Illegal timber trade from Myanmar grows

THE London-based Environmental Investigation Agency says it is calling on both governments to stop the trade worth hundreds of millions of dollars a year that is reducing Myanmar’s forests and supplies China’s wood-processing industry, which makes furniture for domestic and international markets. The non-governmental organisation said Chinese businesses acquire the rights to illegally log mountains, […]

Ministry of Mines threatens gold debtors with penalty

The companies have signed mining contracts with the state which provide for in-kind payments of gold, he said. The gold – a total of 200 viss, which equates to 20,000 ticals or 10,540 troy ounces – is owed from contracts starting in the 2007-08 financial year. Yesterday, internationally gold was at US$1119 a troy ounce, […]

Exchange rate fluctuation smooth as USD falters

Moderate depreciation of the US dollar against Asian currencies over the past three months has resulted in marked improvements for the kyat, which has appreciated as much as 2.42 percent against the greenback since mid-February. According to official exchange rates in Yangon, the value of the kyat against the dollar has grown from K988 on […]

Gold prices start year off with a bust

The continued devaluation of gold abroad has led to a 14.73 percent drop on the local markets over the past year, shop owners said. The current market price of one tical of 24 karat gold (one tical equals 0.576 ounces) now sits at K648,000 (equivalent to US$1133 an ounce), down from the K760,000 gold sold […]