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Corporate Japan urges Myanmar to address business concerns

The most senior Japanese business leader in Myanmar urged the government to recognise how liberalisation, efficient bureaucracy and reliable power supply allowed Thilawa Special Economic Zone (SEZ) to attract considerable investments. He also warned that current restrictions placed on foreign firms in the retail and wholesale sector are already “the maximum” but commended the ministry’s […]

Unlicensed forex traders hauled in for questioning

Investigations are under way on several “Lay Patkar” traders, or unlicensed speculators dabbling in illegal trading of foreign exchange, a senior official from Yangon Police Force told The Myanmar Times. After the dollar-to-kyat exchange rate hit a high of K1,642 in the local market on September 20, four dollar traders from Shwe Bon Thar Street […]

Yoma Land rebrands housing projects to push sales

Yoma Land last week held an event to promote and sell units at three of its projects: StarCity, Galaxy Towers and Lotus Hill in Pun Hlaing Estate. The projects were branded as special lifestyle residential homes equipped with spacious landed compounds, full services and facilities. This attracted the interest of local and foreign buyers, said […]

ICBC Center inaugurated in Myanmar’s Yangon

The Industrial and Commercial Bank of China (ICBC) Yangon branch, the first Chinese commercial bank operating in Myanmar, has inaugurated its new center in Myanmar’s Yangon. At the opening ceremony on Friday, Chinese Ambassador Hong Liang hoped the ICBC Yangon branch to become one of the most powerful and efficient foreign banks in Myanmar and […]

Kyat stabilises after CBM pumps US$4 million into economy

The dollar tapered against the kyat on August 16 after the Central Bank of Myanmar (CBM) sold a record US$4 million to local private banks. That helped ground the exchange rate, which is up by around 10 percent since May. To place a floor under the depreciating kyat, the CBM has sold US$100,000 per day […]

Over the last year, Myanmar’s energy sector stumbles in right direction

Home to one of the world’s oldest oil and gas industries, oil exploration in Myanmar began in the early Bagan era. During the reign of King Anawrahta in the Bagan Era, evidence shows that the Buddha’s Three Teachings were coated with oil to prevent damage. With the nationalisation of the oil industry in 1963, the […]

Can the central bank’s new guard save businesses in Myanmar?

Among the nominees for deputy governor are economist and retired Budget Department of the Ministry of Planning and Finance officer U Soe Thein, incumbent deputy governor U Soe Min and existing member of the board U Bo Bo Nge. Meanwhile, the newcomers to the Board include former deputy director general of the Union Attorney General’s […]

Myanmar’s tourism industry faces challenges

Myanmar’s tourism industry has experienced a significant decline compared to previous years. To understand the causes for this development the Global New Light of Myanmar interviewed U Thet Lwin Toe, chairman of Myanmar Tourism Entrepreneurs Association. Q: May I know current situation of tourism industry? The country’s tourism sector rose in 2012 like a tsunami. […]

‘Myanmar Banker Leadership Program’ launched

Siam Commercial Bank (SCB), in collaboration with Myanmar Banks Association and Thammasat University, launches SCB Bankers Academy “Myanmar Banker Leadership Program”, the first program exclusively developed for Myanmar banking executives, according to a press release. To foster talent in the banking industry, the program is specially tailored for Myanmar banking executives to build skills and […]

Mizuho Bank Open for Business

Japan-based Mizuho Bank has opened their first branch in Yangon on August 3, marking the bank’s official entrance into the country. The lender is one of the largest financial services company in Japan, with over $1.6 trillion in assets. It was one of nine international banks that received licences in October last year to operate […]