Myanmar Business Today Vol 3, Issue 42

Myanmar Business Today
mmbiztoday.com
October 29-November 4, 2015
mmbiztoday.com
MYANMARS FIRST BILINGUAL BUSINESS JOURNAL
October 29-November 4, 2015 | Vol 3, Issue 42
Forex Licences Revoked,

EXW*RYW2HUV*UDFH3HULRG
Hasty execution raises questions across business community
but businesses have already braced for further
restrictions on the dollar,
for better or for worse.
Zayar Nyein,
Moh Moh Kyi &
Morley J Weston
Minzayar/Reuters
he kyat has lately

been
struggling
with a crisis of legitimacy.
As businesses began to
move away en masse from
the kyat for the more stable dollar, the Central
Bank of Myanmar (CBM)
in mid-October made
good on earlier threats
and revoked the foreign
exchange acceptor and
holder licences for a variety of businesses, which
allowed them to do business in dollars inside
Myanmar. However, the
lasting implications of
this move have so far remained unclear, as a later
statement seemed to give
a grace period not present
in previous documents.
U Win Thaw, deputy director general of Central
Bank, said in an emailed
statement last Thursday,
Because of the nature of
the business for airlines,
tourism businesses, and
FDI hotels, they need to
deal with pre-orders and
Stacks of Myanmar Kyat are prepared at a bank ahead of being transported in Yangon.
bookings. So these businesses will need time to

change their long-acting
business habits. Thats
why they still can operate
their business as usual,
with the exception the
abolishment of licences.
This abolishment warns
and informs that they all
have to use kyat alone for
local business in the future.
:KHQ DVNHG IRU FODULcation, the deputy direc-
tor told Myanmar Business Today, All licences

will have to come back
before October 30, but
the time when only kyat
will be allowed for use in
domestic business will be
announced soon. Before
that announcement, there
is no penalty for using
dollars for business inside
Myanmar.
The change in policy was
H[HFXWHGUVWWKURXJKOHWters to individual busi-
nesses to turn in their

licences between October
DQG DQG DHFWV D
wide range of businesses
including hotels, supermarkets, airlines, hospitals, restaurants, and
even the military-owned
Myanmar
Economic
Holdings Ltd. Further
FODULFDWLRQ ZLOO PDNH
clear the extent to which
businesses will be forced
deal with the kyat exclusively inside the country,
An amputation of
Greenbacks
The Central Bank has
said that their purpose for
revoking the licences to
these businesses is to control the dollarisation of
the economy and prop up
a kyat that has been expeULHQFLQJ KHDY\ LQDWLRQ
for the past year. Many
goods and services, as
well as many pay checks,
are priced in dollars, and
the fear is that the kyat
could lose its relevance,
as has happened to several countries including
Cambodia.
Contd. P 8...
Myanmar Summary
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Contd. P 8...
Inside MBT
French Firm Atos Launches

Banking Solution in Myanmar
P-11
Floods Devastating Blow to

Agricultural Livelihoods and
Food Security in Myanmar:
UN
P-22
Singapore Firm Acquires

Stake in Myanmar Payment
Company
P-27
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Business News in Brief

MYANMARS FIRST BILINGUAL BUSINESS JOURNAL
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Reporters & Contributors

Kyaw Min, Wai Linn Kyaw,
Tin Mg Oo, Aye Myat, Aung Phyo,
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Moh Moh Kyi, Ei Thandar Tun
Design, Layout & Photography

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6WXG\ QGV ODZPDNHUV IRFXVHG RQ IXQGV RYHU

ODZV
The Myanmar Development resource Institute s Centre for Economic and Social Development presented a
research paper last week that claimed that Myanmars
parliament focused on the implementation of infrastructure projects and distributing funds over legislative action, local media reported. The report expressed
concern that lawmakers could use local development
funds for political gain, which would take away from
their primary duty of passing laws.
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trade, economic cooperation
Governments of Myanmar and the Czech Republic
signed an agreement on trade and economic cooperation in Nay Pyi Taw, Xinhua News Agency reported.
The agreement was signed by Deputy Minister of National Planning and Economic Development Daw Hle
Hle Thein and Czech Ambassador Jaroslav Dolecek.
Under the agreement, investment opportunity, cooperation in trade and economic link as well as that in the
industry between the two countries will be enhanced,
the report said.
value of Myanmars jade production as high as US$31

ELOOLRQLQDORQH7KLVJXUHHTXDWHVWRQHDUO\KDOI
of the entire countrys GDP. The report claims that jade
business is wreaking havoc on the people and environment of Kachin, where the stone is mined. Conditions
around the mines are often fatally dangerous and drugs
and prostitution are endemic, while locals face land
grabs, intimidation and violence. Jade is also a key test
of US foreign policy in Myanmar. The US has a partnership on the extractive industries with Myanmar
government and is a key supporter of EITI. It also has
VSHFLF VDQFWLRQV RQ WKH MDGH VHFWRU LPSRVHG GXULQJ
the Than Shwe era to deny money and power to abusive
members of the military junta. Global Witness is arguing that the US and Myanmars other partners should
benchmark the lifting of sanctions and future aid disbursements to reforms of the jade industry. These must
SULRULWLVH VKDULQJ FRQWURO DQG EHQHWV PRUH HTXLWDEO\
with Kachin State, and making the business accountable to the Myanmar public.
Myanmar Summary
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Representatives from the ministries of energy for xdktpD&ifcHpmu Oya'jyKolrsm;onf a'ozGHUNzdK;a&;&efyHkaiGrsm;tm;
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port for a conference to outline their plans for growing
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renewable markets across Southeast Asia. This comes
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after the government of Thailand announced bids for
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Presidential chief political adviser U Ko Ko Hlaing
told Xinhua that China is a driving force for the devel- &mpDrHudef;rsm;wGif yl;aygif;aqmif&Guf&ef oabmwlnDrI&cJhonf/
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could overcome the challenges and maintain the susjrefrmEdkifiHwGif rnfonfhtpdk;&wufonfjzpfap wkwf-jrefrmESpf
tainable development. When asked about the trend of
China-Myanmar relations, he pointed out that no mat- EdkifiHqufqHa&;rSm ta&;ygNrJjzpfonf[k &Sif;[Gmowif;Xmeudk
ter it is viewed from the strategic angle or from the so- ajymvkdufonf/
cio-economic perspective, China is always important to
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after the election.
tkyfpdk;xm;onf[k Global Witness tpD&ifcHpmrS azmfjyvdkufonf/
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port
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Myanmars vast jade trade is being secretly controlled
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by networks of military elites, drug lords and crony
companies, a 12-month investigation by Global Witness xm;&Sdonfh EkdifiHjcm;a&;rl0g'twGuf ausmufpdrf;onf t"du
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Government aims to modernise Air Traffic Management to tackle 55 percent rise in flight volume; Comsoft to transform
Aeronautical Information Management (AIM)
Aye Myat
he Department of
Civil Aviation (DCA)
has contracted GerPDQDYLDWLRQUP&RPVRIW
to modernise its air trafF PDQDJHPHQW V\VWHP LQ
a bid to cope with rising
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Under the agreement,
Comsofts local subsidiary, Comsoft Carpe
Diem Ltd, will modernise
DCAs Aeronautical Information Management
(AIM) infrastructure in
light of increasing air
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optimisation and the
changeover from Aeronautical Information Services (AIS).
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has risen dramatically,

