Business

First Private Bank chairman denies tax evasion

First Private Bank has not committed tax evasion since its establishment, said Dr Sein Maung, the bank’s chairperson, at the 24th annual general meeting of the bank on November 29.
“First Private Bank (FPB) has fewer branches than Myanmar’s major private banks. From its inception until the end of the previous fiscal year, the bank has paid taxes about 18,000 times. Among the private banks, the First Private Bank stands at 5th and 6th places on the top tax-payer lists,” the chairman said.

Property sales up again

Property sales in Yangon appear to have risen this month, according to data on the local real estate market.
New land plots and properties valued between Ks 10 million to Ks 30 million in Dagon Seikkan, Mingaladon, Shwepyitha and Thanlyin townships have been sold quickly.

Stock exchange could catch Vietnam: deputy minister

Yangon Stock Exchange has good prospects and is likely to catch up with Vietnam’s stock exchange within three years, according to Dr Maung Maung Thein, deputy finance minister.

Established in 2000, the Ho Chi Minh City Securities Trading Centre is the largest stock exchange in Vietnam. In 2010, it listed about 250 companies with capital investment of around US$28.3 billion.

1,240 hotels get licences

A total of 1,240 hotels and guesthouses have been licensed nationwide and 32 of them are implemented with foreign investment, according to the Ministry of Hotel and Tourism.

Most of the hotels in Yangon, Mandalay, Bagan, Kawthoung, Tachileik and Myeik are being developed with foreign investment.

Yangon has 317 licensed hotels and Mandalay has 375, as of October.

Citizens and foreign investors have applied for hotel licences from the Myanmar Investment Commission (MIC).

Microsoft seals murky Myanmar deal

IT giant Microsoft has signed an agreement of cooperation with Myanmar’s notorious Shwe Taung Group.

In September, Microsoft also went into a partnership with the Kanbawza Group which has businesses ranging from precious minerals to banking.

Greeting the news of the second-largest venture signed by Microsoft in Myanmar, the Financial Times carried the headline: “Microsoft enters minefield of Myanmar business with IT deal.”

Microsoft seals murky Myanmar deal

IT giant Microsoft has signed an agreement of cooperation with Myanmar’s notorious Shwe Taung Group.

In September, Microsoft also went into a partnership with the Kanbawza Group which has businesses ranging from precious minerals to banking.

Greeting the news of the second-largest venture signed by Microsoft in Myanmar, the Financial Times carried the headline: “Microsoft enters minefield of Myanmar business with IT deal.”

Yangon suburb real estate values rising

The price gap between real estate in downtown Yangon and properties in the suburbs has become very small, according to real estate professionals.

The rates used to differ by two to three times back in the days, but the gap has become smaller since 2014.

High imports of capital goods lead to trade deficit

Myanmar has seen consecutive trade deficits since 2012. The value of the country’s imports is higher than of its exports due to huge imports of capital goods for production and special economic zones, according to the commerce ministry.

Companies fail to notify DICA of operations, face losing licences

Although the Directorate of Investment and Company Administration previously announced that companies in Myanmar must notify the administration of future operations. These companies' licenses will be revoked, including those of many well-known local and foreign companies, according to DICA’s statement on November 22.

Central Bank not worried over low dollar reserves

Deputy Chairman Set Aung of the Central Bank of Myanmar said even though the amount of foreign currency reserves in the CBM is low, the situation will not escalate further.
The International Monetary Foundation (IMF) has previously issued reports on Myanmar’s economy, with warnings that the situation could worsen greatly if some sort of impact were to rock the situation already riddled with rising inflation and the drop in the kyat value.