The Myanmar Times
Wednesday, 27 May 2015
The Myanmar Times
The Myanmar Times

State Bank of India to open rep office

The State Bank of India (SBI) is to become the fourth Indian bank to open a representative office in Myanmar and may be joined within the year by Punjab National Bank, which has reportedly applied for a licence.

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World-class duty-free coming to Myanmar airports

Singapore Windsor Holdings has signed a 10-year agreement with DFS Group to develop and operate duty-free retail outlets at Yangon International Airport and Nay Pyi Taw International Airport.

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Bangkok Bank and ICBC cleared to open on June 2

Two more foreign banks have been given permission to open their Myanmar branches beginning on June 2 by the Central Bank of Myanmar.

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Authorities grapple with restaurants cheating on tax

A Scheme for tax labels to be affixed to local restaurant receipts is running up against widespread cheating, according to insiders.

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Let the kyat fall

As the spread between the official and unofficial foreign exchange rate widens, economists argue the central bank should relax controls and allow the kyat to depreciate to the market rate.

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Chinese giant works to win the people

Though the Kyaukphyu area is set for large-scale investments, it is in Rakhine State, which is also home to some of the country’s poorest communities.

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MPE opens more tenders

Myanma Petrochemical Enterprise (MPE) has invited local and foreign companies to submit proposals for a further slate of joint ventures, according to an announcement on May 25.

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Myanmar considers LNG to meet growing energy demand

Energy demand in Myanmar is rising fast. The country is abundantly rich in natural energy resources, but the investment of capital and technology will not be able to unlock these resources in time to fulfill the growing need for power.

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Jade market slumps as buyers stay away

More than two years into the slump, jade prices show no sign of recovery at Mandalay’s Maha Aung Myay jade market. Though some traders say they have made small profits, many others are holding back their stock to avoid selling at a loss.

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Dollar and gold speculators warned

Speculators are hoarding dollars as the value rises, pushing market rates past the legal exchange rate maintained by the Central Bank of Myanmar, according to government officials.

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