Exports of marine-caught fish to China are down by 30 per cent over
the three months to December 2012, industry sources say. As a result,
prices have fallen by a quarter.
The reduction has come despite
coinciding with a Chinese festival period, when sales are usually good,
said U Maung Maung Soe, chairman of the Myanmar Marine Fisheries
Association on Wednesday, December 12.
Monday, 17 December 2012
Myanmar dyeing firms hope to grow like garment sector
As the country’s garment industry prepares to grow with the help of
new foreign investment, the local dyeing industry is facing problems.
Shortages of electricity, skilled labour and paint are handicapping the dye industry, some sources say.
Shortages of electricity, skilled labour and paint are handicapping the dye industry, some sources say.
Vietnamese prawn farmers consider Myanmar venture
A group of Vietnamese prawn farmers has voiced an interest in setting
up a 500-acre farm in Yangon Region following a visit to Myanmar, a
Myanmar Fisheries Federation official said.
U Han Tun said during the weekly fisheries federation meeting on Tuesday, December 11 that the Vietnamese delegation discussed a possible venture with the Myanmar Shrimp Association on Sunday, December 9.
U Han Tun said during the weekly fisheries federation meeting on Tuesday, December 11 that the Vietnamese delegation discussed a possible venture with the Myanmar Shrimp Association on Sunday, December 9.
Woodside buys a half stake in Myanmar oil and gas exploration block
Australia's Woodside Petroleum announced on Monday, December 10 that it had bought a 50 per cent stake in a second oil and gas exploration block in Myanmar.
Woodside Petroleum, headquartered in Perth, bought the stake in Myanmar Petroleum Resource Limited Exploration and Production’s (MPRL E&P) A-6 offshore block. The block is located in the Rakhine Basin off Myanmar’s western coast in the Bay of Bengal.
The A-6 block is about 250 kilometres south of the giant Shwe Gas Field, according to MPRL E&P, and covers about 9830 square kilometres.
Woodside Petroleum, headquartered in Perth, bought the stake in Myanmar Petroleum Resource Limited Exploration and Production’s (MPRL E&P) A-6 offshore block. The block is located in the Rakhine Basin off Myanmar’s western coast in the Bay of Bengal.
The A-6 block is about 250 kilometres south of the giant Shwe Gas Field, according to MPRL E&P, and covers about 9830 square kilometres.
Ministry issues LPG cylinder warning in Myanmar
The Ministry of Energy has warned consumers of the dangers of using
illegally imported and non-approved Liquefied Petroleum Gas (LPG)
cylinders, a spokesperson said on Monday, December 10.
The spokesperson said most LPG cylinders are legally imported from Thailand by large companies but some non-approved – and unsafe – cylinders are also entering the marketplace, mostly through the Myawaddy border crossing.
The spokesperson said most LPG cylinders are legally imported from Thailand by large companies but some non-approved – and unsafe – cylinders are also entering the marketplace, mostly through the Myawaddy border crossing.
Japanese auto companies keen for online auctions, dealerships
More than three Japanese auto companies
have discussed with the Myanmar Auto Industry and Trading Ltd to open an
online auction centre, including a dealership and service centre in
Myanmar.
Auto Server Co, Japan Automobile Auto and Itochu Enex Co are the companies interested in online auto auctions.
American energy giants keen to invest in Myanmar
American oil and gas giants Chevron,
Exxon Mobil and ConocoPhillips are planning to invest in Myanmar’s
energy sector, according to the ministry of energy.
The companies conveyed their interest
during a meeting between a Myanmar delegation and officials from
American energy sector on December 10.
Anglo American eyes investment in Myanmar mining sector
Anglo American, one of the world’s
largest mining companies, is in talks with Myanmar for possible
investment in the mining sector, a source reported.
Anglo American Mining Co, headquartered
in London, mainly produces platinum group metals, diamond, copper,
nickel and iron ore. It is also included in the list of 15 largest
companies in the London Stock Exchange.
The company’s group head of business
development, Paul Cahill, held talks with government officials about
investment procedures and opportunities in the mining sector on December
10.
Myanmar urges China for export tax exemption
Myanmar has sought tax exemption for its
agro products export as it pursues several trade agreements with China,
according to the ministry of commerce.
In September, China granted tax-exempt status to 7,787 commodities from least developed countries including Myanmar.
However, China kept rice and yellow
maize from Myanmar out of this tax-exempt items’ list despite Myanmar’s
request for their inclusion, a commerce ministry official said.
Fuel import thru legal routes surges
Fuel import through Myanmar-Thailand legal trade routes has surged following recent crackdown on illegal import.
Rise in import, both through legal and
illegal routes, came amid a sharp rise in fuel demand following import
of more cars this year.
The authorities seized 113 tonnes of
petrol imported illegally through border township of Kawthaung by one of
the country’s largest importing companies in November.
Sunday, 16 December 2012
Fluctuating currency exchange takes a toll on livestock, fisheries sectors
Unstable currency exchange rates have
led to the losses in the livestock and fisheries sectors, as a result
business owners are finding it difficult to repay debts to banks.
“Due to the turbulence in currency
exchange rate which has led to capital loss, they have deferred
repayment of debts owed to the Ministry of Livestock-Fisheries,” Than
Lwin, chairperson of Myanmar Fisheries Federation said on December 11,
during the meeting of federation.
Bangladesh faces garment race with Myanmar
Bangladesh, the world’s second largest garment exporter, wants to take over China’s spot as the number one nation in the industry.
It has a young workforce, a minimum wage three times lower than China’s, and preferential treatment under European import laws.
There are major challenges to overcome, however, including power shortages, poor infrastructure and an ageing sea port.
Bangladesh’s neighbor, Myanmar sees an opportunity in those shortcomings. It is investing in a huge new port to lure investors.
Al Jazeera’s Nicolas Haque reports from Teknaf district on the border with Myanmar.
source: Aljazeera
http://www.aljazeera.com/news/asia/2012/12/2012121581947833501.html
It has a young workforce, a minimum wage three times lower than China’s, and preferential treatment under European import laws.
There are major challenges to overcome, however, including power shortages, poor infrastructure and an ageing sea port.
Bangladesh’s neighbor, Myanmar sees an opportunity in those shortcomings. It is investing in a huge new port to lure investors.
Al Jazeera’s Nicolas Haque reports from Teknaf district on the border with Myanmar.
source: Aljazeera
http://www.aljazeera.com/news/asia/2012/12/2012121581947833501.html
Saturday, 15 December 2012
United Bank of India opens office in Myanmar
United Bank of India has commenced operations at its representative office at Yangon in Myanmar.
United Bank is the first bank from India to open an
office in Myanmar. The setting up of a representative office is likely
to give a boost to the Indo-Myanmar trade, said a press statement issued
by the bank.
No financial transactions
Though the representative office will not handle any
financial transaction, officials will maintain liaison with the
Government, banks and traders and will extend help and cooperation
toward resolving all issues relating to settlement of trade-related
transaction between both the countries, the release said.
source: The Hindu Business Line
Visa Touts Plastic, Mobile Payments In Cash-Only Myanmar
First-time visitors to Myanmar (Burma) can be caught short by its cash-only style of commerce. It’s nigh impossible to pay by credit card for goods and services, and even luxury hotels refuse to swipe your plastic. In Myanmar, cash is king, queen and ace, and your greenbacks best be squeaky-clean and creaseless (local kyat notes bear more scars). As a result of U.S. sanctions, those rare businesses that did accept cards used to route payments via Singapore banks, which added greatly to the cost and hassle.
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