Ponzi Scheme Takes Millions From Rural Myanmar

In the wake of My­anmar’s most wide­spread and finan­cially devastating ‘Ponzi scheme,’ millions of dollars have been lost, thousands of people de­frauded, and a myriad of ministries left pointing fingers. In December 2016, Sax­on Capital Limited (SCL) began selling shares to residents of Pyay, Bago, Mawlamyine, and other townships promising an 80 percent return on […]

Myanmar’s edible bird nest industry comes home to roost

The cries of amorous swiftlets echo around the dark room, an unlikely gold mine for traders in southern Myanmar who are cashing in on rising demand for the edible nests from China’s growing middle class. Dozens of buildings dedicated to the tiny birds have sprung up around Bokpyin in recent years, their grey concrete structures […]

Skin cure fad driving Myanmar elephant poaching surge: WWF

YANGON: Myanmar’s wild elephants are being poached in record numbers with at least 20 killed this year due to surging demand for their hide, WWF said Monday, warning the species is facing a “crisis”. Hunters are increasingly targeting mothers and calves, using poisoned arrows to inflict a slow and agonising death before stripping them of […]

Dealers stop selling dollars

US dollars are only available on the black market as domestic banks and official currency exchange counters with licences from the Central Bank of Myanmar (CBM) have stopped selling. Ko Thiha, a trader at Yuzana Plaza and Mingalar market, said: “It’s been a month since I could buy dollars at the government’s official exchange counters. […]

Two more firms allowed to offer insurance services in dollars

The government has allowed two more companies namely, First National Insurance Co Ltd and Aung Thitsar Oo Co Ltd to offer their insurance services in US dollars after inspecting their capital is free from black MONEY. First National Insurance is owned by tycoon Tay Za’s Htoo Group and Aung Thitsar Oo belongs to military-owned Myawaddy. […]

Myanma Petroleum Products Enterprise to invite open tender (3/2014); Closing Date: September 18, 2014

Subscribe to our tender alert mailing list Ministry of Energy Myanma Petroleum Products Enterprise Invitation for Opened Tender (3/2014) 1. Open tenders are invited for supply of the following respective items in Myanmar Kyats and United States Dollars (CIF Yangon). Sr.No Tender No Description Qty Remark (1) MPPE/LP/MCY/CAP/T/5  (2014-2015) 2,800. Gallons Bowser (Brand New) 10 […]