Myanmar Business Today - Vol 1, Issue 42

MYANMAR’S FIRST BILINGUAL BUSINESS JOURNALwww.mmbiztoday.com November 21-27, 2013 | Vol 1, Issue 42

Contd. P 2...

Parliament Suspends

Electricity Price Hike

More power plants on the cards

Myanmar’s parliament on Tuesday last week temporarily suspend-

ed the authorities’ decision to hike electricity prices following an interim proposal that urged the government to halt the deci-sion made on October 29.

The parliament made the resolution following days of protests in Myanmar’s com-mercial capital Yangon and second-largest city Mandalay.

minister for electric power U Khin Maung Soe on raising the prices, the parliament set the issue to remain under review

year.“We will charge new electricity

U Khin Maung Soe said, citing demands to review the imple-mentation of the new rates by lawmakers, manufacturers and the public.

U Khin Maung Soe maintained that the hike in charge for con-sumption of above 100 units of

Aye Myat

Suu Kyi Urges Investors to Push Govt to Create Better Business Environment

Oliver Slow

Opposition leader Aung San Suu Kyi has called on foreign investors

to encourage the government to establish rule of law in the country and change the consti-tution, which she says will go a long way towards securing their

investments in Myanmar as it

military rule. Daw Suu’s impromptu speech

came during the EU-Myanmar Task Force event, which took place during November 14 and 15 in Yangon and Nay Pyi Taw, and saw visits from EU’s foreign policy chief Catherine Ashton, European commissioner for de-velopment Andris Piebalgs and EU vice president for industry Antonio Tajani.

“Anybody who encourages business or investment, or any other activity in Burma, while at the same time totally ignor-ing the need to amend the

she said to a packed room at the Union of Myanmar Federation of Chambers of Commerce and Industry’s (UMFCCI) head-quarters in Yangon at the open-ing of the EU delegation’s visit.

Under the 2008 constitu-tion, which was implemented under the former military regime, anyone who is married to, or has had children with, a foreigner – namely Suu Kyi who had two sons by her late

Contd. P 12...

Myanmar Summary

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essler/Reuters

November 21-27, 2013Myanmar Business Today

www.mmbiztoday.com

2LOCAL BIZ

Myanmar Summary

MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL

Board of EditorsEditor-in-Chief - Sherpa Hossainy

Deputy Editor - Oliver Slow

Reporters & WritersSherpa Hossainy, Oliver Slow,

Kyaw Min, Shein Thu Aung, Phyu Thit Lwin,

Htet Aung, Su Su, Aye Myat

Art & DesignZarni Min Naing (Circle)

DTPMay Su Hlaing

TranslatorsShein Thu Aung, Phyu Maung

AdvertisingTay Zar Zaw Win, Seint Seint Aye, Moe Hsann Pann

Advertising Hotline - 09 7323 6758

Managing DirectorPrasert Lekavanichkajorn

[email protected]

EmailEditor - [email protected]

Special Publications - [email protected]

Advertising - [email protected]

Designer - [email protected]

PhoneEditor - 09 42110 8150

Deputy Editor - 09 3176 9529

Designer - 09 7310 5793

PublisherU Myo Oo (04622)

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Yangon, Myanmar.

Tel: 951-2301568, 951-2301569, 951-2301570

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09421085511

on ordinary people who usually consume less than 100 units, as the charge for less than 100 units re-mains unchanged at K35

apologised for not keep-ing subscribers informed ahead of the move.

The Yangon City Electricity Supply Board (YESB) under the min-istry of electric power announced on October 29 an almost two-fold rise in electricity prices starting immediately from the month of November, in a bid to “cover the produc-tion and purchase cost of electricity to a certain

According to the an-nouncement, power price for public household who consumes 100 units of power or more will be raised to K50 (5 cents) per unit from the previous K35, while that for public industry and enterprises on consumption of above 5,000 units will be raised to K150 per unit from K100.

Residents and activists staged protests following the announcement in Yangon while lawmakers and local manufacturers criticised the timing of the move. The parliament on November 8 adopted an interim proposal de-manding to bring down the electricity fees in the wake of massive public indignation. Demonstra-tors holding lit candles threatened to keep taking to the streets if electricity fee was not reduced.

More power plantsThe minister said Myan-

mar needs to build more power plants in a bid to

provide more electric-ity coverage and to satisfy the public demand.

“If we don’t do this, the -

“We have electricity now because the previous government built power plants using international

Under a 30-year elec-tricity strategic develop-ment plan, the country’s power supply capacity in

have been 4,910MW, he said, but only 3,600MW was installed.

According to the plan, Myanmar has to have power generation capac-ity of 8,929MW by 2020, but there will be a short-age of around 5,000MW as the country failed to build seven hydropower projects, three thermal

plants, he said, attribut-

He said Myanmar’s power consumption, which has increased by 15 percent annually, is likely to reach 3,000MW

by 2015 with summer power demand estimated to stand at 2,370MW in 2014.

The minister disclosed that the current power stations can generate a maximum of 1,655MW, emphasising the need to build three power plants each with an installed capacity of 500MW at a cost of $2.1 billion to meet the power demand of 4,000MW in 2016.

He called for local and foreign investment in the projects, saying that the government alone cannot

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3November 21-27, 2013 LOCAL BIZ Myanmar Business Today

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Canadian Miner Gets Exploration Nod Sherpa Hosasiny

Canada-based Centurion

exploration concession applica-tions have been accepted by the Myanmar’s Ministry of Mines, the company said.

The company, which focuses on the exploration and develop-ment of gold and other precious

metal projects in Southeast Asia, will now initiate a property wide exploration reconnais-sance program while it seeks approval from the Mandalay regional government, it said in a statement.

Myanmar’s exploration and mining permits are currently is-sued by the central government and allow a mineral concession

years followed by 25 years of production.

Subject to receipt of all regula-tory approvals, Centurion will hold an 80 percent interest in the Myanmar mineral conces-sions, with 20 percent held by its Myanmar partner, Crown Minerals Co.

“Our technical team will be implementing a reconnaissance exploration program shortly in order to generate priority

rion CEO David Tafel said.The team includes several

geologists who have previously explored the prospective areas of central Myanmar, he added.

The mineral concessions un-der application are road acces-sible and exploration activities can be carried out year round, Centurion said.

The slate belt concession, lo-cated south of Mandalay city, is approximately 692 square kilo-meters in size. It is bordered by the Moditaung gold mine in the south and the Lebyin gold and polymetallic mine in the east, both discovered by another

Canadian mining giant Ivanhoe Mines Ltd in the late 1990s to early 2000s.

The slate belt concession was included in the area operated by Ivanhoe and historical explora-tion work yielded a number of gold prospects and anomalies within the concession bounda-ries, Centurion said.

The bandi concession is located north of Mandalay city and is approximately 943 square kilometres in size. The

ing gold mines, one of which is the Phayaungtaung mine located to the south. The bandi concession geology consists of granitic intrusions, marls and other sedimentary rock types, all of which are cut by north-trending structures. Adjacent to the bandi concession, gold skarn deposits are reportedly controlled by these structures.

The two concessions fall within the major gold and asso-ciated mineral belts that strike through central Myanmar. Numerous gold occurrences at varying stages of explora-tion have been noted within

the belts, but few have been explored systematically using modern methodology.

Myanmar Summary

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The Central Bank of Myanmar last week

ure of Myanmar’s foreign exchange and gold re-serves at the parliament, state-run media reported.

Myanmar holds $8.19 billion in foreign exchange reserves and 7.15 tonnes of gold reserves as of October 29, central bank vice-governor Khin Saw Oo told the Pyidaungsu

Myanmar Has Over $8b in Forex

ReservesSu Su Hluttaw, according to the

New Light of Myanmar.Khin Saw Oo told the

parliament that the 7.15 tonnes of pure gold were kept at the central bank, while the forex reserves are kept at the central bank and local banks in cash, and at foreign banks that have links with their Myanmar counterparts.

many years that the cen-tral bank disclosed such

Myanmar Summary

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www.mmbiztoday.comLOCAL BIZ 4

Entrepreneurs Urge Govt to Tackle Endemic Corruption Oliver Slow

The government must deal with the widespread corruption in Myanmar

if the country’s economy is to

ures, entrepreneurs and policy makers said at the latest DVB Debate, which focused on the country’s economy.

Titled “Who Drives Burma’s

of the debate show, which airs weekly on DVB’s television channel, invited guests includ-ing ministry consultants, entre-preneurs, foreign government

Dr Thet Thet Khine, vice president of Myanmar Women’s Entrepreneur Association, said

ceiving minimal wages – many government wages are less than $100 per month – then it is likely that they will continue to court extra money.

“Good service is worth paying for, and the government has to start paying their employees enough for their survival or they will charge additional fees

Thet Khine, who is also director of Victorious Gems.

Dr Maung Aung, a consultant for the Ministry of Commerce, said despite some issues – a recent World Bank warned

greater than economic growth – the country’s economy has improved since the country began its transition towards democracy in 2011.

Comparing the economy to a patient taking medicine when they are ill, Dr Maung Aung said, “The low rating is due to the previous system, but now that medicine has been taken,

Myanmar SummaryD

VB

Despite the improvement, Dominique Causse, head of economic services at the French Embassy in Yangon, warned that Myanmar could and should not expect its economy to grow too quickly, due to the risk of

“Myanmar needs to take time to develop and any heavy rush

of investment will risk overheat-ing in the economy, which has already been demonstrated by

Causse said. Aung Naing Oo, director

general of the Directorate of Investment and Company Administration (DICA) and an entrepreneur, said he was

optimistic about the country’s economy and that the government had launched a scheme aimed at reducing pov-erty in the country, without providing further details on the scheme.

However, jour-nalist Soe Thi Ha, who works for Pyi Myanmar Journal, said he had seen little positive im-pact on the general population since the reforms began, adding that the only people ben-

reform were those giving out loans.

Daw Khin Thawda Win, from the Ministry of Industry, said the government is working towards a solution for trade imbalance, but resources are cur-rently limited so this will take time.

Dr Maung Aung, speaking of the high level of po-tential from Myan-mar’s agricultural industry, said the country should

focus on an agriculture-based solution.

However, Ohn Mar Yee, a farmer, said the farmers are not seeing any impact of the reforms and while already-rich farmers are thriving, many still live under extreme poverty or are in huge debt.

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LOCAL BIZ 5November 21-27, 2013

Myanmar Business Todaywww.mmbiztoday.com

Tokyo-based East Japan Railway Co (JR East) said it will help develop Myan-

mar’s ramshackle railway sector by sharing technical knowledge on railway management and transportation with state-run Myanma Railways (MR).

JR East to Provide Tech Assistance for Myanmar’s Railway

Phyu Thit Lwin JR East executive vice presi-dent Yuji Fukasawa pledged the cooperation during his meeting with minister for rail transpor-tation U Than Htay in Nay Pyi Taw last week.

JR East, a major passenger railway company in Japan and one of seven Japan Railways

to donate locomotive and coaches to Myanmar as part of

Assistance (ODA) programme.In June, Japan provided

Myanmar with over 51-billion-yen [$1 = ¥99.1] ODA loan, of which ¥17 billion is to be used for construction and renovation of infrastructure while ¥20

billion for development of in-frastructure in Thilawa Special Economic Zone and ¥14.05 bil-lion for upgrading power grids and power stations in Yangon.

In October, Japan provided ¥5.4 billion more for various projects in Myanmar such as developing ICT system, build-ing weather monitoring system, and toward TV programmes and broadcast editing equip-ment for Myanmar Radio and Television (MRTV).

JR East has 73,000 employees and its revenue in 2013 stood at ¥2.6 trillion ($26.9 billion).

Myanmar Summary

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ASagaing region-based mining and construction com-

pany, En-Jin Trading Co Ltd, has found a semipre-cious stone mine in Falam township in Chin state, the company said.

The departments con-cerned have approved the semiprecious stone, Lal Ram Pana, managing director of En-Jin Co Ltd, said.

“We have informed the -

ings. We hope to receive the mining permission

The mine contains chrysoprase, also known as chrysophrase or chrysoprasus, a gemstone variety of chalcedony – a cryptocrystalline form

Semiprecious Gems Mine Found in Chin State

Kyaw Min of silica – that contains small quantities of nickel. Its colour is normally apple-green, but varies to deep green. The darker varieties of chrysoprase are also referred to as prase.

Chrysoprase are usually used to decorate homes, and is sold for about K20,000 ($21) per viss [1 viss = 1.65 kilograms]

Unlike many non-trans-parent silica minerals, it is the colour of chrysoprase, rather than any pattern of markings, that makes it desirable.

The best known sources of chrysoprase are

Australia, Germany, Po-land, Russia, Arizona and California in the US, and Brazil.

Myanmar Summary

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ausmuftrsKd;tpm; &SmazGawGU&Sdonfudk wm0ef&Sdolrsm;odkY tod ay;cJ hNyD; owåKwGif;wl;azmfcGifhrsm;udk rMumcif&&Sd&eftwGufvnf; arQmfvifhxm;aMumif; ajymMum; cJhonf/



Myanmar Summary

Myanmar Summary

Manipur Explores Air Connectivity With Myanmar

Aye Myat

The government of India’s northeastern state of Ma-nipur is looking to estab-

part of the Indian government’s

said.The plan comes as Myanmar’s

private carrier Golden Myanmar is scheduled to begin operating

-nipur’s capital Imphal. Golden Myanmar’s A320 Airbus from Mandalay will land at Tulihal on November 21 on a trial run with the Mandalay region chief minister Ye Myint and his Sagaing region counterpart Tha Aye on board. The 24 delegates from Myanmar would attend Manipur’s Sangai Festival, an annual cultural event.

“We are exploring the pos-

Myanmar after the civil aviation ministry elevated Tulihal as an

secretary of Manipur’s Com-merce and Industries depart-ment O Nabakishore Singh told IANS.

