our Rohingya brothers and sisters," lamented their suffering and called for them to enjoy full rights. As a result, much of the debate before his trip focused on whether he would again express solidarity with the Rohingya.

Any decision to avoid the term and shy away from the conflict could be viewed as a capitulation to Myanmar's military and a stain on his legacy of standing up for the most oppressed and marginalized of society, no matter how impolitic.

Burke didn't say if Francis used the term in his meeting with the general, which ended with an exchange of gifts: Francis gave him a medallion of the trip, while the general gave the pope a harp in the shape of a boat, and an ornate rice bowl.

The papal trip was planned before the latest spasm of violence erupted in August, when Myanmar security forces responded to militant attacks with a scorched-earth campaign that has sent many Rohingya fleeing to Bangladesh.

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News Network
January 1,2020

New Delhi, Jan 1: Newly-appointed Chief of the Defence Staff General Bipin Rawat on Wednesday said the armed forces stay away from politics and work as per the directives of the government of the day, remarks that come amid allegations that the forces were being politicised.

Gen Rawat also said that his focus as CDS will be to integrate the efforts of the three services and to work as a team.

"We keep ourselves away from politics. We act according to the directives of the government of the day," he said.

Gen Rawat said his focus will be to ensure best and optimal use of resources allocated to the three services.

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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News Network
July 21,2020

New Delhi, Jul 21: With a spike of 37,148 cases and 587 deaths reported in India in the last 24 hours, the total number of COVID-19 cases stands at 11,55,191, according to the Union Ministry of Health and Family Welfare.

The total number of cases include 4,02,529 active cases, 7,24,578 cured/discharged/migrated and 28,084 deaths, the ministry informed.

Maharashtra remains the worst affected state with 3,18,695 cases and 12,030 deaths.
The second worst-hit state, Tamil Nadu has reported 1,75,678 COVID-19 cases so far while Delhi has reported 1,23,747 cases, according to the Health Ministry.

Meanwhile, as per the information provided by the Indian Council of Medical Research (ICMR), 1,43,81,303 samples have been tested for COVID-19 up to July 20. Of these 3,33,395 were tested yesterday.

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