Business

Dollar price to remain stable, says finance chief

The dollar price may remain stable due to the balance between supply and demand on the streets and official markets, according to Mya Than, chairman of Yangon Foreign Exchange Market Committee.

Power surplus may be sold to neighbouring countries

The report, issued by the Myanmar Green Network, says electricity surplus generated from the newly built coal-fuelled power plants might be sold to neighbouring countries. 

Even in Japan, the electricity charges from coal-fired power plant ranged from Ks. 190 to Ks. 300. Due to the electricity charges in Myanmar generated from coal-fired power plant is high for domestic businesses and consumers, the coal-fired power plants won’t give many benefits to the country, the report says. 

Maersk Line introduces first Myanmar-China route

Maersk Line, the global container shipping company, launched its shipping service between Yangon, Shanghai and Ningbo on January 25 as the very first service between Myanmar and China.

The new route IA5 – Intra Asia 5 – will serve once a week between Myanmar and China. Previously it took 18 days between Yangon and Shanghai. Now with the new route, it will only take 13 days.

MIC approves Unocal, Stat Oil and Conoco Phillips offshore projects in Rakhine

The Myanmar Investment Commission has permitted Unocal Myanmar Offshore Co Ltd (Bermuda), Stat Oil Myanmar Private Ltd (Singapore) and Conoco Phillips Myanmar E&P Pte Ltd (Singapore) to operate oil and natural gas projects at offshore work sites in Rakhine State.

Unocal Myanmar Offshore Co Ltd will partner with Royal Marine Engineering Co Ltd (Myanmar) to explore oil and natural gas at work site A-5. The joint venture was approved on January 31.

Kyaukphyu gets critical role in AEC

The Kyaukphyu region has become the Asean’s last gateway and economically important spot, according to a report issued during the workshop regarding the Asean Economic Community (AEC) held on Tuesday at Sakura Tower, Yangon.

“Kyaukphyu is important for its geographically strategic location. Its surrounding waters are deep enough for large ocean-going vessels to dock. We need to use this potential well especially in exporting goods from the Rakhine State and all over the country through this gateway.

Taxes on beer and cigarette should be raised, NLD official says

The government should amend the unbalanced tax system by means of raising taxes on beer and cigarettes in addition to implementing a wealth tax and property tax, said Myo Myint from the economic affairs committee of the National League for Democracy (NLD).

Selective loans delay growth of real estate sector

According to real estate agents, banks are starting to enter the real estate sector. However, since the banks are highly selective about what projects can receive loans, they have done little to benefit the public.
Construction and Housing Development Bank (CHD Bank) has been granting loans to companies implementing government projects, while Ayeyarwady Bank (AYA Bank) granted a loan to Sky Suites Condo. Similarly, Asia Green Development (AGD) Bank offered loans to Htoo Group’s real estate projects, according to House.com.mm.

Border business halts as India blocks Moreh-Imphal road

India has blocked Moreh-Imphal road near the India-Myanmar border as conditions in Manipur State remain unstable. This brought a halt to business at Nan Phalon market.

Initial phase of Dawei SEZ to begin this year

The Nation

BANGKOK 

Development of the Dawei Special Economic Zone (Dawei SEZ) between Thailand and Myanmar has reached the next level, with construction of the initial phase of the strategic project expected to commence this year, MR Pridiyathorn Devakula, deputy prime minister in charge of the economy, said yesterday.

Japan SMEs to help Myanmar firms

The Japan International Cooperation Agency (JICA) and Japanese small- and medium-sized enterprises (SMEs) will offer technological, financial and human resource support to their counterparts in Myanmar, an SME business seminar heard.

“This seminar aims to help Myanmar’s SMEs develop. Support has been secured in important sectors like finance, human resources, technology and training,” said Zaw Min Win, vice chairperson of the UMFCCI (Union of Myanmar Federation of Chambers of Commerce and Industry).