Business

Singapore firm cancels investment

China to crackdown illegal border trade

Myanmar vulnerable to illegal stock brokers

Economists have raised concerns over several brokerage firms in Myanmar that operate illegally.

ADB: Myanmar's financial shortfall remains large

To achieve 8 per cent GDP growth per year, Myanmar's infrastructure sector needs US$5 billion to $7 billion per year, said Winfried Wicklein, the Asian Development Bank's country director for Myanmar.

She spoke at a forum on ADB's 5-year strategy (2017-2021) for Myanmar held at the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon.

He added that the ADB has lent about $500 million to Myanmar every year since 2013.

Myanmar to explore a large oil and gas field in Andaman Sea

A joint-venture group including Myanmar and Canadian companies has been granted permission from the Myanmar government to explore a newly discovered oil and natural gas field in the Adman Sea. The trial test will begin in September.

The oil field is located in Kyunsu Township, Myeik District, in southern Myanmar, and it covers an area of 13,480 square kilometres. It will be the largest natural gas field in Myanmar, and the exploration will be carried out by Canadian Foresight Group Pte Co Ltd, Century Bright Gold Co Ltd and TRG Co Ltd.

New affordable flats to be sold under instalment plan

Residential flats of the Ayawon and Yadana housing projects will be sold under an instalment plan through the Construction and Housing Development Bank (CHDB), according to the bank.

"We have to negotiate how much money to lend and how to lend it because there is a small price gap between the cost of these apartments and that of others currently available in the market," said an official from the CHDB.

High demand for Thai-made cars

The demand for vehicles imported legally through the Myawaday border from Thailand is high with prices on some models increasing, say market observers.

"Trucks like the Toyota Hilux that are made in Thailand are in demand," said one auto dealer who was not identified. "Prices for those trucks have gone up at least 15,000 baht over the last three months. (The price for) used cars sold in Myanmar without a licence or registration seems to be going down."

KBZ Bank to pay more tax

KBZ Bank is expected to pay Ks 30 billion in taxes during the 2016-17 fiscal year, said Nyo Myint, the bank's senior managing director, at the Top Tax Payers Award Ceremony on April 4 in Yangon.

New housing in Dagon Seikkan Township to go on sale in October

Newly built apartments under the Yadanar and Ayerwut affordable housing projects located in Dagon Seikkan Township, Yangon, will go on sale in installments beginning in October, according to Kyaw Soe, the Regional Minister of Construction, Forestry and Energy.

The first phase of the housing projects, carried out by the Department of Human Settlement and Housing Development, consists of 7,200 units and will be sold according to the instructions from the Ministry of Construction and the Yangon regional government.

MIC accepts investments from 77 companies in first quarter of 2015

Myanmar has invited 77 local and foreign companies to make investment in all sectors of the economy, including oil and gas exploration, commodity goods production and hospitality, in first quarter of 2015, according to the Myanmar Investment Commission (MIC).

The MIC met five times between January and March, 2015.

The permissions were granted at the request of regional governments, Union ministries and other organisations. The investments are expected to boost local employment opportunities.

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