ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

• 

  In order to boost and revitalize local peanut oil production, Myanmar peanut producers are slated to receive technical and mechanical support from Taiwanese agriculturalists to supply 50% of domestic consumption by 2020

  Myanmar peanut oil producers are slated to receive technical and mechanical support from Taiwanese agriculturists to supply 50 percent of domestic con¬sumption by 2020, U Khin Soe, Chairman of Myan¬mar Oil Millers Association (MOMA), told Myanmar Business Today. Myanmar imports near¬ly 90 percent its edible oil. In order to minimize the market’s reliance on imports, MOMA is seek¬ing Taiwanese support to ramp local production up to 50 percent, U Khin Soe, said. “Myanmar consumes a million tons of edible oil annually with local pro¬ducers only supplying 10 percent of the demand. We aim to balance that ratio by increasing the volume and efficiency of oilseeds and peanuts cul¬tivation. If we can culti¬vate 3 million acres yield-ing 3.2 tons of peanuts per acre a year, we will be in range of self-sustaina¬bility,” U Khin Soe said. Current productivity sits at a dismal 1.3 tons of pea¬nuts per acre. Taiwanese peanut farmers, who on average produce 4.9 tons per acre, are being con¬sulted by MOMA for their expertise and mechanical equipment.
• 

  To support national level construction projects, local engineering firm SafeBiz Engineering Co. Ltd. has signed a franchise agreement with Malaysian IPM Engineering Sdn. Bhd

  Local engineering firm SafeBiz Engi¬neering Co. Ltd has signed a franchise agree¬ment with Malaysian IPM Engineering Sdn. Bhd on August 11. The signing ceremony took place at Sedona Ho¬tel and was attended by the Managing Directors of both firms as well as rep¬resentatives of the Myan¬mar Engineering Council and Myanmar Engineer¬ing Society. SafeBiz has been very active in Mandalay, Yan¬gon, and Tanintharyi con¬struction consulting and related services since its inception in 2015. The company has joined forc¬es with its ASEAN neigh¬bor to expand its level of technical expertise and better adopt international practices.
• 

  Half-day seminar on labour law targeted at factories in Myanmar was hosted by SMART Myanmar and GIZ at UMFCCI

  The European Union funded SMART Myanmar project and GIZ’s Social and Labour Standards in the Garment & Textile Sector in Asia (SLSG) project jointly organized a half-day seminar on labour laws most relevant for factories in Myanmar. Although initially aiming to host about 70 managers and staff, over 200 individuals attended to hear lawyers from Luther Law firm answer questions on existing labour laws in Myanmar, according to a statement. “Attendance at the seminar far exceeded our expectations. I believe most factories are interested to comply with Myanmar’s existing labour laws, but it is often not simple.Sometimes laws are inconsistently applied and this can create immense confusion for factory managers. We hope today brought some added consistency and clarity.” said Mr. Jacob A. Clere, SMART Myanmar Team Leader.
• 

  Myanmar Chemical & Machinery company (MCM) will fork out over US$ 96 million to build an offshore base on Made Island, Rakhine State

  Myanmar Chemical & Machinery Co (MCM) will fork out over US$96 million (K130 billion) under the Myanmar Citizen Investment Law to build an offshore supply base on Made Island in Kyaukphyu, Rakhine State, project director U Tin Soe told The Myanmar Times. The location lies along the 1,000-mile Rakhine-to-Kawthoung coastline, where a host of international oil companies are currently conducting oil and gas exploration works across 37 offshore blocks in Rakhine, Moattama and Tanintharyi. Earlier this month, gas was discovered at Block A-6, off the coast of Southern Rakhine, at water depths of up to 4,570 meters. Two earlier discoveries, at 200 meters and 2,034 meters respectively, were made in 2012 and 2015. Now, plans are being laid out for a fourth well to be drilled at Block A-6. To meet the anticipated demand for offshore storage and personnel housing services when production begins at those fields within the next few years, Myanmar will need its own offshore supply base situated nearby.
• 

  Although more firms are keen to be listed on the Yangon Stock Exchange (YSX), people's interest in trading on the YSX does not seem to be growing since its launch 18 months ago

