As citizen groups across Myanmar observed a "silent protest" on the anniversary of a 2021 military coup, country's military rulers extended the state of emergency by another six months. At the same time, protesters and exiled civilian leaders on Wednesday vowed to end what they called the army's "illegal power grab". In major cities across Myanmar, people observed a self-imposed lockdown. Hundreds of democracy supporters attended rallies in Thailand and the Philippines.

Junta leader General Min Aung Hlaing, in a meeting on Tuesday with the army-backed National Defence and Security Council (NDSC), also said multi-party elections must be held "as the people desire". General Min Aung Hlaing did not specify a timeline for the polls.&nbsp;

ALSO WATCH&nbsp;|&nbsp;<a href="https://www.wionews.com/videos/myanmar-junta-extends-state-of-emergency-by-six-months-558091">Myanmar: Junta extends State of Emergency by six months</a>

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"Although according to the section 425 of the constitution, (a state of emergency) can only be granted two times, the current situation is under unusual circumstances and it is suitable to extend it one more time of six months," Acting President Myint Swe&nbsp;said at the meeting broadcast by MRTV.

The Southeast Asian country's top generals led a coup in February 2021 after five years of tense power-sharing under a quasi-civilian political system created by the military. The country's already intense ethnic tensions aggravated as military took over the power, leaving a trail of upended lives in its wake.

'Silent protest' against military rule

In the main commercial cities of Yangon and Mandalay, images on social media showed deserted streets in what coup opponents called a "silent protest" against the junta. Democracy activists had urged people not to go out between 10 AM and 3 PM.

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/here-are-all-the-general-elections-lined-up-for-2023-553037">Here are all the general elections lined up for 2023</a>

There was also a rally in Yangon by about 100 supporters of the military, flanked by soldiers, photographs showed.

In Thailand, hundreds of anti-coup protesters held a rally outside Myanmar's embassy in Bangkok.

"This year is decisive for us to completely uproot the military regime," said Acchariya, a Buddhist monk attending the rally.

Others in the crowd chanted: "We are the people, we have the future" and "The revolution must prevail."

Activists also staged a protest in the Philippine capital, Manila.

Myanmar's military took power after complaining of fraud in a November 2020 general election won by Nobel laureate Aung San Suu Kyi's party. Election monitoring groups found no evidence of mass fraud.

It declared a state of emergency for a year when it took power and has since extended it twice for six months, with the latest phase expiring on Wednesday.

Suu Kyi's National League for Democracy (NLD) party was decimated by the coup, with thousands of its members arrested or jailed, including Suu Kyi, and many more in hiding. Suu Kyi has described this year's planned election as "phoney" and said her party&nbsp;would not acknowledge it.

(With inputs from agencies)

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As citizen groups across Myanmar observed a "silent protest" on the anniversary of a 2021 military coup, country's military rulers extended the state of emergency by another six months.

As citizen groups across Myanmar observed a "silent protest" on the anniversary of a 2021 military coup, country's military rulers extended the state of emergency by another six months. At the same time, protesters and exiled civilian leaders on Wednesday vowed to end what they called the army's "illegal power grab". In major cities across Myanmar, people observed a self-imposed lockdown. Hundreds of democracy supporters attended rallies in Thailand and the Philippines. Junta leader General Min Aung Hlaing, in a meeting on Tuesday with the army-backed National Defence and Security Council (NDSC), also said multi-party elections must be held "as the people desire". General Min Aung Hlaing did not specify a timeline for the polls. ALSO WATCH | Myanmar: Junta extends State of Emergency by six months × "Although according to the section 425 of the constitution, (a state of emergency) can only be granted two times, the current situation is under unusual circumstances and it is suitable to extend it one more time of six months," Acting President Myint Swe said at the meeting broadcast by MRTV. The Southeast Asian country's top generals led a coup in February 2021 after five years of tense power-sharing under a quasi-civilian political system created by the military. The country's already intense ethnic tensions aggravated as military took over the power, leaving a trail of upended lives in its wake. 'Silent protest' against military rule In the main commercial cities of Yangon and Mandalay, images on social media showed deserted streets in what coup opponents called a "silent protest" against the junta. Democracy activists had urged people not to go out between 10 AM and 3 PM. ALSO READ | Here are all the general elections lined up for 2023 There was also a rally in Yangon by about 100 supporters of the military, flanked by soldiers, photographs showed. In Thailand, hundreds of anti-coup protesters held a rally outside Myanmar's embassy in Bangkok. "This year is decisive for us to completely uproot the military regime," said Acchariya, a Buddhist monk attending the rally. Others in the crowd chanted: "We are the people, we have the future" and "The revolution must prevail." Activists also staged a protest in the Philippine capital, Manila. Myanmar's military took power after complaining of fraud in a November 2020 general election won by Nobel laureate Aung San Suu Kyi's party. Election monitoring groups found no evidence of mass fraud. It declared a state of emergency for a year when it took power and has since extended it twice for six months, with the latest phase expiring on Wednesday. Suu Kyi's National League for Democracy (NLD) party was decimated by the coup, with thousands of its members arrested or jailed, including Suu Kyi, and many more in hiding. Suu Kyi has described this year's planned election as "phoney" and said her party would not acknowledge it. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Myanmar: People observe 'silent protest' as military rulers extend emergency

