Operator of Water Bus Service in Myanmar’s Biggest City Faces Lawsuit for Unpaid Fuel Bills

YANGON—Petro & Trans Group of Companies said it would file a lawsuit against Tint Tint Myanmar Co., the operator of the Yangon Water Bus service, for failing to pay outstanding bills for more than 70 million kyats (about US$48,400) worth of fuel purchases. When it was launched in 2017, Yangon Water Bus was billed as […]

MOGE owes more than US$1.6B even as domestic demand rises

Myanmar owes China more than US$1.6 billion which it borrowed on high interest to implement projects including an oil and gas pipeline, according to a Myanmar Alliance for Transparency and Accountability (MATA) statement released based on an Extractive Industries Transparency Initiative report. It has so far repaid more in interest than the amount borrowed for […]

Myanmar Central Bank unlikely to accept deputy governor’s resignation: sources

The Central Bank of Myanmar (CBM) is unlikely to accept the resignation of its deputy governor, U Soe Thein, according to government sources in Myanmar’s administrative capital Naypyitaw. “I heard that U Soe Thein submitted his resignation directly to the governor and the governor is unlikely to forward it to the President’s Office. He doesn’t […]

Myanmar seeks new export markets for local cattle

Myanmar will seek new foreign markets to which it can export cattle, said Daw Tin Nwe Yee, a deputy director from the Livestock Breeding and Veterinary Department under the Ministry of Agriculture, Livestock and Irrigation. “We are working on exporting to India through Tamu-Moreh border trading point and will continue to legalise new routes,” she […]

Chinese-Funded Port Gives Myanmar a Sinking Feeling

Myanmar’s government wants to sharply reduce the scale of a Chinese-funded port project on the Bay of Bengal that officials say risks saddling the country with unsustainable debt. Authorities in Myanmar are in talks with a Chinese consortium led by state-owned investment company Citic Group to shrink the size of what was originally envisioned as […]

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 […]