Showing posts with label Business. Show all posts
Showing posts with label Business. Show all posts

Saturday, 15 December 2012

Banking Reform Is Central to Burma’s Economic Progress

From VOA Learning English, this is the Economics Report in Special English.
Burma's financial industry has suffered from years of mismanagement under military rule. But more recently, the government has pushed through economic reforms. Those measures are changing the nation’s banks and reenergizing businesses. There are even hopes that Burma could become one of Asia’s fast growing economies: an Asian Tiger.

Burma had the one of the best-performing economies in Southeast Asia before the military seized power in 1962. Many years of state control over the economy followed. Widespread corruption and international sanctions left it one of the poorest countries in the area.

Friday, 14 December 2012

Western Union to operate in Myanmar

 
Western Union has signed a deal to conduct person-to-person money transfers through Co-operative Bank of Myanmar, one of the last nations on Earth which restricted the US money-transfer company.

“Western Union has just signed an agreement with CB Bank for money transfers to begin (Friday) Dec 14,” Phey Myint, CB Bank’s Managing Director told Mizzima.
Using Western Union’s bureau in Singapore as a conduit for all international transfers, money can now be transferred from Myanmar to foreign countries, and vice versa, he said.

In September, Western Union signed a contract with Myanmar Oriental Bank to allow remittances through its Myanmar branches, but only payments coming into Myanmar were agreed at that time.

Monday, 10 December 2012

MDR's Myanmar move an added plus

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Myanmar's government wants to increase mobile subscription rate to 75 per cent by March 2016. This means adding 40 million subscribers in under four years. The government is poised to grant up to four telecommunication operating licences - two to Myanmar companies and two to foreign companies - with 4G services targeted as early as 2013. If it succeeds, this country - like neighbouring Laos - could have more mobile phone subscribers than fixed line subscribers - PHOTO: AP


IS MDR finally getting the attention it deserves? The stock of the mobile phone company has been active after it recently announced a joint venture to enter the mobile phone market in Myanmar.
Under a deal inked with Be-Well (Myanmar) Company Ltd, Be-Well Corporation Pte Ltd and Avitar Enterprises Pte Ltd, MDR will hold a 51 per cent stake in the joint venture, temporarily called JVC.

JVC will "tap into the potential growth of the telecommunication industry in Myanmar" and provide after-sales services of telecommunication devices to consumers, the announcement said. More importantly, it will also be involved in the lucrative mobile devices and accessories distribution and retail businesses via exclusive retail franchisee procurement services to Myanmar-based Golden Myanmar Sea Co Ltd (GMS).
There is good reason why this piece of news should spur interest in MDR.

Original Link

Sunday, 9 December 2012

Scomi wins job in Myanmar

The Star online 

PETALING JAYA: Scomi Group Bhd has been awarded a drilling fluids and drilling waste management contract in Myanmar worth about RM93.6mil.
Wan Ruzlan: ‘We are excited about the prospects of this contract.’
Wan Ruzlan: ‘We are excited about the prospects of this contract.’
Scomi's oilfield services business under Scomi Oiltools Bermuda Ltd will provide PTTEP International Ltd (PTTEPI) drilling fluids and drilling waste management equipment and related engineering services for three blocks in Myanmar.

The company said in a statement the contract was commencing in the fourth quarter of 2012.
Since 2003, Scomi Oiltools has been servicing major clients in Myanmar including PTTEPI and Daewoo.
Scomi said Scomi Oiltools had embarked on various initiatives to strengthen its support services in anticipation of the growth prospects in the region, establishing a drilling fluids laboratory with trained laboratory engineers in Thailand.

Additionally, Scomi Oiltools' Thai operations will act as the second regional centre for its drilling waste management services and provide training and workshop services to support regional operations, with the other being in Dubai.
“We are excited about the prospects of this contract.

Saturday, 8 December 2012

Burma Business Roundup (Saturday, Dec. 8)

IRRAWADDY

Big Thai Cement Firm Plans Major Factory in Burma
Major Thai cement maker Siam Cement Group (SCG) is to move its main manufacturing base to Burma, according to the International Cement Review newspaper.

The Bangkok-based giant plans to build production facilities in southeastern Burma’s Tenasserim Division, it said, quoting a SCG company manager.
“SCG is planning to manufacture its main products in [Burma] and is willing to open four retail stores in Yangon, Mandalay Naypyidaw and one other major city,” said Soontornpol Veerapravati.
World Cement magazine said SCG also wants to build a hydro dam to provide electricity for the factory or factories.

