MIC approves 123 companies in the current fiscal year
Fifteen local and foreign companies were granted approval by the Myanmar Investment Commission (MIC) in June, taking the total number of companies approved this fiscal year to 123, according to U Aung Naing Oo, secretary of the MIC. “Creating local job opportunities is our main focus this financial …
>>Read moreGovernment suit against ‘Eleven’ editors prompts criticism
The government has launched a criminal contempt-of-court prosecution against 17 senior members of the editorial team of Daily Eleven, arguing that their coverage of an earlier defamation suit was in breach of the law. Foreign and local critics say the latest legal action continues a longstanding tre…
>>Read moreHealth insurance to begin as a tough sell
A Health insurance plan set out by the government is scheduled to start next month, though initial uptake may be show. Private insurers say the one-year test phase will be spent identifying whether it is viable and convincing consumers of its benefit. The long-promised health insurance program was i…
>>Read moreUS banks stay picky on Myanmar transfers
American banks continue to hesitate on money transfers to and from Myanmar, despite the removal of most sanctions on finance in 2012 and 2013. Businesspeople say that while there are now few explicit rules preventing transfers, a fear of sanctions and a shallow understanding of the local market prev…
>>Read moreIllegal food, medicines destroyed
In a K200 million bonfire, illegal food and medicines seized by Mandalay’s Food and Drug Administration were torched at the city’s Aye Yeik Nyein Cemetery on June 19. U Min Aung Phyo, head of Mandalay City Development Committee’s Cleansing Department, said the products included chilli powder, chilli…
>>Read moreCustomers irate at futures trading firm
Unlicensed futures brokers have been accused of cheating large sums of money from clients who fear they will never be able to claim the money back because the companies are operating illegally. A company which goes by two names – Global Growth and Golden Global – has allegedly cheated US$1.48 millio…
>>Read moreMalaysian firm to construct Yangon office tower
Malaysia’s Naim Indah City Development has signed a memorandum of understanding (MoU) with Myanmar firm United Pacific Development Company to build a 32-storey office tower on Pyay Road in Yangon. Indah City Development Company is a subsidiary of Kuala Lumpur-listed company Naim Indah Corporat…
>>Read moreGovernment approves plan for health insurance
Deputy finance minister Dr Maung Maung Thein has unveiled plans for health insurance beginning on July 1. The annual premiums will be set at K50,000 from all private insurance companies and Myanma Insurance, with people able to purchase up to five units each at K50,000 a unit. People between six and…
>>Read moreCrackdown frightens money changers
News of the arrests of unlicensed US dollar traders and speculators has resulted in a significant slowdown of black-market money changing operations across Yangon this week, sources said. Police Lieutenant Colonel Kyaw Htut, head of the western district police, said that the Bureau of Special Invest…
>>Read moreStrike called off at shoe factory
In the latest phase of a long-running industrial dispute, hundreds of workers at the Tai Yi footwear factory staged a two-day sit-in outside the plant in Hlaing Tharyar township on June 15 and 16. The workers are protesting against the dismissal of two activists from the factory’s union. Though the …
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