Business / Trade


Residents raise environmental, health concerns
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China’s strategic investment in an oil transhipment terminal on the Myanmar coast at Kyaukphyu and a 900-kilometre pipeline to Yunnan could soon be justified by a surge in piracy in the Malacca Strait between Malaysia and Indonesia.
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Although China remains the biggest foreign investor in Myanmar, investments from other countries are quickly catching up in the Southeast Asian nation, which was once a pariah in the international community.
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A three-day ASEAN senior economic officials meeting is underway in Yangon to make preparations for an ASEAN economic ministers meeting scheduled for August, meeting sources said Sunday.
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Myanmar’s opening attracted much interest not only from Asian neighbors but also from those in the West that once considered the country a pariah.
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Myanmar is preparing to grant up to 10 foreign bank licenses next month, a senior government official said, allowing overseas lenders to start doing business in the country after decades of being frozen out.
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Standard Chartered’s decision to not move forward with the licensing process is “a missed opportunity for Myanmar”, according to experts.
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On a recent rain-soaked night, the ancient gold Shwedagon Pagoda, believed to contain relics of the Buddha, glowed through the mist in Rangoon.
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More than 700 workers protested Thursday in front of the South Korean Embassy in Myanmar to demand officials help them after a Korean-owned factory closed without paying their wages.
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The Shan Human Rights Foundation, a community based human rights organisation, claims that since June 11th the Burma Army has been attacking civilians and is contravening its ceasefire agreement with the Shan State Army-North (SSA-N).
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The first ever British Chamber of Commerce has been registered to work in Burma, in a move the UK hopes will assist companies from the former colonial power looking to set up operations here.
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Burma will become increasingly dependent on imported crude oil and refined fuels over the next ten years because of a lack of planning and investment, an industry report has forecast.
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Burma, one of the final frontiers for the international financial system, now boasts over 2,000 automatic teller machines (ATM) and credit card services provided by global brands such as MasterCard and Visa.
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Facebook is under the spotlight in Myanmar after the latest outbreak of communal rioting was blamed on rampant hate speech and rumor-mongering by users of the social media platform.
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Mitsubishi Aircraft Corp., developing Japan’s first passenger jet, won an order worth $281 million in list prices from Air Mandalay Ltd. in Myanmar, the company’s first sale in the country.
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Japan’s KDDI Corp and Sumitomo Corp, in partnership with Myanmar’s state-backed telecoms operator, plan to invest about $2 billion over the next decade to expand service in one of the world’s least-connected countries.
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Imports from China continue to exceed exports to Myanmar’s largest trading partner, with the imbalance rising to nearly US$1.2 billion in the last fiscal year, government figures show.
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Thailand is spending 300 million baht to promote and develop trade at five border checkpoints bordering Malaysia, Myanmar, Laos and Cambodia.
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Burma faces a “very tough task” to achieve the Ministry of Electric Power’s ambition to develop a modern national energy infrastructure in the next 15 years, an industry report said.
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Dozens of foreign banks are pushing to launch licensed operations in Myanmar, in a bid round closing on Monday that reveals both pros and cons of entering the fast-opening southeast Asian country.
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