Myanmar planning nuclear reactor for ‘research’, minister says

Myanmar is planning to build nuclear reactors for research purposes after it develops the expertise required to run one safely, Union Minister for Science and Technology Ko Ko Oo told Parliament yesterday. 

He was responding to a question from Upper House MP Myint Kyi, who asked if there were any plans to build a nuclear power station for research. 

“Some assume that use of nuclear energy is dangerous, but there are advantages if it is correctly used,” Ko Ko Oo said. “We need a nuclear reactor for research use as it is very useful in various fields, such as health, agriculture and livestock breeding. To develop nuclear technology, infrastructure is also necessary to prevent radiation and proliferation of nuclear weapons. We are trying to develop human resources to acquire nuclear technology,” he added. 

MPT to begin selling unlimited SIM cards

The state-owned Myanmar Post and Telecommunications (MPT) said it will start selling unlimited SIM cards rather than a limited number by lucky draw, according to senior managers.

MPT has signed MoU with KDDI Corporation from Japan to compete with overseas telecommunication companies and provide enhanced mobile services.

“We are planning to change the sale plan of CDMA 800 MHz and GSM SIM cards. When we have finished making arrangements, we will announce the time to start it,” said General Manager Khin Maung Tun from MPT.

Myanmar major private bank to launch online banking services soon

YANGON, July 18 (Xinhua) -- A Myanmar major private bank, the Kanbawza Bank, will launch online and mobile banking services soon and a U.S.-based information security company, RSA, will provide protection to its customers from online fraud and cyber threats, according to the bank on Friday.

RSA is the security division of EMC, which is an American multinational corporation.

With more than 200 branches across the country, the Kanbawza Bank has been granted an authorised dealers license by the Central Bank of Myanmar in 2011 to operate foreign banking business.

The bank started with an initial capital of 477 million Kyats ( nearly 500,000 U.S. dollars) in 1999 and has expanded its capital to 113 billion Kyats (117 million U.S. dollars) in 2014, the bank disclosed.

Apex and FMI pending approval to begin domestic flights

Private airlines Apex and FMI are waiting for approval from the Myanmar Investment Commission to begin domestic flights, according to the department of aviation.

Both will be focusing to fly the Nay Pyi Taw to Yangon route, providing an alternative for government workers and officials to the dangers of road travel.

“Many requirements are needed to establish a new airline. The priority is Air Operation Certificate (AOC). In order to get an issuance of AOC, many steps and information needs to be filled out. Another fact is passenger safety. Upon all necessary items and information, AOC will be granted,” said Win Swe, director general for the aviation department.

Myanmar takes measures to remove locally-manufactured vehicles running on roads

YANGON, July 16 (Xinhua) -- The Myanmar regional transport authorities are taking measures to remove vehicles manufactured by local companies in industrial zones in the country, setting to hand them in to the authorities starting this week, official media reported Wednesday.

These locally-produced vehicles are blamed for having low quality which pose danger to road safety.

These vehicles include cars produced from Mandalay Industrial Zone, jeeps from Taunggyi Aye Thaya, Monywa, Yenangyoung and Yangon Industrial Zones, according to Mandalay Region Directorate of Road Transport.

It is estimated that 12,000 vehicles, manufactured in various industrial zones, are used across the nation, of which 3,000 are in northern Mandalay region.

Financial assistance needed for SMEs

Small and medium-sized enterprises have a critical role in driving the country’s economic growth, said Brigadier General KyawOoLwin, MP of the upper house, calling for financial assistance to the SMEs.

He was speaking at the upper house on Friday while submitting his committee’s report on the SMEs Development Bill.

“The SMEs account for 90 percent of the country’s total economy. They need to boost competitiveness at local and international markets. Giving the encouragement to the SMEs is aimed at helping support the country’s socio-economic development. The SMEs provide the most job opportunities and account for workforce ratio,” he said.

The SMEs should have an easy access to information, technical support and cash assistance. The committee has made necessary preparations to create new employment opportunity and income-increasing scheme.

Deposit interest rate hiked

A number of private banks, including the largest KBZ Bank, have recently announced an increase of deposit rate from 8 per cent to 8.25.

The banks, however, keep the borrowing rate at 13 per cent.

The rate adjustment happened in the wake of the Central Bank of Myanmar announcement on approval plans for foreign banks to set up branches.

The central bank set the minimum and maximum interest rates between 8 and 13 per cent to control inflation.

Asia Green Development Bank announced a raise in the interest rate on deposit from 8 to 8.25 percent with effect from July 1. Co-operative Bank promised to do the same.

Highways to be upgraded for Rakhine SEZ

The No 2 Union Highway and Kyaukphyu-Magway route will be upgraded for the Kyaukphyu Special Economic Zone in Rakhine State, the Ministry of Construction said yesterday.

The SEZ is expected to cost US$280 million to develop and the bidding for contracts is open to foreign investors. The two highways are priority connections to the SEZ.

Myanmar has more than 90,000 kilometres in roads. The ministry has built 36 Union roads linking the North and South and 45 connecting east and west. Their combined length is total miles for those roads are 24,700km.

Tax collectors set to scour Yangon for tax evaders

The Internal Revenue Department will start scrutinising tax collection in 203 wards of 20 townships in municipal Yangon from the last week of this month, it said.

The move is aimed at uncovering tax evasions among businesses in industrial zones, as well as factories, warehouses, land and house rentals.

“We will invite entrepreneurs in 203 wards in 20 townships … to discuss tax collection in cooperation with township general administration departments,” a senior official from the department said. “Ward administration offices will collect lists of house owners, tenants and businesses,” the official said, adding that the tax-collection review in Yangon was just the first step.