Singh said the aviation min-

with private Indian airline In-digo to start a service between Tulihal and Yangon. However, Indigo is yet to respond, he

added.“If we cannot operate direct

country then declaring Tulihal as an international airport

quoted as saying. He said connectivity would

help the people of Manipur and Myanmar in trade, medical treatment and tourism.

Manipur chief minister Okram Ibobi Singh said Manipur will soon become a

-

Asian countries, with Guwahati international airport, the pri-mary international airport of the northeastern states of India in its state of Assam, already

-tan and Thailand.

between Imphal and Myan-mar’s Monywa, Mandalay, Kalemyo and Yangon would boost trade, tourism, business and investment.

“It will be a trial operation for Golden Myanmar to Tulihal airport. We are all keeping our

that our dream of connecting Manipur with Myanmar by air

was quoted as saying.India and Myanmar share a

1,643-km unfenced border.

tdEd´, ta&SUajrmufydkif; Manipur jynfe,ftpdk;&taejzifh jrefrmEdkifiHodkY avaMumif;wdkuf½dkufajy;qGJrIrsm;udk jyKvkyf&eftwGuf pOf;pm;aeNyD; tdEd´,tpdk;& \ "Look East" ay:vpD\ wpfpdwf wpfa'otjzpf jrefrmEdkifiHtm; av aMumif; wdkuf½dkufajy;qGJrIrsm;udk jyKvkyf &ef pOf;pm;aejcif;jzpfonf/ jrefrmEdkifiH \ yk*¾vduavaMumif;vdkif;jzpfaom Golden Myanmar onf Tulihal avqdyfodkY avaMumif;ajy;qGJrIrsm;udk jyKvkyf&eftpDtpOfjyKvkyfcJhonf/Tulihal \ av,mOfrsm;rSm rEÅav;rS xGufcGmNyD; Tulihal wGif qdkufa&muf rnfjzpfum tqdkygavaMumif;ajy;qGJrI udk Edk0ifbmv 21 &ufaeYwGif pwif jyKvkyfoGm;rnfjzpfaMumif; rEÅav;wdkif; a'oBuD;0efBuD;csKyf OD;&JjrifhESifh ppfudkif;wdkif;a'oBuD;0efBuD;csKyf OD;omat;wdkYrS oabmwlcGifhjyKcJhaMumif; od&onf/

jrefrmEdkifiHrS udk,fpm;vS,faygif;24 OD; onf Manipur \ ESpfpOfESpfwdkif;

usif;yaeMujzpfonfh Sangai ,Ofaus; rIyG Jawmfodk Y wufa&mufoGm;rnf jzpf aMumif; od&onf/ jrefrmEdkifiHodkY av aMumif;wdkuf½dkufajy;qGJrIrsm; jyKvkyfEdkif &eftwGuf jzpfEdkifonfh tvm;tvm aumif;rsm;udk &SmazGaeaMumif; Manipur \ul;oef;a&mif;0,fa&;ESif h pufrIvkyf ief;r sm;OD;pD;XmerStwGif;a&;rSL;c sKyf jzpfol O Nabakishore Singh u ajymMum; cJhonf/

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od&onf/

“Bogyoke” to Re-appear on Myanmar Bank Notes

The Central Bank of My-anmar (CBM) is planning to issue new bank notes

bearing the image of the coun-try’s late national hero, General

Vice governor of the CBM, Daw Khin Saw Oo, told parlia-ment last week that Aung San’s image would be featured on the upcoming bank notes, in response to a proposal by mem-ber of parliament Thein Nyunt who said his proposal had been accepted due to changes in the political environment.

“The central bank will issue

Phyu Thit Lwin bank notes bearing the images of country’s prominent lead-ers, buildings, landscapes and emblems with the permission

Saw Oo said. However, she didn’t clarify

as to which prominent leaders will be featured on the new banknotes.

General Aung San was the founder of the modern My-anmar army (Tatmadaw) and widely considered to be the fa-ther of modern-day Myanmar. He was responsible for bringing Myanmar’s independence from British colonial rule, but was assassinated six months before

independence.

is still widely admired by the Myanmar people, and his name is still invoked in Myanmar politics to this day. He is also the father of democracy icon Aung San Suu Kyi.

General Aung San’s image was

notes in 1958. The 1, 5, 10 and 100-kyats were introduced on

and 20 and 50-kyats on August 21. However, over the tenure of the previous military govern-ment his image was removed from the bank notes.

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tqdkjyKrIudkvufcHjcif;jzpfaMumif;vnf;od&onf/

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½dkufESdyfazmfjyoGm;rnf[k a':cifapmOD; u ajymMum;cJhonf/ AdkvfcsKyfatmifqef; onf jrefrmhwyfrawmftm; wnfaxmif cJholjzpfNyD; ,aeYjrefrm\ zcifozG,f aus;Zl;BuD;rm;vSonfh ol&Jaumif;wpfOD; vnf;jzpfonf/AdkvfcsKyfonf NAdwdoQ tpdk;&\udkvdkeDpepfvufatmufrS jrefrmEdkifiHtm;vGwfvyfa&;&&Sd&ef BudK;yrf;cJhNyD; vGwfvyfa&;r&&SdrD ajcmufvtvkdü vkyfBuHjcif;cHcJh&onf/

Adkvfc sKyfatmifqef;\½kyfyH ktm;aiG puúLrsm;ay:wGif 1958 ckESpfwGif yxrOD;qHk; pwif½dkufESdyfcJ honf/

Zar

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7November 21-27, 2013

Myanmar Summary

LOCAL BIZ Myanmar Business Todaywww.mmbiztoday.com

Myanmar Main Source of Meth Pills in SE Asia: UN Report

Oliver Slow

Myanmar remains the primary source of meth-

amphetamine pills in East and Southeast Asia, ac-cording to a report by the

Crime (UNODC), as sei-zures of pills in the region reached record numbers in 2012.

The report, titled ‘Patterns and Trends of Amphetamine-Type Stimulants (ATS) and Other Drugs – Challenges

2013,’ says that the use of the drug has increased in eight of the 15 coun-tries surveyed, including Myanmar, Cambodia and Japan and that metham-

and second most popular drug in 13 of the countries.

According to the report, Myanmar continues to be a major source of South-east Asia’s crystal meth, as well as opium and heroin.

After Afghanistan, Myanmar’s is the world’s second largest producer of opium, accounting for about 10 percent of global production, with the majority in Myanmar being produced in Shan state, where poppy farm-ers are often drawn to

of producing the opium needed for the drug.

Located close to the ‘Golden Triangle’ region, which borders Laos,

Thailand and Myanmar, Shan state has long been a large source for drugs production, due to ethnic unrest in the region, which allows drug mules to peddle their products over the porous border.

Myanmar’s neighbours are its main market, with an estimated 90 percent of crystal meth seized in Thailand last year, com-ing from Myanmar, the report said.

As well as Myanmar, other countries where large quantities of ATS are produced include China, Malaysia, Indo-nesia, Cambodia as well as Australia and New Zealand.

Of the 227 million methamphetamine pills seized in 2012, 99 percent came from China (102 million), Thailand (95 million), Myanmar (18 million) and Laos (10 million), while there was

seizures in Malaysia and Vietnam.

The report also high-lighted a resurgence of the ecstasy market in the region, with ecstasy pill seizures reaching 5.4 mil-lion, almost tripling from 1.6 million pills seized in 2011.

The report says that drug

mostly controlled by re-gional syndicates, but that groups from Africa and Iran were also continuing

operations within East

and Southeast Asia, while Indian and South Asian networks are playing an increasing role in smug-

gling necessary chemicals and pharmaceutical drugs into the region, with the vast majority coming across the India-Myanmar border.

“The worsening illicit drug situation has a dom-

greatly taxing criminal justice and health sys-tems and threatening human securities through

Jeremy Douglas, UNODC Regional Representative for Southeast Asia and

“While regional integra-tion positively facilitates

services, investment, capital and labour, it is being exploited by trans-national organised crime to expand its activities in

Khi

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S Korea, Myanmar Ink Rural Dev, Nutrition DealAye Myat

South Korea and Myanmar have signed cooperation agreements on the de-

velopment of rural areas and nutrition programmes in the impoverished Southeast Asian nation.

A memorandum of under-standing (MoU) on rural development was signed be-tween Ohn Myint, minister for

development, and Lee Sang Me, president of South Korea Rural Community Corp, in Nay Pyi Taw recently.

Lee Sang Me said South

UK’s Prudential Becomes Myanmar’s First European Life Insurer

Korea will provide assistance

national development. He said South Korea will arrange for in-terested Myanmar students to receive training on agriculture, livestock breeding and veteri-nary at National University in Seoul, South Korea.

Ohn Myint said that emphasis should be put on the margin-ally poor in the least developed regions of the country to ensure sharing of equitable socioeco-

The East Asian powerhouse, which had its own struggle with poverty prior to its economic boom, will also cooperate in nu-

trition sector by promoting cow breeding and dairy products. An MoU in this regard was signed between the livestock ministry and South Korea’s Seoul Dairy Products (SDP) company.

Ohn Myint said Myanmar can save $50 million per year in dairy imports if there were suf-

dairy products. SDP CEO Lee Dong Young

said his company will cooperate with the ministry on expanding school milk-feeding program and develop more cow-breeding and dairy products through establish-ment of milk-cow breeding farms and milk processing plants.

Myanmar Summary

UK-based international

Prudential plc has been awarded a licence to establish a

by the Directorate of Investment and Company Administration on October 29, the company said.

The move makes Prudential

recently-opened Southeast Asian country, which is taking its early steps towards economic liberalisation.

The licence to establish a

receive an operating licence,

Sherpa Hosainy which will allow Prudential to

Prudential’s re-entry into the market is in line with the growing international support

-tegrate with the international community, the company said.

Barry Stowe, chief executive of Prudential Corp Asia, said: “We see immense potential in this country as it continues to reform and progress its economic growth. Prudential is committed to the long-term development of the insurance sector and the capital market in

-tise to support the government’s

services available to its people,

he added. The new Prudential repre-

headed by Allen Thai, will lay the foundation for Prudential’s future business operations, while supporting the govern-ment’s priorities to develop the

company said in a statement.Prudential is a core member

of the UK-Myanmar Financial Services Taskforce, set up by the Ministry of Finance, the Central Bank of Myanmar, UK Trade and Investment and Standard Chartered Bank.

The taskforce was established this year to support the devel-

sector, focusing on priority areas to ensure faster adoption

market.The taskforce will also provide

relevant training to the private and public sectors, and act as a sounding board to the minister

Bank governor.Prudential has a long history

in Asia and its involvement in Myanmar dates back to 1923

road in the former capital Rangoon.

Headquartered in Hong Kong, Prudential Corp Asia is a business unit of Prudential plc (UK), comprising its life insur-ance operations in Asia, and its asset management business Eastspring Investments.

Prudential is one of Asia’s leading life insurers, with op-erations spanning 13 markets, providing a range of savings and protection products to more than 12 million custom-ers in the region. In Asia, it operates in Cambodia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

companies constitute one of

services groups. It has been in existence for 165 years and has £427 billion in assets under management as of June 30. It is listed on the stock exchanges of London, Hong Kong, Singapore and New York.

Myanmar Summary

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vTmudk vufrSwfa&;xdk;cJhMuaMumif; od& onf/

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9November 21-27, 2013



www.mmbiztoday.comFEATURE 10

Myanmar Summary

Let’s Get Water to MyanmarEleonore Mouy

After decades of neglect, the water resource management system is

coming under the spotlight in Myanmar. The second-largest country in Southeast Asia, home to about 62 million peo-ple and with a land surface of over 676,000 square kilometre,

their interest to the provision and protection of potable water – opening up an array of opportunities for companies operating in the sector.

Forty-nine years of military rule have left Myanmar’s water management system in a dire state. The current water supply system in Yangon, the country’s economic capital, is over 50 years old; 40 percent of the wa-ter passing through its pipelines is estimated to be lost due to leakages and unreliable meter systems.

Despite the local government adding pipelines at a rate of 290 miles a year, only 60 percent of the city has access to tap water. With too few sewerage plans, water which does make it to the tap is not safe to drink and

The situation outside of Yangon is not any better: throughout the country, septic tanks can be seen emptied into open drains, polluting rivers and groundwa-ter reserves and causing long-

environment.The water infrastructure

outside of cities is almost inexistent, forcing rural popu-lations to rely on unregulated boreholes and wells which dry up in the summer. Nationwide, an antiquated and inadequate water supply infrastructure means that only 6 percent of the potential water supply available in the country is being utilised, and demand far exceeds supply.

changing – Thein Sein’s gov-ernment has made the supply of potable water a top priority to Myanmar’s initiatives in open-ing up its economy. Public-pri-vate partnerships are springing up throughout the country to speed up infrastructure renewal

water quality and water supply. In Yangon, Japan’s Inter-

national Cooperation Agency (JICA) is working on building a masterplan for water supply and sewer works in the city’s metropolitan region; water and wastewater company VCS Denmark is completing a feasi-bility study to build a high-tech pipeline system to provide clean water to the capital’s resi-

dents. Countrywide, the Dutch institute Deltares has started collecting the knowledge and data required to develop an integrated water management system for Myanmar.

Local initiatives are also con-tributing to a changing water management landscape. The disappearance of the junta’s au-thoritarian rule has facilitated NGOs’ access to populations and rendered easier the col-laboration with local govern-ments in expanding connection to the water grid. Now rural villages are setting up pump-ing stations, digging artesian wells as well as laying pipelines, coordinating neighbourhood mapping and focus groups to identify shortfalls, design solu-tions, set budgets communicate progress reports to authorities. The government also plans to pass stricter environmental laws to regulate fresh water provision and protect the coun-try’s biodiversity.

