The Irrawaddy | Archive | Business | 2
Tourist Numbers Hit 3m in 2014: President

President Thein Sein announces that Burma received more than 3 million visitors and raked in over US$3 billion last year.

Realtors Predict Rangoon Property Market Slowdown in 2015

Skyrocketing property prices will taper off next year while rental costs continue to rise, according to local real estate experts.

Govt Calls for Foreign Investment in ‘Death Highway’ Upgrade

The Ministry of Construction is seeking local and overseas interest in upgrading the notoriously dangerous stretch of road between Rangoon and Mandalay.

CSOs Condemn Govt Response to Mine Protests

A coalition of civil society groups involved in the implementation of the Extractive Industries Transparency Initiative condemn the government’s handling of the Letpadaung mine protests.

‘Illegal’ Shipments to China Dominate Burma’s $340m in Rice Exports

Rice shipments across the Sino-Burmese border, considered illegal in China, account for more than two-thirds of total rice exports over the last nine months.

Vietnam’s Viettel Nears Deal to Invest $800M in Yatanaporn Teleport

Vietnam’s Viettel Global and Burma’s state-backed Yatanarpon Teleport await approval for an $800 million investment to build Yatanarpon’s telecoms infrastructure.

1 Year Minimum Until Call for Upgrade, Transfer of Airports: Official

A government call for the upgrading and privatization of 30 domestic airports in Burma has been postponed until late next year at the earliest.

Thousands Protest Against Mandalay Gem Market Move

Crowds take to the streets of Burma’s second largest city to protest a government proposal to relocate the country’s principal jade and gems market.

KBZ Bank Tops Tax-Paying List, Alongside Army-Owned, Blacklisted Firms

Kanbawza Bank tops last year’s list of corporate tax payers, followed by several large US-blacklisted conglomerates, while two army-owned firms paid the most sales tax.

Police Arrest 14, Dismantle Protest Camp at Rangoon City Hall

An encampment at City Hall is dismantled by police as 14 land rights protesters from Rangoon’s Michaungkan are arrested for unlawful assembly and obstruction.

Burmese Firm Picks Puma Energy as Jet Fuel Distribution Partner

Myanma Petroleum Products Enterprise chooses Puma Energy Group as its partner to distribute jet fuel, as demand rises from a boom in tourist arrivals.

Labor rights improve in Burma but worsen in Thailand; tourism numbers pose service problems; gas export revenues increase; and EU gives funding boost to Burma.

Burma Last in Asean to Join Regional Infrastructure Fund

Burma has become a full member of the Asean Infrastructure Fund, the last country of the regional grouping to gain shareholder status.

Rangoon Govt to Seize 80% of Idle Industrial Zones

Rangoon’s Industrial Zones Management Committee receives business proposals for only about 20 percent of idle land holdings in divisional industrial zones by a government-imposed deadline.

Govt to Tighten Car Import License Requirements

The government will require car importers to apply for licenses prior to shipping in an effort to reduce the storage of vehicles at Thilawa Port.

‘The Bubble Will Definitely Burst’

Serge Pun, executive chairman of Yoma Strategic Holdings, discusses a recent ADB loan, the resumption of services at Yoma Bank and Burma’s overheated property market.

ADB to Loan Burmese Conglomerate Yoma $100Mn for Connectivity Projects

The Asian Development Bank will provide a loan of up to US$100 million to local conglomerate Yoma Strategic Holdings to improve infrastructure connectivity in Burma.

Optical cable connects Yunnan to Bay of Bengal; foreign investors face crackdown; and Singapore firm buys Rangoon office tower share.

In Muse, Promise and Perils of Development Redux

The Muse Central Economic Zone project moves forward in an effort to boost commerce along the Chinese border, despite land grievances from some local residents.

Offshore Contracts Signed, But Delays Abound

An industry report has said it may be years by the time any oil or gas is produced from 20 licensed offshore exploration areas.