with an increase of 55
percent between 2005
and 2012 and, according
to a report by Director Air
Navigation Safety Regulation of Myanmar, U Tike
Aung. This surge has created a need for increased
capacity to minimise delays and maintain safety.
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project, taking place later
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Myanmar will receive a
complete solution to migrate all information into
an electronic data presentation, consisting of Comsofts Aeronautical Information Management
Database CADAS-AIMDB, and electronic publication solution CADAS-
EPS.
DCA said in a statement, Comsofts CADAS-AIMDB facilitates
completion of the second
stage of the ICAO AIS to
AIM roadmap and we
have no doubt that Comsoft Carpe Diem Ltd
will be the perfect partner
as we modernise our air
WUDF PDQDJHPHQW ,Pproving our data quality
with Comsofts AIM solution is also advantageous
for Performance Based
Navigation (PBN) which
will be implemented at all
international airports and
some domestic ones.
The project will also include two charting workstations, six AIS Flight
Data Terminals and two
3LORW %ULHQJ ZRUNVWDtions.

CADAS-AIMDB is designed to serve as a base
for integrating AIM applications and components
such as electronic AIP,
Charting or Procedure
Design.
CADAS-EPS is a collaborative document management system specially
designed for electronic
aeronautical information
publications (eAIP), including
amendments,
supplements and circulars, with an integrated
eAIP production environment, single-click publication and interoperation
with legacy systems.
The government plans
to attract 7.5 million tour-
ists by 2020, however, the

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outdated and incapable of
handling this.
The combination of
Comsofts AIP tool CADAS-EPS and central
aeronautical
database
CADAS-AIMDB is the
answer to the AIS-toAIM migration challenge,
and will lead Myanmar a
crucial step forward with
their plans for enhanced
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The system also serves
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the ICAO roadmap like
electronic terrain and obstacle data management
(eTOD), aerodrome map-
ping (AMDB) and digital

NOTAM, it added.
Myanmar Summary
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months of the curUHQW VFDO \HDU
which started in April,
trade volume dropped
$865 million over the
same period last year, a
nearly six percent drop.
Most of this fall occurred
in September this year,
which accounted for $642
million in decreased volume, as opposed to $223
million in the previous
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It is true that the trade
volume is lower than last

year. Both exports and imports have decreased. Imports have decreased due
to a stronger dollar. The
H[SRUW RI QLVKHG SURGucts has also decreased.
This is compounded by
the temporary ban on rice
exports, Dr Maung Aung,
advisor to the Ministry of
Commerce, told Myanmar Business Today.
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products exports is partially due to employee
reductions and reduced
volume of some gar-
ment factories after the

minimum wages law was
enacted. Some garment
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foreign orders. Moreover,
some businesses are waiting the results of general
election to import or export goods.
If the trade volume is
low, it is not good for the
economy. We are trying
to follow our National Export Strategy. This cannot
be done by the Ministry
alone. We need cooperation of other ministries,
said Dr Maung Aung.
According to Ministry
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trade volume of six month
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$13.88 billion, as opposed
to $14.75 billion last year.
Myanmar Summary
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Zwe Wai
bution infrastructure in
six stages through 2031.
The annual cable market in Myanmar is expected to double from $240
million in 2013 to $480
million in 2020, according to industry estimates.
LS C&Ss Vietnamese
subsidiary has recently
been taking advantage of
its price competitiveness
and technology to expand
exports not only to Asian
countries but also Europe and the Americas.
Its holding company, LS
C&S Asia is scheduled to
be listed on the Korea ExFKDQJHLQWKHUVWKDOIRI
next year.
In 2014, the companys sales amounted to
KRW400 billion ($351.88
million), and for this year
the goal is KRW480 billion ($422.26 million).
Myanmar Summary
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LS
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Cable & System ukrPDonf
Zin Thu Tun
outh Korean wire

and cable maker LS
Cable & System (LS
C&S) said its Vietnamese
subsidiary, LS-VINA, has
won a contract from the
Ministry of Electric Power
to supply transmission
lines worth $13 million.
This is the largest contract that LS C&S has so
far received from Myanmar and accounts for half
of the annual power cable
purchase of the Ministry.
This contract is expected
to establish a bridgehead
for LS C&Ss advance into
the power market of Myanmar, the company said
in a statement.
LS C&S competed with
Chinese, Indonesian and
Myanmar cable makers in
the bidding for this contract but came out as the
sole contractor. Previously, the Ministry of Electric
Power used to split its orders among 3 to 4 cable
makers.
The company claimed it

was highly rated in technology as well as in price
competitiveness.
This contract is very
meaningful in that we can
pre-empt the Myanmar
cable market, which is
expected to grow quickly, said Seon-Kook Kim,
president of the Production Group of LS C&S.
We are also planning
to capitalise on the stable technology of the Vietnamese subsidiary to
reinforce our marketing
for
telecommunication
cables as well as for power
cables.
Demand for electric
power is sharply increasing in Myanmar due to
rapid economic growth,
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rate is less than 30 percent. The government is
following through with
a plan launched in 2001
that will, through a total investment of more
than $9 billion, bolster its
transmission and distri-
Demand for electric power is sharply increasing in Myanmar due to rapid economic growth, but the
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Tin Mg Oo
to buy diesel fuel for engine

pumps to irrigate crops.
The
organisation
claimed the solar-powered Lotus pump can save
farmers up to $300 per
year. Unlike noisy diesel
engines that are inconvenient to operate, the
Lotus is silent and easy
for women and children
to use.
Proximity Designs
yanmar-based
social enterprise
Proximity Designs has launched what it
calls the worlds most affordable solar-powered
irrigation pump last week.
During an event held
at New Treasure Art Gallery in Yangon, audiences
JRWDUVWJOLPSVHRI7KH
Lotus, a new product for
low-income farmers in
Myanmar that can replace
expensive and polluting
diesel engines.
According to Proximity Designs, The Lotus
promotes sustainable agriculture and provides
long-term savings for customers who no longer need
(L) Taiei Harimoto, product designer, and Ko Aung Ko Ko, design engineer, Proximity Designs, present
solar-powered irrigation pump.
Debbie Aung Din, Proximity co-founder, said,

