Business

Sedona’s luxury wing opens

The Inya Wing, a five-star tower attached to the Sedona Hotel Yangon, has opened.

The tower, apparently costing around US$80 million, boasts 431 rooms designed by award-winning Singapore firm Forum Architects together with design firm Studio HBA, is connected to the main hotel, bringing the total number of rooms to 779.

The tower has a restaurant, fitness centre and spa.

Stock exchange publishes entrance rules

Publicly owned companies which want to float on the Yangon Stock Exchange have to provide evidence of business profits for two years before the application, the Myanmar Exchange Certificate Supervision Board has announced.

They must be registered in accordance with the Myanmar Companies Act, must operate under the rules and regulations with at least 100 shareholders and have in excess of Ks500 million in capital.

Timber traders move to meet EU standards

 

Myanmar is cooperating with other governments to implement the European Union’s timber standards in an effort to reopen lucrative export markets, Dr Sein Win, chairperson of Myanmar Forest Products Merchants Association, told a forestry workshop at IBS in Yangon.

The Forest Law Enforcement Governance and Trade (FLEGT) legislation controls most EU timber imports and Myanmar must comply with the guidelines.

ANZ receives final Myanmar banking license approval

 

High local rice prices draw in illegal Thai imports

Due to the high price of locally produced rice, illegal imports of rice from Thailand have spiked.

“Rice from Thailand began entering the local market ten days ago. It has been seen for sale in retail shops,” said Lu Maw Myint Maung, Co-Secretary of the Myanmar Rice Federation (MRF).

Although Myanmar officially allocated 80 per cent of its total rice exports to China, China illegally buys more, raising the price of Myanmar-grown rice.

Trade deficit exceeds US$ 2 billion

Myanmar’s trade deficit reached over US$2 billion in the first five months of this fiscal year, according to the Commerce Ministry.

The fiscal year began on April 1. Since then, the country’s trade volume reached to $12.78 billion, in which imports amount to $7.4 billion, and exports amount $5.2 billion.

Myanmar has seven major exports, including agriculture products, fishery and animal products, forestry products, finished industrial products and mineral products.

Puma to invest US$25m in airport fuel supply

Singapore-based Puma Energy Pte Ltd will invest US$25 million in the supply of aviation fuel at Yangon International Airport, according to the Ministry of Information.

On September 24, the Myanmar Petroleum Products Enterprise (MPPE) under the Ministry of Energy signed a contact with Puma.

Voters promised affordable homes

With the November 8 election looming, the government has allotted a budget of Ks46 billion to the development of affordable homes across the country to fulfil the increasing demand for housing, President Thein Sein said in Nay Pyi Taw.

Govt pledges bank accounts for all

The Ministry of Finance is planning to implement projects to ensure every family has a bank account and financial support.

A committee has been established with the aim of improving financial literacy, mobile banking and mobile payment systems, ensuring all families have a bank account, more monetary support for low-income families, more monetary services for small- and medium-sized enterprises and the development of partner organisations.

China delegation discusses illegal logging

Myanmar and China leaders met on September 24 in Nay Pyi Taw to discuss combating the illegal timber trade.

The meeting was held at the Grand Amara Hotel in the capital between environmental conservation and forestry minister Win Tun and Fu Gui, deputy director from China’s forestry management department.

Fu pledged that China would increase cooperation with Myanmar to combat smugglers and timber traders.

He said China would stress the bilateral relationship and encourage the legal timber trade.