Business

Muse trade booms

Exports from April 2014 to March 31 this year through the Muse border exceeded US$3.6 billion, up more than US$1 billion from the previous year, according to Consumer Affairs Department under the Commerce Ministry.

Last year’s exports were US$2.2 billion, mainly from agricultural produce.

A total of 99 warehouses, 59 for exports and 40 for imports, have been built at Muse 105th-mile trade camp.  

Insurance firms told to brace for foreign competition

Private insurance companies need to be ready for international competition as the domestic market prepares to open up to foreign firms, according to the Myanmar Insurance Business Supervisory Board.

The government has allowed 15 foreign insurance companies, including firms from Japan, the US and Europe, to open branch offices.

Singapore firm cancels investment

China to crackdown illegal border trade

Myanmar vulnerable to illegal stock brokers

Economists have raised concerns over several brokerage firms in Myanmar that operate illegally.

ADB: Myanmar's financial shortfall remains large

To achieve 8 per cent GDP growth per year, Myanmar's infrastructure sector needs US$5 billion to $7 billion per year, said Winfried Wicklein, the Asian Development Bank's country director for Myanmar.

She spoke at a forum on ADB's 5-year strategy (2017-2021) for Myanmar held at the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon.

He added that the ADB has lent about $500 million to Myanmar every year since 2013.

Myanmar to explore a large oil and gas field in Andaman Sea

A joint-venture group including Myanmar and Canadian companies has been granted permission from the Myanmar government to explore a newly discovered oil and natural gas field in the Adman Sea. The trial test will begin in September.

The oil field is located in Kyunsu Township, Myeik District, in southern Myanmar, and it covers an area of 13,480 square kilometres. It will be the largest natural gas field in Myanmar, and the exploration will be carried out by Canadian Foresight Group Pte Co Ltd, Century Bright Gold Co Ltd and TRG Co Ltd.

New affordable flats to be sold under instalment plan

Residential flats of the Ayawon and Yadana housing projects will be sold under an instalment plan through the Construction and Housing Development Bank (CHDB), according to the bank.

"We have to negotiate how much money to lend and how to lend it because there is a small price gap between the cost of these apartments and that of others currently available in the market," said an official from the CHDB.

High demand for Thai-made cars

The demand for vehicles imported legally through the Myawaday border from Thailand is high with prices on some models increasing, say market observers.

"Trucks like the Toyota Hilux that are made in Thailand are in demand," said one auto dealer who was not identified. "Prices for those trucks have gone up at least 15,000 baht over the last three months. (The price for) used cars sold in Myanmar without a licence or registration seems to be going down."

KBZ Bank to pay more tax

KBZ Bank is expected to pay Ks 30 billion in taxes during the 2016-17 fiscal year, said Nyo Myint, the bank's senior managing director, at the Top Tax Payers Award Ceremony on April 4 in Yangon.

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