No easy break for Yangon’s bus system

A litany of woes besets Yangon’s buses, say owners and observers, and the situation is likely to get worse. Falling income, rising costs, staff shortages, police crackdowns, restrictions on fuel access, an ageing fleet and all-day congestion are conspiring to make bus travel in Myanmar’s largest city even worse. Bus owners who want to sell […]

Another paper bites the dust

Claiming “financial crisis”, Messenger Media yesterday published the last issue of its daily Messenger newspaper. The three-year-old paper was a free sheet for its first two years, but the introduction of a K100 cover price over the past year failed to stem the losses. Managing editor Ko Thura Aung denied reports that the closure was […]

Foreign banks may set up shop this year

Officials aim for foreign banks to be introduced as early as this year, though questions still surround the process that could see up to 10 international banks licensed in Myanmar. Letters were sent to foreign banks with a domestic presence requesting expressions of interest by May 30. Lawmakers have since suggested hiring a foreign consultancy […]

Myanmar launches construction and housing development bank

Myanmar has officially opened a first-of-its-kind bank yesterday in its commercial capital “Yangon”, according to sources. Construction and Housing Development (CHD) Bank was opened on January 11 at No.60, Shwe Dagon Pagoda Road, Dagon Township in the capital. Long-term personal loans for buying houses, apartment and condo flats are now available from the bank, according […]