Business

BBL geared for June 2 opening

Bangkok Bank will become the fifth foreign bank to operate in Myanmar, once its branch opens doors on June 2.

The Thai bank announced yesterday that the Central Bank of Myanmar has granted it the permission to open a branch in Yangon to provide financial services to foreign-invested companies and domestic banks.

Bangkok Bank is the only Thai bank to receive a foreign bank branch license from Myanmar’s government.

Body aims to protect Myanmar shipping

Six domestically owned shipping companies, including the Myanma Five Stars Line, will form a trade body to boost economic opportunities when competing with foreign firms.

The Myanmar ocean-going ship owners’ association has got the green light to form this year from the Ministry of Transport.

It aims to transport imports and exports at full capacity, offer fair prices and help spur the country’s economic development.

Dealers stop selling dollars

US dollars are only available on the black market as domestic banks and official currency exchange counters with licences from the Central Bank of Myanmar (CBM) have stopped selling.  

Citizens to suffer from incoming inflation due to budget deficits

Record breaking budget deficit ever for Myanmar has shown itself in what is the final fiscal year under the current government administration.

However, yearly plan of increasing and allotting more budget to different ministries by the President is likely to happen and experts have forecasted an even bigger budget deficit on the way which will flow into the inflation problem and further damaging the lives of the citizens.

Telenor to expand services next month

Telenor Myanmar said about 63 per cent of its customers were now using 3G phones and 58 per cent used the mobile internet.

Since starting operations in September 2014, it had gained 6.4 million regular users, it said, with mobile penetration covering 42 per cent of the country and more than 2,000 masts constructed. About 98 per cent of the masts supported the 3G network, it claimed.

Myanmar firm to run Thilawa jetty

Myanmar’s Diamond Star Company has been permitted to operate an international jetty and commodity production through a build-operate-transfer system on 61 acres of land at the Thilawa port, according to Myanmar Investment Commission (MIC).

The MIC gave the firm permission to run a jetty and land development work, and the production of chemical fertilisers, flour, cooking oil, grain, sugar and packaging works.

Dr Ko Ko Gyi, one of Myanmar’s top businessmen, owns Diamond Star.

Owner of Costec garment factory refuses to let workers return to work

Approximately 100 workers from the Costec garment factory who went on strike to raise their salaries accepted the decision of the labour tribunal commission to return to work within 30 days of the end of the strike. However, the owner of the factory refused to accept them back into the factory following his appeal at the labour tribunal commission.

5% of population has bank account

About 5 per cent of the population has a bank account due to the weakness of the fiscal sector, said Bernd Kuzmits of Germany’s Ministry for Economic Cooperation and Development.
“Currently, Myanmar’s fiscal sector has too few depositors and investors who will serve as a medium sector for it. The majority of people have no significant role in the fiscal sector. The fiscal sector is still weak. To be exact, only 5 per cent of the country’s total population has a bank account,” he added.

YCDC to build six new street-crossing bridges in Yangon

The Yangon City Development Committee (YCDC) said it will conduct assessments in preparation to build six street-crossing bridges in Yangon in the 2015-16 fiscal year.

YCDC officials said some of the bridges will include escalators, and the project is estimated to cost Ks 1.5 billion. The number of the escalator-bridges will depend on the availability of funds. YCDC will try its best not to obstruct traffic during construction.

Insurance firms could work together

Myanmar Insurance Business Supervisory Board says it will allow foreign insurance companies to offer services through joint ventures or direct delivery.

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