Low income farmers in
Myanmar complain about
the high costs of running
diesel pumps daily to
bring water to their crops.
They also tell us the engines require constant repairs and they waste time
calling and waiting on
PHFKDQLFVWR[WKHP
It also takes at least
two persons to move the
heavy engines around on
the farm. Farmers who
have tested our Lotus
pump say theyve never
seen anything like it before its both diesel-free
and labour-free. Were
especially proud that its
made-in-Myanmar.
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for the Myanmar market,
it is a submersible pump
WKDW WV QHDWO\ LQWR WKH
two-inch (50mm) wide
tube-wells
commonly
found in rural Myanmar.
At its widest, the Lotus is
49mm in diameter.
Proximitys latest product is also likely to be the
PRVWDRUGDEOHVRODULUULgation pump in the world,
retailing at $345, which
includes two 260W of solar panels. Most solar irrigation pumps available
in the market cost several
thousand dollars. When
working at a depth of
24ft, the Lotus pump can
yield over 15,000 litres of
water per day.
Product Designer Taiei
Harimoto said, Ive
learned that if we can
FRQUP D QHHG IURP RXU
customers and we can
FRQUP WKH SURGXFW FRQcept, then its worth investing the time to make
a product a reality.
Founded in 2004, Proximity Designs provides
technologies and services
for rural households such
as irrigation pumps, drip
systems, water storage
WDQNV IDUP QDQFH DQG
crop advisory services.
According to Proximity,
since 2004 its products
and services have helped
generate over $180 million in increased income
for over two million rural
customers.
Myanmar Summary
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Phyo Thu
egetable oil and

oil
producing
crops have been
included in Myanmars
National Export Strategy
and production of those
will be funded through
the Standards and Trade
Development
Facility
(STDF), according to the
Ministry of Commerce.
STDF a joint initiative of the World Trade
Organization
(WTO),
World Bank, UNs Food
and Agriculture Organization (FAO), World
Health Organization and
the World Organization for Animal Health
From page 1...
All foreign countries
use their own currency
to do local business, Dr
Maung Maung Lay, vice
chairman of Union of
Myanmar Federation of
Chambers of Commerce
and Industry (UMFCCI),
told Myanmar Business
Today. The kyat is the
RFLDOFXUUHQF\RI0\DQmar and it will not be difFXOW IRU 0\DQPDU EXVLnesses to use kyat alone.
Still, the dollars place
is deeply interwoven
into the local economy.
In a country where only
single-digit percentages
of citizens have bank accounts, the dollars high,
stable value has led it to
be a popular method of
storing savings.
Dr Sean Turnell, associate professor of economics
at Australias Macquaire
University and an expert
on Myanmars economy,
Today, Its true that in
most stable countries the
local currency is more or
less all that circulates.
However, when there is
monetary instability, and
a lack of trust in domestic monetary institutions,
varying degrees of dollarisation is very common.
He added, This is a
problem, not least since
it impairs the ability of
the monetary authoriWLHV WR LQXHQFH GRPHVtic monetary conditions
since a large chunk of the
monetary sector is behind
WKHLU LQXHQFH %XW WKH
solution the only lasting
aims to assist developing

countries establish and
implement Sanitary and
Phytosanitary Measures
(SPS) standards to ensure
health protection and facilitate trade expansion.
Sagaing, Mandalay and
Magway regions were
chosen as regions for potential production base.
As part of a three-year
project, these three regions, which produce the
most vegetable oil, were
selected to receive $1.1
million.
The NES implementation committee and
the STDF is expected to
sign the agreement this
month.
We will give training

on food and commercial
safety to the farmers.
We will also help them
to improve their production methods, said Daw
Thidar Win Htay, deputy
manager at the Commerce Promotion Department under the Ministry
of Commerce, told Myanmar Business Today.
She added that the department is still seeking a
project manager.
Currently, the governPHQWLVORRNLQJIRUQDQcial support from international organisations to
implement the NES, she
said.
We are in discussions
one is to build the aforementioned trust through

monetary, economic and
ultimately political reform. The latter since it is
usually that excessive and
unfunded state spending
is often at the core of the
problem.
Recently, the CBM tried
to stem the kyats slippery
fall by restricting dollar
withdrawals and bringLQJWKHRFLDOUDWHFORVHU
to market rates. This latest restriction therefore
comes not as a complete
surprise.
Policies like this can
work for a while, but
they need to be coupled
with those more foundational reforms. In the
absence of the latter, all
that happens is that foreign exchange dealing is
driven underground. The
demand for dollars as
a safe asset is not going
to go away. Indeed, the
manner in which this recent move was carried out
only adds to uncertainty,
and propels people ever
deeper into a dollar-driven world, said Turnell.
ing Director U Pe Myint

Today.
Using dollars only to
buy foreign imports and
using kyat in local market
would be better for the
country, said Dr Win Myint, secretary of Myanmar
Petroleum Trade Association, adding that hoarding of dollars restricts the
RZRIPRQH\EXWDQXQstable kyat would be more
harmful for both exporters and importers.
There are also worries
for businesses who have
just entered the market
that the change will harm
their fragile enterprises. It
depends on the situation.
If the foreign clients want
to pay with international
currencies only, many
deals would have to be altered in the short and medium term, said U Ko Lay,
chairman of No.2 South
Dagon Industrial Zone.
The most pessimistic
sector has been the hotel
industry. U Kyaw Hoe,
treasurer of Myanmar
Hoteliers
Association,
said that these changes
would be problematic, as
hotels often do not have
money changers nearby,
especially those in rural
areas such as beach resorts.
Still, not all in the travel industry were full of
doom and gloom. Former Chairman of Myanmar Travel Association
U Aung Myat Kyaw said,
Those businesses that
had forex licences had a
distinct advantage under
the old system, but this
$VXGGHQMROWUDWWOHV
businesses
Using dollars widely
in the local market can
weaken the kyat. However, the forex licences have
been approved since the
era of the military government, and some people
might not like the sudden
change. Setting up and
applying the rules is not
HDV\DWUVWEXWLWLVJRRG
for the country in long
term, CB Bank Manag-
twGif; NES azmfaqmifa&;

