Business

Warning against illegal share sales

A warning against the sale of shares without permission will be issued, according to the exchange certificate supervisory commission.

Dr Maung Maung Thein, chairperson of the commission, said: “We will issue a warning against the illegal sale of shares when the stock exchange goes online. Under the Stock Exchange Law, an offender can be sentenced to five years in prison. Action will be taken against those who sell their stakes illegally.”

Four factories threaten to sack staff

Although some proprietors threatened to close their factories if the minimum wage was set at Ks3,600 (US$2.8) a day, there were only four businesses trying to issue redundancy notices, according to Myo Aung, the permanent secretary of at the Ministry of Labour.
Garment and commodity factory owners also gave a thumbs down to the salary and officials from the ministry are talking to businesses which have problems with the new rate.

Rice to be reserved

At least 50,000 to 100,000 rice bags will be kept in storage as reserve for emergency use, according to the Myanmar Rice Federation (MRF).

Illicit inflows grow under Thein Sein

Nearly half of total illicit inflows into Myanmar worth US$77.7 billion since 1960 occurred during the last four years, according to a report by Global Financial Integrity (GFI).
The Washington DC-based research and advocacy organisation finds that trade misinvoicing, the fraudulent over- and under-invoicing of trade transactions, accounted for the majority of the country's illicit financial outflows (59.6 per cent) and inflows (89.2 per cent) over the 54-year period analysed.

EU logging licence discussions held

Governmental officials, civil society organisations and merchants have announced a negotiation framework to join the European Union’s Forest Law of Enforcement, Governance and Trade (FLEGT).

An action plan will be ready on November 8, coinciding with the general election, according to a forum.

Stock exchange surveys firms

The Security Exchange Commission of Myanmar (SECM) has surveyed potentially publicly owned companies on whether they want to register on the Yangon Stock Exchange, said Dr Maung Maung Thein, chairperson of the commission.

Rice trade inactive at Muse border

Since Myanmar’s ban on rice exports, the rice trade at the 105th Milestone at the Muse border trade zone has come to a halt.
 
A handful of merchants continue to sell their leftover rice in their warehouses at prices lower than before the ban.
 

Licences to be issued at SEZs

Licences to invest in Myanmar special economic zones will soon be issued at One-Stop Service Centres within the zones.

According to the special economic zone by-law, this provision is being introduced for the convenience of investors.

One-Stop Services Centres in SEZs will provide services such as company registration, visa application, labour registration and import and export services in a single location.

Construction bank to offer long-term loans

An official from the Construction and Housing Development Bank Ltd (CHDB) said the bank is considering giving long-term loans in addition to medium-term loans currently lent at 12 per cent interest rate with a one per cent service charge.

“We gave a developer in Mandalay a four-year loan and the Shwelinpan housing project in Yangon an eight-year loan. We plan to lend 20-year loans,” he said.

The loan amount is based on an evaluation of borrowers' creditworthiness.

SEC scrutinises underwriter capital

The Securities and Exchange Commission (SEC) has begun investigating capital amounts made by underwriter companies to determine whether their money is clean or not.

“Underwriting licences will be granted to applicants at the end of this month. There are a total of 18 criteria for an applicant. Now, we are investigating a Ks 15 billion capital amount. Later, we will give licences to other applicants, such as brokers and dealers,” said SEC chairman Dr Maung Maung Thein.