Business

YCDC to penalise negligent construction companies

Yangon City Development Committee will take severe action against construction companies and contractors if there are complaints from neighbors about the damage to nearby houses and buildings, according to the building department under YCDC.

There have been many complaints recently from homeowners about nearby construction sites that have caused damage to their buildings and houses, and charges have been brought against construction companies and contractors.

Myanmar’s real estate market stagnates

Several analyses of Myanmar’s real estate market in 2015 show that sales, purchases and the rental market have all declined. Property agents have reported that almost no sales or purchases are taking place at all.

The real estate market reached its peak in the 2013-2014 fiscal year and then began to substantially die down after September 2014. This affected properties within Yangon City as well as in the city’s periphery.

Muse trade exceeds expectations

The Ministry of Commerce has reported that the border trade at Muse is booming, exceeding the expected performance with goods worth more than US$704 million passing through during the last financial year.

An official at the Muse trading post said: “Muse’s trade is thriving. The expected trade value was exceeded in May. The most traded items are agricultural products such as rice, beans and corn.”

Marine cargo insurance available

The Myanmar Insurance Business Supervisory Board has announced that it will allow private companies to offer marine cargo insurance.

Dr Maung Maung Thein, chairman of the board, said: “Now private insurance companies have got experience we will allow them to deliver new insurance services.” 

Since its inception, the board has allowed six types of insurance: life, fire, motor, money security, third-party liability and cash in transit. Special travel insurance was later added to the list.

Dollar reaches Ks1,171

The dollar has now reached Ks1,171 on the unofficial markets, sources report.

The rate of the dollar increased on June 2, leaping from Ks1,152 on June 3 to the current value.

The Central Bank increased its reference rate to Ks1,105 from Ks1,097.

It installed a limiter on May 27 that restricted exchanges to US$5,000 per exchange as well as controlling the exchange of two other currencies: the Thai baht and Malaysian ringgit.

UK deal hopes to boost bilateral trade

To enhance bilateral trade and investment, Myanmar and the United Kingdom have signed a memorandum of understanding in Yangon. 

The deal was signed at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) with the British Chamber of Commerce in the intention of strengthening partnerships between the two associations and promoting ethical business practices. 

Researchers predict 100% mobile coverage by 2021

Myanmar will have complete mobile penetration in six years, according to a survey by the New Crossroads Asia (NCRA), the research branch of the Union of Myanmar Federation of Chambers of Commerce.

Before 2014, Myanmar had one of the lowest mobile penetration rates in the world with less than 20 per cent.

The current government allowed foreign companies, Qatar’s Ooredoo and Norway-based Telenor, to operate in 2013.

Myanmar seeks to double protected forest area

A combination of local and private firms plan to grow 89,640 acres of protected forests around Myanmar, according to the Ministry of Environmental Conservation and Forestry.

Ministry-controlled land in six states and regions will be divided into 1,000-acre plots for the protected forests. Application forms for the tender for the reforestation project are to be submitted to the No 39 Forestry Department office in Nay Pyi Taw by June 16.

A press conference to explain the project tender will be held on June 17 at the same office.

Jewellers worry over tax hike on cut stones

Gem entrepreneurs will be required to pay a 10 per cent commercial tax on sales of finished stones, plus 15 per cent for uncut stones, even as other commercial taxes have been reduced under the 2015 Taxation Law, according to the Internal Revenue Department under the Ministry of Finance.

More low-cost housing under construction in Mandalay

Mandalay –Apartments are being built in six Mandalay townships to accommodate people currently squatting in temporary structures along the Ayeyawady River, according to the Mandalay City Development Committee (MCDC).

Local people will be hired to work on the construction and paid 20,000 kyats per month, according to MCDC joint-secretary ThetNaing.