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More than 70 percent drop in stock trading value at Yangon Stock Exchange (YSX) in 2017
Stock trading value at Yangon Stock Exchange (YSX) amounted to over K22 billion last year, down more than 70 per cent compared with 2016, according to figures from the YSX. From March to December, 2016, the stock trading value reached K70.7 billion. Stock trading value reached over K2.8 billion in January, 2017, over K3.1 billion in February, over K3.4 billion in March, over K1.2 billion in April, over K1.48 billion in May, K1.5 billion in June, K1.3 billion in July, over K2.2 billion in August, over K1.8 billion in September, over K1 billion in October and over K1.1 billion each in November and December. -
Overseas demand for locally produced coffee market expected to rise in 2018
Prospects are looking good for the Myanmar coffee industry, with coffee prices kicking off the New Year on a high level and domestic market conditions looking rather positive, coffee plantation workers said. The market price for ripe coffee cherries harvested in December is now K800-K900 per viss (1.6kg), which is at the higher end of last year’s price range, said U Win Aung Kyaw, vice chair of the Myanmar Coffee Association. “The condition of the market is looking great.” He added that coffee prices are expected to continue rising this year. “In the Ywar Ngan region, there are no more leftover coffee cherries from last year. Currently, all the good quality coffee cherries are being sold for K900 per viss and demand is expected to rise. We have been seeing a lot more enquiries from foreign buyers from Europe but also Asia, too,” he said. -
24 out of 54 money-losing state-owned factories to transform into joint ventures with private sector
Twenty-four out of 54 money-losing government-owned factories will be operated in joint ventures with private entrepreneurs after the coming session of parliament, Union Minister for Industry Khin Maung Cho said December 30. Parliament has also decided to mothball money-losing government-owned factories, he told a regular meeting between the vice president (1) and local entrepreneurs. “The crucial point is textile factories. Especially, those factories that produce school uniforms for the Education Ministry and university teachers, said Khin Maung Cho. The uniforms are needed, regardless of interruptions in electricity and that has raised production costs as the government sought new suppliers. -
Myanmar Companies Law is a major step to transform the Myanmar economy
Businessmen and economists have been eagerly awaiting a crucial piece of legislation that could have a transformative effect on the Myanmar economy. Myanmar Companies Law is a major step to transform the Myanmar economy and it will beneficially affect the influx of foreign investment in domestic businesses, Aung Naing Oo, director general at Directorate of Investment and Company Administration (DICA) under the ministry of planning and finance, stressed at an official briefing on the Myanmar Companies Law, which was held on December 13 at the Melia Yangon Hotel. He said the new law will encourage informal businesses as well as unregistered enterprises to register and so the businesses can easily set up and grow. Moreover, the law will also help improve the partnerships with overseas businesses that will provide many opportunities. -
Businesses demand the Myanmar government to be more decisive and efficient in implementing reform in 2018
After a somewhat “disappointing” 2017 for the private sector, during which key economic legislation failed to take shape as expected, leading businessmen and chambers of commerce have urged Nay Pyi Taw to be more decisive and efficient in implementing reform in 2018. Moving forward, the business community wants to see stronger leadership and direction from the government in liberalising individual sectors, accelerating tax, infrastructure and land reforms and implementing the new Companies Law as soon as possible. But what should the top priorities be for the government in 2018? What can realistically be done to facilitate larger investments and stimulate economic growth this year? Peter Beynon, chair of the British Chamber of Commerce, said the first priority would be for the government to issue a master plan with a clear mandate and defined objectives for each sector. “What I am seeking is for the government to establish firm objectives and have all ministries focus on achieving these aims,” Mr Beynon said. -
Myanmar Economic Bank (MEB) extends medium term loans to agriculture, construction and Small and Medium Enterprise (SME) sectors
State-owned Myanma Economic Bank (MEB) will extend medium term loans to companies in the agriculture, small and medium enterprise (SME) and construction sectors, the government said last week. The loans to these three sectors will be term loans of 3-5 years. The MEB will extend loans to the agriculture sector through the Myanmar Agricultural Development Bank (MADB). The latter will lend to agricultural as well as aquaculture businesses at an interest rate of 9 percent. In the construction sector, the MEB will provide financing through the Construction and Housing Development Bank (CHDB), which will lend to the relevant businesses at an interest rate of 11pc. -
Banks might close half of their branches and cut half of their workforce in 10 years – Antony Jenkins, former Barclays CEO
“It's going to mean that bank branches are as common as a Blockbuster video store in a few years’ time,” former Barclays CEO Antony Jenkins told CNBC, predicting about mass closure of physical banks. Two years earlier, Jenkins had also predicted that banks might close half of their branches and cut half of their workforce in 10 years. The trend, he said, is happening faster than he or anyone else in the Fintech industry might have guessed. Thanks to digital leapfrogging, here in Myanmar we have the opportunity to go straight to the era of iflix and Youtube, bypassing the good old times of video rentals or DVD-by-mail. But what it also means is that at the same time, we’re at the forefront of a new paradigm in digital technology. Apply that to the retail banking industry and you’ll realise how banks now face the imperative task of transforming the way they interact with their customers, in order to remain relevant and profitable. -
To increase the stock trading volume and build the Myanmar investment market, Yangon Stock Exchange (YSX) permitted four securities companies to trade online in December 2017
Aiming to increase the stock trading volume, an online stock trading system started in December with the approval of the Securities Exchange Commission of Myanmar. The Commission granted the online trading system to four security companies on 26th of December. The new system could help the investors to trade easily, and will also be a boost for the Myanmar investment market. Senior Executive Manager, Yangon Stock Exchange, Thet Htun Oo said “The strong point of online trading is easy to use mobile application, and to trade easily among the security company and customers. It will cover not only urban area but also rural area. The customers need to contract online rules and regulations with the security companies, and download and install the online application. The entire step will take free of charge to the customers.” -
FDI in Myanmar was around $ 4.5 billion between April and November 2017 and there were ten major economic developments throughout the year
2017 was an eventful year for Myanmar, with the economy charting major developments that brought in approved foreign direct investments (FDI) of around $4.5 billion between April and November, created thousands of jobs for locals and propelled larger segments of the population into the middle-class. These included opening up the taxi industry to foreign ride-hailing service providers, approving a slew of new hotels and mixed development projects and taking steps to ease a debilitating liquidity crunch that has stifled growth and innovation among the local small and medium enterprises. For the 2016-17 fiscal year, Myanmar’s Directorate of Investment and Company Administration (DICA) expects total approved FDI to exceed last year’s $6.7 billion total. -
Myanmar Native Land Public Company plans to build a resort which consists of 30 bungalows and a shopping center at Lumbuni Garden, Mount Zwekabin, Kayin State
Myanmar Native Land Public Company will develop a construction project which consists of 30 bungalows and a shopping center at Lumbini Garden which is at the base of Mount Zwekabin, Kayin State. The project which includes parking lots for both big and small vehicles, and a swimming pool will be developed when the cable car project started four years ago is finished. The project will be implemented on the land of six acres with $12 to $15 million capital investment. ‘‘We will implement our second project at the base of Mount Zwegabin. As the cable car project is expected to finish at the end of next year, we will discuss again for the project,’’ U Ba Nyar Zaw, President of Myanmar Native Land Public Company, said.
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