Business / Trade


Aug 26 Seventeen local firms have applied to join a consortium that would operate Myanmar’s fourth mobile phone network, a Ministry of Communication and Information Technology official said on Wednesday.
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The surprise political shuffle of Thura U Shwe Mann sends the wrong signal to the international business community during an already uncertain period, according to experts.
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A controversial Chinese loan may have become a burden due to recent flooding and currency depreciation.
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The Ministry of Commerce will further reduce its stake in Myanmar Citizens Bank to allow the public to boost ownership, according to senior officials at the bank.
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Asian shares made tentative gains Wednesday after a China interest rate cut designed to soothe fears about stalling growth in the world’s number-two economy, but more volatility was forecast in a crisis that has panicked global markets.
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Krispy Kreme announced it has signed a development agreement with Doughnut Group Pte. Limited, to open 10 Krispy Kreme shops in Myanmar over the next five years according to a press release from the company on 25 August.
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Burma’s largest beer maker, military-owned Myanmar Brewery Ltd., aims to increase its annual production by 50 percent in the years ahead, the company announced on Wednesday.
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As the kyat continues its eight-month slide against foreign currencies, the Central Bank of Myanmar will soon set down punishments against businesses charging in US dollars, according to official sources.
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IFC, a member of the World Bank Group, announced today that it will provide a $7 million convertible loan to Myanmar Oriental Bank Ltd. to help the lender expand financing for small and medium enterprises in urgent need of capital to grow their businesses and create jobs The Financial reported on 19 August.
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Thura U Shwe Mann’s removal from power has shaken Myanmar’s business elites and captured the attention of foreign investors.
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Peak tourism season is nearing, and insiders are cautiously watching current events for effects on foreign arrivals.

There has been extensive flooding through much of the country and a high-profile pair of bombing attacks in Bangkok that may hurt arrivals to Thailand, the largest gateway to Myanmar. Still, insiders say that even if foreign tourists are wary, there is plenty of time for in-bound tourism to improve ahead of the peak season.
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Myanmar, which is moving fast in its economic reforms, is all geared up to bridge the development gap with more developed ASEAN countries, said Myanmar Minister for National Planning and Economic Development Dr Kan Zaw.
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Shan community representatives are today presenting a petition containing 23,717 signatures opposing the building of dams on the Salween River to the Australian company Snowy Mountains Engineering Corporation (SMEC) at their office in Yangon according to a press release by Action for Shan State Rivers on 25 August.
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In Burma’s business environment, where many prominent firms have close ties to officialdom, political developments at the top can have major ramifications for the economy.
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Thura U Shwe Mann’s removal from power has shaken Myanmar’s business elites and captured the attention of foreign investors.
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The property market in Burma’s commercial capital has seen little in the way of recent sales or investment as developers await the results of the country’s general election later this year, real estate agents told The Irrawaddy.
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The Mandalay regional government will cease issuances of new commercial fishing licenses for Taungthaman Lake in a bid to conservethe body of water, which hosts Burma’s iconic U Bein Bridge.
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KBZ, the largest domestic private bank, plans to open representative offices in Thailand and Singapore by October, according to KBZ senior managing director U Than Cho.
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With each new approval of an industry-focused bank, Myanmar’s banking sector becomes riskier.

Instead of creating more banks, Myanmar should streamline its existing institutions to minimise the chance of a banking sector crisis, according to international advisers, who have warned the government against the systemic risks created by sector-specific banks.
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The Central Bank of Myanmar will take action against companies that encourage dollarisation, according to a senior official with the bank’s Foreign Exchange Management Department.
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