Business

Myanmar-Indonesia rice trade disrupted by pest infestation

Myanmar rice merchants exporting rice to Indonesia are struggling to receive payment for their shipments due to discoveries of pests in the rice, according to the Myanmar Rice Federation.

Myanmar’s commerce ministry and the Indonesian trade ministry signed a bilateral agreement requiring Indonesia to buy 20,000 tonnes of rice from Myanmar by the end of March.

FDA monitoring Johnson & Johnson baby powder after Missouri case

The Food and Drug Administration (FDA) has announced that it will be monitoring Johnson & Johnson powder products, which have been flagged as toxic, though no product recalls or bans have yet been implemented.

In February, a court in the US state of Missouri awarded US$72 million to the family of a woman who died from ovarian cancer that as allegedly caused by Johnson & Johnson baby powder, as well as other products containing talcum.            

Garment industry to create 1.5 million new jobs

Myanmar’s garment industry is expected to generate export earnings of US$12 billion and to create around 1.5 million new jobs by 2020, announced the Myanmar Garment Entrepreneurs Association.

In 2014, the local garment industry’s export earnings amounted to $1.5 million, and the industry gained momentum since then. By mid-2015, the industry created over 230,000 jobs.

CBM warns of foreign investment peril

The Central Bank of Myanmar (CBM) has warned banks and companies dealing with foreign trade that huge amount of remittances and international investment that could start arriving soon.

The Foreign Currency Management Law was passed in 2012 with further regulations added in 2014 which have lifted many restrictions on the use of foreign currency.

New Myanmar govt faces test

THE NEW Myanmar government must meet several challenges to ensure that the high growth rate expected for 2016 and 2017 is sustained so as to benefit the entire society, according to the Asian Development Bank.

ADB pegs 8.4% growth rate for Myanmar

YANGON - Myanmar’s positive political developments and structural reform programmes will help foster economic growth and investment, says a new Asian Development Bank (ADB) report launched today.



In its Asian Development Outlook 2016, ADB forecasts Myanmar's economic growth to recover to 8.4 per cent in fiscal year 2016 (ending March 31, 2017). The country's economic growth eased to an estimated 7.2 per cent last fiscal year due to widespread flooding and landslides.



Mobile firms splash the cash in Myanmar

OOREDOO has extended a US$2 million sponsorship to the Myanmar Football Federation and Myanmar National League for this year. Meanwhile, MPT-KDDI joint operations is sponsoring Myanmar Idol, the nation’s most popular singing contest.

Illegal car imports rampant in Myawady

Illegal cars are back in demand after police confiscations have become less common in Myawady.

“There are still no official car imports over the border. The only way is through shipping. We’re still waiting for car import permits, and now the market is in ruins,” said an importer of Thailand-made cars.

A recent crackdown against illegal car imports disrupted the market on the other side of the Thaungyin River.

Power plant wastewater causes health problems, water shortages in Tikyit

Wastewater from the coal-fired power plant in Tikyit, Pinlaung Township, Pa-O Self-Administered Region, has been identified as the cause of health problems and drinking water shortages in the area.

Edin Power Company Group started operating the coal-fired power plant on March 1.

Residents said the coal-fired power plant in Tikyit uses natural purified drinking water, and locals are then forced to use the water discharged from the coal-fired power plant, leading to health problems.

Commercial tax on mobile use to take effect on April 1

Mobile operators MPT, Ooredoo and Telenor sent messages to their mobile users notifying them that the companies will collect a 5-per cent commercial tax on mobile bills starting April 1.

Some mobile users planned to fill up their phones with credit to avoid the commercial tax before April 1. This will have no effect as the commercial tax will be applied on all communication usage services.