The Central Bank of Myanmar sold $2.5 million on August 12, which is the fifth time it auctioned dollars in the first two weeks of August. With this auction, the total amount of dollars, that the Central Bank of Myanmar has sold, now totals $13 million in August alone. The...
Japanese drinks giants Kirin Holdings booked an impairment loss of over 21.4 billion yen ($193 million) in the six months through June on account of its beer production businesses in Myanmar. But it is not planning to exist in Myanmar, Reuters reported quoting senior executive officer Toru Yoshimura from Kirin,...
Telenor Group has announced today that it has entered into an agreement to sell 100 percent of its mobile operations in Myanmar to M1 Group for a total consideration of 105 million USD (approximately 900 million NOK), of which 55 million USD (approximately 470 million NOK) is a deferred payment over five years. The...
The military junta amended the 2020 Union Tax Law cutting the percentage of taxation on unassessed income or undisclosed sources of income with the aim, it said, to increase businesses which severely hit by the impact of the COVID-19 pandemic. The NLD administration introduced taxation on unassessed income in a...
If you want to withdraw cash from your bank account in Myanmar, you need to get up as early as at least 4 a.m and go to an ATM-not any ATM but ATM where your bank chooses to refill cash. Then wait for hours to have your turn to...
Local gold price, which has skyrocketed reaching over K1.7 million following the coup by the military, now has dropped as much as K200,000 as the price decreased to around K1.5 million per tical (tical= 16.3 g). On May 26, the domestic gold market closed with K1.5 million per tical while...
Major Japanese retailer Aeon has decided to postpone its $180 million shopping mall project in Myanmar due to the political turmoil in the country, according to NHK reports. Aeon planned to start the construction process this year and expected to open the mall by 2023. The project is a joint venture...
Most of the companies both local and foreign companies were planning to increase investments in January 2021, according to the joint survey conducted by ten foreign chambers of commerce, but now companies have halted their plans to increase investment after political events in February 2021. A total of 372 companies...
Avis Myanmar plans to continue the investment by tripling the size of Avis Fleet in 2021 with estimated investment values around USD 4 million since it is optimistic about the prospect of the country after this challenging pandemic. The pandemic Covid-19 profoundly changed the global political and economic arena. With...
Better Technologies Myanmar (trading as Better HR), based in Yangon has grown to 150 customer companies across 3 countries within 1 year, making it the first Yangon-based startup in the HR space to make it regional. Better HR is a cloud-based application that allows organizations to streamline HR processes such...