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Central Bank provides new details on foreign-bank directive

Foreign banks will be allowed to expand their branch networks in Myanmar next year, according to two senior officials of the Central Bank of Myanmar (CBM) yesterday. “More foreign bank branches will be allowed next year. Foreign banks can no longer be blocked from doing business in Myanmar because the local banks are not developed […]

Laxer Rules of Foreign Banks to Spur Trade, Central Bank Says

The Central Bank of Myanmar said its decision last week to let foreign banks operating in the country lend and provide other services to domestic companies will help exporters limited by local lenders finance their trade with the rest of the world. “We expect that they [foreign banks] will mainly provide foreign currency to the […]

Army confiscates land plots including Mya Yeik Nyo Hotel from Zay Kabar Co.

Army confiscated land plots included in Yangon New World property project in Yangon region from Zay Kabar Company as the company failed to follow the agreements stated in the Memorandum of Agreement (MoA) signed between Quartermaster-General Office and the company, said Moe Min Win, Secretary of Office of Garrison Town Development Committee (Yangon) on October […]

H&M supply factory in Myanmar damaged in violent labour protest

Workers demanding better conditions and benefits have destroyed the production line of a Chinese-owned factory in Myanmar making clothes for Swedish fashion retailer Hennes & Mauritz, in one of the most violent labour disputes in the country in years. The month-old dispute, which also saw managers attacked, highlights the need for Aung San Suu Kyi’s […]

BASF plant to produce construction chemicals in Myanmar

Germany’s BASF is building a plant in Myanmar to produce chemicals for the booming domestic construction industry, and to fill a need for more advanced materials. “As Myanmar’s construction industry grows more sophisticated in its scope, which includes high-rise buildings, roadways and bridges, the requirement for high-quality technical and construction solutions will increase,” said Christian […]

MCDC to lease its land, buildings through tender system

​​ Subscribe to our tender alert mailing list THE Mandalay City Development Committee will begin to lease its land plots and buildings using the tender system from the beginning of the next fiscal year. Buildings which have been contracted with the BOT system, however, will not be included. “The BOT system permits the leasing only […]

Yangon Heritage Trust to Probe Public Opinion

Yangon Heritage Trust (YHT), an NGO which works towards conserving historic buildings in Yangon, has announced the start of a survey to gauge the public’s opinion on city heritage. The project, carried out with the support from New Zealand government and Yangon City Development Committee (YCDC), aims to understand how Yangon residents value their local […]

Industrial leaseholders warned they would lose if no business is done

The Yangon region industrial zones management committee has warned it will retake 2,339 land plots and 1,299 warehouses located in 29 industrial zones in Yangon region by February 2015 if they are not used for business purposes. Land plots and warehouses occupy more than 4,418 acres of space in total, according to the committee. The […]

Dagon City showroom already creating a buzz

The showroom of Dagon City 1, a multipurpose residential project that will be built in one of the city’s prime locations – next to Yangon Zoo – has been drawing crowds even though it has yet to officially open. The showroom will officially open on September 27, but its staff are not turning away those […]

No Water Supplies above 12th Floor: YCDC

Yangon City Development Committee announced that it would not provide water supplies to proposed construction projects of buildings with 12 or more storeys. As the constant increase of high-rise apartment buildings in Yangon puts more pressure on the public water utility, the new developers of taller buildings must prepare for this strained water supply, YCDC […]