Business

A pair of rough rubies sold for 800,000 euros

A local gem merchant successfully bid 801,000 euros on a pair of rough rubies valued at 600,000 euros at an auction at the 52nd Gems Emporium on Naypyitaw, according to Win Hlaing, the deputy assistant director for the department of gems and jewellery sales centre.

“A Mongshu ruby was bought for 370,000 euros, making it the second-highest bid price,” the deputy assistant director said.

KFC becomes first US fast-food chain in Myanmar

KFC – an American fast food restaurant best-known for its fried chicken – opened its first outlet in Myanmar yesterday.

“Yoma Strategic Holding Limited (Yoma) and KFC signed a bilateral agreement in October 2014, making Yoma the country’s first authorised franchiser for KFC,” said Yoma spokesperson Ann-mon San.

JR Ching, the managing director of KFC Myanmar, said the company is planning to open more restaurants across the country this year.

JICA to loan $210 million for Thilawa SEZ development

The Japan International Cooperation agency signed loan agreements worth US$210 million on June 30 to fund three projects of the Ministry of Electric Power, the Myanmar Port Authority and Ministry of Finance and Revenue. 
 

Thailand’s CP Land to invest in commercial office building

CP Land Plc, the property arm of agribusiness conglomerate Charoen Pokphand Group, plans to spend 500 million baht this year to take over an office building in Yangon, according to the Bangkok Post.

Vice-president Naravadee Waravanitcha said soaring demand for office space in Yangon prompted the company to invest in Myanmar's commercial capital.

SMIDB to provide Ks 90 bn in loans

The Small and Medium Industrial Development Bank (SMIDB) is preparing to provide local SME owners with Ks 90 billion (US$90 million) in loans.

The bank obtained the money from the Myanmar Economic Bank and will lend it to entrepreneurs at an interest rate of 8.5 per cent per year. The loans will be given preferentially to the industrialised businesses.

SMIDB earmarked Ks 20 billion for loans last year, but only Ks 14.75 billion were lent. The remaining money will remain available for loans this fiscal year.

SMEs get more foreign loans

Minister for industry Maung Myint says he is planning to take a total of US$50 million – US$20 million from Singapore and US$30 million from Vietnam – to disburse soft loans to small- and medium-sized enterprises (SMEs).

“Taking foreign loans is ongoing. The ministry will disburse soft loans to SMEs when we receive them,” said the minister.

Further loans are planned from Japan although the details are yet to be released.

Region vows to boost economic ties

Cambodia, Laos, Myanmar and Vietnam (CLMV) have agreed to increase cooperation in agriculture, industry and energy production at their seventh annual summit as well as the sixth annual Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) summit in Nay Pyi Taw.

The amount of trade among CLMV in 2013 was 12.4 per cent of total Asean trade and increased to 14.1 per cent in 2014.

Region vows to boost economic ties

Cambodia, Laos, Myanmar and Vietnam (CLMV) have agreed to increase cooperation in agriculture, industry and energy production at their seventh annual summit as well as the sixth annual Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) summit in Nay Pyi Taw.

The amount of trade among CLMV in 2013 was 12.4 per cent of total Asean trade and increased to 14.1 per cent in 2014.

Gas plant studies near completion

A construction site at the Thilawa Special Economic Zone. (Photo - EMG)

YANGON – Myanmar’s Eden Group and firms from Japan and Thailand are conducting a feasibility study to build a 400MW natural gas plant at Thilawa Special Economic Zone (SEZ), south of Yangon, says Chit Khaing, chairman of the Eden Group.

“The feasibility study on generating power has lasted nearly six months. The power plant project may be implemented in 2016,” said Chit Khaing.

Magway hit by landslides

June has seen riverbanks along the Ayeyarwady, Chindwin and Myittha rivers and their tributaries collapse.

The banks of the Shwechaung, Monechaung and Mannchaung rivers, spanning 70 villages, also collapsed last year. The sandbank on which Magway’s Myathalon Pagoda sits has apparently eroded significantly in the last 50 years. Construction started on two 50-foot-long levees last week to protect the site.

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