Industry observers expressed surprise that SCG is not considering Dawei for the location of a factory, given the proposals by other Thai firms to develop an industrial port there.
“If it goes ahead Dawei will have transport infrastructure, at least linking into Thailand,” said an industry source in Bangkok speaking on condition of anonymity. “The siting of production facilities in the deep south of Burma is surprising also when the initial demand for cement is likely to come from the greater Rangoon region.”

Thursday, 6 December 2012

NTT Data eyes ICT potential in Myanmar

By | December 6, 2012 --ZDNet

Summary: Besides its offshore software development site in Myanmar, Japan's NTT Data also sees opportunities to offer ICT services to build up the country's infrastructure in the near future.

SINGAPORE--NTT Data, the IT services arm of Japan's NTT Group, has pegged its presence and future growth in burgeoning Myanmar to its recently-opened offshore development center, as well as opportunities to provide ICT solutions in the country's "social infrastructure" such as traffic control and monitoring in transportation.

Located in Yangoon, the offshore development center began operations on Nov. 8 and mainly supports software development projects outsourced from Japan. Soon, work from customers in foreign developed economies across Europe and the United States will be added, according to Ryoji Fukaya, Asia-Pacific president and CEO of NTT Data.

Myanmar: A nation rises

 By David Pilling and Gwen Robinson, Financial Times

The impact of the rapid shift to democracy is far-reaching but barriers remain 

A short walk from Yangon’s notorious Insein prison, where Myanmar’s military junta jailed and tortured political prisoners, lies the Eden Centre for Disabled Children. Its little courtyard and few surrounding buildings are among the only facilities in the country for young people with physical and learning difficulties.

On improvised slalom courses made from cushions and wooden benches, those with cerebral palsy, Down’s syndrome and muscular dystrophy are taught to improve their motor skills. Teachers provide basic education for those with learning difficulties. They also counsel parents worried about what will happen when their children grow up, given Myanmar’s lack of social security and scant job prospects for disabled people.

“I am trying to learn more about advanced techniques,” says Lilian Gyi, director of the school, whose training in Germany 35 years ago makes her the country’s only expert in special education.
The Eden Centre is a small reminder of how deprived Myanmar’s people have been left by years of military rule and poor economic management. However, it also stands as a symbol of how the shift towards democracy that began 18 months ago could have a profound impact in unexpected areas of national life.
Since the junta led by Than Shwe ceded power to an elected government last March, the country has changed in remarkable and often unanticipated ways. Initially dismissed as a continuation of military government in disguise, the new administration led by President Thein Sein has unleashed a barrage of changes. Political prisoners have been released, press censorship abolished, free by-elections held and progressive laws passed. The president is regularly compared to F. W. de Klerk, the South African leader who helped to dismantle apartheid.

Wednesday, 5 December 2012

Protesters against Myanmar copper mine charged with inciting unrest, denied bail

Washington Post

YANGON, Myanmar — Demonstrators who protested peacefully in Yangon against a mining project in northwestern Myanmar have been charged under a law that denies them release on bail, a lawyer said Tuesday.

Aung Thein, the lawyer for two of the six activists arrested last week in Yangon, said they were accused of inciting unrest, a criminal offense that carries a maximum sentence of two years’ imprisonment. Their trial began Monday.



Aung Thein said authorities could have charged them under the peaceful assembly act, which permits bail. That act allows street protests if a permit is obtained.

Tuesday, 4 December 2012

High level Myanmar ministers to meet Singapore Cabinet

A delegation of senior Government Ministers from Myanmar will meet in Singapore this week with the Prime Minister, Foreign Minister and other top Singaporean Government leaders in a regional knowledge-sharing mission.



Initiated and led by Dr. Noeleen Heyzer, United Nations Under-Secretary-General and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP), the five day study visit will provide an opportunity for the Myanmar Ministers to gain first-hand experience of Singapore's industrial development policies and strategies to attract foreign investment, provide decent productive jobs for people, and to do so in an environmentally sustainable way.

Seeking opportunity in Myanmar

Team Group, a professional engineering consulting group, last week hosted a seminar on "Seeking Business Opportunity through Investment in Myanmar", aimed to provide interested businessmen with useful information about investment in Myanmar.



According to Team Group Chairman Prasert Patramai, Myanmar is currently welcoming foreign investment and the country is rich of natural resources.

"Myanmar is a very attractive investment destination for overseas investors. Thanks to their adjacent locations, Thailand and Myanmar has long developed cross-border trade. In 2011, the cross-border trade was over Bt180 billion in value, with Thailand’s exports to Myanmar exceeding Bt85 billion. Thai investors should not overlook their business opportunity in Myanmar. This will also help them prepare for the challenges introduced by the Asean Economic Community in 2015," he said.