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Category: Economy

Yoma awards building contracts worth over US$400m for new Yangon developments

Artist's impression of The Peninsula Yangon

Artist’s impression of The Peninsula Yangon, the former headquarters of the Burma Railway Company which will be restored into a luxury hotel. PHOTO: YOMA STRATEGIC HOLDINGS

Likewise, conservation works including the dismantling, cataloguing and storing of all windows, doors, balconies, cast iron and other architectural items have been completed, and these items will be reused in accordance with the conservation management plan for the former headquarters of the Burma Railway Company.

via Yoma awards building contracts worth over US$400m for new Yangon developments, Companies & Markets News & Top Stories – The Straits Times

Interbank cash transfers available with single ATM card next year

Interbank ATM Transfer

To link up all the banks on the MPU network, the necessary infrastructure needed was software, which MPU purchased from China. The software is now being replaced by a one developed in the US and this caused delays. The installation of the new software will now be completed in December 2017 before launching in early 2018, U Mya Than said.

via Interbank cash transfers available with single ATM card next year | The Myanmar Times

Marubeni to overhaul power plant in Myanmar

Shall we see less power outage next summer?

Wholly owned subsidiary Marubeni Power Systems will renovate the combined-cycle plant operated by a public utility in Yangon’s Thaketa. Gas turbines will be replaced with the latest equipment, for example, raising output from 24,000kW to 66,000kW.

Source: Marubeni to overhaul power plant in Myanmar- Nikkei Asian Review

Japan’s ANA ditches Myanmar’s Asian Blue airline project

ANA

All Nippon Airways. Photo: ANA’s Facebook page

The decision comes amid growing frustration over the Myanmar government’s management of the economy. The country’s much-needed new foreign investment approvals have slowed since Aung San Suu Kyi’s National League for Democracy won a election victory in late 2015 in one of the region’s poorest countries.

Source: Japan’s ANA ditches Myanmar’s Asian Blue airline project

Long Term Agreement for Improved Bus Terminal in Mandalay

proposed bus terminal prototype in Mandalay MCDC

Under the guidelines of Mandalay Investment Commission, the termi­nal will be upgraded and modernized in line with international standards. This will include new lounges, centers for ticket sales, restaurants, super­markets, shopping malls, hotels, and condominium units according to the signing ceremony at Man­dalay Regional Government Office, on October 10, 2017.

Based on the agreement between the company and MCDC, the company has to pay K3 billion ($2.19 million) per year for 50 years to the YDCD for the leasing of the terminal grounds, according to U Kyaw Zaw Aung, Member of Mandalay City Devel­opment Council told My­anmar Business Today.

Source: Long Term Agreement for Improved Bus Terminal | Myanmar Business Today

In dirt-poor Myanmar, smartphones are transforming finance

One customer, who walks in wearing a long red longyi and delicately beaded top, says she was at first nervous about Wave. A clothesmaker, she now sends earnings through it twice a month at a cost of 500 kyat ($0.37) a go. She says Wave’s appeal is its “convenience”.

Source: In dirt-poor Myanmar, smartphones are transforming finance