VTTI Looking to Invest in Oil Storage in Southeast Asia

SINGAPORE VTTI, the storage arm of the world’s largest independent oil trader Vitol [VITOLV.UL], is scouting for investment opportunities in Southeast Asia to cater to the region’s rising demand for tank space, the head of its Asia business unit said. The oil industry has absorbed at least 2 million cubic meters, about 12.6 million barrels, […]

TrueMoney goes international, targeting Myanmar

Executives join to launch the oversea transfer service. (Photo courtesy of TrueMoney) Local mobile payment companies are gearing up to extend their payment services overseas after the Bank of Thailand eased foreign exchange rules. The central bank in March eased the regulations to allow companies that hold payment licences under the law regulating e-payment to […]

4 ways to boost e-commerce in Myanmar

e-Commerce industry growth will need banks and telcos to reduce service fees, provide better APIs, and simplify procedures to eliminate the hassle of payments Since 2012, foreign investors have been on a gold rush in Myanmar. GDP has climbed up steadily from US$58.68 billion in 2013, to US$64.33 billion in 2014, then US$64.87 billion in 2015. In July 2016, the new […]

Southeast Asia’s First ‘Book Plaza’ to Open in Rangoon Early Next Year

RANGOON — A complex of businesses and event spaces aimed at book lovers, which developer U San Mon Aung has called Southeast Asia’s first “book plaza,” is set to open in downtown Rangoon’s Chinatown in early 2017. The Yangon Book Plaza will occupy a 100×200-foot space on the fifth floor of Than Market in Lanmadaw […]

Thailand cracks down on migrant workers as anti-immigration feelings rise

BANGKOK: Thailand is cracking down on migrant workers from neighbouring countries, saying they are “stealing jobs from Thais”, amid fears that anti-immigrant sentiment is rising as Southeast Asia’s second-largest economy stagnates. In an operation led by the Thai labour department, police and troops on Wednesday raided a fresh produce market in Bangkok and arrested 14 […]

Pocket change: Myanmar banks on mobile money

YANGON – Carrying her wages in wads of cash across Myanmar was once a risky, onerous but unavoidable ritual for maid Khin Myint Oo. But now she just pings off a text to move the money to her children back home as mobile banking sweeps into a country whose people have for decades been locked […]

The Trouble With India’s Projects in Myanmar

India has great ambitions for infrastructure construction in Myanmar, but falls short in implementation. Myanmar President Htin Kyaw’s recent visit to India, the first by the head of a civilian government in Myanmar in over five decades, saw the two sides focus on improving connectivity and counterinsurgency cooperation. In addition to reaffirming their commitment to […]

US restores GSP benefits to Myanmar

US president Barack Obama has signed a proclamation reinstating Myanmar’s (formerly Burma) eligibility for benefits under the Generalized System of Preferences (GSP) programme as of November 13, 2016. Since Myanmar is a least developed country (LDC), it will be able to export approximately 5,000 products to the US duty-free under this programme. The trade preference benefits were restored after […]

Wary of China, India Moves to Woo a New Myanmar

Days after Aung San Suu Kyi made a high-profile trip to China as foreign minister of Myanmar, Indian External Affairs Minister Sushma Swaraj visited Mynamar in the first high-level visit from India after the civilian government assumed office in Naypyitaw. Myanmar’s President Htin Kyaw is on a four day visit to India as well this […]

Myanmar transportation, infrastructure weakest in Southeast Asia: World Bank

Myanmar has the weakest transportation and infrastructure in Southeast Asia, according to a report by the World Bank Group. Myanmar ranked 137 among 160 countries in the transportation index in 2014, giving it the lowest position among Southeast Asian countries. Moreover, only 33 per cent of households in Myanmar have access to electricity, while 60 […]