Cranes stand idle as Myanmar businesses bemoan economic policy drift

Aung San Suu Kyi’s ruling party will offer a glimpse of its plans for Myanmar’s economy this week, in a long-awaited announcement that seeks to reassure businesses and investors who have grown increasingly worried by a lack of firm policy detail. A burgeoning private sector had hoped the National League for Democracy’s (NLD) emphatic triumph […]

World Bank Pledges Ongoing Development Support for Burma

RANGOON — The World Bank’s vice president for East Asia and the Pacific pledged to continue development support for Burma, according to a statement released on Monday following a meeting in Naypyidaw with Aung San Suu Kyi. In the statement, Axel van Trotsenburg reaffirmed the World Bank’s strong partnership with Burma as it endeavors to […]

Myanmar anticipates good prospects after opening of AIIB

Myanmar is anticipating good prospects after the opening of China-initiated Asian Infrastructure Investment Bank (AIIB), a finance official said here Thursday. “Our expectation and view on the opening of the AIIB are good and clear, that was why we participated as a founding member. The AIIB is assumed as a dependable bank which supports regional […]

Customers irate at futures trading firm

A company which goes by two names – Global Growth and Golden Global – has allegedly cheated US$1.48 million (K1.65 billion) from customers, according to local newspaper 7day Daily. The company reportedly tells clients that it is a branch of Standard Bullion, which is a member of the Chinese Gold and Silver Exchange Society. The […]

Criticism leads to a new tender process for Yangon’s new township

The tendering process for a new Yangon township, covering 30,000 acres of land located now in the townships of Seikgyikanaungto and Dalla, will be put backout to tender in a transparent manner, the Yangon regional government has announced after criticism followed its original choice of operator. The news was released on the government owned MRTV […]

Planned stock exchange still missing a watchdog

Authorities have yet to set up a Securities Exchange Commission, despite suggestions that the watchdog necessary for the stock exchange planned for next year would be established last month, leaving economists disappointed. According to the Securities Exchange Law passed at the end of July last year, the SEC must be created to monitor transactions on […]

Next change for new-look MIC? Independence

The Myanmar Investment Commission is to be made independent of the Ministry of National Planning and Economic Development in the near future, the body’s new secretary told The Myanmar Times last week following a reshuffle that saw it expand from 11 to 13 members. “The MIC will become independent like the Central Bank. But we […]

Parliament rejects 200% tax increase on tobacco and alcohol

NAY PYI TAW—The Union Parliament on Monday (March 10) rejected a private member’s bill that proposed a 200 percent tax increase on tobacco products and alcoholic beverages. Members of parliament voted instead to maintain the current “vice tax” rates. Myanmar currently imposes a 100-percent tax on cigarettes and a 50-percent tax on other tobacco products […]

Myanmar to ease industrial approvals to hasten employment growth

Prominent entrepreneur U Serge Pun has called for streamlined procedures for industries planning to set up shop in Myanmar, claiming a simplified approvals process would assist in attracting factories to provide much-needed employment. U Serge Pun pointed to China where he said the barriers to establishing a factory were lower, with no need to see […]

Myanmar Firms Feel Pinch From Abroad

YANGON, Myanmar—The world’s biggest consumer companies are flocking to Myanmar, filling the once-pariah nation and its backward economy with goods previously unavailable to its 60 million people. But not everyone is happy. Some of the country’s biggest conglomerates—plugging away at the cash-strapped market for decades and fighting hard to grow despite crippling Western sanctions—are now […]