Myanmar will delay a long-awaited reform that would open the door further to foreign investment, two officials told Reuters, a move likely to disappoint cash-starved businesses amid growing doubts over the management of the economy by the country&#39;s leader, Aung San Suu Kyi.

The postponement of the corporate reform, which would have allowed foreign companies to take up to a 35 per cent stake in Myanmar companies, will likely deal a fresh blow to investor confidence in Suu Kyi&#39;s administration.

 
Economic reform is a key goal for her to complete Myanmar&#39;s democratic transition after decades of isolation under military rule.

The delay underscores the daunting challenge facing Suu Kyi, whose promise of a reformist government that would attract foreign investment is under threat.&nbsp;Some aid to Myanmar is already being withheld and investors are concerned that the sanctions that long hobbled the country&#39;s economy will be reinstated over its treatment of its Rohingya minority.

A Myanmar companies law, which could bring much-needed foreign capital to the country after decades of mismanagement by the former military junta, was approved last week by President Htin Kyaw without a commencement date specified.&nbsp;

Aung Naing Oo, head of Myanmar&#39;s Directorate of Investment and Company Administration (DICA), told Reuters the authorities may not be ready to implement the new rules until as late as August 2018, after bylaws were prepared and a company registry that he said was vital to enforcement was completed.

&quot;We really want to implement the law as soon as possible but there are many things for us to do&quot;, he said, declining to elaborate what bylaws were needed. He said the government would make sure implementation would be no later than August 1. &quot;We have to make sure the reform is on the right track&quot;.

Myo Min, director of DICA, said the authorities needed up to eight months to &quot;work on the guidance and operating manual&quot; for the country&#39;s first modern online registry, an initiative driven by the Asian Development Bank to electronically revamp the country&#39;s company registry to boost transparency.

The law includes a first set of modern corporate governance regulations, in some parts replacing rules made over a century ago, to bring the country&#39;s business regulatory framework closer to international standards.&nbsp;At issue is a clause that allows foreigners to take up to a 35 per cent share in local companies, which would give local businesses access to a larger capital pool and open up the door for mergers and acquisitions in sectors that are in urgent need of an injection of cash from banking to property.

The delay of the much-anticipated reform comes as Suu Kyi faces criticism that she has neglected economic reforms. Growth in both foreign investment and gross domestic product have slowed since her National League for Democracy took office last year in one of the region&#39;s poorest countries.&nbsp;Htay Aung, president of the property-to-trading conglomerate Sakura Trade Center, said putting off implementation of the law &quot;was bad for business as it will bring delays and extra costs, which result in losses&quot;.

The company is seeking $100 million in over&shy;seas financing for a condominium development in Myanmar&#39;s commercial hub, Yangon. &quot;Foreign investment will be postponed and local businessmen will be disappointed.&quot;

Missed Opportunity

Investors have been waiting for the corporate reform, which was initiated by the former military-backed government in 2014. It establishes guidelines on how a company is run and governed, removing outdated rules on share transfers and offering greater protection to shareholders.&nbsp;But Chris Hughes, a lawyer with Berwin Leighton Paisner in Yangon who was commissioned to draft the rules, said it was a &quot;missed opportunity&quot; for Suu Kyi&#39;s administration.&nbsp;

&quot;I can&#39;t see a compelling economic reason or policy behind the delay. It seems more driven by technology or administrative factors&quot;.&nbsp;William Greenlee, managing director at law firm DFDL in Yangon, said the business community would struggle with the delay.

