The Irrawaddy Magazine | Archive | Business | 3
Central Bank Reduces US Dollar Sales to Private Lenders

The Central Bank of Myanmar has sharply reduced US currency sales to private banks, according to local banking industry insiders.

State-Owned Bank Threatens Legal Action Against 15,000 Indebted Farmers

The Myanmar Agricultural Development Bank is threatening legal action against more than 15,000 farmers in Irrawaddy Division who have failed to pay back their loans.

Asia Inc. Leads West in Business in Burma

Asian businesses are gaining a foothold in Burma far quicker than those from Europe and North America in setting up in the fast-changing country.

FDI, Aid ‘Will Dry Up’ If Burma’s 2015 Elections Are Postponed

Burma’s economic and social development will grind to a halt if rising military interference in politics delays the 2015 national elections, a business analysis warns.

Run on Bank Owned by Son of Blacklisted MP

A large amount of money was withdrawn from United Amara Bank, owned by the son of Aung Thaung, after the US blacklisted the USDP lawmaker.

Colgate buys a Burmese toothpaste brand; hotel redevelopment slated for a Rangoon courthouse; millions of motorbikes are smuggled; and changing Burma offers a fast-food frenzy.

Burma Army Conglomerate Says It Has Won Beer Spat With Singapore’s F&N

UMEHL says it has won an arbitration case against Singapore’s Fraser and Neave Ltd that will give it the right to buy Burma’s biggest brewery

Concerns Grow Over Severe Slump in Rice Prices

Ahead of the main harvest season, rice prices and export demand have sharply dropped after China tightened border controls on Burmese rice imports.

Hanthawaddy Airport Contract Goes to Singaporean-Japanese Consortium

A Singaporean-Japanese consortium wins the contract to build the US$1.5 billion Hanthawaddy International Airport north of Rangoon, the director-general of Burma’s Civil Aviation Department says.

Burma’s Kyat at Weakest Since Float on Strong Dollar, Trade Deficit

A strengthening US dollar on global currency markets, coupled with Burma’s growing trade imbalance, pushes the kyat exchange rate above 1,000 kyats per US dollar.

Thai Power Firm’s Business Tactics ‘Use Burma’s Weak Laws’

Restricted at home, a Thai state-owned electricity firm wants to use Burma as a proxy supplier of electricity via environmentally damaging dams, an NGO says.

Telenor SIMs Launched in Rangoon

Norway’s Telenor launches its telecom network in Rangoon, becoming the third telecoms provider to offer services in Burma’s biggest and increasingly connected city.

Tax Revenues Expected to Rise to $4Bln: Official

The government expects to collect $4 billion in taxes this year. This represents a third consecutive increase in revenues but falls short of IMF projections.

Tin industry surges; England to aid banking sector; MOGE will tender more energy blocks; Thai firm inks solar agreement; and US companies fund women’s initiatives.

E-Visa Service to be Offered for 6 Additional Entry Points

Burma’s Ministry of Immigration and Population plans to begin issuing electronic visas for tourists entering the country through six additional locations.

Record Haul in Jade Sales to Burmese Traders

Jade sales at a major gems emporium for local traders in Burma hit a record high, with 126 billion kyats worth of the gemstone sold.

Japan to Carry out Studies on How to Revive Dawei SEZ

Japan is to carry out several studies on how the stalled Dawei Special Economic Zone (SEZ) in southern Burma can be revived, government sources say.

Burma FDI Hits Full-Year Target in First 6 Months of 2014-15

Foreign direct investment into Burma exceeds the government’s original target just six months into the fiscal year, topping $4 billion through September.

Thai firm with Burma dam criticized; Mae Sot-Myawaddy trade soars; visa-free Asean urged; UK’s ‘ethical business’ pledge panned; and a jade market taps high demand.

After Months, Hundreds of Garment Workers Receive Overdue Pay

Some 750 workers receive their salaries and severance pay after the Labor Ministry auctioned off property of the defunct South Korean Master Sports factory.