In Burma, a Fine Line Between CSR and Karmic Cash

RANGOON — It was perhaps inevitable that Burma’s business sector would struggle with the idea of corporate social responsibility (CSR), operating in a country of high charitable giving and stark contrasts between its wealthiest and poorest citizens. At least in part, this stems from the reality that CSR, as a concept, has only caught on […]

First foreign banks in Myanmar herald possible sector shake-up

This week’s arrival of the first three foreign banks to be allowed to open branches in Myanmar has already signalled a possible shake-up of the banking sector, with Japan’s Sumitomo Mitsui Banking Corporation expressing interest yesterday in eventually acquiring a minority stake in Kanbawza (KBZ), Myanmar’s largest lender. Hiroshi Minoura, vice chair of SMBC, one […]

Minister U Soe Thane urges the long-term view

The economic improvements to the country since the 2011 transition to civilian government are obvious, but reforms must be continued by subsequent governments, according to Coordinating Minister for Economic Development and Minister for the President’s Office U Soe Thane. Although the current course struck by the government has generated improvements in certain areas, progress has […]

Private banks boost savings interest rates

Some of the 22 local private banks are offering higher interest rates on saving accounts beginning this month. The Central Bank of Myanmar (CBM) recently changed the interest rate to control inflation. However, the interest rate for financing has not changed yet. The CBM raised the savings interest rate between 8-13 per cent based on […]

150 local companies registered to do oil and gas business with foreign firms

Over 150 Myanmar companies, including Shwe Taung, Edin and IGE, Kanbawza, A-1, Tarmoenye Chantha, have been registered in the Ministry of Energy to cooperate with foreign firms that will invest in the oil and natural gas sector, according to the Ministry. The Ministry of Energy offered tenders 18 inland blocks of oil and gas in […]

Over 140 joint ventures in Myanmar’s growing oil and gas sector

The number of joint ventures between local and international energy companies now exceeds 140 say officials from the Ministry of Energy. According to Myanmar’s most recent foreign investment law, foreign companies are generally required to make joint ventures with local companies in order to invest in the oil and gas sector. On June 12, a […]