aumfrwDESifh w&m;0ifvufrSwf
a&;xdk;oGm;rnfjzpfaMumif; od&
onf/
NES vkyi
f ef;pOftwGuf u@
tvdkuf taumiftxnfazmfrI
tydik f;wGif ,refEpS fu pwifum
with the EU and World
Myanmar Summary
c&D;oGm;vkyfief;twGuf u,m;
Bank on policymaking.
67')KDVRHUHGWRVWDUW
WUV.G RP\G N < X N H I U >P$V/>P jynfe,fwGif pwifcJhNyD; ,ck
supporting
oil-bearing
NES wGif yg0ifonfh qDxGuf b@ma&;ESpfwGif qDxGufoD;ESH
crops, thats why we are
N G I "U(DY udk pwifjcif;jzpfonf/
going to start with this R'(6+X#WZ*XI SSIXL
vuf&SdwGif u@tm;vHk;udk
program, Daw Thida (6LIK UDX*ZGNLID
R%X'ZGN<Z*LI
t
aumif t xnf a zmf Ed k i f & ef
Win Tay said.
pwif t aumif t xnf a zmf & ef
As part of the project,
vmrnfh atmufwdkbmvtwGif; bwf*suft& tultnDay;Edkif
local farmers technolrnfh EdkifiHwumtzGJUtpnf;rsm;
ogy will be improved and Standards and Trade
h Ed idI ;f vsu&f aSd Mumif; od&onf/
their goods will be mar- Development Facility (STDF) ESifn
aps
;uGu0f iftqift
h xd aqmif
keted globally.
u &efyHkaiGcsay;rnfjzpfaMumif;
It was estimated that
&Guo
f Gm;rnfh ,if;a'opDrHudef;
od&onf/
$1 billion in total will be
oHk;ESpw
f mpDru
H ed ;f tjzpf qDxu
G f rsm;wGif awmifolr sm;\ 0ifaiG
needed to implement the
NES, which was launched oD;ESHtrsm;qHk;xGuf&Sd&m ,if; wdk;vmEdkifonftxd aqmif&Guf
in March to boost eco- a'ooHk ;ckukd a&G ;cs,jf cif;jzpfum oGm;rnfjzpfum EdkifiHwumtod
nomic growth and trade,
STDF u tar&duefa':vm trS w f j yKvuf r S w f r sm;&&S d u m
however, it may need
Edik if w
H umaps;uGu&f &S&d efaqmif
more funding, according 1.1 oef;udk axmufyHhoGm;rnf
&G
u
f
o
mG ;rnfjzpfaMumif; od&onf/
WRJRYHUQPHQWRFLDOV
jzpfNyD; vmrnfh atmufwdkbmv
months decision has levHOOHG WKH SOD\LQJ HOG IRU

smaller hotel owners.
7KHEODFNPDUNHW
returns?
Turnell said that these
moves could reawaken
the informal market for
dollars.
It will impact the forPDORFLDOH[FKDQJHUDWH
However, it will drive a
wedge I believe between
that rate, and that which
pertains in the informal
or black-market foreign
exchange markets. I suspect we will soon see a
dollar premium in these
markets.
The one unambiguous
winner from this new policy are Myanmars venerable informal foreign
exchange dealers, whose
business model hitherto
was slowly dying away.
Informal money changHUVRQFHKLJKO\SURWDEOH
before the normalisation of the exchange rate,
have declined greatly due
to lack of demand and a
government crackdown.
Some are still in the business, but have not yet
experienced a boon from
these latest dollar restrictions.
In the short term,
though, the business has
QRW \HW WDNHQ R 2QH
black market money
changer told Myanmar
Business Today that he
is wary of doing business
until this matter settles
itself out, and is trying to
keep his accounts in a balance of kyat and dollars.
This individual, who
spoke on the condition

of anonymity due to the
nature of his business, explained, We are worried
that the exchange rate
will fall in the near future.
Previously, we were keeping as many dollars as
we could, but now we are
afraid to do so.
Before the Central
Bank announcement, we
would give a higher rate
WKDQ LQ RFLDO PDUNHWV
but now we have lowered
our rates because we have
less incentive to sell. I will
wait at least until the end
of the month, because I
dont dare hold a large
amount of dollars.
From page 1...
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Macquaire University rS
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Zin Thu Tun
Dario Pignatelli/Bloomberg
rubber sales center

will be launched in
2017 to help rub-
ber farmers and producers get a fair price for their

FURSVDQRFLDOIURPWKH
Ministry of Commerce
said.
Myanmar
rubber
fetches low price internationally due to its poor
quality. In order to improve rubber quality and
get a fair price, the rubber sales center will be
launched, said U Win
Myint, director of the
Trade Promotion Department under the Ministry
of Commerce.
We will post the current price of products
online. Farmers from villages will know the right
price and they wont get
cheated. If our rubber
can improve in quality,
we will get good price. We
are drawing rules for this
centre now, he added.
Many things must be
done to launch this rubber sales centre. The rules

are being drawn. Also, we
need to form a board to
lead this operation. After
that we will need a budget
and will have to communicate with banks, said
U Khaing Myint, secretary of Myanmar Rubber
Planters and Producers
Association.
The rubber producers
should also focus on getting the best quality of
rubber in order to get a
good price, he added.
A laboratory to test the
quality of rubber has been
EXLOWDQGDZDLWLQJFHUWLcation by the International Rubber Organization,
which will visit Myanmar
soon, according to U Khaing Myint.
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aqmif & jcif ; taMumif ; &if ; rS m a&mif;wJhtcgrSm aps;aumif;&
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Phyo Thu
extensive Whole-of-Government
engagement
with Myanmar, and unGHUVFRUH RXU UP EHOLHI
that human resource development is the key to
economic development,
the Singapore Embassy
said.
Robert Chua, Singapores Ambassador to Myanmar, encouraged the
scholars to do their best
in Singapore. He urged
them to contribute to bilateral ties and cooperation between Singapore
and Myanmar and nation
building of Myanmar.
Myanmar Summary
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jrefrmEdkifiHqdkif&m pifumyl oH
Singapore Embassy in Yangon
he
Singapore
government
has
awarded the ASEAN Scholarships to four
students from Myanmar,
the Singapore Embassy in
Myanmar said in a statement.
The four students
Aung Ko Khant, Aung
kyaw Zin, Hay Man Min
Lwin and Moekhant Thadin Hlamyint will pursue their studies in Singapore government schools
under the scholarships.
The ASEAN Scholarships provide opportuni-
ties for young people of

