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Analysts say high-interest bank loans from WB and ADB pose risk to enterprises

Businesses in Myanmar are borrowing money from World Bank (WB) and Asian Development Bank (ADB) at an interest rate of six per cent, which will pose a risk to them if the currency exchange rate changes, said analysts at the Myanmar Institute of Certified Public Accountants (MICPA).
The analysts gave a talk at office of the auditor general in Yangon on the topic of Foreign Exchange Management laws and by-laws last month. During the talk, a member of MICPA the high rate at which Myanmar businesses are borrowing from the WB and ADB.

Efforts to develop coal-fired power plants violate NEP

The construction of coal-fired power plants by the Ministry of Electric Power violates the national energy policy (NEP), said Aung Myint, secretary of the Renewable Energy Association Myanmar (REAM).

Findings on death of Letpadaungtaung farmer under review

The Myanmar National Human Rights Commission (NHRC) is reviewing its findings on the death of a farmer during a protest at the Letpadaungtaung copper mine in Sagaing Region. The commission will release a report about the incident within days, said Sit Myaing, vice-chairperson of the NHRC.

Yangon Supreme Court staff investigated for hoisting wrong flag

Instead of hoisting the national flag on New Year's Day, staff at the Yangon Supreme Court hoisted the three-coloured peacock flag. They are now being investigated my police.The three-coloured peacock flag was used by the Burma Independence Army from 1943 until 1945.“Polices are now probing into the raising of the wrong flag at the Yangon Supreme Court. Staff who worked on January 1, including security guards, are being interrogated.

Township court rejects complaint lodged by Kantblu farmers

A Kantblu Township court has rejected a complaint lodged by farmers against tenant farmers. The tenant farmers were hired by the army to harvest the crops planted by local farmers whose lands were seized by the army in Kantblu.Although the judge initially accepted the complaint, which was last month, he ultimately decided not to let the case proceed.“In the middle of last year, soldiers and tenant farmers destroyed our crops. They set fire to our shelter. We filmed and photographed it.

State Sangha Maha Nayaka Committee to decide sealed-monastery case

YANGON – The Yangon Region Religious Affairs Department will proceed with the case of the sealed- Maha Thandi Thukha monastery in accordance with the decisions of State Sangha Maha Nayaka Committee, said Regional Religious Officer Sein Maw yesterday.

“We are going to carry out the sealed monastery case according to the decision of the Sangha Maha Nayaka Committee. Currently, we don’t know how to do it. We have not received any information,” said Sein Maw.

Official statement on controversial mining project takes heat

The committee tasked with implementing the recommendations of the report piled by a previous investigation commission over the Letpadaungtaung copper mining project released a statement on January 5 stating that over Ks 10 billion (US$10 million) in compensation has been distributed to farmers who were dispossessed by the project, and each of the farmers has received an amount of that matches the value of the lands they lost.

Ministries to be investigated for overspending

A parliamentary committee will summon officials from some government ministries to discuss the auditor-general’s findings on the ministries' budget spending on January 8-9.

The Union Auditor-General's Office identified overspending within several ministries when it audited the budgets of the government ministries for the 2013-2014 fiscal year.

MATA protests in Monywa over Letpadaungtaung clash

The civic organsiation Myanmar Alliance for Transparency and Accountability (MATA) demonstrated in Monywa Township against the Letpadaungtaung clash on January 5, denouncing the police crackdown on protesters.

“We stand together with the Letpadaungtaung farmers. The owners of our country’s natural resources are the ethnic minorities,” said Tun Myint Aung, member of the MATA.

Activists demonstrate on Independence Day

Around 150 activists from 22 organisations demonstrated to demand constitutional amendment, the release of all political prisoners, freedom of expression and internal peace at Maha Bandoola Park in Yangon on January 4, Myanmar’s Independence Day.