Quarterly Business Magazine

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Saving Withdrawal Rose Two Folds at United Amara Bank after U Aung Thaung’s Sanction

Yangon - Due to rumors after the news of the US sanction on U Aung Thaung, the saving withdrawal rose two folds at United Amara Bank (UAB Bank), according to the bank’s officials. “Usually, the gaps between deposit and withdrawal average four to five billion Kyats. But it has reached ten billion...

Two New Airlines Given MIC Permits

Yangon – Myanmar Investment Commission (MIC) has given permits to two new domestic and international airlines based in Nay Pyi Taw in October. The two airlines are Apex Airline Public Co., Ltd. and FMI Air Charter Ltd. Both are owned by Myanmar citizens. Apex Airlines is operated by Dawei-based...

U.S. Government Put U Aung Thaung on Sanction List

Yangon – The US Treasury Department announced on October 31 st that U Aung Thaung, a representative from the ruling Union Solidarity and Development Party (USDP) has been put on the US’ Specially Designated Nationals (SDN) List. The announcement was made by the US Office of Foreign Assets Control (...

Myanmar Up Five Places in Doing Business Report, Government Minister not Content

Yangon – Although the Myanmar government has relaxed many of its restrictions, Myanmar has climbed up only five places in terms of the Ease of Doing Business by the World Bank. Therefore, Minister of the President’s Office U Tin Naing Thein has stated that the government will assist the World Bank...

Ooredoo Expands Network in 13 Townships in Yangon

Yangon – According to news from Ooredoo Myanmar, with its network expansions in 13 townships in October, there are now 39 townships in Yangon Region. “Ooredoo’s mobile network covers 35 townships in Yangon, so we have 95 percent coverage in the city of Yangon. By the end of this year, our network...

Japanese-Singaporean Company Given Contract for Hanthawaddy International Airport

Yangon – Tender Evaluation Committee for the Hanthawaddy International Airport project, having selecting the Korean-based Incheon Company ten months ago, decided to replace it with a Japanese-Singaporean joint venture company to implement the project. The selected joint venture, Yongnam-CAPE-JGC...

Ministry Owned Timber Factories to Be Transferred into Private Operators

Yangon – The Myanmar government is planning to allow private operation in timber and related factories owned by Myanmar Timber Enterprise. “The government has been trying to transform state-run enterprises into private businesses, so our ministry is following this policy,” says an official from...

Government Reauthorizes Pre-Arrangement Visa on Arrival

The Myanmar government has reauthorized pre-arrangement visa on arrival, which was discontinued since last month, till the end of 2014. "We just received the notification letter from the Directorate-General at the Ministry of Immigration and Population that they have reauthorized it till the end of...

Dollar to Kyat Exchange Rate Passed 1,000 First Time in Four Years

Dollar to Kyat exchange rate reached 1,005 due to the reduced supply of dollars from the Central Bank of Myanmar for private banks, the stagnating economy, and political instabilities. Normally, the exchange rate tends to fall after the monsoon season. However, it has risen this year and is likely...

Draft Private Universities Law Allows Private Universities on Land Five Acres or Bigger

Yangon – The Draft for Private Universities Law has allowed anyone who wants to establish private universities in Myanmar to do so on a land not smaller than five acres. According to the Draft, written by the Ministry of Education, private universities will need to obtain pre-authorization from the...

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