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.

Western Union to operate in Myanmar

Bangkok Post 

 

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.

Burma caught using Swedish weapons in war against rebels

Inquiry launched into how anti-tank rifles were found on soldiers in breach of EU sanctions

 The authorities in Stockholm have launched an investigation into how new Swedish-made
weapons made their way to Burma in breach of EU sanctions where they were used
by troops in military operations against ethnic rebels.

The Swedish Agency for Non-Proliferation and Export Controls (ISP) confirmed that an investigation had been launched after it was handed details about several high-performance M-3 Carl Gustav anti-tank weapons that were recovered by Kachin rebels who had been battling Burmese troops in bloody and ongoing clashes.

“We have the serial numbers for these weapons and with this you can know the where, when and what – the detailed information,” said an ISP spokeswoman. “We hope we will be able to trace how they got there.”
While the EU and the US has suspended most sanctions against Burma in recognition of reforms that have been introduced by the nominally-civilian government of President Thein Sein, bans on the sale of weapons remain in place. In any sale to a foreign country, US or European arms manufacturers are obliged to enforce an end user agreement that stipulates the arms cannot be sold on to restricted nations such as Burma.

MDR's Myanmar move an added plus

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

By Ven Sreenivasan

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.

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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.’

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.

Global think tank honors Thein Sein, ignores Kachin state war crimes allegations

KNG

In recognition of President Thein Sein's “bold and visionary reform initiatives” the International Crisis Group (ICG), dubbed the world's largest think tank, will bestow the ex-general turned civilian politician with its annual Pursuit of Peace Award next April.
The ICG has chosen to celebrate General Than Shwe's hand-picked successor in spite of the fact that the army ostensibly under Thein Sein's control has committed what human rights groups describe as war crimes against civilians in Kachin state. The ICG however has opted to overlook this serious blemish on Thein Sein's record focusing instead on his much heralded peace initiative.

Thein Sein “has made vast strides in ending the decades-long conflict affecting Myanmar,” said the ICG in a brief bio which accompanied last month's press release announcing the award. Since Thein Sein came to office “all but one of the ethnic armed groups have signed preliminary ceasefires with the government, and it is hoped that an agreement will also soon be reached with the Kachin Independence Organization,” said the ICG press release.