ASEAN to interact and
develop their potential.
Scholars are selected
on the basis of academic
merit, leadership qualities and their potential to
contribute to their home
countries development.
Scholars will enter Singapore schools at Secondary 3 and will sit for
the GCE O-Level Examination (if applicable) at
the end of Secondary 4
and the GCE A-Level (or
equivalent) at the end of
Pre-University 2.
These
scholarships
form part of Singapores
5REHUW &KXD UG 5 6LQJDSRUHV $PEDVVDGRU WR 0\DQPDU ZLWK

ASEAN Scholarship recipients.
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6ROXWLRQLQ0\DQPDU
Zin Thu Tun
ATOS
rench IT services
company Atos SE
has signed a partnership agreement with
Myanmar
Millennium
Group (MMG) to foray
LQWR 0\DQPDUV QDQFLDO
sector.
The agreement between
Atos and MMG will facilitate the introduction and
deployment of Atos Banking as a Service (BaaS)
solution to accelerate
future expansion of the
EDQNVDQGQDQFLDOLQVWLtutions and the services
to support the anticipated
growth in Myanmar, Atos
said in a statement.
Atos BaaS is a banking platform that manages and supports the
full spectrum of banking
operations, from current
and savings accounts, deposits, to credits, loans
and collections. It also
supports
services
as
sweeps, standing instruc-
tions, direct debits and

credits and international
payments.
Atos said it will offer banks in Myanmar a
solution to supplement
their core platforms that
includes consulting and
design services, applications transformation,
rationalisation and migration, testing and acceptance management,
comprehensive security
and access management
services, smart mobility
and contextual services
and IT outsourcing, data
management and applications management.
Atos said these solutions are modular and
standards-based,
and
therefore, can be customLVHGWRWWKHEDQNVVSHFLFJURZWKQHHGVDVZHOO
as its existing infrastructure and application platforms without the need
for upfront capital investment or the disruption of
a costly re-engineering
Partnership agreement signing between MMG and Atos for launch

of BaaS in Myanmar.
project.
7KH UPV VDLG WKDW
through this collaboration they aim to contribute to the modernisation
and long-term developPHQWRIERWKWKHQDQFLDO
sector and the economy
of Myanmar. Myanmars
EDQNLQJ DQG QDQFLDO
sector is one of the most
underdeveloped in the
world.
Min Zeyar, founder and
chairman, MMG, said,
Atos BaaS is the bank in
the cloud that will revolutionise the banking sector
here and drive real performance breakthroughs.

It provides unprecedented
opportunity to gain new
levels of agility, meet market-driven transformation
opportunities to improve
commercial performance
DQGFRVWHFLHQF\
MMG, a local system integration company founded in 2000, is one of the
shareholders of Myanmar
Information, Communication and Technology
Park (MICT) and Myanmar Technologies and
Investment Corporation
Myanmar Summary
jynfwiG ;f bPfvyk if ef;ESiphf ;D yGm;

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Atos Banking ESifh Myanmar
Millennium Group (MMG)
ZGN< RDEPZOYZIU6ZID [GNF-K

aMumif; od&onf/
(MTI).
jyifopfEdkifiH Atos enf;ynm
Herbert Leung, CEO of
$WRV LQ$VLD3DFLFVDLG ukrPDESifh MMG ZGN<? RDEP
Do
I nf tem*wfwiG f jrefrm
We have no doubt about wlnr
the relevance and impor- (GNLIL+ 6GE3IUVP" E#PD W]*-8
tance of BaaS to drive tpnf ; rsm;ES i f h 0 ef a qmif r I r sm;
new growth opportunity
wdk;csJUvkyfudkifEdkif&ef Banking
in Myanmar. Through
rapid and targeted service as a Service qdkonfh ajz&Sif;
development, local banks csufrsm;udk aqmif&Gufjcif;jzifh
will be able to re-fresh vG,fulvsifjrefaprnfjzpfonf/
their legacy IT platforms
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Thant Zin
Bronac McNeill
British educational
institution is seeking a partner to
expand its operations in
Myanmar by the end of
the year.
The London School of
Marketing (LSM) said it
plans to open a regional
centre in one of the countrys major cities and is in
the process of looking for
a partner organisation to
KHOSJHWWKHSURMHFWRWKH
ground.
The regional centre will
allow students in Myanmar the chance to obtain
D %ULWLVK TXDOLFDWLRQ
without having to travel
to the UK, LSM said.
Anton Dominique, chief
PDUNHWLQJ RFHU DW /RQdon School of Marketing,
VDLG $ %ULWLVK TXDOLcation is one of the most
valuable in the world,
however for many international students the cost
of travelling to and living
in the UK makes it almost

impossible. The regional
centres allow students to
study exactly the same
courses as those in the
UK but without the cost of
traveling, foreign accommodation and obtaining a
British visa.
He added, Our existing
Local Access Points (LAP)
are already successful
and have produced many
graduates. Myanmar
was the natural choice as
the location for our next
LAP as it is such a vibrant
country with an emerging
group of young professionals who want to further their career with a
%ULWLVKTXDOLFDWLRQ
LSM, which is present
in countries such as UAE
and Saudi Arabia, said all
the courses are taught online and students will still
get the same amount of
interaction with lecturers
and professors as those
based in the UK.
Through the schools on-
London School of Marketing.
line study platform, students will be able to access

course information as well
as interact with academics
and fellow students.
Despite our LAPs being
based all over the world,
London School of Marketing is committed to
giving all students both
domestic and foreign,
the chance to enjoy the
full student experience,
Dominique said.
The institution is now
seeking potential locations in Myanmar to establish the Local Access
Point (LAP). LSM said
it is looking for an entrepreneurial partner to
provide the school with
space for 10-15 computers, fast, secure internet
access and meeting room
facilities.
We are really open to

