Deloitte in partnership with Myanmar Vigour

Published on Friday, 18 January 2013 07:58

The Nation January 18, 2013 1:00 am

Deloitte Touche Tohmatsu has established an independent correspondent firm through leading local professional-services firm Myanmar Vigour.

Now Deloitte can offer a full range of professional services, including tax, consulting and financial advisory, through Myanmar Vigour Co, and accounting services through the independent Myanmar Vigour Group, to help their clients capitalise on the many opportunities this newly opened country presents.

The recent pace of reforms and lifting of sanctions have led to growing interest from companies around the world in investing in the country and many of the Deloitte network's clients across all industries are looking to expand their role in developing the Myanmar economy.

Seagate eyes $3.6 bn revenue

Seagate Technology expects to report revenue of at least US$3.6 billion (Bt107 billion) and gross margin of more than 27 per cent for its fiscal second quarter, which ended on December 28.

The results reflect unit shipments of about 58 million and maintenance of market share.

These preliminary results compare to the company's previous expectations for revenue of about $3.5 billion and gross margin at the lower end of the company's long-term, non-GAAP (generally accepted accounting principles) gross-margin range of 27-32 per cent.

Seagate will report full fiscal-second-quarter financial results on January 28 after the close of the market.

Row in Philippines over tax breaks for CP project

To balance incentives for local and foreign investors, the Federation of Philippine Industries (FPI) is asking that country's Board of Investments (BOI) to reconsider its decision to grant tax breaks to a 2.3-billion-peso (Bt1.7-billion) integrated livestock project by Thai-owned Charoen Pokphand (CP).

This would put local producers at a huge disadvantage in the domestic market, The Manila Bulletin reported.

The newspaper reported that Jesus Arranza, chairman of the FPI, said swine and chicken production was already an area well invested by large and small Philippine companies, so it was not proper to grant CP's project pioneering status.

He noted that in a consultation with stakeholders organised by the Swine Development Council last week, it came out that more than 300 billion pesos had been invested in the industry by Philippine companies, including San Miguel Corp and Bounty Fresh.

He said the FPI would support local players in seeking a reversal of the BOI's decision, including legal options, particularly in questioning how the project was given pioneer status. "How can it be a pioneering project when swine and feed production are already well invested in by Filipinos? Will there be a transfer of technology? Integrated does not mean there will be new science or technique that will be used," Arranza said.

Vichet replaces Prin as PTT director

PTT's board of directors appointed Vichet Kasemthongsri as an independent director in replacement of General Prin Suwannathat, a director who is resigning.

The appointment shall be effective to, the company's president and CEO Pailin Chuchottawom said in a press release yesterday.