This trend provides a major incentive for water manage-ment companies to turn their

The country is in dire need of pipelines, pumping stations and sewerage plants, demand for which is expected to rise

years. What’s more, besides the need to build the physical water infrastructure, the necessity is to establish water management techniques and know-how throughout the water resource

management system. For example, sector employ-

ees need to learn how to locate seepages using equipment, as well as determine whether me-ters are operating correctly or if water is being illicitly siphoned

to be involved in the rehabilita-tion and extension of the dis-tribution network, taking into account varying geographies

between seasons. And overall, water education needs to be provided – populations require information and advice regard-ing hygiene, water economies as well as agricultural irrigation.

Entry in Myanmar’s embry-onic water market presents a number of challenges – frequently changing legisla-tion, uncertainty regarding environmental regulations, under-developed supporting infrastructure, as well as ram-pant corruption throughout the country.

For companies which can harness and overcome these challenges early on, the water

plenty of opportunities to capi-talise on the country’s economic liberalisation. A solid strategy,

contacts and a strong set of nerves will be essential – but once the potential is unlocked

rewarding.Eleonore Mouy is a Franco-

British citizen with an interest

Flickr

in economics, entrepreneur-ship, Southeast Asia and

Bachelors of Science in Eco-nomics from the London School of Economics and currently lives in Singapore, working

Point Consulting (www.point-consulting.com).

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11November 21-27, 2013

Myanmar Summary


LOCAL BIZ

Myanmar last week started to participate in

the International Mon-etary Fund’s (IMF) Gen-eral Data Dissemination System (GDDS), marking a major step forward in the development of its statistical system, the Paris-based lender said.

Myanmar is the 110th GDDS participant and the sixth country to join this system in the last 12 months, IMF said in a statement.

The GDDS was estab-lished by the IMF in 1997. It provides a framework to help countries to develop their statistical systems to produce comprehensive and accurate statistics for policymaking and analysis.

Kan Zaw, minister for national planning and economic development, said: “Myanmar is com-mitted to use the IMF’s

Myanmar Begins Participation in the IMF’s GDDS

Aye Myat GDDS as a general frame-work to continue develop-ing the national statistical system consistent with the best international

Louis Marc Ducharme, director of the IMF’s Sta-tistics department, said: “I welcome Myanmar’s par-ticipation in the GDDS. It is an important milestone and marks a crucial step for Myanmar’s statistical

Comprehensive infor-mation on Myanmar’s statistical production and dissemination practices now appears on the IMF’s Dissemination Standards Bulletin Board on its website.

Myanmar Summary

Marketing Guru to Make First Myanmar VisitOliver Slow

American marketing author Professor Philip

visit to Myanmar next year, when he will deliver a speech at the Myanmar Marketing Forum, which is to be hosted at Myanmar’s National Theatre in Yangon on March 18.

“My talks will encapsulate the values-driven marketing theory and how companies can grow their market share in today’s

in a statement announcing his Myanmar visit.

has been so successful in the commercial world, has tools and concepts that can be applied to

82-year-old, Chicago-born Kotler is seen by many to have made some key contributions to the world of business, transport-ing marketing from a peripheral role given little importance by many companies, to making it integral to a company’s portfolio. He has also helped to develop marketing from the selling of products to more of a process of communication and exchange and is also one of the

can be applied, not just to the private sector, but to charities, political parties and other non-commercial situations.

“Initially, many Myanmar businesses will succeed based

competitors. This is the way China became successful in international markets. But ultimately Myanmar businesses have to move toward higher

-ings. Marketing contains many

identify the best market op-portunities and create the best

Kotler said.Speaking at the press confer-

ence, Dr Aung Tun Htet, Presi-dent Thein Sein’s economic advisor, spoke of the important role marketing can play as My-anmar emerges from almost 60 years of military rule.

“A key challenge for Myan-mar is the opening of ASEAN Economic Community (AEC) in 2015, which he says will help Myanmar’s market audience grow from 60 million to 600 million. Add China and India to that, and you have an audience

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“We need to rebrand Myan-mar, not just the government but everyone. To do this, we need marketing and we need people to look at Myanmar in a

Kotler is author and co-author of more than 50 books and 150 published articles, and has re-ceived many awards for his role in marketing.

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Marketing Summit (WMS), co-founded by Kotler, which, in itself, is an Asian version of the World Economic Forum. The WMS has previously been held in Bangladesh and Malaysia and next year will be hosted in Thailand.

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Myanmar and India will collaborate in weaving and clothing design

technology, state-run media reported.

Minister for cooperatives U Kyaw Hsan and joint secretary from the Indian Ministry of Textile Monika Grag last week signed a letter of intent (LOI) for sending Myanmar trainees to India for courses on bamboo, cane and hand-made wood products making.

Under the LOI, trainees from Myanmar can also avail courses by Indian experts on weaving, dyeing, printing and clothing

Myanmar, India to Cooperate in Clothing SectorPhyu Thit Lwin design and technology, and get

scholarships for diploma course in textile technology.

A memorandum of under-standing was signed on con-ducting tailoring course and providing weaving machines to Myanmar’s weaving and voca-tional training schools.

According to Myanmar of-

between Myanmar and India reached $1.3 billion.

India’s investment in Myan-mar amounted to $283 million as of July in nine projects, mak-ing the South Asian neighbour 10th in Myanmar’s foreign investment line-up.

Myanmar Summary

husband Michael Aris – is ineligible to become president. It also guarantees a quarter of parliamentary seats for the military, a provision which has been met with opposition from a number of civil society groups, many of whom are calling for a move towards a federal system.

In a rare sign of political aggression, Suu Kyi criticised Minister for the President’s Of-

nothing about the constitution in his opening speech at the event. U Soe Thane replied that he had done so in order to save time.

Suu Kyi also urged any businesspeople interested in investing in the country to do so in a sensible and sustainable

manner.“I want good, hard-headed

businessmen who are intent on -

selves, but in a responsible way

Peace Prize laureate. “That means that when you

talk about responsibility, it’s not just social responsibility. It’s political responsibility, legal responsibility. It’s responsibil-ity in a very broad sense of the

Suu Kyi said: “I won’t say in-vest in Burma and your invest-ment will be protected, but help

suggesting that a change to the constitution would stabilise the country further, making foreign investments more secure.

“We want businesspeople to

not come in blind, come in with your eyes wide open. You want to invest? Help us to create an environment to protect your

At the Yangon event, Suu Kyi and Ashton held a meeting with civil society groups, which was closed to the press.

In her opening speech, Ashton spoke of her pleasure at the re-forms that have been underway in the country since President Thein Sein’s quasi-civilian gov-ernment came to power in 2011, adding that the role of the task force is not merely a one-visit project, but that it will continue

in future.She added that the task force

would bring together business-people, politicians and civil so-ciety groups to help the country

develop further.“It is about showing the My-

anmar people that we believe they deserve a better future. A future that we believe they can aspire to, a democratic nation where they are free, where their rights are respected and where

Ashton said.U Soe Thane thanked the EU

for their cooperation in helping Myanmar emerge from 50 years of stagnation, while calling on the international community to be patient as the country edges its way tentatively towards reform and genuine democracy.

“I would ideally like to change 100 policies overnight, but we know we cannot act too quickly. We must move assertively but at the right pace. Please help us

said.“We will not be perfect. Work

with us, help us and share your knowledge. Regardless of the steepness of our path, we have

Corporate Social Responsibil-ity (CSR) and sustainable in-vestment have been buzzwords ever since the international business community began emerging on Myanmar due to the huge economic rewards on

Myanmar Centre for Respon-sible Business, spoke candidly about the situation for busi-nesses investing in the country.

“Scrutiny on businesses op-erating here is further greater than almost anywhere in the world. We see CSR not as a phil-anthropic element, but more as the responsibility of companies

She added that, in order to operate as a business, issues still remained with regards to transparency and trust.

“There is very little trust between people and the gov-ernment. People don’t trust authorities, people don’t trust businesses. Businesses must engage directly with communi-ties. When you don’t, you end up with the sort of problems that you’ve seen in the copper

referring to the China-backed Letpadaung mine in Sagaing re-gion, which has been met with vehement local protests and led to huge delays.

Also at the event, the EU re-vealed that, subject to approval from the European Parliament and the European Council, EU support to Myanmar could increase up to $120 million per year, which will go into sectors such as rural development, edu-cation, governance and peace

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building.“The development taking

place in Myanmar is un-precedented and needs to be

Piebalgs.“But we must not forget about

the challenges ahead, for which the EU, as one of the main do-nors, will stand by with further support to continue the neces-

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REGIONAL BIZ 13November 21-27, 2013


Thai Ratchaburi Withdraws from Macquarie Generation BidPisit Changplayngam

Thailand’s Ratchaburi Electricity Generating Pcl has pulled out from

a bid for Australia’s Macquarie Generation, New South Wales’ biggest energy generator, after failing to reach a deal with a potential partner, its chief ex-ecutive said.

“Our board allowed us to invest at not more than 30 percent. This project is quite big

Executive Pongdith Potchana said.

“We can’t conclude a deal with a partner. So we decided not to submit a non-binding bid on

The sale by the New South Wales government of Macquar-ie Generation, which has a net book value of some A$2 billion ($1.93 billion) and accounts for around a quarter of the state’s generation capacity, is part of a privatisation programme to raise funds for infrastructure development.

Ratchaburi is still in talks with three groups of investors which submitted bids for Macquarie Generation, Pongdith said,

partner with the winner.

Myanmar Summary

The Business Empire of the AyatollahIran’s supreme leader’s $95-billion worth of assets

Steve Stecklow, Babak Dehghanpisheh and Yeganeh Torbati

Iran’s supreme leader Ayatollah Ali Khamenei controls a business empire

worth around $95 billion – a sum exceeding the value of his oil-rich nation’s current annual petroleum exports – a six-month Reuters investiga-tion shows.

The little-known organisation, called Setad, is one of the keys to the Iranian leader’s enduring power and now holds stakes in nearly every sector of Iranian

oil, telecommunications, the production of birth-control pills and even ostrich farming.

Setad has built its empire on the systematic seizure of thou-sands of properties belonging to ordinary Iranians – members of religious minorities, Shi’ite Muslims, business people and Iranians living abroad.

The Reuters investigation, which is detailed in a three-part series, documents how Setad has amassed a giant portfolio of real estate by claiming in Iranian courts, sometimes

falsely, that the properties are abandoned. The organisation now holds a court-ordered monopoly on taking property in the name of the supreme leader, and regularly sells the seized properties at auction or seeks to extract payments from the original owners.

nearly 300 properties that Setad put up for auction in May alone, many worth millions of dollars.

The organisation’s full name in Persian is “Setad Ejraiye

Headquarters for Executing the Order of the Imam. The name refers to an edict signed by the

Ayatollah Ruhollah Khomeini, shortly before his death in 1989. His order spawned an entity intended to manage and sell properties abandoned in the chaotic years after the 1979 Islamic Revolution.

According to one of its co-founders, Setad was created to help the poor and war veterans and was meant to exist for just two years.

Almost a quarter-century on, Setad has morphed into a busi-

ness juggernaut with real es-tate, corporate stakes and other assets. While Setad controls a charitable foundation, it’s not

Myanmar Summary

Parseed.ir

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First-round bidders included Shenhua Group Corp, Brisbane-based ERM Power Ltd and Australian utility AGL Energy, people familiar with the process said.

Ratchaburi entered the Aus-tralian market in 2011 by acquir-

Services Infrastructure Fund,

later renamed RATCH-Australia.In October, Ratchaburi said

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www.mmbiztoday.comREGIONAL BIZ 14

Contd. P 20...

India’s state-run oil com-panies are feeling the pain

-

warning that exploration is under threat and losses at oil

Oil Minister M Veerappa -

ister, P Chidambaram, that the subsidy burden placed on up-stream companies was making

His ministry also forecast that revenue losses further down-stream at fuel retailers Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum will rise to 803.16 billion rupees ($12.83 billion) in October-March, from 623.32 billion rupees ($9.96 billion) in April-September.

India budgeted fuel subsidies

at 650 billion rupees. The oil ministry said that is likely to be more like 1.4 trillion rupees.

in oil ministry letters seen by

ministries declined to comment.Chidambaram says the budget

be crossed as he tries to fend

India’s sovereign credit rating

subsidy bill has put the target in jeopardy.

want to raise the price of sub-sidised fuel, such as diesel, to reduce pressure on government spending.

But with state elections in coming weeks ahead of national elections that must be held by May, the chance of the coalition government agreeing to a sig-

is shifting much of the added cost of fuel subsidies onto the balance sheets of state oil explo-ration companies and oil retail-ers, such as Oil and Natural Gas Corporation (ONGC) and IOC.

“In the given political scenar-io, the government is unlikely to bite the bullet by hiking the diesel prices by 3-5 rupees per litre. So there is no option except to bear the subsidy bur-

ministry said.Under the subsidy scheme, ex-

ploration companies sell crude

and retailers at a $56 per barrel discount to global prices.

It was “having a huge negative impact on the ability of ONGC and (Oil India Limited) to continue existing oil-and-gas

Nidhi Verma and Manoj Kumar

letter to his counterpart. “The burden on the upstream oil companies therefore needs to

ONGC, India’s leading up-stream oil company, has warned in two letters to the govern-ment in recent weeks that the company was only earning $40 a barrel for its oil, barely cover-ing the cost of production and leaving nothing for sorely-need exploration and investment.

It said global prices have come down but the discount had not been adjusted.

Left unchanged, the current discount would “increase In-dia’s dependence on imported

letters.ONGC Chairman Sudhir Vas-

to start borrowing money if the subsidy burden is not lifted.

“Most of our projects are not viable at $55 a barrel and in

Asia’s third-largest economy meets nearly 80 percent of its oil needs through imports – this year hit hard by a 22 percent depreciation of the rupee against dollar between May and August when the currency fell to a record low.

Preliminary calculations

could defer subsidy payments

rupees ($6.39 billion) until the

ministry source with knowledge

of the numbers said. There was a similar rollover into this year’s budget from 2012-13.

In addition, the ministry may

300 billion rupees of subsidy to

from spending cuts, the source said.

