MIC permits five firms

The Myanmar Investment Commission has permitted five businesses, including a hotel project which will be built on the land owned by the army’s Quartermaster-General’s Office, reports say.

Three of them were passed with “citizenship investment”, one was a joint venture and the other with foreign investment.

Lease of Kandawgyi property to Zaykabar creates huge losses for Region: report

Yangon Region suffers huge losses from the leasing of 25 acres of land around Kandawgyi Lake in Yangon to the Zaykabar Company, according to a report submitted by the Auditor General of Yangon Region at a special meeting of the regional parliament on November 30.

The company only pays Ks 30 million per year for the property. Karaweik Garden, one of the premises at the lake, was rented to the company in 2010 for 30 years at an annual rate of Ks 1.2 million per acre, the report says.

Jade mining firms break agreement to stop dumping waste into lake in landslide-prone Hpakant

Some jade mining companies have reportedly continued to dispose of dump soil into a big lake locally known as "Ever Lake" in Hsaijabwam Village, Ayemyatha Ward, Hpakant Township, Kachin State, violating their agreement with local people to stop dumping there.

More than 40 local residents signed a petition against the disposal of dump soil created by jade mining into the lake on November 16, and the companies agreed.

CSOs urge government to take action against negligent mining companies

YANGON—More than 300 civil society organisations (CSOs) have urged the incumbent government to take serious action against those responsible for the loss of life caused by the Hpakant landslide.

The CSOs released a statement saying the landslide was caused by waste deposits piled by jade mining companies near the homes of the victims. However, the statement said, the companies, some of which are closely associated with the government, have not taken responsibility for the tragedy or for their own negligence.

Crony companies get 60-year lease of Myakyunthar Park without MIC approval

Yangon—The lease of Myakyunthar Park to eight private companies has been allowed, even without the approval of the Myanmar Investment Commission (MIC), according to a report submitted by the Auditor General of Yangon Region at a special meeting of the regional parliament on November 30.

Imports decline, still exceed exports

Myanmar’s import volume, including car imports, has reached US$9 billion this year, down more than $250 million from the same period last year, according to the commerce ministry.
From April 1 to November 13 in the 2015-2016 fiscal year, imports amounted to $9.85 billion, while last year’s import value reached $10.1 billion. 
Myanmar primarily imports capital goods, personal goods and raw materials.

First Private Bank chairman denies tax evasion

First Private Bank has not committed tax evasion since its establishment, said Dr Sein Maung, the bank’s chairperson, at the 24th annual general meeting of the bank on November 29.
“First Private Bank (FPB) has fewer branches than Myanmar’s major private banks. From its inception until the end of the previous fiscal year, the bank has paid taxes about 18,000 times. Among the private banks, the First Private Bank stands at 5th and 6th places on the top tax-payer lists,” the chairman said.

Property sales up again

Property sales in Yangon appear to have risen this month, according to data on the local real estate market.
New land plots and properties valued between Ks 10 million to Ks 30 million in Dagon Seikkan, Mingaladon, Shwepyitha and Thanlyin townships have been sold quickly.

Stock exchange could catch Vietnam: deputy minister

Yangon Stock Exchange has good prospects and is likely to catch up with Vietnam’s stock exchange within three years, according to Dr Maung Maung Thein, deputy finance minister.

Established in 2000, the Ho Chi Minh City Securities Trading Centre is the largest stock exchange in Vietnam. In 2010, it listed about 250 companies with capital investment of around US$28.3 billion.

1,240 hotels get licences

A total of 1,240 hotels and guesthouses have been licensed nationwide and 32 of them are implemented with foreign investment, according to the Ministry of Hotel and Tourism.

Most of the hotels in Yangon, Mandalay, Bagan, Kawthoung, Tachileik and Myeik are being developed with foreign investment.

Yangon has 317 licensed hotels and Mandalay has 375, as of October.

Citizens and foreign investors have applied for hotel licences from the Myanmar Investment Commission (MIC).