The Myanmar Times
Thursday, 24 April 2014
The Myanmar Times
The Myanmar Times

GDP growth hit 7.5% last year, says ADB

Surging credit growth in the banking sector, rising investments and continued economic reform last year resulted in economic growth to the tune of 7.5 percent gross domestic product (GDP) for the 2013 fiscal year, according to the Asian Development Bank (ADB).

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Summer paddy prices grow on rising demand from abroad

Farmers earning more revenue, but debt and high labour costs remain a challenge

 

 

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IRD to open additional branches

In an effort to more efficiently collect on due taxes, the Internal Revenue Department (IRD) has opened a new office in Yangon to accommodate large taxpayers and announced plans to expand its role with additional offices, officials said.

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The Fine Print, Legal & tax insight: The new Consumer Protection Law

Against the background of widespread concerns about food safety, parliament last month passed the Consumer Protection Law, the first piece of legislation of its kind in Myanmar. As with many other new laws, it remains to be seen how it will be implemented in practice.

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Local partners named for offshore blocks

Among those chosen to work with international companies in the offshore blocks are firms owned by Michael Moe Myint and U Kyaw Kyaw Hlaing

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Trade with Hong Kong hits $152m on new investments

Bilatral trade with Hong Kong has achieved double-digit growth for the 5th year in a row, growing 16 percent year on year to reach US$152 million, a spokesperson for the Hong Kong Trade Development Council said on March 31.

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Kempinski takes on Nay Pyi Taw hotel

Swiss hotel chain Kempinski AG has entered a deal with Kanbawza Group of Companies to manage a hotel in Nay Pyi Taw, after US giant Marriott pulled out of the project.

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GDP growth prospects strong in the short term

The latest report from the Asian Development Bank reports Myanmar's GDP growth hit 7.5% in 2013, and is showing promise in the short term.

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Shell, Total among offshore block winners

The Ministry of Energy has announced the winners of the highly anticipated tender to explore gas and oil in 20 offshore blocks, a list that includes several major global firms.

 

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Indian demand sends bean prices upward

Growing demand for locally produced beans from India has increased the price of some beans 11 percent over the past month, experts said.

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