National Prosperity Company under scrutiny on gold debt to gov’t

Negotiations are currently being carried out for NPC to make the payments. The company owes 5.5 tonnes of gold (over 3,400 viss) priced at a fixed rate to the government. NPC has an 8-year contract with the government to mine for gold in the resource-rich Moehti Moemi area, which spans over 6,000 acres of land. […]

Construction Business Saddled by Debt, Competition

The construction business, a capital-intensive industry, is struggling as many developers have gone into severe debt, developers said at a conference. At a forum on the situation of the construction industry held at UMFCCI, U Ko Ko Htwe, a major property developer who runs Taw Win Construction Company, claimed, “We are about K20 billion in […]

Japan ‘Making Up for Lost Time’ in Burma

Japan will lend Burma US$504 million and will cancel $1.74 billion of Burmese debt as part of a series of weekend deals that included a pledge to push development of a proposed port and commercial zone at Thilawa, a half-hour drive from downtown Rangoon, Burma’s commercial capital. Making the first visit by a Japanese prime […]