Sunday, February 14, 2016
The Myanmar Times
The Myanmar Times

Japanese bank tests kyat currency hedge

Sumitomo Mitsui Banking Corporation is testing the use of forward exchange rate contracts in Myanmar, in response to clients eager for a way to hedge against kyat volatility.

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Ambitious flyover dreams held back

As the opening date for the first of three new flyovers in Yangon nears, government officials admit they will not be a panacea to the city’s traffic woes, but say the government lacks the budget to build more ambitious infrastructure.

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Few firms ready for March IPO, says SEC

Only two or three companies will be ready to list on the Yangon Stock Exchange by March, when trading is expected to start, according to an official at the Myanmar Securities and Exchange Commission (SEC).

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Korean state firm eyes first industrial zone

State-owned Korea Land & Housing Corporation (KLHC) is collaborating with the Ministry of Construction on a new US$120 industrial complex, according to officials involved in the process.<

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Tax documents no barrier to business visas

Foreign nationals will not have to provide tax documents to receive either a business or an employment visa, according to immigration officials, although new regulations had indicated this would be necessary.

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Rice sector faces long struggle

Whatever steps the incoming government may be contemplating to spur investment, agricultural experts see little improvement in the short term for rice cultivation. Even long-term development will be a drawn-out struggle, said Myanmar Rice Federation general secretary U Ye Aung.

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Plummeting oil prices could hit Myanmar production

Myanmar’s crude oil production has plummeted from its peak, and will require new discoveries to reverse the trend, according to U Than Htun, an adviser to Myanma Oil and Gas Enterprise. But some oil industry figures worry that companies will give up oil exploration if the price stays low.

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CBM Net to bolster domestic bond market  

The Central Bank of Myanmar’s new real time settlement system should help create a more liquid secondary market for Treasury bonds, and help banks manage their collateral, the central bank’s deputy governor said.

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Shifting to Chinese cars

Hoping to wean drivers off second-hand Japanese cars, LS Auto signed a deal on January 18 to import vehicles from China’s Guangzhou Automobile Group, GAC Motor, starting in March. The deal could open the door for GAC to produce vehicles in Myanmar.

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Sales slow but ministers optimistic on Mandalay jade market

Mandalay jade sellers are still resisting moving to a new market due to open in August. Only a small percentage of apartments at the market have been sold, although the regional mining minister says he believes the market will be a success.

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