The Irrawaddy | Archive | Business | 3
Shell Inks Contract to Explore 3 Offshore Oil and Gas Blocks

Royal Dutch Shell has signed an exploration and production-sharing contract with a state-owned firm for three offshore deep-water blocks off Arakan State and Tenasserim Division.

Low Labor Cost Ranks Burma among Top Countries for Investment

Burma is named one of the five best countries in the world for cheap labor, making it attractive for manufacturing investment.

Corporate Tax Evaders to Lose Their Licenses

In an effort to tighten up Burma’s loosely enforced tax code, nearly 200 domestic companies will be de-registered for evasion, officials announced on Wednesday.

Chinese Firm Joins Local Rice Miller to Bolster Industry

A Burmese rice milling company and the Chinese firm CAMC Engineering partner to improve the quality and capacity of rice milling operations in Burma.

After Locals Block Coal Plant Survey, Mitsubishi Promises Japan Study Trip

Nga Yoke Kaung residents have blocked a survey for a planned coal power plant, prompting an offer for villagers to inspect coal facilities in Japan.

Burma Opens Deep Sea Port for Chinese Oil Pipeline

Burma opens a deep sea port off its western coast, part of a project that will carry crude oil from the Middle East to China.

Italian Thai, Rojana to Sign $1.7b Dawei Deal in March

Italian-Thai Development Pcl. and Rojana Industrial Park will sign a $1.7-billion deal in March to develop the Dawei industrial zone, the Thai government said.

Chinese-backed oil refinery planned for Dawei; negotiations underway for Mon State beach resort; and Thai government flags cross-border trade expansion with Burma.

E-Payment Services to Come Online in February

Burma’s sole domestic card-based payment system, Myanmar Payment Union (MPU), will offer online services beginning in early February, according to an executive.

Burma’s First Govt Bond Auction Sells Less Than Half of $49M Offering

Burma’s Central Bank sold less than half the 50 billion kyats worth of treasury bonds on offer in an auction aimed at reforming the economy.

Mizzima to Shut Down Daily, As Tycoon Cuts Ties

Mizzima Media Group will cease publication of its local-language print newspaper on March 1, as local businessman Serge Pun ends his involvement with the organization.

Carlsberg to Begin Brewing Burma Beer in March

The Denmark-based Carlsberg Group will begin brewing beer in Burma from March, in a joint venture with local firm Myanmar Golden Star.

Govt to Push for Ambitious 4.5M Tourist Visitor Target

The Tourism Ministry aims to attract 4.5 million visitors this year, despite recent criticism on the accuracy of its visitor figures and tourism development approach.

Burma ‘Not Ready’ for Asean Single Market by End of 2015

The goal of creating a single business market among Asean’s 10 member countries by the end of this year faces considerable hurdles, analysts warn.

Kempinski Hotel Slated for Historical Rangoon Building in Controversial Plan

Switzerland’s Kempinski Group and Thai and Burmese investors are developing Rangoon’s old Police Commissioner’s Office into a luxury hotel, a move opposed by Burmese lawyers.

Madae Islanders to Protest Inauguration of Kyaukphyu Pipeline

Madae Island residents plan to air their grievances over the Kyaukphyu oil pipeline, which is expected to begin operations by the end of the week.

Poor marks for transparency; Britain promotes oil in Burma; Indonesian smelter plans revived; barrier-free tourism sought; and Thailand urged to do more on migrant labor.

Mixed Reception in Burma for Tumbling Global Oil Price

The plunge in global oil prices is good news for Burmese consumers, but is shrinking profit margins for the country’s crude exporters.

Smuggling Across Borders With China, Thailand Rising: Minister

The Minister of Commerce says the volume of goods being smuggled across Burma’s borders with China and Thailand is rising, despite a recent government crackdown.

Parliament at Odds with President Over Pay

A parliamentary drafting committee rejects Burmese President Thein Sein’s revisions on a plan to raise government salaries, according to lawmakers.