The subsidy pressure is unlikely to cheer investors con-templating the government’s budget plan to sell a 10 percent stake in IOC. Reuters

Violent Bangladesh Garment Pay Clash Shuts Over 100 Factories

Ruma Paul

Bwater cannon and rubber bullets last week to break

up a protest by garment work-ers demanding a higher mini-mum wage, forcing the closure of more than 100 factories.

board proposed a 77 percent rise in the minimum wage for garment workers two weeks ago after a string of fatal factory accidents this year thrust poor pay and conditions into the international spotlight.

The present minimum monthly wage of $38 is around half that of rival Asian export-ers Vietnam and Cambodia and just over a quarter of the rate in top exporter China, according to International Labour Organi-

sation data from August.But factory owners said they

disperse the stone-throwing demonstrators in the Ashulia industrial belt, on the outskirts of the capital Dhaka, which ac-counts for nearly 20 percent of total garment exports.

our demand. They are not even ready to pay what the wage

said, adding that there was no other option but to take to the streets.

strike over wages for six days in September, hitting production at almost 20 percent of the country’s 3,200 factories. The strikes followed similar protests over the summer.

The new protest coincided with a four-day nationwide strike led by the main opposi-tion party demanding next year’s election take place under a non-partisan government.

The impasse between the ruling party and opposition over election rules is a fresh threat to Bangladesh’s $22 bil-lion garment export industry, the economic lifeblood of the impoverished country of 160 million, employing around 4 million people, mostly women.

The industry, which supplies many Western brands, has al-ready been under the spotlight after the accidents, including the collapse of a building – housing factories – in April that killed more than 1,130 people.

Myanmar Summary

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REGIONAL BIZ 15November 21-27, 2013

Myanmar Summary


Temasek, Hopu Buy $213m Stake In Chinese Dairy Maker

Elzio Barreto

Agroup of investors led by Singapore’s Temasek Holdings bought a

$213 million stake in Yashili International Holdings Ltd, sending shares of the milk powder producer soaring last week after its parent sold down stock to meet Hong Kong listing requirements.

Singapore state investor Temasek, through one of its Mauritius subsidiaries, China-

Hopu and three individual investors agreed to buy 471.13 million shares of Yashili from its parent China Mengniu Dairy Co Ltd for HK$3.50 each, put-ting the total deal at HK$1.65 billion ($213 million), the dairy companies said in a securities

Yashili gained 13 percent to HK$4.08 in late-morning in Hong Kong and traded at a record high of HK$4.45 as it resumed trading after a nearly three-month halt. China Meng-niu climbed 2.9 percent, com-

for the benchmark Hang Seng index.

Temasek bought 47 percent of the Yashili shares, with Hopu taking 38 percent of the shares. The three individual inves-tors bought the remaining 15 percent through British Virgin Islands holding companies, ac-

not name them.Shares of Chinese dairy

companies have jumped in recent months on expectations of consolidation in the sector and booming demand in the country, where sales of dairy products are expected to nearly double through 2017 from 2012

to about $89 billion, according to estimates by business con-

in June for all of Yashili, but

percent of Yashili’s stock. That fell just short of a 90 percent threshold that would have enabled Mengniu to make a

the remaining shares and delist Yashili from the exchange.

The takeover got commit-ments from Yashili’s two largest shareholders, the Zhang family

Group, which owned a com-bined 75 percent stake in the infant formula maker.

in early August, Mengniu had to sell down its stake in Yashili to ensure the still-listed company

requirements.Yashili shares had been

suspended since August 14 after the company applied for a three-month waiver to comply

of 23.42 percent in its case. Reuters

Arab Oil Exporters May See Budget Gap in 2016, Need Faster CutsCuts forecast for combined 2013 fi scal surplus

Martin Dokoupil

The Arab world’s energy exporting states are not saving enough of their

oil windfall and as a group may

2016 if current policies do not change, the International Mon-etary Fund said last week.

“Together with substantial oil revenue risks, this prospect underscores the need for coun-tries to build or strengthen their

IMF said in a report.In 2012, total state spending

in the six Gulf Cooperation Council members – Saudi Arabia, the United Arab Emir-

Bahrain – climbed 9.7 percent, a Reuters calculation based on IMF data shows.

That is much less than the 17.7 percent jump in 2011, when gov-ernments boosted social welfare and infrastructure spending to ease social tensions during the Arab Spring uprisings.

The IMF expects growth in the GCC’s state spending to slow further in coming years; it forecasts an average rise of just over 4 percent annually in 2013-2018, compared to the 15 percent clip seen over the last decade, its data shows.

But on current indications, this spending restraint will not be enough to prevent state budgets in many countries from going into the red, the IMF predicted. Bahrain is currently the only GCC country in the red; it is expected to be followed by Oman as soon as in 2015, and Saudi Arabia in 2018.

The combined budget surplus of 11 Arab oil exporters, includ-ing those in North Africa, is now projected to decline to 4.2 percent of gross domestic product in 2013 from 6.3 per-cent last year. In April this year, the IMF projected a 4.7 percent surplus for 2013.

Even as spending grows too fast, revenues are threatened by the risks of lower oil prices and a drop in global demand for Arab oil, the IMF added. Oil export receipts account for over 80 percent of government revenues in the region, and the IMF said the most important threat to revenues was now the possibility of excess supply in the global oil market.

“Notwithstanding the tight-ness caused by unexpected production disruptions and elevated geopolitical risks in the summer of 2013, a com-bination of weak global oil demand growth and strong supply growth from uncon-ventional sources in the non-OPEC countries could reduce demand for OPEC oil by about a half-million barrels per day by

Most Arab oil exporters now need an oil price above $90 to balance their budgets at fore-cast production levels, the IMF said, adding that rising volatil-ity in oil production meant un-certainty over revenues would increase.

“A sustained period of oil prices remaining $25 below the baseline...would lead to

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www.mmbiztoday.comREGIONAL BIZ 16

China to Let Private Investors Hold Up to 15pc in State Firms

Pete Sweeney

China will allow private investors to buy up to 15 percent stakes in state-

own enterprises (SOEs), the

as Beijing moves to leverage private funds to avoid having to bail out heavily indebted state

Chinese leaders are gathered in Beijing last week to establish the economic blueprint for the next 10 years and the State-owned Assets Supervision and

Administration Commission (SASAC), which administers more than a hundred of China’s biggest state-owned companies, has said reform of SOEs as a major area of focus.

The report quoted Bai Yingzi, director of SASAC’s enterprise reform division, saying that private investors could create private equity consortia to purchase direct stakes in SOEs between 10-15 percent of assets, without giving further details.

Private investors are already allowed to purchase shares in

major state-owned enterprises listed on domestic stock ex-changes, but state-owned enti-ties usually retain a controlling interest.

Private and state-owned

joint ventures in which the private share is higher than 15 percent. The report cited a joint venture between privately held industrial conglomerate Fosun Group and state-owned China National Medicine Corp in 2003, in which Fosun owned 49 percent, but described it as a

news service reported that pub-lic utilities would be opened up to private investment.

think-tank, the State Council’s Development Research Centre, recommended ending state-owned monopolies in the rail, oil and gas, and electricity industries, as a key reform.

including former premier Wen Jiabao, have called for state-

subjected to more competition.Many economists and analysts

remain sceptical that China will take more substantial steps to end SOEs’ privileged market monopolies during this week’s Communist Party plenum, due to a lack of consensus between conservatives and reformers.

The last time SOEs faced a major reform and restructuring programme was in the 1990s, when most of them were loss-making bureaucratic dinosaurs. These days, SOEs are more

news service published last week Ministry of Finance data showing rising revenues at

quarters of the year.The better performance, how-

ever, in large part is thanks to SOEs’ ability to borrow cheaply

Reuters

Myanmar Summary

Petronas Nears Deal to Sell Canada Shale Stake to Indian Co Petronas awaiting Indian govt approval for deal to sell stake

Al-Zaquan Amer Hamzah

Malaysia’s Petronas is close to selling a stake in its Canadian shale

gas assets to an Indian company as it looks to share some of the

natural gas from North America to energy-hungry Asia.

been expanding abroad to shore up future earnings as produc-tion slows at home, bought Canada’s Progress Energy Resources last year in a deal worth around $5 billion that gave it shale gas properties in northeastern British Columbia.

“At this point in time it’s very positive but subject to govern-ment approval which should

Chief Executive Shamsul Azhar Abbas said last week, referring to the deal with the Indian company.

He declined to give further details.

Earlier this year, sources told Reuters that Petronas was in talks to sell 10 percent of its Canadian shale gas assets to Indian Oil Corp.

already sold a 10 percent stake in the integrated shale gas de-velopment and LNG project to Japan Petroleum Exploration.

Shamsul was more cautious about the fate of an $850 mil-lion deal to buy a stake in two

controlled by the ailing OGX Petróleo e Gas Participações SA, saying it would wait for a court decision on OGX’s bank-

the plan.The beleaguered Brazilian

oil company OGX, owned by former billionaire Eike Batista, sought court protection from creditors last month in what

was Latin America’s largest-ever corporate bankruptcy

OGX has said that it expected to end up in arbitration over the deal with Petronas.

For the three months ended September, Petronas posted

from a year ago to 14.47 billion Malaysian ringgit ($4.52 bil-lion), helped by higher demand for crude and a return to pro-duction in South Sudan.

Total quarterly domestic and international output reached 2.06 million barrels of oil equivalent, up from 1.90 million a year ago, as the Fortune 500 company resumed operations

Myanmar Summary

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in South Sudan and ramped up output in Malaysia, Iraq and Canada.

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INTERNATIONAL BIZ 17November 21-27, 2013


Myanmar Summary

Big Banks May Block Traders from Online Chat Rooms

Big banks are considering disabling online chat rooms that link traders

tions over concerns of mounting scrutiny from regulators, the

Wall Street Journal reported, citing people familiar with the discussions.

JPMorgan Chase, Credit Suisse Group and Citigroup Inc among others, are reviewing

Myanmar Summary

chat-room use over concerns that some of those forums are seen by regulators as potential venues for collusion and market manipulation.

The probes are focused on chat rooms with names such

Journal.Chat communications have

year probe into manipulation of a key interest rate known as

rate, or Libor, which has cost banks billions of dollars in

expected.Regulators and investors are

concerned about the integrity of

investigation into the rigging of Libor rates.

The Swiss Financial Market Supervisory Authority, FINMA,

earlier said that it was “conduct-ing investigations into several

connection with possible ma-nipulation of foreign exchange

JPMorgan spokesman Joseph Evangelisti declined to com-ment on the Journal report when contacted by Reuters.

Credit Suisse and Citigroup could not immediately be reached for comment by Reu-ters outside of regular business hours. Reuters

Fewer Than One in Three Africans Has A Mobile Phone Africa had 253 million unique subscribers mid 2013; Unique users seen at 346 million in 2017

Helen Nyambura-Mwaura

Fewer than one in three Af-ricans has a mobile phone and recent rapid growth

in subscribers will slow if gov-ernments don’t improve access to spectrum and rein in taxes on the industry, a lobby group representing mobile networks said last week.

There were 502 million mo-bile connections in sub-Saharan Africa as of June, industry body GSMA said.

But with most people own-ing about two SIM cards, the number of unique subscribers falls to 253 million – around 31 percent of the population, it added.

In developed markets, four

phone, while in other emerging markets it is one in every two,

relatively young population and higher levels of poverty.

Mobile phone usage has spread more rapidly in Africa than on any other continent re-cently – at an average 18 percent

But the next phase of growth will be much slower if govern-ments there do not overhaul their policies on taxation and access to spectrum, GSMA said.

GSMA forecasts the number of unique subscribers will rise 37 percent to 346 million in 2017, equivalent to an annual growth rate of about 6.5 percent.

“The governments are going to have to step it up when it comes to overall policy and regulatory

GSMA Director of Public Policy for Africa and Middle East.

“Many governments are still focused on every penny they can squeeze out of taxes on handsets, or airtime, which is a

For instance, nearly 40 per-cent of the total cost of owning a mobile phone in Gabon is from taxation.

To the east of the continent, Kenyan authorities have in-censed many mobile users by introducing a tax on transfer-ring money via mobile phones.

Operators also have to fork out billions of dollars for licence fees, turnover taxes, universal access fund levies, and regula-tory fees.

Ghanaian authorities, for ex-ample, charge a National Health Insurance Levy of 2.5 percent, while Tanzania will now levy a withholding tax for overseas companies providing services such as roaming. The overseas providers will normally not be able to claim such taxes in the home jurisdiction, GSMA said.

“Governments are just unable to look beyond the tax revenue,

impair job creation and eco-

Lyons said.The industry paid $21 billion

in taxes in 2012 – including $8.4 billion in value added taxes and $3.9 billion in corpo-rate tax - and this could double by 2020, GSMA estimates.

Operators have invested $44 billion in the region over the last six years, it adde. Reuters

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www.mmbiztoday.comINTERNATIONAL BIZ 18

US Retailers Tread Tight Path in Shortened Holiday RacePhil Wahba and Dhanya Skariachan

US retailers have little room for error in the fast-approaching and

shortened holiday shopping season, a period that typically generates 30 percent of annual sales.

A late Thanksgiving – the

the gift-buying season.The battle for retail dollars is

will be delivering on Sundays in some locations this holiday season.

Amazon.com Inc announced last week that it would be the

Sunday delivery beginning No-vember 17 in the New York and Los Angeles areas as it looks to give shoppers more shipping options. In 2014, Amazon plans to expand the service, which will continue past the holidays, to other locations including Dallas, Houston and Phoenix.

In other responses to the shortest holiday shopping sea-son in a decade, retailers have tested their websites more, started sales a month early and hired extra trucks and planes to make last-minute deliveries if bad weather shuts down malls.

