Business

Central Bank to sell dollars to importers

The Central Bank of Myanmar (CBM) has made the decision to sell much-needed dollars to importers through auctions from private banks, a change from the previous situation of only selling dollars to the consumable and oil industries.

The CBM sold over US$6 million to private banks on July 13 through auction.

Oil and gas exploration to start this year

Successful bidders for oil and gas contracts will start exploration in late 2015 or early 2016, according to a conference on the potential of the oil and gas sector held at the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon.

Heineken opens US$60m brewery

Yangon – Dutch brewer, Heineken, has opened its first brewery in Myanmar in Hmawbi Township, Yangon region.

The company has invested US$60 million in the plant and labelled its beer the “Regal Seven”.

“It is an exciting opportunity for Heineken. We are investing in recruitment, training and finding locals to run the business. Our investment is helping to increase economic development in Myanmar,” said Heineken’s CEO Jean Francois Van Boxmeer.

The company has introduced a “Better World” programme to create job opportunities and improve training.

UMFCCI to set up arbitration centers to solve economic disputes

Union of Myanmar Federation of Chambers of Commerce and Industry plans to set up arbitration centers which will deal with economic disputes across the country.

Those centers mediate general disputes including economic affairs. The UMFCCI will establish the first center at its headquarters in Yangon.

Myawaddy border trade reopens

The Myawaddy trade border was reopened yesterday as the trading had stopped over the previous week due to the continued clashes that occurred between rebels and the military along the Kawkareik–Myawady road on July 5 and 6.

The New Asia Highway has been closed off due to the fights between the Democratic Karen Benevolent Army (DKBA) and the government army column on July 2 near the new Myawaddy-Dawna mountain-range road. In addition, the use of old road was stopped as of July 5. 

Consumer goods entry from Thailand increases by 15%

As clashes broke out on the Myawaddy trade route, consumers entry from the Thailand trade border has increases its rate from 10% to 15% according to the Thai consumer market.

"Consumer goods such as clothes, bags, shoes, cosmetics' prices have increased more than the present amount. Cosmetics that entered Myanmar through the Thai trade route increased Ks. 2500 than the original price. Next, UK brands that are produced in Thailand also increased in price," said Su Yee latt from Tawwin Center.

Customs probe car tax dodge

Myanmar Customs Department has inspected cars imported by Super Seven Stars Motors Industry Co over a complaint that the company is infringing its tax-exemption licence.

The company was permitted to import vehicle components by the Myanmar Investment Commission (MIC) free of tax for three years. But it is claimed it imported the assembled vehicles in the first time and car bodies just without tyres this time.

Property website calls for foreign condo ownership

The draft of the condominium bill should keep the foreigners’ rights to buy condominium flats with some restrictions, according to house.com.mm.

The real estate website was responding to concerns that allowing foreigners to buy condominiums would lead to soaring prices.

Govt to permit e-visas for business travelers at border gates

YANGON -- The e-visa system for visitors to Myanmar will be opened to business travellers entering the country through border gates. The system has been in place at Yangon International Airport since July 1.

In the past, e-visas were only granted to tourists.

“We are planning to open the e-visa system at border gates. Currently, e-visas are permitted at Yangon International Airport. In near future, e-visas will be granted,” said an official from Immigration and Population Department.

Sales slump at gem auction

The 52nd Gem Emporium’s central committee says sales dropped significantly to 944 million euro (Ks1,2 trillion) from last year’s 2.6 billion euro.

“We saw fewer bidders as well as lower bids this year,” said Than Zaw Oo from the central committee for the emporium. “But the buyers and the prices don’t drop for the proper merchants. This shows the actual sales to the real gem merchants. The bidders of the previous years were not real merchants.”