working with partners
from either the world of
business or education,
as long as they have the
ability to provide us with
the space and technology
needed, we are happy to
come to an arrangement,
according to Dominique.
The courses currently
RHUHGE\/RQGRQ6FKRRO
of Marketing are BA
(hons) in Marketing, BA
(Hons) in Business Management, MA in Marketing and Innovation and
the MBA.
Students from Myanmar can become an active
part of London School of
Marketings online community, communicating
and collaborating with
people from all over the
world. Myanmar already
has close ties with the UK
and the development of
our Local Access Points
aims to strengthen these
bonds even further,
Dominique added.
Myanmar Summary
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13
mmbiztoday.com
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$YLDWLRQ,QGXVWU\
Fang Yan &
Matthew Miller
tion. All were suspected

of "serious violations of
discipline", it said, the
usual euphemism used by
&KLQHVHRFLDOVIRUFRUruption.
Reuters
Myanmar Summary
Nelson Ching/Bloomberg
enior Chinese
airline and aviation
RFLDOVPLVXVHG
company funds, took
bribes and accepted golf
outings as gifts, China's
anti-corruption watchdog
said in a series of inspection reports of central
government agencies and
conglomerates.
The Communist Party's
RFLDOQHZVSDSHUDQG
its economic planning
agency were also singled
out by the Central Commission for Discipline
Inspection (CCDI) in
its latest reports under
President Xi Jinping's
three-year-old anti-graft
drive.
At Commercial Aircraft
Corporation of China
Comac, the manufacturer
of China's C919 airplane,
RFLDOVZHUHIRXQGWR
have taken unnecessary
trips overseas at company
expense and used company money to pay for

personal expenses, the
CCDI said in its reports
released late on Sunday.
Executives at Aviation
Industry Corporation
of China AVIC, a shareholder of Comac, accepted bribes or received
kickbacks from suppliers,
CCDI said. Others took
holidays and played golf
at company expense.
The CCDI said it also
uncovered bribe-taking,
at Civil Aviation Administration of China, the
industry regulator, as
well as at China Eastern
Airlines and the parent of
Air China.
Comac Chairman Jin
Zhuanglong, AVIC Chairman Lin Zuoming and
China Eastern Chairman
Liu Shaoyong accepted
WKH&&',QGLQJVDQG
pledged to take action,
according to the commission's reports.
China Southern Air-
&KLQDVDLUOLQHLQGXVWU\KDVFRPHXQGHUFORVHVFUXWLQ\
OLQHVWKHUVWVWDWHFDUrier probed by CCDI earlier this year, has closed

overseas bank accounts,
taken action against
corrupt executives and
stopped free rounds of
golf courses for premier
clients in the wake of
CCDI inspection tours.
China Eastern and Air

China group could not
immediately be reached
for comment. An AVIC
spokeswoman also declined to comment, but
said the company would
put out a statement possibly as early as later on
Monday. Comac released
a statement late on Sunday pledging to rectify

the problems.
The CCDI also said it
was investigating three
RFLDOVDWWKHHFRQRPLF
planner, the National Development and Reform
Commission (NDRC),
for suspected corrup-
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REGIONAL BIZ
14
mmbiztoday.com
&KLQHVH&UXGH6WHHO2XWSXW)DOOV
DV,QGXVWU\:DUQVRQ'HHS'HFOLQH
Data from the National Bureau of Statistics
showed that steel output
LQWKHUVWQLQHPRQWKV
of 2015 fell 2.1 percent on
the year to 608.94 million tonnes.
China's steel demand
has now peaked and the
sector is facing the consequences of earlier expanVLRQDQLQGXVWU\RFLDO
told a conference.
Ruby Lian & David

Stanway
Maurice Tsai/Bloomberg
hinese steel output

dropped 3 percent in September
from a year ago to 66.12
million tonnes, as an
LQGXVWU\RFLDOZDUQHG
the world's biggest steel
sector was already in decline after years of rapid
expansion.
"Chinese steel consumption has already

gone into decline, and it
is going to have an immense impact on the sector," said Li Xinchuang,
vice-secretary general of
the China Iron and Steel
Association (CISA).
Li said around half of
&KLQD
VVWHHOUPVZHUH
facing losses, while debt
ratios in the sector were
&KLQDVVWHHOLQGXVWU\KDVVORZHGDIWHU\HDUVRIUDSLGH[SDQVLRQ
at an average of around
70 percent.
The debt-laden steel
trader, Sinosteel, that
it had extended the
date investors can start
redeeming its bonds by
a month until Nov. 16
amid reports it had asked
LQYHVWRUVWRKROGR
seeking repayment due to
liquidity problems.
With prices at nearly
30-year lows, steel
producers are expected
to cut output further in
coming months.
"We expect more output
cuts ahead and some will
not be able to survive
from cash shortages and
heavy losses," said Qiu
Yuecheng, analyst at the
steel trading platform
Xiben New Line E-Commerce in Shanghai.
The struggles facing
industries like steel have
had a knock-on impact
on energy producers,
with coal output drop-
ping 2.2 percent in

September and power
generation by 3.1 percent.
China's economic
growth eased to 6.9 percent in the third quarter from a year earlier,
beating expectations but
still the slowest since the
JOREDOQDQFLDOFULVLV
putting pressure on policymakers to roll out more
support measures.
Average daily steel
output hit 2.204 million
tonnes in September, up
2.3 percent from August,
according to Reuters'
calculations, driven by a
modest seasonal pick-up
in demand.
China's apparent
consumption of crude
steel peaked last year and
dropped 5.5 percent to
477 million tonnes for
WKHUVWHLJKWPRQWKV
outpacing the fall in
output, CISA said last
week. Some of the decline
KDVEHHQRVHWE\ULVLQJ
exports.
CISA's Li said domestic
consumption was likely
to fall by more than 100
million tonnes by 2030,
and capacity had to close.
"If a consensus is not
reached on capacity
reductions then it is hard
to imagine how long this
winter for the sector will
last," he said.
Reuters
Myanmar Summary
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Suvashree Choudhury
revive economic activity.

