8 May, 2013
Business and Investment
Thailand based Kasikorn Bank (KBank) will later this month start allowing Myanmar nationals in Thailand to send remittances back to Myanmar via KBank ATMs, in cooperation with Myanmar’s Co-operative Bank (CB Bank). This comes as a part of KBank’s policy of building a network of comprehensive financial services ahead of the ASEAN Economic Community in 2015. More than three million Myanmar nationals are working in Thailand, with about 1.8 million more are expected by the end of 2013.

13 May, 2013
Business and Investment
The Myanmar Livestock and Fisheries Development Bank public company has announced its plans of doubling its capital to 70 billion kyat (US$77.5 million) and to change its name to ‘Treasure Bank’, an official said. The Bank wants to change its name because the current name has led to misunderstandings regarding its operations. “Some people think that only livestock and fisheries businesses can work with us, but we would like to extend our client base,” bank director U Kyaw Lwin said.

13 May, 2013
Business and Investment
Starbucks is planning on increasing its presence in Asia, including opening a branch in Myanmar within the next two years. The firm is planning on increasing the number of outlets in China from 850 to 1500 by 2015, and to double its size in Thailand to 320 in the next five years. Currently, Starbucks has 19,000 coffee branches in 62 countries.

13 May, 2013
Business and Investment
Malaysia retail chains Parkson opened its department store in Yangon last week. The joint venture is between Parkson Retail Asia (70%), Yoma Strategic Holdings (20%) and First Myanmar Investment (FMI) (10%), and they are planning on building another store in four years time. Parkson is operated by Malaysian Lion Group.

13 May, 2013
Business and Investment
Heineken, the world’s third-largest beer maker, has signed a joint venture agreement to brew and sell its beers in Myanmar. The venture is with a local company Alliance Brewery Co Ltd (ABC) and will build a US$60 million brewery near Yangon, which should become operational by the end of 2014.

10 May, 2013
Economy
The Ministry of Labour has suspended 12 of the largest employment agencies in Myanmar for alleged corruption and exploitation of workers. The companies will be unable to send migrant workers to Thailand until an investigation into their business practices is completed. The Migrant Worker Rights Network has called the system “extortionate in practice”, both for the high fees migrants must pay to enter Thailand and the gruelling work conditions they are forced to endure after they arrive.

10 May, 2013
Economy
Manufacturers in Yangon and Mandalay are facing steep increases in costs and possible job losses after the government shut down their electricity supply due to drought, the latest sign that the ageing power grid is holding back economic development.

13 May, 2013
Economy
A new securities and exchange law is to be enacted in July, but the opening of a stock exchange by is being planned for 2015. The Central Bank of Myanmar has signed a memorandum of understanding (MoU) with Daiwa and the Tokyo Stock Exchange to establish an exchange in Yangon by 2015. U Win Aung, president of the Union of Myanmar Federation of Chambers, said a number of federation members have become or are in the process of becoming public companies in order to list on the stock exchange. Most companies in Myanmar know very little about listing on a stock exchange but that will change by 2015, he added.

10 May, 2013
Politics
For the first time in history, the government will provide 3 billion kyat (US$3.3 million) in financial support to monastic schools across the country, according to the Ministry of Religions Affairs. Even though primary education is free in Myanmar, monastic schools still reportedly serve as the main source of education for orphans and most children from low-income families.

11 May, 2013
Politics
Construction of the gas and oil pipelines from Myanmar to China will be completed at the end of May but operations are likely to be delayed as the pipelines run through areas of conflict. Recent clashes between the military and ethnic Shan in Shan state and ongoing conflict with the Kachin in northern Kachin state have left project developers and government officials uncertain about the future of the project.