Cronies Disappointed As US Sanctions Extended

RANGOON — In wake of the extension of most of the US sanctions on Burma on Tuesday, several cronies have remained on the Specially Designated Nationals (SDN) list, despite the expectation that they would be removed. Sanctioned businessman Khin Shwe, chairman of the Zay Kabar Group of companies, told The Irrawaddy, “Some people have suggested […]

Services Likely to Play Key Role in New Economic Plan, Experts Say

Burma’s service sector, not manufacturing, will likely be the focus of national attention after the new government is formed in March, observers predict. The country’s economy is expected to hit a lull in the post-election period, but experts say that the incoming administration will attempt to boost the service sector to keep the national economy […]

DICA issues revised list of ‘out of touch’ companies

The Directorate of Investment and Company Administration has published a revised list of companies to be struck off its register, after receiving a number of complaints from businesses named on the list that are still operational. In August, the regulator issued a request for confirmation from all companies still in business, as it seeks to […]

Tun Foundation Bank upgrades online systems

TUN Foundation Bank signed a deal last week to purchase Oracle’s state of the art Flexcube Core Banking system, which provides for internet, smartphone and SMS banking services. Bank chairman U Thein Tun said the move will put Tun Foundation Bank at the forefront of the Myanmar banking industry as it looks to embrace new […]

Private Banks need to prove they are clean as only 12 out of 22 in the top taxpayers list

Of the 22 private banks in Myanmar, only 12 have been listed as top taxpayers, according to the Ministry of Finance and Revenue. According to documents covering the 2011-2012 fiscal year, only 10 private banks are included on the official top 100 income taxpayers list. Only 12 private banks are included on the official top […]

Ways Old and New Clash in Myanmar’s Money Transfer Market

Eight months after the global money transfer giant started operations in Burma, Western Union says people in 107 countries have sent money to the previously sanctioned Southeast Asian country. With eight local banks onboard as in-country partners, the company has 280 agents across Burma, covering all of the country’s states and regions, bar the hard-to-access […]