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...
By P. Kandiah and Geetha Kandiah Moderna Inc., Sanofi, AstraZeneca plc, Roche, Gilead Sciences and Novartis are just some of the many pharmaceutical companies working to fast-track the development of a coronavirus vaccine. Many companies and research institutions from various countries are racing to develop the vaccine for COVID-19. Who...
China, Myanmar’s major trade partner, has closed all the border tradeposts on the Myanm-China border with the closure of Chin Shwe Haw border trade gate on October 6 with the excuses to curb the spread of COVID-19. China has restricted imports from Myanmar through a $450 million Chin Shwe since five...
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...
While there are frequent power outages in Myanmar, the Ministry of Electricity and Energy under the State Administration Council said, in its second announcement on reduced power generation, that the power outage will continue due to the reclining power generation capacity of large power plants in the national grid. The...
Germany-based international wholesale company METRO has announced that it will cease its foodservice distribution business in Myanmar due to the volatile investment and business environment in the Southeast Asian country, which is expected to continue for some time. "We made this decision with regret because we started 2019 with positive...
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...
By Brenna Hughes Neghaiwi and Simon Jessop ZURICH/LONDON (Reuters) - As stock markets roar back from the coronavirus-led rout, advisers to the world's wealthy are urging them to hold more gold, questioning the strength of the rally and the long-term impact of global central banks' cash splurge. Before the COVID-19 pandemic,...
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...
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...