&quot;International investors are watching and it is wins like this that create a buzz and can materialize into a profound and sustained increase in foreign investment&quot;, he said. &quot;The euphoria will quickly turn to disappointment if it&#39;s not implemented quickly&quot;. Aung Naing Oo of DICA said there would be no negative impact on investment. &quot;Investors always need to take some time before they invest&quot;, he said. &quot;So this actually is the time for investors to make preparation to invest in Myanmar&quot;.

The Asian Development Bank, which gives financial and technical assistance to Myanmar, said &quot;it is ultimately the government&#39;s decision when the law comes into force&quot; and declined to comment further.

A clause which is likely to open doors for foreign investment leading to capital pool access for firms in urgent need of cash flow is likely tobe delayed

Myanmar will delay a long-awaited reform that would open the door further to foreign investment, two officials told Reuters, a move likely to disappoint cash-starved businesses amid growing doubts over the management of the economy by the country's leader, Aung San Suu Kyi. The postponement of the corporate reform, which would have allowed foreign companies to take up to a 35 per cent stake in Myanmar companies, will likely deal a fresh blow to investor confidence in Suu Kyi's administration. Economic reform is a key goal for her to complete Myanmar's democratic transition after decades of isolation under military rule. The delay underscores the daunting challenge facing Suu Kyi, whose promise of a reformist government that would attract foreign investment is under threat. Some aid to Myanmar is already being withheld and investors are concerned that the sanctions that long hobbled the country's economy will be reinstated over its treatment of its Rohingya minority. A Myanmar companies law, which could bring much-needed foreign capital to the country after decades of mismanagement by the former military junta, was approved last week by President Htin Kyaw without a commencement date specified. Aung Naing Oo, head of Myanmar's Directorate of Investment and Company Administration (DICA), told Reuters the authorities may not be ready to implement the new rules until as late as August 2018, after bylaws were prepared and a company registry that he said was vital to enforcement was completed. "We really want to implement the law as soon as possible but there are many things for us to do", he said, declining to elaborate what bylaws were needed. He said the government would make sure implementation would be no later than August 1. "We have to make sure the reform is on the right track". Myo Min, director of DICA, said the authorities needed up to eight months to "work on the guidance and operating manual" for the country's first modern online registry, an initiative driven by the Asian Development Bank to electronically revamp the country's company registry to boost transparency. The law includes a first set of modern corporate governance regulations, in some parts replacing rules made over a century ago, to bring the country's business regulatory framework closer to international standards. At issue is a clause that allows foreigners to take up to a 35 per cent share in local companies, which would give local businesses access to a larger capital pool and open up the door for mergers and acquisitions in sectors that are in urgent need of an injection of cash from banking to property. The delay of the much-anticipated reform comes as Suu Kyi faces criticism that she has neglected economic reforms. Growth in both foreign investment and gross domestic product have slowed since her National League for Democracy took office last year in one of the region's poorest countries. Htay Aung, president of the property-to-trading conglomerate Sakura Trade Center, said putting off implementation of the law "was bad for business as it will bring delays and extra costs, which result in losses". The company is seeking $100 million in overseas financing for a condominium development in Myanmar's commercial hub, Yangon. "Foreign investment will be postponed and local businessmen will be disappointed." Missed Opportunity Investors have been waiting for the corporate reform, which was initiated by the former military-backed government in 2014. It establishes guidelines on how a company is run and governed, removing outdated rules on share transfers and offering greater protection to shareholders. But Chris Hughes, a lawyer with Berwin Leighton Paisner in Yangon who was commissioned to draft the rules, said it was a "missed opportunity" for Suu Kyi's administration. "I can't see a compelling economic reason or policy behind the delay. It seems more driven by technology or administrative factors". William Greenlee, managing director at law firm DFDL in Yangon, said the business community would struggle with the delay. "International investors are watching and it is wins like this that create a buzz and can materialize into a profound and sustained increase in foreign investment", he said. "The euphoria will quickly turn to disappointment if it's not implemented quickly". Aung Naing Oo of DICA said there would be no negative impact on investment. "Investors always need to take some time before they invest", he said. "So this actually is the time for investors to make preparation to invest in Myanmar". The Asian Development Bank, which gives financial and technical assistance to Myanmar, said "it is ultimately the government's decision when the law comes into force" and declined to comment further.

Myanmar to delay law that would have allowed more foreign investment

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Myanmar: People observe 'silent protest' as military rulers extend emergency

Myanmar to delay law that would have allowed more foreign investment