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The Independent
a few seconds ago
- The Independent
Myanmar's acting President Myint Swe dies after a long illness
Myint Swe, who became Myanmar's acting president under controversial circumstances after the military seized power from the elected government of Aung San Suu Kyi more than four years ago, died on Thursday, the military said. He was 74. He died at a military hospital in the capital, Naypyitaw, on Thursday morning, according to a statement from Myanmar's military information office. Myint Swe's death came more than a year after he stopped actively carrying out his presidential duties after he was publicly reported to be ailing. His funeral will be held at the state level but the date has not been disclosed, a separate statement from the military information office said. State media reported on Tuesday that he had been in critical condition and receiving intensive care since July 24 at a military hospital in Naypyitaw. State media announced in July last year that Myint Swe was suffering from neurological disorders and peripheral neuropathy disease, which left him unable to carry out normal daily activities, including eating. A few days later, he authorized Senior Gen. Min Aung Hlaing, the head of the military government, to assume his presidential duties while he was on medical leave, the reports said. Myint Swe became acting president on Feb. 1, 2021, after the military arrested former President Win Myint along with Myanmar's top leader, Aung San Suu Kyi, when the army seized power. Myint Swe, a member of a pro-military party, took over the presidency under the constitution because he held the post of first vice president. Legal experts questioned the legitimacy of the move because Win Myint neither stepped down from his post nor was incapacitated. As acting president, Myint Swe chaired the National Defense and Security Council, which is nominally a constitutional government body, but in practice is controlled by the military. The council operates as the country's top decision-making body related to national security, with the authority to declare a state of emergency and oversee military and defense affairs. Myint Swe's appointment and acquiescence to the army's demands allowed the council to be convened to declare a state of emergency and hand over power to Min Aung Hlaing, who led the army's takeover. During his time in office, Myint Swe could only perform the pro forma duties of his job, such as issuing decrees to renew the state of emergency, because Min Aung Hlaing controlled all government functions. Myint Swe, a former general, was a close ally of Than Shwe, who led a previous military government but stepped down to allow the transition to a quasi-civilian government beginning in 2011. Myint Swe was chief minister of Yangon, Myanmar's biggest city, under the quasi-civilian government between 2011 and 2016, and headed its regional military command for years under the previous military government, which stepped down in 2011. During Buddhist monk-led popular protests in 2007 known internationally as the Saffron Revolution, he took charge of restoring order after weeks of unrest in the city, overseeing a crackdown that killed dozens of people. Hundreds of others were arrested. Though he did not have a prominent international profile, Myint Swe played a key role in the military and politics. In 2002, he participated in the arrest of family members of former dictator Ne Win, according to accounts in Myanmar media. He also arrested former Gen. Khin Nyunt at Yangon Airport during a 2004 purge of the former prime minister and his supporters that involved a power struggle inside the military. Soon afterward, Myint Swe took command of the sprawling military intelligence apparatus that had been Khin Nyunt's power base. Myint Swe was among military leaders sanctioned by the U.S. Treasury Department following the military takeover and arrest of de facto leader Aung San Suu Kyi and other senior politicians in February 2021. He was survived by his wife and two children.
Reuters
31 minutes ago
- Reuters
South Korea, US to conduct major joint military drills starting August 18
SEOUL, Aug 7 (Reuters) - South Korea and the United States will conduct major joint military drills starting on August 18, officials said, although they will delay parts of the annual exercises that have been a source of tension with North Korea to later in the year. The 11-day annual exercises, called Ulchi Freedom Shield, will be on a similar scale to 2024 but adjusted by rescheduling 20 out of 40 field training events to September, South Korea's Joint Chiefs of Staff spokesperson Lee Sung-jun said. The allies agreed to reschedule some parts of the drill to next month over factors "including ensuring training conditions during extreme heat and maintaining a balanced combined defence posture year-round," Lee said at a briefing. This year's drill will test an upgraded response to heightened North Korean nuclear threats as well as cutting-edge technologies used in modern wars, Lee said, citing conflicts in Ukraine and the Middle East. The exercise will include a scenario of a North Korean missile launch, but will not cover a potential nuclear test by Pyongyang, he said. The decision to spread out the scheduling included reasons such as extreme weather, Lee said, denying there were any political factors behind the move. The drills are due to be staged as the new South Korean government of President Lee Jae Myung seeks to improve strained ties with Pyongyang and revive stalled dialogue with its neighbour. A senior official from South Korea's Unification Ministry, which manages relations between the Koreas, said on Thursday that the delay in some training exercises was aimed at easing tensions with North Korea, the Yonhap News Agency reported. Some analysts were sceptical about Pyongyang's response. "North Korea won't be satisfied with the adjustment at all," said Cheong Seong-chang, vice president at the Sejong Institute in Seoul, a research centre on North Korean affairs. "What the regime wants is the termination of the drills with the U.S., not a slight rescheduling," said Cheong. On Monday, South Korea removed loudspeakers blasting anti-North Korea propaganda near its border with the North in a bid to lower friction with Pyongyang. So far North Korea has rebuffed such overtures by Seoul. Kim Yo Jong, the powerful sister of North Korean leader Kim Jong Un, recently said that South Korea's decision to stop the broadcasts was "not the work worthy of appreciation," state media KCNA reported.