“You don’t have much time to react if there’s a snafu in your distribution system, if your website fails or if your rivals get very aggressive with discount-

Salmon.The stakes are high as the

holiday season accounts for

retailers.Sales forecasts for this year’s

holiday retail season have been somewhat gloomy but they were issued before recent economic data showing stronger-than-expected growth in jobs and the broad economy.

ShopperTrak said in Septem-ber it expected sales to rise only 2.4 percent in November and December this year compared with increases of 3 percent in 2012, 4 percent in 2011 and 3.8 percent in 2010.

Morgan Stanley said in Oc-tober it expects this holiday season to show the weakest in-crease in sales since 2008 when the US economy was reeling from the recession.

Six fewer days between Thanksgiving and Christmas this year versus 2012 means less time for people to shop and

or weather prevents mall visits. Adobe Systems Inc, which pro-

vides digital marketing tools, said the shorter season could shrink retailers’ online sales by $1.5 billion.

“This year it’s going to be like lightning – it’s going to go very fast. Every single day is going to

Executive Terry Lundgren.Like many retailers, Macy’s is

opening most of its stores on the November 28 US Thanksgiving

Rivals JC Penney Co Inc, Kohl’s Corp and Sears also are opening at 8pm on Thanksgiving. Best Buy Co Inc is opening doors at 6 pm, while Toys R Us opens at 5 pm.

The short season is one reason that retailers have already start-ed holiday-themed promotions, especially online. Almost half of retailers started promotions by November 1, and a quarter of shoppers had started shopping, according to a report by Expe-rian Marketing Services.

The short, intense season means many companies are taking extra steps to ensure stores are stocked faster and websites are ready to handle

Penney, under enormous pressure to return to sales growth this holiday season, has tweaked its supply chain so that holiday merchandise can get more quickly to its 11

stop for merchandise before the store shelves. That should

it takes to get items into stores.Sony Corp, which is selling a

new PlayStation 4 game con-sole, is leasing more temporary warehouses across the United States so it can quickly replen-ish stores to avoid sellouts.

GameStop Corp is working with United Parcel Service to

access to more ships, trucks and planes to ship additional prod-ucts, including the PlayStation and Microsoft’s Xbox, to stores or customers.

In a year when e-commerce is expected to account for about 12 to 13 percent of holiday sales versus 11 percent last season, retailers are paying more atten-tion to their websites.

Wal-Mart Stores Inc and Target Corp, both of which struggled to keep up with online demand in 2011, said they had heavily tested their websites to ensure that they could with-stand the extra pressure that will come from a shortened season.

One snafu has already oc-curred. Last week, a technical glitch on Wal-Mart’s US web-

at a fraction of their actual retail price. Treadmills, which normally cost hundreds of dol-lars, were priced at $33.16, for example.

did not impact our ability to handle volume, and we contin-

to handle holiday volume this

Ravi Jariwala said.Still, in October, websites of

many of the largest US retailers scored below average in terms of response time, data from Compuware APM showed.

EBay Enterprise, a unit of e-commerce giant eBay Inc, is renting more space in the

Myanmar Summary

cloud and more servers to make sure its clients’ e-commerce

This year, online orders can be placed up to 10 pm on Decem-ber 23 and packages will be delivered by Christmas Eve.

Amazon, which has domi-nated online retail, is providing the Sunday delivery service to members of Amazon Prime, a subscription service that

shipping.“We’re preparing for that

last week to be an incredible surge in volume as customers get those last-minute gifts, and we’re lining up every delivery

Clark, Amazon’s vice president of worldwide operations and customer service. Reuters

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if there’s a snafu in your distribu-

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euters

INVESTMENT & FINANCE 19November 21-27, 2013


Capital-Hungry Myanmar Firms Cautiously Drawn to Singapore ListingsEveline Danubrata and Jared Ferrie

At Yangon International airport, large blue and white signs in the arrival

and departure halls promote Singapore’s stock exchange as the go-to destination for Myan-mar businesses seeking capital.

The advertisements under-score Singapore’s nascent role as a magnet for Myanmar com-panies eager to grow as their country emerges from decades of isolation but frustrated by its crippled banking system

markets.-

sors who work closely with

10 companies are considering a listing in Singapore over the next couple of years.

“Many Myanmar business owners admire the reputation of Singapore Inc and look forward to raising their own prestige that comes with a Singapore

head of corporate & capital

Rajah & Tann.But hurdles to successful of-

ferings are high.Singapore’s bourse says

while it has seen interest from Myanmar companies, they will have to meet its corporate gov-ernance standards. For many businesses, that’s still quite a distant goal, lawyers and bank-ers said.

That’s further complicated by several Myanmar tycoons being on a US sanction list, accused of making their fortunes by col-luding with the former military junta, which was notorious for corruption and human rights abuses. While the European Union ended sanctions this year, the United States has only suspended them.

The potential for resistance from Myanmar’s government, which is planning its own stock exchange, has also made some local businesses wary about tap-

To date, only one Myanmar -

gapore – Yoma Strategic Hold-ings Ltd, which listed in 2006 through a reverse takeover.

The property and car sales conglomerate led by tycoon Serge Pun now counts Capital Group, Aberdeen Asset Man-agement and Vanguard among its top 10 shareholders and has seen its share price quadruple since early 2012 on investor interest in the hot frontier economy.

It’s only natural that other

follow suit.

“To this day in Myanmar, there’s no stock market, no bond market, no banking market to talk about. There are quite a few companies that are asset-rich but have no source

-ards, chief executive of Yoma.

“If it was smart to do an RTO (reverse takeover) in 2006 for Yoma, it’s absolutely necessary now for companies to have ac-

But if corporate Myanmar is drawn by Yoma’s example, it is also wary of what happened to Zaw Zaw, one of Myanmar’s most powerful businessmen.

Singapore Exchange Ltd

proposed reverse takeover deal that would have seen Zaw Zaw inject his petrol kiosk business into bed linen retailer Aussino Group Ltd.

It said it was “unable to pro-ceed with the review of the ap-plication as major issues have

Among these concerns, it cited Zaw Zaw’s placement on the US sanction list and the lack of clarity as to why he was on it. Zaw Zaw could not be reached for comment.

Myanmar’s corporate land-scape is dominated by about 20 large conglomerates, with the biggest ones estimated to em-ploy as many as 30,000 people each.

For those and smaller Myan-mar companies seeking funds, bank loans are often hard to obtain, with urban land usu-ally demanded as collateral and interest rates high, said Aung Thura, CEO of Yangon-based research and capital markets

The country does have an over-the-counter bourse, the Myanmar Securities Exchange Centre (MSEC), but it has only

stocks are traded, which is very rarely, payments are normally made in cash.

A few companies have gone public, but not on the MSEC. Instead they sell shares from

places, letting people know by taking a newspaper advertise-ment or just through word of mouth, Aung Thura said.

While Myanmar’s govern-ment is working to establish a stock exchange by 2015 with the help of Japan’s Daiwa Securi-ties Group, many in Myanmar business circles worry that the deadline may be pushed back.

incurring the displeasure of the government.

A senior executive at a

several companies have been informally warned by authori-ties not to list in other markets such as Singapore. Myanmar

such warnings.“We haven’t protested against

any company concerning this and nor have we received any

Myanmar companies planning

said Aung Naing Oo, director general of the Directorate of Investment and Company Administration, part of the Ministry of National Planning and Economic Development.

For now, most Myanmar

forthcoming about fund raising plans, preferring to keep their options open, which may also include partnering with a stra-tegic or private equity investor.

City Mart Holding Co Ltd, which runs Myanmar’s biggest supermarket chain, is consider-ing a Singapore listing, but it is also weighing other alterna-tives, a company spokeswoman said.

Aung Zaw Naing, managing director of construction and hydropower conglomerate Shwe Taung Group of Compa-nies, says his company’s plan “depends on the situation of the stock market that will emerge

For investors keen on Myan-

listings are likely to be Myan-

of an international group.Mongolia-based Silk Road

Finance is considering a Singa-pore listing within three years for Mandalay Capital, a unit that provides corporate and advisory services to Myanmar

-tors, its chairman Alisher Ali told Reuters.

Singapore-listed engineering

has joined hands with Tun

Thwin Mining Co Ltd to build

plant in northwest Myanmar, said last month it may look at separate listings for its coal-related ventures in Myanmar.

Myanmar Summary

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www.mmbiztoday.comINVESTMENT & FINANCE 20

Ensure Your Loved Ones Avoid a Probate Nightmare

David Mayes

Many of those who have worked around the

they have accumulated assets and investments in multiple ju-risdictions along the way. Most are not aware that every country

for how these are passed on in the event of death, and a lengthy probate process can be a night-mare if your loved ones are rely-ing on the funds for daily living or children’s education. Having a will in place helps, but usually

probate scenario, especially if it

can be contested by someone. Nobody wants to see their life savings go towards legal fees, just to ensure their wishes are followed and their loved ones protected.

Many expats in Myanmar

legally register a marriage to a local. Thus a local woman would have a hard time prov-ing a claim in a foreign court if there is not a documented mar-riage. As with many interracial marriages in Southeast Asia, the prospect of dealing with the legal systems of foreign coun-tries, which could be Western,

or in somewhere such as Dubai, while in the midst of grieving, would be extremely daunting. I would never wish for my wife to have to go through such an experience, especially when it is very easy to make sure it never happens.

A very simple way to avoid probate altogether is to con-

-shore structure that allows for a

form to ensure your intentions will be carried out swiftly and avoid probate. I tend to favour the Isle of Man usually, because of the favourable tax environ-

ment combined with the politi-cal stability of the UK. If you set up a portfolio bond here for

nomination form is all that is required to ensure your loved ones are paid out essentially as quickly as the underlying assets can be sold and converted into cash.

While estate planning isn’t something many want to think about because it deals with a rather gloomy topic, it really does make a lot of sense to tidy up yours sooner rather than later. Death can come at any moment for any of us, and while this is an unpleasant reality of life, it is something many ne-glect to plan for. Unfortunately if you do neglect to plan, it will be your loved ones who could

ensure that when it comes time to grieve, there isn’t the added stress of how to survive the next few years while waiting for the

David Mayes MBA provides wealth management ser-vices to expatriates throughout Southeast Asia, focusing on UK Pension Transfers. He can be reached at [email protected]. Faramond UK is regulated by the FCA and provides advice on pensions and taxation. Views expressed here are his own.

Myanmar Summary

countries except Kuwait and the United Arab Emirates...in the

-

Kuwait is projected to have the lowest budget break-even oil price of $52 per barrel this year, while Yemen tops the table with as much as $215, the IMF report showed.

The benchmark Brent crude oil price has averaged $108 per barrel so far this year, down from $112 in the same period of 2012. A Reuters poll last month forecast the price would ease to $106.5 in 2014.

The IMF said Arab govern-ments should search for new, non-oil sources of revenue. Most governments in the re-gion, particularly in the GCC, say they understand the risks and are taking steps to man-age them, including policies to diversify their economies and

create private sector jobs for their citizens.

Also, most Gulf oil exporters have used their oil windfalls to

and pools of foreign assets, which would allow them to keep spending even if their state budget balances turned negative. Low public debt levels mean it would probably not be hard for them to borrow money.

Myanmar Summary

Rock-bottom wages and trade deals with Western countries have helped make Bangladesh the world’s second-largest ap-parel exporter after China, with 60 percent of its clothes going to Europe and 23 percent to the United States. Reuters

Myanmar Summary

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Myanmar Summary

Project Hub Yangon to Host 2nd Entrepreneurial WeekOliver Slow

The second edition of the Global Entre-preneurship Week

(GEW) Myanmar got underway on November 16, featuring a host of free events hosted across Yan-gon, including seminars, training and networking events aimed at helping entrepreneurs to develop throughout the city.

GEW Myanmar, which will run until November 22, is hosted by Project Hub Yangon with six partner organisations – German development agency (GIZ), The British Council, Building Mar-kets, Serge Pun Associ-ates, Opportunities Now, and Ringier AG.

“Project Hub Yangon and all of the GEW part-ner organisations work hard all year to support entrepreneurs in Myan-mar, but GEW is a chance for us to collaborate, gain momentum and bring more attention to prob-lems entrepreneurs are

-ter Silvester, co-founder of Project Hub Yangon, told Myanmar Business Today.

“By getting more or-ganisations involved this

year we can begin to build a strong support network that Myanmar entre-preneurs can rely on to

he said. “GEW is a fantastic

opportunity for entrepre-neurs in Myanmar where they can learn and share best practices throughout the activities organised

Myo Win of the British Council said.

GEW Myanmar was

a networking event, co-organised by GIZ, at Yangon’s Alfa hotel. This was followed by a hosting session “Training Entre-preneurship at Bottom of

by Opportunities Now.

On November 19, Pro-ject Hub Yangon will be hosting its second Inves-tor Pitch Night, where

will pitch their business ideas to a room full of in-vestors, marking the end of their Hub Fellowship,

incubation programme sponsored by Ringier AG.

The project saw a number of Myanmar entrepreneurs hone their business skills to develop ideas for their own busi-

nesses, which ranged from a business magazine to Myanmar snacks.

One of Myanmar’s most prominent business groups Serge Pun Asso-ciatates (SPA) will launch its SPA Start prgramme on November 20, which presents an opportunity for young entrepreneurs to meet directors at SPA who are interested in helping brainstorm ideas for new companies.

The following day, Build-ing Market, an internation-

in Yangon, will host a day-long event “Breaking Bar-riers To Business Growth:

to discuss issues that busi-nesses in Myanmar face as they develop and build their operations. The event will see a number of local business and policy leaders speak, including managing director of CityMart, Daw Win Win Tiny, director of SMID Development Centre, Daw Aye Aye Win, and Dr Aung Tun Thet, economic adviser to Presi-dent Thein Sein.

week is an event hosted by the British Council, which will discuss responsible

business, and will be held at the British Council Library on November 21 from 6.30pm.

Silvester said: “It’s excit-ing to be a part of a global movement and to think that from Yangon to Dubai to Washington DC there are initiatives taking place to inspire entrepreneurs and aspiring entrepreneurs

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Oliver S

low


www.mmbiztoday.comINVESTMENT & FINANCE 22

Contd. P 28...

