Ascent Capital closes Myanmar fund after elections

Singapore fund manager Ascent Capital Partners announced the final close of its debut Myanmar-focused fund, the Ascent Myanmar Growth Fund I LP (AMGF), on November 11. AMGF has attracted total capital commitments of US$88 million since its establishment in 2018, which it says makes it the world’s largest Myanmar-focused private equity fund. This comes after […]

Myanmar’s Suu Kyi projects ‘pro-economy image’ before election

YANGON — Ahead of a general election on Nov. 8, the Myanmar government, ruled by State Counselor Aung San Suu Kyi’s National League for Democracy, has started to demonstrate its seriousness in buttressing the coronavirus-affected economy. To continue reading, subscribe today Stay ahead with our exclusives about Asia; the most dynamic market in the world. […]

Myanmar company wins pearl farm joint venture

Virgin Pearl Enterprise Ltd, a local company, has won a tender to develop a pearl farm under a joint venture with the government in Kaw Ye Gyi Island, Tanintharyi Region, said U Tay Zar Lin, Deputy General Manager from state-owned Myanmar Pearl Enterprise (MPE). The work involves breeding pearl oysters across 5257 acres of the […]

Myanmar’s growth prospects shrink on resurgence of COVID-19

Two men walk at the Ayeyarwady COVID-19 treatment centre built inside Thuwanna Stadium in Yangon. Photo: Aung Htay Hlaing/The Myanmar Times Myanmar’s growth prospects shrink on resurgence of COVID-19 Stringent containment measures, an uncertain export outlook and strengthening of the local currency against the US dollar could delay Myanmar’s economic recovery into 2021 following a […]

Myanmar ‘Has No Fourth Estate’, Mandalay Chief Minister Says of Media’s Role

MANDALAY—In an apparent snub to Myanmar’s media, the chief minister of Mandalay Region said on Friday that he only knew of three pillars of democracy—the legislature, the administrative branch and the judiciary—prompting criticism from the country’s media organizations. The news media are often collectively referred to as the “Fourth Estate” for their critical role in […]

Cambodia Businesses, Unions Ask EU Not to Impose Trade Sanctions

PHNOM PENH—Cambodian businesses and unions urged the European Union on Monday to not withdraw trade preferences from Cambodia over human rights concerns, saying such a decision would pose serious economic damage and harm millions of workers and their families. The EU warned last year that it would strip Cambodia of its “Everything but Arms” (EBA) […]

In Myanmar, Facebook brings light as well as darkness

It has been more than eight months since Facebook CEO Mark Zuckerberg was grilled by the US Congress over the Cambridge Analytica breach. “I promise I will do better” would be a simple short sentence to sum up Zuckerberg’s stressful two-day congressional testimony. He admitted to US senators that partly because of his mistake it […]

Why Myanmar matters so much for India

President Ram Nath Kovind will be on a four-day state visit to Myanmar starting on December 10. This will be the fifth high-level visit between the two countries in the last four years. Prime Minister Narendra Modi’s visit last year was the third by an Indian prime minister in five years and his second in […]

New dawn for remote Andaman Sea island tourism

Few have heard of the Mergui Archipelago, and even fewer have managed to visit the 400km string of scattered islands in the Bay of Bengal’s Andaman Sea. Most of the 800 offshore islands are uninhabited, apart from a few seasonal settlements of the seafaring nomadic Moken, and some Burmese fishing villages The jungle-clad limestone and […]

Estranged brother of Myanmar’s Suu Kyi bids to sell lakeside home

The estranged brother of Myanmar leader Aung San Suu Kyi said on Thursday he is making a new bid to sell the lakeside house where the democracy activist turned politician spent 15 years under house arrest. Aung San Oo, who spends most of his time in the United States, submitted an appeal at the supreme […]