Experts recommend OTC market for Myanmar

Some stock exchange experts have recommended that Myanmar establish the over-the-counter (OTC) market for stock trading, aside from the formal stock exchange.

“Although there are 200 public companies in Myanmar, only five of them will be listed on the stock exchange. The transactions of other companies’ shares can be done on the OTC market,” said Dr. Aung Thura from the Thura Swiss Company.

The Yangon Stock Exchange is expected to kick off by October 2015. The preparation is underway with advice from the Tokyo Stock Exchange. Foreign companies have shown interest in acquiring stocks in local public companies.

Export earnings of jade more than triple

Export earnings for jade during the nine-month financial period from April to December of 2013 reached US$ 920 million (Ks 887.79 billion), according to the Ministry of National Planning and Economic Development. This amount is more than a third larger than last year’s overall earnings (more than US$ 600 million). Export earnings for the 2012-2013 fiscal year reached US$ 297 million.

Myanmar can export jade in July but not in April, May or June. The export earnings reached more than US$ 336 million in September, the top export earnings month for the year.

Myanmar’s gold workers call the government to pass mining law

Myanmar’s gold production has been steadily picking up and could become soon a key driver for the country’s economic growth, but the increasing number of miners suffering from lung diseases has forced them to demand a swift approval of a mining law, currently being discussed in parliament.

In a special report DVBTV English shows the precarious conditions gold miners face daily, from inadequate equipment to antiquated practices.

Gold prices start year off with a bust

The continued devaluation of gold abroad has led to a 14.73 percent drop on the local markets over the past year, shop owners said.

The current market price of one tical of 24 karat gold (one tical equals 0.576 ounces) now sits at K648,000 (equivalent to US$1133 an ounce), down from the K760,000 gold sold for in January 2013, owners said.

Myanmar locals prefer traditional goods to foreign alternatives

It’s been more than two years since Myanmar began to open its economy, a move that ushered in a slew of foreign companies trying to break in to this once relatively closed market. But some brands are finding resistance to their products, with a local preference for local solutions.

44-year old Maaye Than grinds thanakha root, adding water, and makes a paste which she and many Myanmar women put of their skin. Thanakha is a traditional cosmetic that also blocks the sun, and she says she prefers it to more modern cosmetics.

Myanmar Shopping Mall & warehouse invited to invest in hotel services

YANGON—A Myanmar Shopping Mall building and a three-story warehouse situated in Kyaukdata Township have been invited to invest in hotel services and other businesses, according to the Ministry of Hotels and Tourism.

The rental life for the two buildings, rented by the Myanmar Hotels and Tourism Industry under the Ministry of Hotels and Tourism, has now expired. The ministry has thus invited local entrepreneurs to run hotel services and related businesses with a five-year contract.

MIC grants permission to new foreign-funded enterprises

Myanmar Investment Commission (MIC) has granted permission to various new foreign-funded enterprises, according to official reports.

During a meeting on Thursday, the MIC granted permission to foreign enterprises from China, Singapore, Hong Kong, British Virgin Islands and Australia to run businesses in various sectors.

US top clothing brand opens outlet in Yangon

Van Heusen, US top-selling menswear brand, has opened its first outlet in Myanmar at the Parkson Departmental Store, FMI Centre in the commercial city Yangon, according to VH Myanmar Ltd.

There are rapid changes taking place in Myanmar. To serve the market need for quality and reliable clothing brands, Van Heusen has entered Myanmar, accordign to a statement from Van Heusen.