How Accountancy Can Bring Bright New Future for Myanmar

David Woodgate

It is a privilege to be present at what is ef-fectively the rebirth of

a nation, and the Institute of Financial Account-ants’ (IFA) recent visit to Myanmar was made at a time when, after decades of isolation, this beautiful country is emerging – not without a struggle – back into the international family.

There is no doubt that Burma or, as it is styled by its current rulers, Myan-mar, is changing rapidly and dramatically. And with great change comes a great need for reform, especially in the country’s

To illustrate how ur-gently an updating of the country’s regulatory and governance regime is required, one only has to consider that the Burma Companies Act was writ-

ten in 1914 by the British, and its Edwardian pre-cepts are wholly unsuited to the commercial world of 2014.

The IFA has had tuition providers in Burma for the past two to three years, providing the same sort of support to emergent professional structures

in Russia, when it went through the turmoil of post-Soviet change.

-ganisation, the IFA feels that it is of paramount importance to stand alongside the Burmese people as they come out of 60 years as a closed state. We can do this by helping with the skills, learning and training that they need to take their part in the world economy.

We have 100 students in Myanmar, mostly in the capital Yangon. They are some of the newest of

our cohort of over 10,000 members and students worldwide, and we are

them with support for their businesses.

There is a huge demand for IFRS education as the country opens up. Suddenly, there is an urgent need for credible,

which will help people get a better job or establish an enterprise of their own and become employers.

Our specialism in small to medium enterprises is vitally important at this critical time in the busi-ness building process. We are the only institute in the country which is providing tailored quali-

SME sector alone and,

which clearly meet local demand.

There is a pent-up need for this type of programme. Myanmar is

Soe Z

eya Tun/Reuters


Myanmar Summary

Contd. P 24...


American Firm Forms $200-m Myanmar JVYoung Holloman Corp eyes construction, and oil and gas projects

Myanmar-based c o n g l o m e r a t e Young Invest-

ment Group (YIG) has signed a joint venture agreement with American engineering, procurement

Holloman Corp to set up Young Holloman Corp in Myanmar, the companies said.

invested $200 million in the joint venture entity, which will build two ce-ment batching plants in Yangon, and later on expand their presence in construction, and oil and gas sectors, company of-

in construction and en-ergy sector in the country between an American and

U Thiha Aung, chair-man of YIG, said: “We will build two cement batch-ing factories in Thilawa Industrial Zone and Thin-

$100-million factories will be built within six to eight months and will use domestic raw materials, with a daily production capacity of 280 cubic metres, he said.

“With Myanmar grow-ing at an unprecedented pace, we explored mul-tiple options of foreign partnerships and found that Holloman shared

Kyaw Min the same insight to My-anmar’s growth. Through Young Holloman Corp we aim to expand our already diverse business and bring a new element of corporate social re-sponsibility, and health, safety and environmental

-ed $100 million to explore oil and gas in Myanmar, said Grant Petersen,

Energy, a subsidiary of Holloman Corp. Canada-

recently awarded two on-shore blocks in Myanmar.

“With our experienced exploration team and our subsidiaries Hunt Drilling

-tions Pte, and with our parent Holloman Corp’s pipeline capabilities we are in a position to be a major supplier of oil and gas to the future needs of energy for the emerg-

Petersen said. The company will con-

duct a survey for environ-mental and social impact assessments in Yanan-Inntaw in Chindwin area in Sagaing region and in Taungoo-Pyinmana in Bago region, he said. YIG

will start in 2014 and will

YIG has more than 6,000 local employees

China and Singapore.

Since formation, the company has grown into more than nine industries ranging from construc-tion, real estate and hydropower services to oil and gas exploration, life and non-life insurance businesses, and most recently into telecom

infrastructure.Bryce Harrell, chief

-man Corp, said Holloman is planning long-term in Myanmar and mobilising a core team of project managers, trainers, safety personnel and planners to support its construc-

tion and infrastructure developments.

“Our business plan is centred on the contin-ued development of the Myanmar workforce. A cornerstone of Young-Holloman’s commitment is the training of person-nel. We will have a world

class training program that will focus on worker safety as well as improv-

Kyaw

Min

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www.mmbiztoday.com

24PROPERTY & REAL ESTATE

Myanmar Summary

Thai Firm to Build Shopping Mall in Mawlamyine

Decision sparks local resentment

An international-standard shopping mall will be opened in Mawlamyine

in Myanmar’s southeastern Mon state next year, according to sources from the Mon state government.

The four-storey mall, which is to be built on three acres of land at Thanlwin park in the city, will be constructed by a Thai company, whose name will be revealed by the government next month.

However, the announcement has been met with disappoint-ment by local groups, who think that the local government should do more to protect green spaces in the city rather than building new structures.

“This project should not be

Kyaw MinTun Lwin, a member from the Mon Literature and Culture Organisation.

“Mawlamyine already has few parks to relax in, so the decision to build a shopping mall there is

The Mon state government has already implemented a number of projects recently, which include an industrial zone at Baluu Island near Maw-lamyine as well as a deep sea zone in Lue Kuh region in Mon state.

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Soe

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Myanmar’s transition to a democracy has opened new vistas for foreign companies.

The country is now looking for better urban infrastruc-ture and rapid economic development.

Recently, “The Building and Housing Seminar between Myanmar

two countries.Ichiro Maruyama, minister-counsellor, deputy chief of mission,

embassy of Japan, said: “The Embassy of Japan and our govern-

Keiichi Yoshii, head of overseas business, Daiwa House Industry Co Ltd, said: “We are planning to bring our serviced apartment business, which we operate in China. Also, Daiwa House Group has merged with Fujita Corp, and we are aiming to begin from scratch

Japanese companies have shown great interest in Myanmar’s growing building and housing business.

The delegates exchanged information about areas that could be tapped.

Naing Lin from Myanmar Kowa International Co Ltd, said: “Ho-tel and condominium business is booming now, and that will lead to every hotel and condominium buildings needing good hot water system. We have a lot of natural gas in Myanmar, so if we can use it properly in the piping systems in the big cities we can save energy

Rinnai, a Japanese gas appliances company, produces and dis-tributes water heaters in the Myanmar market.

It plans to contribute to the local society by promoting its energy

prefer a bigger tank for this gas system. The gas consumption will

Myanmar’s untapped car market has attracted the Japanese auto-motive company Nissan, which plans to set up a local manufactur-ing unit in the country.

Ghosn recently met Myanmar Vice President U Nyan Tun and discussed future plans with him.

At a press conference he detailed plans for a 10,000-unit capacity plant in Bago that will initially create 300 jobs.

Ghosn said: “We'll actually start during calendar year 2015 with initial employment level of 300 workers. I’m proud to say Nissan

mar government to build this facility in partnership.

today the market in Myanmar is evaluated at 120,000 cars a year, practically all of them being used cars (95 percent) and the rest are imported CBU. There is absolutely no local market. This is one of the most promising markets in Southeast Asia, and certainly one of

sedan, which will be built in collaboration with Tan Chong Motor Group. ANI

Myanmar Attracts Japanese Housing Firms, Car Manufacturers

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PROPERTY & REAL ESTATE 25November 21-27, 2013


Highway Project Jacks Up Myeik Real Estate Prices

Kyaw Min

Land prices in the southern district of Myeik in Thanintha-ryi region have doubled in some areas due to a highway bus terminal project that is underway in the area, according to

“A plot of land that was once worth K1 million ($1,000) is now reaching K2 million ($2,000), while land that was previously K5

“Prices vary depending on the location. At present, the demand

According to local residents, the majority of people interested in investing in property in the area – which is located close to the bor-der with Thailand – as they are interested in investing in businesses in the region, mostly because of the much-vaunted Dawei special economic zone project, only 25km away from Myeik.

“Many businesspeople want to buy plots of land in the townships of Konephauk, Inle Myaing and Yarpraw in southern Myeik. These

said Ko Shu Maung, a local resident.A highway station will also be constructed at a 40-acre plot of land

between Shwe Pyi Tan and Inle Myaing townships through public

Myanmar Summary

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clear how much money goes to charity.

Under Khamenei, the organi-sation has expanded its corpo-rate holdings, buying stakes in dozens of Iranian companies, both private and public, with the stated goal of creating an Iranian conglomerate to boost the country’s economic growth.

The supreme leader, judges and parliament over the years have issued a series of bureau-cratic edicts, constitutional interpretations and judicial decisions bolstering Setad. “No supervisory organisation can

Naghi Mahmoudi, an Iranian lawyer who left Iran in 2010 and now lives in Germany.

In June, the US Treasury De-partment imposed sanctions on Setad and some of its corporate holdings, calling the organisa-tion “a massive network of front companies hiding assets on

and the foreign ministry did not respond to requests for comment for the series. Iran’s embassy in the United Arab

-

and said that “none has any

Setad’s director general of public relations, Hamid Vaezi, said by email in response to a detailed description of this series that the information presented is “far from realities

In a subsequent message, he said Setad disputes the Treas-ury’s allegations and is “in the process of retaining US counsel

added: “This communication puts you on notice that any ac-tion by your organisation could prejudice our dispute in the

United States and harm our position for which we hold you

to pinpoint because of the secrecy of its accounts. Reuters estimates it at around $95 billion, made up of about $52 billion in real estate and $43 billion in corporate holdings. The estimate is based on an analysis of statements by Setad

Stock Exchange and company websites, and information from the US Treasury Department. The amount is roughly 40 per-cent bigger than Iran’s total oil exports last year, which totalled $67.4 billion, according to the International Monetary Fund.

There is no evidence that Khamenei is tapping Setad to enrich himself. But Setad has empowered him. Through Setad, Khamenei has at his dis-

value rivals the holdings of the shah, the Western-backed monarch who was overthrown in 1979.

As Iran’s top cleric, Khamenei

matters. His purview includes his nation’s controversial nu-clear program, which was the subject of intense negotiations between Iranian and interna-tional diplomats in Geneva that ended last week without an agreement. It is Khamenei who will set Iran’s course in the nuclear talks and other recent

Hassan Rouhani, to improve relations with Washington.

The investigation into Setad shows that as well as political power and military force there is a third dimension to Khame-nei’s power: economic might. The revenue stream generated by Setad helps explain why he has not only held on for 24 years but also in some ways has more control than even his revered

predecessor. Setad gives him

independently of parliament and the national budget, insu-lating him from Iran’s messy

Reuters

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www.mmbiztoday.com

26

INTERNATIONAL AND DOMESTIC FLIGHT SCHEDULEFligghhtss ffroom Yanggon (RGNN) to Bangkok ((BKK) Fligghhtss ffroom Banggkok (BKKK) to Yaangon (RGN)

Flight No. DDayss From To ETD ETA Operated by: Flight No. DDayss From To ETD ETA Operated by:PG 706 1 2 3 4 5 6 7 RGN BKK 7:15 9:30 Bangkok Airways DD4230 1 3 5 7 DMK RGN 06:30 07:55 NOK AirlinesDD4231 1 3 5 7 RGN DMK 8:00 9:45 NOK Airlines 8M336 1 2 3 4 5 6 7 BKK RGN 6:40 7:25 MAIFD2752 1 2 3 4 5 6 7 RGN DMK 8:30 10:15 Thai AirAsia FD2751 1 2 3 4 5 6 7 DMK RGN 7:15 8:00 Thai AirAsia8M335 1 2 3 4 5 6 7 RGN BKK 8:40 10:25 MAI TG303 1 2 3 4 5 6 7 BKK RGN 8:00 8:45 Thai AirwaysTG304 1 2 3 4 5 6 7 RGN BKK 9:50 11:45 Thai Airways PG701 1 2 3 4 5 6 7 BKK RGN 8:50 9:40 Bangkok AirwaysPG702 1 2 3 4 5 6 7 RGN BKK 10:45 12:40 Bangkok Airways FD2755 1 2 3 4 5 6 7 DMK RGN 11:35 12:20 Thai AirAsiaY5-237 1 2 3 4 5 6 7 RGN BKK 18:05 19:50 Golden Myanmar Airlines PG707 1 2 3 4 5 6 7 BKK RGN 13:40 14:30 Bangkok AirwaysTG302 1 2 3 4 5 6 7 RGN BKK 14:45 16:40 Thai Airways Y5-238 1 2 3 4 5 6 7 BKK RGN 21:10 21:55 Golden Myanmar AirlinesPG703 1 2 3 4 5 6 7 RGN BKK 15:20 17:15 Bangkok Airways FD2753 1 2 3 4 5 6 7 DMK RGN 16:35 17:20 Thai AirAsia8M331 1 2 3 4 5 6 7 RGN BKK 16:30 18:15 MAI PG703 1 2 3 4 5 6 7 BKK RGN 16:45 17:35 Bangkok AirwaysFD2754 1 2 3 4 5 6 7 RGN DMK 17:50 19:35 Thai AirAsia TG305 1 2 3 4 5 6 7 BKK RGN 17:55 18:40 Thai AirwaysPG704 1 2 3 4 5 6 7 RGN BKK 18:25 20:20 Bangkok Airways 8M332 1 2 3 4 5 6 7 BKK RGN 19:20 20:05 MAITG306 1 2 3 4 5 6 7 RGN BKK 19:40 21:35 Thai Airways PG705 1 2 3 4 5 6 7 BKK RGN 20:00 21:15 Bangkok Airways

FFligghhtss ffroomm Yangoon (RGN)) to Chiaang Maii (CNX) FFligghhtss ffroomm Chiangg Mai (CCNX) to YYangon (RGN)W9-9607 4 7 RGN CNX 14:50 16:20 Air Bagan W9-9608 4 7 CNX RGN 17:20 17:50 Air Bagan