The United States is now
considering raising interHVWUDWHVIRUWKHUVWWLPH
since 2006.
Indian media has
speculated that Rajan
could be a contender to
head the IMF after the
YH\HDUWHUPRIWKH
current head, Christine
Lagarde, ends in 2016.
Rajan denies any interest in the position and
his three-year tenure at
the RBI doesn't end until
September 2016.
Since his RBI appointment in 2013, Rajan
has called on emerging
markets to have a bigger
voice globally, including
at the IMF. Otherwise,
industrialised economies
will always lead the debate, he says.
Rajan said it was
critical emerging markets
develop more capable
economists, who can help
steer discussions among
policymakers globally.
"We must, across the
emerging world, realise
that some of the reasons

why global governance
seems to be against us
is we are not putting
enough resources into
this," he said.
"Yes, we go to our think
tanks, etc. But we don't
have people working in
government who have
that kind of training,
that kind of capacity," he
added.
Reuters
Myanmar Summary
tdEd,A[dkbPftkyfcsKyfa&;
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Dhiraj Singh/Bloomberg
ndia's central bank

governor urged the
International Monetary Fund last week
to play an active role in
questioning the stimulus
policies of developed
economies and called on
emerging markets to have
a bigger voice in global
debates.
Raghuram Rajan, a
former chief economist of
the IMF, said developed
countries were adopting
monetary policies without consideration for the
negative impact they have
on the global economy
and he noted emerging
markets were engaging
in currency intervention
that sparked competitive
devaluations.
In a speech ahead of a
G20 summit in Turkey
next month, Rajan said it
was time for policymakers, led by the IMF, to
address these "extreme"
policies, otherwise "we
have to worry where this
ends."
"The IMF has been sitting on the sidelines and
applauding these kinds of
policies right from when
they have been initiated,
DQGKDVQ
WUHDOO\TXHVtioned the value of these
kinds of policies," he told
a G20 consultation meeting.
"We can do better," he
said, calling on emerging markets to push back
against such policies.
Rajan did not single out
any one country, but he
has emerged as a leading
critic of ultra-loose monetary policies and those
that he says have purposefully pushed down
their currencies to gain a
competitive advantage.
Some central banks,
including those in the
United States and the
euro zone, adopted socalled quantitative easing
policies to counter the
JOREDOQDQFLDOFULVLV$Iter cutting rates to zero,
they pumped cash into
their economies to try to
Raghuram Rajan, governor of the Reserve Bank of India (RBI), speaks at an event.
15
REGIONAL BIZ

mmbiztoday.com
Roslan Rahman/Boomberg
6LQJDSRUH6HWWR6XHU,QGRQHVLDV'HIDXOWV
,QGRQHVLDVGHEWWR6LQJDSRUHKDVFUHDWHGDKD]HRIXQFHUWDLQW\
Christopher Langner
& David Yong
ingapores bond
market is bracing for the latest
unfortunate export from
Indonesia: debt defaults.
The city state, shrouded
LQVPRJIURPUHVLQLWV
neighbor, is also starting
to feel the impact of that
nations currency woes.
Indonesian phone retailer PT Trikomsel Okes
Singapore-dollar bonds
plunged to record lows
last week after it blamed
a weak rupiah when
DJJLQJDSRVVLEOHERQG
restructuring that would
EHWKHORFDOPDUNHWVUVW
in six years.
Singapore is feeling the
VLGHHHFWVRIDSOXQJLQJ
rupiah, Asias secondworst performer this
year, following two dollar
bond defaults in Indonesia, as Southeast Asia
grapples with a slump in
commodity prices. The
island, often viewed as a
barometer for growth in
Southeast Asia, narrowly
skirted recession when
its economy grew just
0.1 percent in the three
months through September. Now, its capital
markets are being tested.
What makes Trikomsels situation unusual is
that such defaults or debt
restructurings have been
extremely rare in Singapores corporate bond
market, said Xavier
Jean, a Singapore-based
GLUHFWRURI$VLD3DFLF
corporate ratings at S&P,
which doesnt rate the
Indonesian company.
Whatever the outcome,
funding costs in Singapores domestic bond
market appear set to rise

and investors will become
more selective.
Jakarta-based Trikomsel last week said it
cant service its debts
LQGHQLWHO\DQGZDQWVWR
restructure S$215 million
($155 million) of notes.
That signals more pain
for Singapore issuers
amid poorer returns from
debt-funded spending
binges as costs rise with
the U.S. dollar, S&P said
last week. A Trikomsel
default would mark SinJDSRUHVUVWERQGIDLOXUH
since Celestial Nutrifoods
Ltd. and Sino-Environment Technology Group
Ltd. skipped repayments
in 2009.
Trikomsel and its
adviser FTI Consulting will hold a call with
bondholders on Oct. 26
to explore restructuring
options before the next
semi-annual coupons
come due in November
and December.
Singapores local currency market is the destination of choice in Southeast Asia for Indonesian
companies, with one
Malaysian ringgit issue
being the only exception.
Theyve sold seven notes
with a total of S$710 milOLRQRXWVWDQGLQJDQGYH
are due by 2018.
Indonesian coal miner
PT Berau Coal Energy
was the only Southeast
Asian company to default
on dollar bonds this year
while peer PT Bumi Resources was the regions
sole issuer to miss a
payment in 2014, according to data compiled by
Bloomberg. The nations
companies were last
month at their most vul-
nerable to failures since

May 2010, according to
an index compiled by the
National University of
Singapore.
Its not all bad news.
The arrival of Indonesian defaults may actually help pricing become
PRUHHFLHQWLQ6LQgapores local market,
according to Emir Hrnjic,

the director of education
and outreach at NUSs
Centre for Asset Management Research and
Investments.
"The lack of empirical
data on defaults may impair market participants
ability to price default
risks," Hrnjic said.
+HQFHWKHVLGHHHFWLV
that this potential default
may contribute to better
pricing of such risks."
Indonesias rupiah has
lost 9.2 percent this year,
with Asias only worse
performer being Malaysias ringgit, down almost
18 percent. Theyre the
biggest casualties from
the collapse in oil and
coal prices that drove
the regions currencies
to the lowest level since
Lehman Brothers Holdings Inc. went bankrupt
in September 2008.
Trikomsels S$115 million of 5.25 percent notes
due May 2016 were bid
at 75 cents on the dollar
on Tuesday, according
to DBS Bank prices. Its
S$100 million 7.875 percent notes maturing June
2017 were at 70 cents.
The three-year securities
were each sold at 100
cents on the dollar.
The reality is that in
the short term a restructuring of a Singapore
dollar bond will create
stress and volatility, said
6LQJDSRUHEDVHG&OLRUG
/HHWKHKHDGRI[HG
income at DBS Group
Holdings Ltd., Southeast
Asias biggest banking
JURXS,WVQRWWKHUVW
time the market has undergone stressed credits.
It will shock the market,
but it wont derail it entirely.
Bloomberg
Myanmar Summary
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INTERNATIONAL BIZ
16
mmbiztoday.com
&KLQDV;L6HDOV1XFOHDU3RZHU'HDODV
3DUWRIE6SOXUJHLQ%ULWDLQ
Guy Faulconbridge &
Kate Holton
Western nuclear facility,