  People’s interest in trading on the Yangon stock exchange does not seem to be growing 18 months after its launch but more companies are nevertheless keen to be listed, say officials. Htay Chun, a member of Securities and Exchange Commission of Myanmar, says that at least two more companies hope to complete the necessary procedures to be listed by the end of this month. “Those two companies have completed around 70 per cent of the process while another two or three have finished of it, so we hope to welcome five more in the near future,” he said. According to the official, the majority of registered public companies in Myanmar have indicated an interest in being listed on the exchange but less than 40 meet the requirements set by the securities regulator. “Only half of the registered public companies, around 155, have a licence to commence business operations,” he said. “Companies need to pay 50 million kyats (Bt1.25 million) to get the licence and must also meet all the listing criteria. For one thing, they must have more than 100 shareholders, so it is out of the question for many of them.”
• 

  In partnership with Apple and ANT financial services group, True Money improved its application and design to serve all of the financial needs of the people in the ASEAN region

  ASEAN’s leading e-payment provider, TrueMoney, announced today new and improved features for its TrueMoney Wallet application, designed to serve all of the financial needs for people in Thailand and in the ASEAN region, according to a company statement. Apart from the current services of bill payment, mobile top-up, money transfer, and online and offline payments, in the future, users will be able to transfer money to friends and family abroad, buy plane tickets and book hotel rooms, order and pay for food, borrow money and make investments in mutual funds, among other financial activities via TrueMoney Wallet. The app will also include credit rating and advance fraud prevention features. Moreover, via its partnership with Apple and ANT Financial Services Group, TrueMoney consumers in Thailand are now able to pay for purchases in the App Store, Apple Music, and iTunes directly from their TrueMoney account. TrueMoney customers with a new or existing Apple ID can select “TrueMoney” as a payment method in their account settings from their iPhone, iPad, iPod touch, and Mac, or on iTunes from their PC. The new payment option will be configured automatically and immediately allows for one-tap purchasing from their Apple devices, including the iPhone, iPad, Apple Watch, and Apple TV.
• 

  World Bank has signed a zero-interest $200 credit deal with Myanmar for Myanmar’s fiscal resilience reforms

  The World Bank has signed a zero-interest $200m credit with Myanmar to help with programmes that include better public debt management, increased tax collection and stronger public finance management. Myanmar’s first ‘macroeconomic stability and fiscal resilience development policy operation’ is aimed at accelerating economic changes needed for long-term peace and prosperity. Under the reforms contained in the policy, Myanmar will seek to promote prudent public debt management, improve the fiscal discipline of state economic enterprises and achieve more effective budgeting processes.
• 

  NLD MP's attempt to repeal the controversial subsection 66 (d) of Myanmar's telecom law was defeated in the House of Representatives

  In the deliberations on the Bill for Amending the Telecommunications Law, a National League for Democracy MP moved to repeal the controversial subsection 66(d) of the law but it was defeated in the House of Representatives. MP Aung Kyaw Kyaw Oo, from the ruling NLD party, moved a motion for repealing subsection 66(d) of the 2013 Telecommunications Law but it was defeated in House of Representatives in division by votes with 19 Yes votes and 372 No votes. In his motion MP Aung Kyaw Kaw Oo said that this subsection should be totally repealed as it is ultra vires with the 2008 Constitution, is similar to the section already included in the Penal Code, and it is being misused arbitrarily. The advocacy group Research Team for the Telecommunications Law says 17 journalists have been charged or arrested under the law since Aung San Suu Kyi's government took power last year. A total of 88 cases have been charged under this subsection of the law.
• 

  In order to develop Myanmar’s capital market and attract more business to invest in stock market, Yangon Stock Exchange Expo 2017 will be held in September 2017

  Yangon Stock Exchange Expo 2017 will be held at Park Royal Hotel in Yangon on September 10 with the aim of developing Myanmar's capital market and attracting more businesses to invest in the stock market, the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) says. Officials from UMFCCI, Yangon Stock Exchange (YSX) and the Japanese Embassy to Myanmar held a meeting on Tuesday to discuss ways to be included in the expo regarding amendments to the relevant laws, rules and procedures to attract more companies.
• 

  State Counsellor Daw Aung San Suu Kyi urged prominent bankers to collaborate in the banking sector to develop Myanmar's economy

  State Counsellor Daw Aung San Suu Kyi has urged prominent bankers to cooperate and take part in the country’s economic development at a separate meeting held at Nay Pyi Taw. She met with the chairs from 22 banks in Nay Pyi Taw on August 15. The state counsellor urged them to cooperate in banking sector for Myanmar’s economic growth, Small & Medium Industrial Development Bank (SMIDB) patron U Khin Shwe told The Myanmar Times. He added that the banking sector is the lifeblood of the economy and if the banks are not faring well, the economy cannot become robust either.