Daily Mail
an hour ago
- Daily Mail
Trump announces new tariff that could have devastating impact on tech industry
President Donald Trump has said that he will impose a 100% tariff on computer chips, raising the prospect of higher prices for electronics, cars, household appliances and other essential products dependent on the processors powering the digital age. 'We'll be putting a tariff of approximately 100% on chips and semiconductors,' Trump said in the Oval Office while meeting with Apple CEO Tim Cook on Wednesday. 'But if you're building in the United States of America, there's no charge.' The announcement came more than three months after Trump temporarily exempted most electronics from his administration's most onerous tariffs. The Republican president said companies that make computer chips in the US would be spared the import tax. During the Covid-19 pandemic, a shortage of computer chips increased the price of cars and contributed to higher inflation. Investors seemed to interpret the potential tariff exemptions as a positive for Apple and other major tech companies that have been making huge financial commitments to manufacture more chips and other components in the US. Big Tech already has made collective commitments to invest about $1.5 trillion in the US since Trump moved back into the White House in January. That figure includes a $600 billion promise from Apple after the iPhone maker boosted its commitment by tacking another $100 billion on to a previous commitment made in February. Now the question is whether the deal brokered between Cook and Trump will be enough to insulate the millions of iPhones made in China and India from the tariffs that the administration has already imposed and reduce the pressure on the company to raise prices on the new models expected to be unveiled next month. Wall Street certainly seems to think so. Apple's stock price gained 5% in Wednesday regular trading sessions before rising another 3% in extended trading after Trump announced some tech companies won't be hit with the latest tariffs while Cook stood alongside him. The shares of AI chipmaker Nvidia, which also has recently made big commitments to the US, rose slightly in extended trading to add to the $1 trillion gain in market value the Silicon Valley company has made since the start of Trump's second term. The stock price of computer chip pioneer Intel, which has fallen on hard times, also climbed in extended trading. The chip industry's main trade group, the Semiconductor Industry Association, has so far declined to comment on Trump's latest tariffs. Demand for computer chips has been climbing worldwide, with sales increasing 19.6% in the year-ended in June, according to the World Semiconductor Trade Statistics organization. It is not clear how many chips, or from which country, would be impacted by the new levy. Taiwanese chip contract manufacturer TSMC - which makes chips for most U.S. companies - has factories in the country, so its big customers such as Nvidia are not likely to face increased tariff costs. The AI chip giant has itself said it plans to invest hundreds of billions of dollars in US-made chips and electronics over the next four years. 'Large, cash-rich companies that can afford to build in America will be the ones to benefit the most. It´s survival of the biggest,' said Brian Jacobsen, chief economist at investment advisory firm Annex Wealth Management. Trump's tariff threats mark a significant break from existing plans to revive computer chip production in the US that were drawn up during the Biden administration. Since taking over from Biden, Trump has been deploying tariffs to incentivize more domestic production. Essentially, the president is betting that the threat of dramatically higher chip costs would force most companies to open factories domestically, despite the risk that tariffs could squeeze corporate profits and push up prices for mobile phones, TVs and refrigerators. By contrast, the bipartisan CHIPS and Science Act that Biden signed into law in 2022 provided more than $50 billion to support new computer chip plants, fund research and train workers for the industry. The mix of funding support, tax credits and other financial incentives were meant to draw in private investment, a strategy that Trump has vocally opposed. The Commerce Department under Biden last year convinced all five leading-edge semiconductor firms to locate chip factories in the US as part of the program. The department said the US last year produced about 12% of semiconductor chips globally, down from 40% in 1990. Any chip tariffs would likely target China, with whom Washington is still negotiating a trade deal. 'There's so much serious investment in the United States in chip production that much of the sector will be exempt,' said Martin Chorzempa, senior fellow at the Peterson Institute for International Economics. Since chips made in China won't be exempt, chips made by SMIC or Huawei would not be either, Chorzempa said, noting that chips from these companies entering the US market were mostly incorporated into devices assembled in China. 'If these tariffs were applied without a component tariff, it might not make much difference,' he said. Chipmaking nations South Korea and Japan, as well as the European Union, have reached trade deals with the U.S., potentially giving them an advantage. The EU said it agreed to a single 15% tariff rate for the vast majority of EU exports, including cars, chips and pharmaceuticals. South Korea and Japan said separately that U.S. agreed not to give them worse tariff rates than other countries on chips, suggesting a 15% levy as well.
