The Myanmar Times
Thursday, 30 July 2015
The Myanmar Times
The Myanmar Times

MIC plans to delegate investment powers

The Myanmar Investment Commission (MIC) is planning to delegate the power to approve certain investments to regional authorities, U Aung Naing Oo, director general of Directorate of Investment and Company Administration (DICA) told The Myanmar Times.

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Expat choices lead to high costs, businesspeople say

Yangon has higher living costs for expats than Paris and Sydney, according to Mercer’s Cost of Living Survey 2015. But this is largely due to a major discrepancy between the living choices made by expats and locals, according to local businesspeople.

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Gold traders fret opaque exchange rate

Mandalay gold dealers are seeing their business complicated by the difficulty determining the daily kyat-dollar exchange rate, with dealers working to avoid too much volatility in price.

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Poultry farmers push for easier land-use change

Poultry farmers need official permission to classify land for poultry farming, which is hindering expansion of the business, according to an official from the Myanmar Livestock Federation.

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Pair of rough rubies sells for over 800,000 euros at Nay Pyi Taw sale

During the 52nd Gems Emporium in Nay Pyi Taw, a pair of rough rubies sold for 801,000 euros (US$884,000), although the floor price for the lot was 600,000 euros. This was the highest bid of the auction, according to the Gems Emporium Committee.

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Outbound travel insurance needs attention

Insurance for travel overseas is only gradually becoming more popular as Myanmar people become more familiar with foreign travel, insurance experts say.

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Japan shores up influence with pledge

Japan pledged US$6.1 billion in financial aid to the “Mekong Five” countries as it pushes infrastructure exports and courts influence in a region where rival China has an increasing presence.

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Opaque financing hinders budget reform

Government spending on the military is unlikely to be transferred to more productive sectors such as health and education until the true quantity of spending is made clear to internal monitoring bodies and the voting public, according to a report by the Asian Development Bank (ADB).

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The depreciating kyat-dollar exchange rate issue

Myanmar has adopted a managed float exchange rate system. How does this system work? A useful way to find out is to look at how China has used such a system to fix the exchange rate of its currency the renminbi (RMB) against US currency the dollar ($).

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Myanmar risks ‘perfect storm’ from overheating economy, IMF warns

Myanmar's economy is overheating and risks hitting a “perfect storm” of a currency crisis particularly if the United States raises interest rates in the short term, the International Monetary Fund has warned. The bleak assessment, delivered in private briefings this week to senior government and Central Bank of Myanmar (CBM) officials, stands in stark contrast to IMF findings released last October at the conclusion of the annual Article IV consultation process when Myanmar’s economic outlook was described as “favourable”.

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