Visa and KBZ to Produce Kyat-Denominated Credit Cards

RANGOON — Burma’s KBZ bank and international payment provider Visa announced on Thursday that they would jointly issue new payment cards, after receiving the green light to do so from the Central Bank of Myanmar the day before. The Central Bank announced on Wednesday that international payment providers could now offer products and services in […]

Growing Economy Brings Rise in Fuel Oil Shipping from Singapore

​​ SINGAPORE — Burma’s oil imports are surging to fuel a fast-growing economy and rebuild rotting infrastructure, creating a small but profitable route for ships making a beeline for the emerging Southeast Asian nation from the regional hub of Singapore. Servicing growth that could top 8 percent this year is a clutch of small tankers […]

Singaporean Institute Surveys Family-Based Firms in Burma

RANGOON — Singapore Management University’s (SMU) Business Families Institute and consultant company Deloitte have been working together on the first survey of family business in Burma. The KBZ Group of Companies was the first of four businesses to be studied in connection with the research initiative. Titled “Paving a Way for a New Generation: A […]

Dollar Exchange Rate Climbs, Shakes Up Burma’s Business Community

RANGOON — The US dollar exchange rate—at its highest since the new government came to power in April—has Burma’s business community looking for better trade policy. “In the black market, the exchange rate is currently 1306 kyats [US$1] per dollar; it’s too high for importers. If the import demand increases, it could impact the prices […]

Blockchain to Be Used on Myanmar Stock Exchange

Daiwa Securities Group, a major Japanese financial services company, has announced that it intends to implement blockchain technology for trading on the Yangon Stock Exchange in Myanmar (formerly Burma). Daiwa has been testing blockchain technology at the Yangon exchange for months, from June to September, and hopes to complete formal implementation for all Daiwa stock trades on the […]

Aung San Suu Kyi Woos Tycoons in Naypyidaw Meet-Up

NAYPYIDAW — State Counselor Daw Aung San Suu Kyi reassured some of Burma’s most prominent tycoons that their place in Burma’s economy and society was secure, so long as they backed government policy, left themselves open to scrutiny, and “worked for others.” She stressed that her intention was not to dwell on the past, expressing […]

Investment Law Rules and Regulations Released by March

NAYPYIDAW — Rules and regulations for the newly enacted Myanmar Investment Law will be released in three months at the earliest and by the end of March next year at the latest, according to U Maung Maung Win, deputy minister of national planning and finance. The law, enacted by President U Htin Kyaw last week, […]

World’s Biggest Jade Measuring 18ft and Worth £145 MILLION is Unearthed by Stunned Miners

The 175-tonne rock will appear its distinctive green once cleaned – it will then be carved up into expensive jewellery and sculptures in China Stunned miners have unearthed the world’s most valuable piece of jade – an 18ft monster worth £145M. Workers were excavating rare gems at a remote mine in Kachin State, Burma, when they stumbled […]

Military Officials, Cronies Released from US Blacklist

RANGOON — Burma’s former dictator Snr-Gen Than Shwe was among individuals removed from the US Treasury’s blacklist following the lifting of Burma sanctions on Friday. Another 16 senior military officials, including former Vice Snr-Gen Maung Aye, have been removed from the US Treasury’s Office of Foreign Asset’s Specially Designated Nationals and Blocked Persons (SDN) List. Apart from senior military officials, military-related businesses […]

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 […]