The Myanmar Times
Thursday, 28 May 2015
The Myanmar Times
The Myanmar Times

US offers path to redemption for ‘cronies’

Myanmar officials and the business community yesterday expressed hope that the lifting of US sanctions against prominent industrialist U Win Aung last week would open the door to an influx of US investment and the removal from Washington’s blacklist of other tycoons linked to the former military regime.

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Statoil to sign contract

The signing of production-sharing contracts (PSC) for offshore oil and gas blocks is nearing its conclusion as the Norwegian oil giant Statoil is set to formalise its agreement tomorrow.

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Kayin industry zone seeks growth

Overcoming logistical barriers, a new 40-hectare (100-acre) industrial park has opened for foreign investors in Kayin State. The future of the Hpa-an industrial zone, set up in 2011, initially looked bleak because of local instability and electricity shortages, said U Zaw Min, the state’s chief minister.

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Mitsubishi to conduct tests in Ayeyarwady

Mitsubishi Corporation says it is to conduct soil tests as the Japanese company proceeds with plans for a coal-fired power plant in Ngayokekaung township, Ayeyarwady Region.

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IMF promotes reforms to boost private banking sector

Banking in Myanmar is thriving but requires further private sector reforms, according to a senior IMF official commenting on the inauguration in Yangon last week of the first branches to be opened by three foreign banks.

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Rice exports grow

Rice exports are set to leap by more than 10 percent this year, setting a new record, industry experts said yesterday. U Soe Tun, associate secretary of the Myanmar Rice Federation (MRF), said total exports would reach 2 million metric tonnes in 2015-2016.

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FMI seeks spot in busier skies

The domestic aviation industry is, at first glance, overcrowded.

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Three rivers dredging process in final stage as traffic grows

Dredging the confluence of the Bago and Pun Hlaing rivers and Pazundaung Creek to facilitate the passage of ships is in the final stage, according to waterway authorities.

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Election year fuels deficit and inflation

November’s election could bring higher inflation and a bigger budget deficit, experts have warned. International Monetary Fund officials told The Myanmar Times in Washington that the deficit could rise despite government attempts to restrain it.

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First foreign banks in Myanmar herald possible sector shake-up

This week’s arrival of the first three foreign banks to be allowed to open branches in Myanmar has already signalled a possible shake-up of the banking sector, with Japan’s Sumitomo Mitsui Banking Corporation expressing interest yesterday in eventually acquiring a minority stake in Kanbawza (KBZ), Myanmar’s largest lender.

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