Business

President disbands trade task force

An official from the trade and finance ministry has reported that the dissolving of the anti-illegal trade central committee was done directly under orders of President Thein Sein due to the high levels of bribery affecting operations. 

Border trade unaffected by Tao protests

Thai border trade is flowing regularly, according to Nyunt Aung, director general of the directorate of trade under the Ministry of Commerce.

Protests at the death sentence for two Myanmar migrants in the Koh Tao murder case have spread across the nation, leading to rumours that the flow of commodities would cease.

“Trade is being carried out regularly. These rumours do not harm regular trade,” said Myint Kyaw at the Myawaddy border.

Contractor cancels costly Nay Pyi Taw airport contract

The government has accepted to take back the management of Nay Pyi Taw International Airport from Asia World Company, the current contractor, which cited financial losses for the contract termination.

The airport handover contract will be made next week. 

No plans to reduce or withdraw Yangon-Bangkok flights

 

YANGON—Myanmar Airways International (MAI) is now operating direct flight between Yangon and Bangkok twice per day, and there is no plan to reduce the number of flights or to withdraw the flight schedules, said Aye Marya Tha, assistant general manager of MAI.

Union parliament approves proposal to publicise Kyaukphyu SEZ

 

The Union parliament approved a proposal to release more information about the Kyaukphyu Special Economic Zone to the public in Nay Pyi Taw on December 29.

Rubber prices plummet in 2015

Rubber prices fell drastically this year, slipping from Ks 615 (US$0.46) per pound in the first week of 2015 to Ks 570 per pound this week, according to the Myanmar Rubber Planters and Producers Association.

“The current situation is really bad for the planters. The prices should be stable at around Ks 600-to Ks 700 per pound for the producers to reap a profit,” said Khine Myint, the secretary of the association.

The sharp drop is thought to be connected to international market trends.

Rubber prices plummet in 2015

Rubber prices fell drastically this year, slipping from Ks 615 (US$0.46) per pound in the first week of 2015 to Ks 570 per pound this week, according to the Myanmar Rubber Planters and Producers Association.

“The current situation is really bad for the planters. The prices should be stable at around Ks 600-to Ks 700 per pound for the producers to reap a profit,” said Khine Myint, the secretary of the association.

The sharp drop is thought to be connected to international market trends.

SMEs to get JICA loans in January

The Ks5 billion (US$3.8 million) two-step loans – obtained from the Japan International Cooperation Agency (JICA) – will be lent to small- and medium-sized enterprises in Yangon Region in January, according to the Small- and Medium-Sized Industrial Development Bank (SMIDB).

The JICA gave the loans to the Myanmar Economic Bank which lends it back to SME owners through the SMIDB. Yangon is prioritised and the second priority is Bago.

A business can get a loan of up to Ks500 million.

No plan to reduce initial lease premium for Dagon City project: MIC

Ministries are still holding discussions on where to relocate the terminated Dagon City project, but there is no plan to reduce the initial lease premium for the land, said Aung Naing Oo, the secretary of the Myanmar Investment Commission and director-general of the Directorate of Investments and Company Administration, yesterday.

Public sector mineral exports decline in 2015

Myanmar earned over US$820 million from exports of mineral extractions in the first eight months of this fiscal year, which is $316 million less than the country earned last year during the same period, according to the Ministry of Commerce.

The public and private sectors earned $412.3 million and $408 million, respectively, between April 1 and November 13, compared to last year’s $817.6 million and $320 million.

Thus, while the private sector saw a rise in mineral exports, the public sector experienced a drop.