US sanctions force jade into a corner, say traders

Jade traders say US sanctions have forced them to rely on Chinese investors and buyers, who dodge taxes and operate with little to no transparency. If Washington were to remove sanctions, they say, it would speed up reform in the troubled sector. Since the US banned imports of gems and jade in 2003, China has […]

Lenders Urge Central Bank to Be More Flexible on Regulations

Bankers are urging the Central Bank of Myanmar to reconsider a recent regulation that might leave many of Burma’s commercial lenders struggling in the market. On Nov. 16, private lenders, officials from the Central Bank and President’s Office Minister Soe Thane met to discuss the state of Burma’s banking industry and its future when a […]

In Myanmar, local candidates want to fix more than potholes

YANGON, Myanmar — Municipal elections tend to hinge on issues like traffic congestion and trash collection — both of which are growing concerns on the aging streets of Myanmar’s fast-growing former capital. But Win Cho, a 56-year-old social activist and businessman, has a loftier agenda as he runs for a seat on the Yangon City […]

MPs criticise govt contract to company without invitation to tender

Members of Parliament criticised the government for giving ACE Construction Company the contract to construct a stage in Nay Pyi Taw for a grand military review, estimated to cost Ks 6.4, without inviting tenders. MP Sandar Min said, “The additional budget for the grand military review is not included in the budget estimate. The Ministry […]

Myanmar -EU Business Chamber formation mired in infighting and name calling

The EU Delegation has tentatively chosen a candidate to launch and operate a forthcoming EU Chamber of Commerce in Myanmar – though not an organisation which had been hoping for the European business chamber mantle in the country for years. Euro Business Forum founder Luc de Waegh said his organisation could have completed the project […]

Government procurement law needed, says deputy attorney-general

The government needs to enact a procurement law to ensure transparency and prevent corruption, said Tun Tun Oo, deputy attorney-general, at the session of lower house of parliament on September 29. He was replying to MP Tin Maung Oo’s question on “whether there is a plan to enact the government procurement law for the emergence […]

New city project suspended indefinitely, says Yangon mayor

A controversial US$8 billion project to build a new city on Yangon’s western outskirts has been indefinitely suspended by the Yangon region government. The decision to suspend the project was announced in the Yangon regional hluttaw from Yangon Mayor U Hla Myint on September 26. Asked how long the project had been suspended, U Hla […]

Myanmar Has Swapped a Military Dictatorship for a Stock Exchange

Why you should care Myanmar has one of the last untapped economies in the world and a wealth of gas, gems and other resources. A stock market could eventually provide an entry point for investors. Thinking of investing in Myanmar? Just maybe it will be possible soon. The last time Myanmar launched a stock exchange […]

Internet connection: Corporate website index released

Corporate websites provide a window to examine business practices, but their quality is still a mixed bag in Myanmar, according to a report by the Myanmar Centre for Responsible Business (MCRB). KBZ Bank and Max Myanmar came out on top of a rankings list that looks at the amount of information firms provide in key […]

Gov’t Drafts Open Tender Bill

The United Nations Office for Project Services (UNOPS) and the World Bank are currently working with the Myanmar government to draft the Open Tender Bill. Once passed, this bill will serve as the legal framework for inviting government procurement tenders and awarding construction contracts, according to Daw Le Le Thein, deputy union minister for the […]