Flligghtss ffroom Yanggon (RGNN) to Sinngapore (SIN) Flligghtss ffroom Singaapore (SIN) to Yangon ((RGN) Y5-233 1 2 3 4 5 6 7 RGN SIN 10:10 14:40 Golden Myanmar Airlines Y5-234 1 2 3 4 5 6 7 SIN RGN 15:35 17:05 Golden Myanmar AirlinesMI509 1 6 RGN SIN 0:25 5;00 SilkAir SQ998 1 2 3 4 5 6 7 SIN RGN 7:55 9:20 Singapore Airline8M231 1 2 3 4 5 6 7 RGN SIN 8:30 13:00 MAI 8M6231/3K585 1 3 4 5 6 SIN RGN 9:10 10:40 Jetstar AsiaSQ997 1 2 3 4 5 6 7 RGN SIN 10:25 14:45 Singapore Airline 8M232 1 2 3 4 5 6 7 SIN RGN 14:10 15:40 MAI

8M6232/3K586 1 3 4 5 6 RGN SIN 11:30 16:05 Jetstar Asia MI518 1 2 3 4 5 6 7 SIN RGN 14:20 15:45 SilkAir8M233 5 6 7 RGN SIN 13:45 18:15 MAI 8M235 5 6 7 SIN RGN 19:15 20:45 MAITR2827 1 6 7 RGN SIN 15:10 19:35 TigerAir TR2826 1 6 7 SIN RGN 13:00 14:30 TigerAirTR2827 2 3 4 5 RGN SIN 17:10 21:35 TigerAir TR2826 2 3 4 5 SIN RGN 15:00 16:30 TigerAirMI517 1 2 3 4 5 6 7 RGN SIN 16:40 21:15 SilkAir MI520 5 7 SIN RGN 22:10 23:35 SilkAir

FFliightts frromm Yangonn (RGN) tto Kualaa Lumpuur (KUL) Fligghtts frroomm Kuala LLumpur (KUL)too Yangonn (RGN)AK1427 1 2 3 4 5 6 7 RGN KUL 8:30 12:50 AirAsia AK1426 1 2 3 4 5 6 7 KUL RGN 6:55 8:00 AirAsia8M501 1 2 3 4 5 6 7 RGN KUL 8:55 12:55 MAI MH740 1 2 3 4 5 6 7 KUL RGN 10:05 11:15 Malaysia AirlinesMH741 1 2 3 4 5 6 7 RGN KUL 12:15 16:30 Malaysia Airlines 8M502 1 2 3 4 5 6 7 KUL RGN 14:00 15:00 MAI

Fligghtts frrom Yanngon (RGGN) to HHanoi (HHAN) Fligghtts frrom Hannoi (HANN) to Yanngon (RRGN) VN956 1 3 5 6 7 RGN HAN 19:10 21:30 Vietnam Airlines VN957 1 3 5 6 7 HAN RGN 16:35 18:10 Vietnam Airlines

Flligghhtss ffroomm Yangon (RGN) to Ho CChi Minhh (SGN) Flligghhtss ffroomm Ho Chii Minh (SSGN) to Yangonn (RGN) VN942 2 4 7 RGN SGN 14:25 17:10 Vietnam Airlines VN943 2 4 7 SGN RGN 11:40 13:25 Vietnam Airlines

Flligghtss ffrom Yanngon (RGGN) to TTaipei (TTPE) Flligghtss ffrom Taipei (TPEE) to Yanngon (RGN)CI7916 1 2 3 4 5 6 RGN TPE 10:50 16:10 China Airline CI7915 1 2 3 4 5 6 7 TPE RGN 7:15 10:05 China AirlineBR288 2 5 6 RGN TPE 11:35 17:20 EVA Air BR287 2 5 6 TPE RGN 7:30 10:35 EVA Air

Flligghhtss ffroom Yanggon (RGNN) to Kunming(KMG) Flligghhtss ffroom Kunmming(KMMG) to Yangon ((RGN)CA906 2 3 4 6 7 RGN KMG 14:15 17:35 Air China CA905 2 3 4 6 7 KMG RGN 12:40 13:15 Air China

MU2032 1 2 3 4 5 6 7 RGN KMG 14:40 17:55 China Eastern MU2031 1 2 3 4 5 6 7 KMG RGN 13:30 14:00 China EasternMU2012 3 6 RGN KMG 12:20 18:10 China Eastern (via NNG) MU2011 3 6 KMG RGN 8:25 11:30 China Eastern (via NNG)

Flligghtss from Yanngon (RGGN) to BBeijing (BJS) Flligghtss from Beijjing (BJSS) to Yanngon (RRGN)CA906 2 3 4 6 7 RGN BJS 14:15 21:55 Air China (via KMG) CA905 2 3 4 6 7 BJS RGN 8:05 13:15 Air China (via KMG)

Fligghhtss ffroom Yanggon (RGNN) to Naanning (NNG) Fligghhtss ffroom Nannning (NNNG) to Yaangon ((RGN)Flight No. DDayss From To ETD ETA Operated by: Flight No. DDayss From To ETD ETA Operated by:MU2012 3 6 RGN NNG 12:20 16:25 China Eastern MU2011 3 6 NNG RGN 10:15 11:30 China Eastern

FFligghhtss ffroomm Yangoon (RGN)) to Honng Kong (HKG) HHonngg KKoong (HKG) Flights from Yaangon ((RGN) KA251 1 2 4 6 RGN HKG 1:10 5:35 Dragon Air KA250 1 3 5 7 HKG RGN 21:50 23:45 Dragon Air

Flligghhtss ffroomm Yangon (RGN) to Guanng Zhouu (CAN) Flligghhtss ffroomm Guang Zhou (CCAN) to Yangonn (RGN) 8M711 2 4 7 RGN CAN 8:40 13:15 MAI CZ3055 3 6 CAN RGN 8:40 10:30 China Southern AirlinesCZ3056 3 6 RGN CAN 11:20 15:50 China Southern Airline 8M712 2 4 7 CAN RGN 14:15 15:45 MAICZ3056 1 5 RGN CAN 17:40 22:15 China Southern Airline CZ3055 1 5 CAN RGN 14:45 16:35 China Southern Airlines

FFlighhts ffroom Yanggon (RGN) to Koolkata (CCCU) FFlighhts ffroom Kolkkata (CCUU) to Yaangon (RRGN) Flight No. DDayss From To ETD ETA Operated by: Flight No. DDayss From To ETD ETA Operated by:

AI228 5 RGN CCU 18:45 19:45 Air India AI227 1 5 CCU RGN 10:35 13:20 Air IndiaAI234 1 5 RGN CCU 13:40 16:55 Air India (via GAY) AI233 5 CCU RGN 13:30 18:00 Air India (via GAY)

Fligghhtss ffrom Yanngon (RGGN) to GGaya (GAAY) Fligghhtss ffrom Gayya (GAY) to Yanngon (RGGN) 8M 601 1 3 5 6 RGN GAY 10:30 11:50 MAI 8M 602 1 3 5 6 GAY RGN 12:50 16:00 MAIAI234 1 5 RGN GAY 13:40 15:00 Air India AI233 5 GAY RGN 15:00 18:00 Air India

Fligghtts frrom Yanngon (RGGN) to TTokyo (NNRT) FFliightts frrom Tokkyo (NRTT) to Yaangon (RRGN)NH914 1 3 6 RGN NRT 22:00 06:40+1 ALL NIPPON Airways NH913 1 3 6 NRT RGN 11:10 17:05 ALL NIPPON Airways

FFligghhtss ffrom Yanngon (RGGN) to SSeoul (ICCN) FFligghhtss ffrom Seooul (ICN)) to Yanngon (RGGN)KE472 1 3 5 7 RGN ICN 0:05 8:00 Korean Air KE471 1 2 3 4 5 6 7 ICN RGN 18:40 22:55 Korean Air

OZ7463 4 7 RGN ICN 0:50 8:50 Asiana OZ4753 3 6 ICN RGN 19:30 23:40 Asiana

Flligghtss ffrom Yanngon (RGGN) to DDoha (DOOH) Flightts frrom Dohha (DOH) to Yangon (RRGN)QR619 1 2 3 4 5 6 7 RGN DOH 8:00 11:45 Qatar Airways QR618 1 2 3 4 5 6 7 DOH RGN 21:05 06:29+1 Qatar Airways

Flligghhtss ffroomm Yangon (RGN) to Nay Pyi Taww (NYT) Flligghhtss ffroomm Nay Pyyi Taw (NNYT) to Yangonn (RGN)Flight No. DDayss From To ETD ETA Operated by: Flight No. DDayss From To ETD ETA Operated by:FMI-A1 1 2 3 4 5 RGN NYT 7:30 8:30 FMI Air Charter FMI-A2 1 2 3 4 5 NYT YGN 8:50 9:50 FMI Air CharterFMI-B1 1 2 3 4 5 RGN NYT 11:30 12:30 FMI Air Charter FMI-B2 1 2 3 4 5 NYT YGN 13:00 14:00 FMI Air CharterFMI-C1 1 2 3 4 5 RGN NYT 16:30 17:30 FMI Air Charter FMI-C2 1 2 3 4 5 NYT YGN 18:00 19:00 FMI Air CharterFMI-A1 6 RGN NYT 8:00 9:00 FMI Air Charter FMI-A2 6 NYT YGN 10:00 11:00 FMI Air CharterFMI-A1 7 RGN NYT 15:30 16:30 FMI Air Charter FMI-A2 7 NYT YGN 17:00 18:00 FMI Air Charter

FFliightts frrom Yangoon (RGN) to Manndalay ((MDY) FFliightts frrom Manddalay (MDDY) to YYangon (RGN)Y5-234 1 2 3 4 5 6 7 RGN MDY 6:15 7:30 Golden Myanmar Airlines Y5-233 1 2 3 4 5 6 7 MDY YGN 8:10 9:25 Golden Myanmar AirlinesYH 909 2 4 6 7 RGN MDY 6:30 8:10 Yangon Airways YH 910 1 3 MDY YGN 7:40 10:30 Yangon AirwaysYH 917 1 2 3 4 5 6 7 RGN MDY 6:10 8:30 Yangon Airways YH 918 1 2 3 4 6 7 MDY YGN 8:30 10:25 Yangon AirwaysYH 727 1 5 RGN MDY 11:15 13:25 Yangon Airways YH 728 1 5 MDY YGN 9:10 11:05 Yangon AirwaysYH 731 1 2 3 4 5 6 7 RGN MDY 15:00 17:10 Yangon Airways YH 732 1 2 3 4 5 6 MDY YGN 17:10 19:15 Yangon AirwaysW9 501 1 2 3 4 RGN MDY 6:00 7:25 Air Bagan W9 502 1 2 3 4 MDY YGN 16:10 18:15 Air BaganK7 222 1 2 3 4 5 6 7 RGN MDY 6:30 8:40 Air KBZ K7 223 1 2 3 4 5 6 7 MDY YGN 9:00 11:05 Air KBZYJ 201 1 2 3 4 5 6 7 RGN MDY 11:30 12:55 Asian Wings YJ 202 1 2 3 4 5 6 7 MDY YGN 16:00 17:25 Asian Wings

Days - (1) Monday (2) TTueesdaay (33) WWeddnessdaay (4) Thursdayy (5) Friday (6) SSaturday (7) Suunday Days - (1) Monday (2) TTueesdaay (33) WWeddnessdaay (4) Thursdayy (5) Friday (6) SSaturday (7) Suunday

IT & TELECOM 27November 21-27, 2013

Myanmar Summary

Contd. P 28...


Myanmar Courts Foreign Telecoms Groups to Tap

Mobile Market

Michael Peel & Daniel Thomas

Vodafone and Orange are taking aim at entering one of the world’s last

untapped telecoms markets just months after missing out on licences in Myanmar.

The pair is part of a group of leading communications companies invited by the government to pitch to team up with the state Myanmar Posts and Telecommunications (MPT) mobile phone network operator, people familiar with the matter say.

The government will expand the country’s

optic network using a $155.87 million soft loan from South Korea’s Economic Develop-ment Cooperation Fund, a top

“Currently, we need more budget to develop the com-munication infrastructure, and also more foreign investment. So, the ministry is borrowing

U Thaung Tin, deputy union minister for telecommunication and information technology, said.

Myanmar Posts and Telecom-munication (MPT) sources said the loan will be used to build more towers, install

which was runner-up in June’s licence awards – and a cash-rich Vodafone the chance of a tanta-lising second bite at a country where mobile usage is less than 10 percent of the population. But it also involves the uncer-tainty of partnering a govern-ment company in a country in

military dictatorship.“Obviously Orange is in a very

good place after the original bidding round, and Vodafone

Yangon-based analyst. “But this deal would require more com-

plex due diligence than getting

Myanmar has invited the foreign operators to create a privately run partnership with MPT’s telecoms arm, separate from the company’s existing regulatory function, people familiar with the process say. Orange and Vodafone have been approached, along with other companies including Singapore’s SingTel.

Orange, Vodafone and SingTel took part in this year’s tender for two licences that were awarded

Communication Network to Expand with $155m

Korean LoanPhyu Thit Lwin for transmission, and set up

satellite connection and install network accessories.

MPT in June granted licences to two international telecom operators to carry out a coun-trywide mobile phone network rollout, eyeing to achieve an ambitious 75 percent mobile density in Myanmar by 2015-16.

However, the parliament is still sorting out the respective allocation amount of the EDCF loan for the Ministry of Electric Power (MoEP) and the Ministry of Communications and Infor-mation Technology (MCIT).

MoEP said that it wants $100 million from the EDCF fund for construction of a 117-mile long 500KV power line between Taungoo and Bago, while MCIT

construction.

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File

s


www.mmbiztoday.com

28IT & TELECOM

opening a stock exchange in the next few years, it is cautiously

-ences, it is looking for inward investment, it is engaging with ASEAN and starting to trade with the rest of the world.

There is, at the moment, a local regulatory regime in place, but forward-looking Burmese are realising that they are going to have to commit to common international standards, and the movement towards this is picking up pace rapidly.

