Business

Singapore tops hotel investor list

Singapore topped the list of investors in Myanmar’s hotel sector with total investment of US$1.53 billion, followed by Vietnam with US$0.44 billion, Thailand with US$0.34 billion and Hong Kong with US$0.15 billion, according to the Ministry of Hotels and Tourism.

Singapore is often used as a conduit for other nation’s investment.

10 companies shortlisted for underwriter licences

Ten domestic banks and joint-ventured companies have been shortlisted for underwriter licences for the Yangon Stock Exchange, according to Dr Maung Maung Thein, deputy minister for finance on 31 October.

“The shortlist includes banks. I don’t remember their names. It is not the issuance of licences. We allow domestic and joint-venture investments only, not 100-per-cent foreign investment,” Maung Maung Thein said.

US$5.8b required to power 7.2m homes: minister

Khin Maung Soe, union minister for electric power, said US$5.8 billion was required to power 7.2 million households.

The chair of the National Electrification Executive Committee told a workshop on national electrification: “Only 3 million households have access to electricity and 7 million do not. So electricity production is vital.”

13 of 45 govt efforts to sell public land thwarted

According to a recently released research report by Property Solutions Ltd, 13 out of 45 government plans to sell state-owned property to the private sector have been stopped due to public protests and complaints.

Traders warned to use kyat: CBM boss

The Central Bank of Myanmar’s revocation of the foreign currency acceptor and holder licences is an early warning to encourage the use of the kyat, according to Win Thaw, CBM deputy director general.

EU–Myanmar trade grows despite restrictions

The Ministry of Commerce has reported that within six months of the 2015-16 fiscal year, around US$325 million worth of trade occurred between Myanmar and the European Union (EU).

Up until September, imports from the EU reached US$185 million while exports to the EU were US$143 million.

China-Myanmar trade booming

According to Yang Xiuping, secretary general of the Asean-China centre, operations worth US$12.2 billion have been completed out of the projected US$18.5 billion.

She said that China would strive towards boosting trade between the two countries and seek the cooperation of Myanmar to combat illegal trade.

CBM defends licence withdrawal

The Foreign Exchange Acceptor and Holder Licences are being revoked since they are no longer needed to open a foreign currency account, accept overseas transfers and to change money, according to Win Thaw, deputy director general of the Foreign Exchange Management Department at the Central Bank of Myanmar (CBM).

Development funds may be forgotten: report

The development funds may dissipate without producing any results along with the shift in government, a Myanmar Development Resource Institute (MDRI) forum heard

The event, set up by the Asia Foundation and Action Aid Myanmar at the Yangon Novotel, heard that the government’s poverty alleviation scheme spent Ks16 billion (US$12.5 million) in 2013-14 and Ks50 billion in the following year. The regional development funds amounted to Ks33 billion.

Ayeyarwady Bank to virualise with VMware partnership

Ayeyarwady Bank has partnered with the VMware, Inc, to empower its digital services, according to the bank’s managing director Phyo Aung.

“In the technology age, our bank will offer the clients better services through the partnership with VMware. All of our 124 branches will be ready for faster and safer banking services,” said the managing director.

VMware will virtualise the bank’s data centres and network infrastructure through its partnership with NEX4 ICT Solutions.