Business

Most expats cannot afford to buy condos

According to Ko Ko Htwe, the chairman of Taw Win Construction, most foreigners living in Myanmar cannot afford condominiums, despite the recent law enabling expats to purchase condo properties.

Instead, most expatriates choose to stay in normal apartments and, according to Ko Ko Htwe, the market for condo sales is still cold.

The Condominium Law, enacted on January 22 this year, allows expats to purchase up to 40 per cent of the properties in a condominium complex with an area larger than 20,000 square meters.

Ooredoo announces profit boost

Ooredoo Myanmar announced that it earned about US$91.7 million during the first quarter of this year, a 42-per-cent increase compared with the same period last year.

The number of subscribers to the telecoms provider reached 6.9 million, an increase of 19 per cent compared with the last three months in 2015 and an increase of more than 100 per cent from the first quarter of 2015.

Body formed to sell off state enterprises

The President’s Office has formed a Privatisation Commission, Construction Works Scrutinising Committee and Myanmar National Search and Rescue Committee it announced on May 6.

Share prices fall

Share prices fell to Ks28,000 on May 5, down another Ks500.

Around 2,000 shares were sold in the morning and 7,106 shares in the afternoon.

The price was Ks31,000 when the market launched, reaching Ks 41,000 in March.

 

40% of Yangon industrial sites idle: planner

Urban planner Dr Kyaw Lat has told a seminar in Yangon that about 40 per cent of the city’s industrial space lies idle and is controlled by single companies or an individual without being developed.

He told a seminar at City Hall that industrial land prices were a huge obstacle at Ks400 to Ks600 million per plot, up from Ks3 to Ks5 million in 2005.

“Many factories and workshops emerged in Yangon. The industrial land prices are an obstacle. In 2005 an industrial land plot cost Ks3 million or Ks5 million,” he said.

Stock exchange stifled by US sanctions

According to discussions at the Yangon Stock Exchange (YSX), many shareholders are saying that change is necessary.

Worries concerning extremely unstable share prices within weeks of its opening as well as being automatically put on the US sanctions list were raised at the "Impact of the establishment of the YSX on the financial services industry” discussion organised by the Oxford Business Group.

Myanmar, Poland trade ties to get a big boost

GIVEN the improved political climate and growing opportunities under its new civilian government,

Myanmar is now on Poland's radar, with high expectations for improving bilateral trade and investment.

The Polish Chamber of Commerce organised its first-ever business mission to Myanmar last week. Twelve Polish businesspeople participated.

Myanmar rice shipment still barred from Indonesia

Myanmar rice exported to Indonesian’s Sarabaya Port has still not been unloaded from its cargo chip, according to the vice chairman of the Myanmar Rice Federation.

“We will find out in a day or two whether it will be allowed to be unloaded or not. It has been sitting at the port for quite long already, which could have been damaged our rice quality. We will get complaints from the [Indonesian buyers] when they unload the rice and see its condition. Then, we will find out a solution,” said MRF vice chairman Dr Soe Tun.

Myanmar prioritises labour-intensive, agro-based industries for FDI

In an attempt to attract investments, Myanmar has prioritised labour-intensive industries, agro-based industries and other infrastructural projects, according to policies set by the Directorate of Investment and Company Administration (DICA) and the Myanmar Investment Commission.

Workers Union Network calls for daily minimum wage of Ks 5,600

The Myanmar Workers Union Network yesterday called on the new government to enact a minimum wage of Ks 5,600 at a ceremony marking International Workers’ Day in Hlaingthaya Township, Yangon. The ceremony was attended by MPs from the National League for Democracy, members of labour unions and farmers unions, officials from political organisations and around 500 workers.

The Myanmar Workers Union Network released a nine-point statement yesterday, urging the new government to deal with address the issues related to labour rights.