Any realistic assessment of Myanmar must accept that there are still considerable negatives as it embarks on the journey towards international inclusion.

Ownership structures of existing business empires are opaque, and in many cases linked to past and present lead-ers; corporate governance is rickety; there is still consider-able uncertainty about the way the 2015 election will go; and, rather disturbingly, a

hotel we used shortly after our departure.

But as things stand, the negatives are outweighed by the positives. These include the excellent and widespread use of the English language, which is the great facilitator of business; the openness for help of the people we spoke to; and the clearly evident cautious optimism.

Myanmar, and Yangon par-ticularly, are also very open to tourism development. Many parts of Yangon have almost intact colonial architecture, which is run down, but not be-yond saving. Unlike cities such as Kuala Lumpur and Hong Kong, which have torn down much up of their late-colonial and Edwardian buildings, they are still extant in Yagnon and the Burmese have realised that they have a huge heritage asset and restoration is underway. It has the potential to be a real tourist gem.

This means projects that people can invest in, such as the

infrastructure for a grand hotel, or business centres, shopping malls and new museums within a heritage set-up, rather than becoming just another high-rise Southeast Asian city like any other.

The Burmese are keen to join the rest of the world. I believe it is incumbent on organisations

possible assistance to mutual

David Woodgate is chief execu-tive of the Institute of Financial Accountants, a professional accountancy membership body whose members work for small and medium-sized enterprises (SMEs) or who run or work in small and medium-sized accounting practices (SMPs) that advise SMEs. The IFA is a full member of the Interna-tional Federation of Accountants (IFAC), the global body for the accountancy profession. Found-ed in 1916, the IFA supports over 10,000 members and students in more than 80 countries with a programme of professional

Myanmar Summary

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in June to Telenor of Norway

extra competition.Vodafone and Orange de-

clined to comment on the MPT joint venture plan. SingTel said only that it continued to explore opportunities in Myanmar. MPT did not respond to a re-quest for comment.

The intense competition for the two mobile licences this year highlighted the excitement over a country that has an es-timated 60 million people and ambitious economic growth projections, along with chronic shortages of infrastructure, electricity and trained local

mobile lines means there is a

cards, which often sell for well over $100 each.

Key aspects of the govern-ment’s ambitious plan for an MPT joint venture to help

remain unclear, observers say. There is no indication of how many partners the government is seeking, nor have companies been provided with any details

person said. “It is not even clear whether they want an equity

he added.Orange acts as an operator for

state-owned telecoms compa-nies in countries such as Algeria and Ethiopia, although it has aspirations to acquire those businesses.

Another person familiar with the Myanmar plan says the government has set over-opti-

mistic targets for building up its mobile network – echoing concerns cited by Vodafone and its partner China Mobile when they withdrew in May from the bidding for the two mobile licences.

An additional worry is the potential involvement in the MPT venture of MEC, an opaque conglomerate tied to the Myanmar military that has its own small mobile network and is seen as having ambitions to expand in the sector.

Romain Caillaud, managing director in Myanmar for Vriens & Partners, the consultancy, said it was not known if MPT would simply have temporary access to MEC’s network while it developed its own, or whether MEC might take part-ownership of MPT.

“I hope interested foreign parties are able to obtain more clarity before they commit to

has advised telecoms compa-nies planning investment in the country. FT

Myanmar Summary

Somalia Gets First Fibre-Optic Cable

Adelivered a broadband Internet cable to Somalia's

expensive satellite links. Liquid Telecom has agreed a deal with one of Somalia's

largest mobile operators, Hormuud, to connect it to its 17,000 km (10,500 mile) network of terrestrial cables that crosses 11 African countries.

Liquid already provides Somalia with international Internet links via satellite, but will now deliver more capacity faster. "If there is a place that is not connected, that is the place that attracts us," Nic Rudnick, chief executive of Mauritius-based Liquid Telecom, told Reuters on the sidelines of an African telecoms conference in Cape Town.

Although it has one of the longest shorelines on the con-

cables that run alongside it. All of them land further south in Kenya, from where Liquid Telecom will be linking to it.The company has access to capacity on all three cables and is a shareholder in one, the East African Marine System.

Oliver Slow

Myanmar Summarytmz&du\ ukrÜPDjzpf aom Liquid Telecom onf

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AUTOMOBILE 29November 21-27, 2013

Myanmar Summary

Myanmar Summary


oko Kubota

Nissan Motor Co Ltd will

badged cars in Japan

said, as it tries to position the second-tier luxury brand as a global competitor to prestige European cars.

Japan’s second-biggest car-maker said last week it would sell its redesigned Skyline

on the front, steering wheel and wheels from late February 2014. The Nissan Skyline sedan

The move is part of Chief Executive Carlos Ghosn’s plan to develop the 25-year-old

the United States – to compete globally with the likes of Volk-swagen AG’s Audi and Daimler AG’s Mercedes-Benz.

Nissan Executive Vice President Andy Palmer said the redesigned Skyline with the

the Nissan Skyline at Nissan dealerships in Japan.

“Skyline is a premium vehicle and in order to identify it as a premium vehicle, we apply the

last month.But the Yokohama-based

company said it would not set

service network in Japan; nor would it introduce a range of

market.

Files

nor denied that Nissan would

cars sold in Japan, such as the

overseas.

3.5 percent of Nissan’s total global sales. The United States is its biggest market, account-ing for around 70 percent of

vehicles sold around the world

global sales to 500,000 vehicles by around 2017, and expand its share of the premium market to 10 percent by the end of the dec-ade. Nissan has not provided its

current market share.Nissan is beset by quality is-

as it struggles to meet aggres-sive sales and production expansion targets set by Ghosn, who announced an executive

To better establish its image as a global premium brand,

from Nissan by setting up its headquarters in Hong Kong and named Johan de Nysschen, Audi’s former boss in the United States, as president.

In Japan, the starting price of the redesigned Skyline with the

million yen ($48,100), up from

the current model’s $29,300, Nissan said.

The hike is largely because it is a hybrid model with new safety features such as emergency braking and a collision warning system, said Shingo Suzuki, a Nissan spokesman.

Nissan this month slashed its

ending March 2014 by nearly 20 percent to $3.6 billion after sales dropped in areas including China, India and Brazil. Reuters

Replacement of Vehicles Bearing The Letter “t” StartsKyaw Min

The Department of Road Transport has started re-placing cars with licence

plates starting with the letter “t

Under the government’s

the department has started to replace cars bearing “tplates from October 29, U Thaung Lwin from the depart-ment said.

Automobiles bearing the let-ter “tthan other vehicles as it is the 33rd and last letter of Myanmar alphabet.

The “tcars became 20 years old in October and the department decided to start the exchange program for those, said U Thaung Lwin.

“Other alphabet cars are ac-cepted continuously. But the present “twere issued only 20 years ago

and their lifespan has ended in October, so we started to

The ‘new for old’ project in Myanmar started in 2011. As

September 2011, automobiles bearing the letters “p q“Zwere issued more than 40 years ago – were exchanged by the department.

Cars with letters “Z nwere exchanged in the second stage – the age of those cars were between 30 and 40. On 2 January 2012, the department started to accept vehicles with licence plates starting with “P“x ' " e y A b“v o30 years old.

A total of 94,168 automobiles were exchanged under the pro-gramme as of October 24, with the project nearly 90 percent

said.

Myanmar Summary

Aye Myat

German automaker Daim-ler said October sales for its Mercedes-Benz

premium auto brand reached a new record, growing volume by 15.3 percent to 126,421 cars thanks to high deliveries for its new E-Class model.

In a statement, the company said sales increased in every re-gion with growth driven primar-ily by the United States where deliveries jumped 25 percent and Turkey, where shipment of cars rose 63 percent.

“Our record sales in October have provided us with a strong start to the fourth quarter, and we have further increased our

nius, member of the divisional board Mercedes-Benz cars re-sponsible for marketing & sales.

Mercedes-Benz in August launched its new E-Class series

Mercedes-Benz Oct Sales Rise 15.3pc to Reach New Record

cars in Myanmar.The Mercedes-Benz E-Class is

a range of executive cars manu-factured by Mercedes-Benz in various engine and body

stood for Einspritzmotor (Ger-man for fuel injection engine), a new feature in volume produc-tion vehicles at the time E-Class

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www.mmbiztoday.comCLASSIFIEDS 30

SOCIAL SCENES 31November 21-27, 2013


Singer Kaung Myat on stage. Kyaw Min Minister of Transportation U Aung Khin. Kyaw Min

U Hla Myo, media buyer for Young Investment. Kyaw MinDaw Nan Saw Htway, director of Young Investment Co, Ltd. Kyaw Min

Ministers' table. Kyaw Min

U Hla Myint, mayor of Yangon region, and U Myint Swe at the ceremony. TAITRA

Young Holloman JV Announcement

Petter Furberg, CEO Telenor Myanmar. Kyaw Min

Models on stage. Kyaw Min A presentatin on stage. Kyaw Min

Shwe Poe Nan Taw shop opening in

Bahan Phyu Phyu Kyaw Thein cuts the ribbon with company representatives. Phyu Thit Lwin

Thar Soe (left) and his wife (right) with Ye Wai Yan. Phyu Thit Lwin Phyu Phyu Kyaw Thein with silk materials. Phyu Thit Lwin

Thar Soe speak with media. Phyu Thit Lwin Khine Hnin Wai (centre) poses with guests. Phyu Thit Lwin

Myanmar Beer Event for SEA Games @ New Win Restaurant, Insein Road

A dance performance. Kyaw Min A group of performers. Kyaw Min

U Myint Swe (M), chief minister of Yangon region government, Wang Chih-Kang (2nd R), chairman of Taiwan Trade Center, Duh Tyzz-Jiun (2nd L), vice minister of Taiwan’s Ministry of Economic Affairs, pose for a photo at the Taiwan Trade Centre opneing ceremony in Yangon. TAITRA

Taiwan Trade Centre Opening Ceremony in Yangon

U Myint Swe and Taiwan Trade Centre delegates cut the ribbon. TAITRA

Participants of GE's first ASEAN Policy Leadership Forum held in Singapore in October. General Electric

ASEAN Policy Leadership Forum @ Lee Kuan Yew School of Public Policy

Hosted by General Electric (GE)


www.mmbiztoday.com

32ENTERTAINMENT

FIFA World Cup Trophy to Come to Myanmar in DecemberOliver Slow

The FIFA World Cup Trophy will be on display

time next month, when it ar-rives in Yangon as part of the FIFA World Cup Trophy Tour by Coca-Cola, in anticipation of

next year’s tournament, which will take place in Brazil.

The famous trophy will be on display at Yangon’s Thuwunna Stadium on December 27 and other events are planned around the visit. The trophy tour is being organised as a partnership between Coca-Cola,

Israeli Film Festival to Start on Nov 24Oliver Slow

Never Israeli Film Fes-tival come to Yangon,

hosted by the Israeli Embassy in Yangon.

Taking place at Yangon’s Nay Pyi Taw Cinema on Sule Pagoda road from November 24 to 27, themes will include friendship, social and family life, love, careers and action and will “expose the Myanmar audience to routine life in Israel, our dilemmas and the diversity in

bassy statement said.The festival will open with a

viewing of the movie Aviva My Love, which tells the story of an Israeli woman who works as a cook in a hotel, but dreams of becoming a writer. One day, she is introduced to a novelist who immediately recognises her talent and takes her under his wing. But success isn’t as straightforward as she thought it might be and is left to pay a huge price to her family.

Desperado Square is a roman-

tic drama and won the Israeli Film Academy award for best director and best supporting actor. In an old neighbourhood,

Mandabon’s death is approach-ing and his youngest son, Nis-sam, has had a dream that his father has ordered him to open the old theatre, thus breaking a vow old Morris had to never screen movies again.

Operation Thunderbolt tells the true story of Air France Flight 139 from Tel Aviv to Paris, which was hijacked by

FIFA and Myanmar Football Federation (MFF) and will give an opportunity for thousands of Myanmar locals to set their eyes on the solid-gold trophy for the

“We are thrilled to bring the FIFA World Cup Trophy to Myanmar and to enable people

in the country to connect with an experience this global event in the FIFA World Cup Trophy

tebella, marketing director of Coca-Cola Myanmar.

Coca-Cola revealed that the presentation of the trophy will include interactive activities

such as personalised photos with the trophy as well as a hologram experience.

The World Cup Trophy Tour will travel 92,000 miles around the world, taking in 89 coun-tries over a nine-month period. The route for the tour will give more than one million people around the world a chance to see football’s most coveted prize. It will visit 50 countries that have never had the oppor-tunity to see the trophy before, of which Myanmar is included.

More information about ac-tivities around the event will be released nearer the time.

Coca-Cola has had a long-standing relationship with FIFA since 1974 and has been

Cup since 1978. This is the third time that Coca-Cola and FIFA have teamed up for the Trophy Tour.

The current holder of the FIFA World Cup Trophy is Spain, who lifted the trophy after defeating the Netherlands in South Africa in 2010.

four terrorists. After landing in Uganda, the Jewish passengers are held hostage and the ter-rorists demanded the release of many terrorists held in Israeli jails. After much debate, the Israeli government sent an elite commando unit to raid the hos-tage site and free the hostages.

By Summer’s End is a drama and a coming-of-age story, which follows the story of a young girl, as well as the rest of her family. It won the Rehovot Women’s International Film Festival 2011, Israeli Film Cen-

tre in New York and Haifa In-ternational Film Festival 2011.Footnote is a father and son drama, who are rival professors who are both hoping to win an prestigious prize. The festival ends with the Syrian Bride, which tells the dramatic story of a young Israeli woman who is due to marry a successful Syrian actor. Following hostilities be-tween the lovers’ two countries, a special UN-observed zone is set up between the two towns, putting their plans for wedding into turmoil.

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Myanmar Business Today - Vol 1, Issue 42

Business

Transcript of Myanmar Business Today - Vol 1, Issue 42