MAPCO plans another share sale

Myanmar Agribusiness Public Corporation is planning to sell a total of Ks five billion in shares, with individuals allowed to purchase up to Ks 1 billion worth of shares each, according to its managing director.

“Every Myanmar citizen can purchase shares at the price of Ks 10,800 per share,” MAPCO managing director Ye Min Aung said.

He also said it was not the company’s duty to prevent drug money from being used to buy shares. “It is not our duty to investigate whether the buyers are using black or white money. Even if it is black money, it would be useful inside the company instead of following outside,” Ye Min Aung said.

MCB receives Ks 18 million in deposits this year

Myanmar Citizens Bank (MCB) has received just over Ks 18 million in deposits this year, according to a report submitted at its 22nd annual general meeting.

“The MCB’s deposits have reached Ks 18,788 million, which is up by Ks 5,078 million this year compared with that of last year,” said Win Myint, managing director of the MCB.

The bank has been working to boost its investments annually. The total deposits received were Ks 4,450 million in 2010, Ks 5,600 million in 2011, Ks 6,650 million in 2012 and Ks 13,710 million in 2013 respectively. This year has seen a 38 per cent increase. 

House rental charges up by 10% to 35%

Charges for residential rent in Yangon are up by 10 per cent to 35 per cent in comparison to last year, according to a real estate market survey.

Rent for apartment increases by 10 per cent and the condominium lease jumps by 35 per cent. The rent varies in accordance with location and residential quality.

“Property owners are asking for higher rent based on quality of houses and apartments. Rental fees for flat and condo are higher than the ones from last year. The rent for flat at Yazana Garden City has also gone up. The rent increase coincides with the arrival of Buddhist Lent,” said Sai Li from Asia Land Real Estate Agent.

Ayeyarwady Bank announces Ks 1 trillion in deposits

The Ayeyarwady Bank has recorded public deposits amounting to Ks 1 trillion (US$1 billion) since its founding in 2010, according to bank statements.

The bank began business three years ago with the opening of its headquarters in Nay Pyi Taw on August 11, 2010.

Apart from normal banking procedures, it has become a member of United Nations Global Compact and runs corporate social responsibility programmes since August 2012.

Jade mining set to resume in four Kachin townships

On September 1 the government will allow jade mining to resume in areas of Kachin State where it has been suspended for two years due to armed conflict, an official from the supervisory work committee for jade plots said.

The resumption of jade mining in four townships in the state is intended to improve the socioeconomic welfare of its residents, the official said.

The mining will resume in Lonekhin, Phar Kant, Mawluu-Maw Han and Khanni townships, where it has been suspended since May 2012, the official said.

Police vow to investigate financial crimes

The police are clamping down on financial crime and money laundering but urged the revenue authorities to provide more information on instances of tax evasion.

A high ranking police official has insisted that the police will follow up on information regarding financial crime and has so far investigated 46 cases of money laundering involving drug and human trafficking.

“We confiscated houses and cars bought with black money as the money came from drugs and human trafficking. The revenue officials need to charge those avoiding tax through money laundering. Our police will take action under the money laundering law, but the revenue offices have not informed us of such cases yet,” said the high ranking officer, who refused to be named.

SMID Bank to lend Ks 20 billion to SMEs

The Small and Medium Industrial Development Bank plans to grant loans worth Ks 20 billion to small and medium enterprises this month.

“We are checking to approve SME loans for applicants. The lending date is not confirmed yet but it will be within this month. We are expecting to lend a total amount of Ks 20 billion in which Ks one billion loans will be provided to 15 states and regions,” said San Thein, the senior advisor of the bank.

He said that in order to get the loan approval, the applicants must submit the detailed proposal for borrowing to Small and Medium Enterprises Development Centre under the Industry Ministry.

Nann Taw border checkpoint slated for upgrade

The Nann Taw checkpoint, located at Muse Myanmar-China border, is slated for upgrade and the Shan State government is one of the bidders to carry out the project.

“Currently we expect to make a replacement with a larger building to match our country’s image,” said a Nann Taw official.

The winning bidder would be responsible for designing the building.

Myanmar delays local airport plans

Myanmar has deferred plans to improve its domestic airports as the country is concentrating on upgrading international airports, a senior Myanmar Department of Civil Aviation official said Wednesday.

The Myanmar government last year mooted plans to lure local and foreign developers to join plans to improve 30 domestic airports in public and private partnership, including managing them.

But department director-general Win Swe Tun said the focus now was on building a new international airport in Yangon and improve two international airports in Nay Pyi Taw and Mandalay, The Irrawaddy said on Wednesday.

Music industry gearing up for digital future

Despite the scourge of pirated CDs and illegal music downloads seriously threatening local digital music sales, Myanmar artist are tapping into digital music in anticipation of the country’s first digital revolution.

Given its shoddy digital infrastructure, snail-paced internet speed and low digital quotient, it would be quite a while before that revolution comes knocking on Myanmar’s doors. However, the music industry, arguably the most progressive of all sectors, is charging ahead into a digital future by undergoing a slow-motion digital transformation with CDs, VCDs and DVDs still being the order of the day.

What really constitutes a quantum leap forward in Myanmar’s pursuit of the digital age is the launch of the country’s first “à la carte” online music store last October.

More ‘affordable’ housing on the way

A large number of affordable housing projects are planned for Yangon Region and sales will be transparent, an official from the Yangon Region government said.

Many of the projects are still at the planning stage and various ministries are involved in them, said the official, who asked not to be named.

The details have not been ironed out, but the projects will be under the administration of the Yangon Region Government, he said, adding that they will be sold through a lottery system that would be open to the public to observe. The sales will follow the method used in the Bo Min Yaung affordable housing project.