China's General Nuclear
Corporation (CGN) will
take a one-third stake in
the planned 18 billionpound ($28 billion) Hinkley Point nuclear plant
controlled by France's
EDF.
State-owned CGN will
also take a two-thirds
stake in the Bradwell
nuclear plant east of
London, where it plans to
Suzanne Plunkett/Pool Photo via AP
hinese President Xi
Jinping has sealed
a multi-billion
GROODUGHDOWRQDQFH
nuclear power stations in
Britain, crowning a visit
that Prime Minister David Cameron hopes will
unleash a wave of investment from the world's
second largest economy.
After a day of pomp,

Communist Party General Secretary Xi on
Wednesday turned from
pageantry to discussion
of 40 billion pounds'
($62 billion) worth of
deals with Cameron in
his Downing Street residence, where the landmark nuclear deal was
signed.
,QWKHUVWPDMRU
Chinese investment in a
China's President Xi Jinping, left, shakes hands with Britain's Prime Minister David Cameron, during a
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Katya Golubkova &
Denis Pinchuk
RUWVWRVHFXUH
QDQFLQJIRU5XVsia's Yamal LNG
plant have stalled, with
the owners baulking at
costly Chinese loans and
Western sanctions hampering alternatives, two
Russian banking sources
said, warning the search
could drag into next year.
The quest to bankroll
the $27 billion project
ahead of a planned 2017
launch is seen as a test of
Russia's ability to secure
foreign loans at a time
when the country's access
to capital markets is severely limited by Western
sanctions over its involvePHQWLQWKHFRQLFWLQ
eastern Ukraine.
The lead Russian
company in the project -Novatek , Russia's largest
private gas producer -- is
under US sanctions, makLQJLWKDUGHUIRULWWRQG
cash for an export project
that envisages three liqXHHGQDWXUDOJDV/1*
production lines with a

capacity of 5.5 million
tonnes a year each.
Novatek has a 50.1
percent stake in what will
be only Russia's second
LNG plant. France's Total
and China's CNPC hold
20 percent each. And last
month, Novatek agreed
to sell a 9.9 percent stake
to the China Silk Road
Fund.
Originally, Novatek,
where a close ally of
President Vladimir Putin,
Gennady Timchenko, is a
co-owner, had expected
to raise up to $20 billion
from Chinese banks, with
WKHUVWIXQGVH[SHFWHG
by the end of 2014.
But two Russian banking sources, who declined
to be named, told Reuters
they saw little movement
on a deal for now.
One of the sources said
that Yamal LNG was not
KDSS\ZLWKHDUOLHURHUV
from the banks and had
been forced to relaunch
the bidding process.
"Chinese money is expensive, so Novatek and
Total would like European banks to take on the

ODUJHUVKDUHRIQDQFLQJ
which is complicated by
sanctions," the source
said.
Reuters
Myanmar Summary
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build a Chinese-designed
UHDFWRUDQGDRQHIWK
stake in a project for
Areva -designed reactors
at the Sizewell plant.
"We will build a global,
comprehensive strategic
partnership between
our countries in the 21st
century and jointly open
up a golden era," Xi told
reporters via a translator,
adding that the nuclear
GHDOZDVDDJVKLSLQvestment.
Cameron is pitching
Britain as the pre-eminent Western gateway for
investment from China,
though the warmth of
the reception for Xi has
raised some eyebrows
with allies and drawn
criticism that London is
ignoring China's human
rights record.
Protests on the street
against the Communist
leader have been small so
far, despite activists accusing Cameron of courting Chinese money while
brushing aside criticism
of a crackdown on civil
liberties since Xi came to
power in 2012.
When a BBC reporter
DVNHG;LDWDEULHQJ
whether Britain should
be pleased to do business
with an undemocratic
country with a troubled
relationship with human
rights, Cameron said a
strong commercial relationship was important.
"The stronger our relationship, the more able
we are to have the necessary and frank discussions about other issues,"
Cameron said, adding he
had raised the oversupply
of Chinese steel after over
4,000 jobs were thrown
into jeopardy at steel
plants across Britain in
recent weeks.
Xi said China had taken
steps to reduce iron and
steel capacity and that
China attached "great importance" to the protection of human rights.
China will take a
6-billion-pound stake
in EDF's Hinkley Point
project in the southwestern English county of
Somerset, due to be the
UVWQHZQXFOHDUSODQW
to be built in the European Union since Japan's
Fukushima disaster in
2011.
Other deals included
DELOOLRQOLTXHHG
natural gas (LNG) supply deal between BP and
China's Huadian power
producer, a 2.6 billion
pound deal with Carnival
Corp to make new cruise
ships, and a 1.4 billion
pound deal between
Rolls-Royce and HNA
Group.
Reuters
Myanmar Summary
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INTERNATIONAL BIZ
17
mmbiztoday.com
0H[LFR7DNHV/DWLQ$PHULFDWR,327RS6SRW
LQ/DFNOXVWUH(PHUJLQJ0DUNHWV
Karin Strohecker
"Market conditions
have been terrible," said
Juan Pablo Cordoba,
CEO of the Colombia
Stock Exchange. "The
last 12 months for Latin
America in general, and
Colombia in particular
with the decline in oil
prices, have been very
tough," he said, adding a
couple of IPOs had to be
pulled.
Valuations have also
not been attractive for
companies, with the main
stock index down 20 percent since the start of the
year and some companies
down as much as 40 percent, Cordoba said.
"The market is not
recognising the true value
of these companies, so
maybe it is not the right
time to issue."
The recent turmoil in
emerging market heavyweight Brazil has added
to the pain for many of
the commodity-driven
economies across Latin
America, said Francis
Stenning, chief executive
RFHURIWKH/LPD6WRFN
Exchange.
"Brazil for many investors is Latin America,"

he said, speaking on the
sidelines of an event to
promote the Latin American Integrated Market,
or MILA, which connects stock exchanges in
Mexico, Chile, Colombia
and Peru.
Index provider MSCI
has added to the headache for Peru, reviewing
the country's eligibility
for its "emerging market"
benchmark index until
next June due to low
liquidity.
Stenning said the
ERXUVHKDGLQWHQVLHGHIforts to ramp up liquidity
and predicted a couple
of listings before June,
though he declined to
give any further details.
Battered currencies and
low valuations had created good opportunities
for investors, but there
was still a lot of hesitation, said Jan Dehn, head
of research at fund manDJHPHQWUP$VKPRUH
"There is plenty of value
now," said Jan Dehn.
"One thing is whether
there is value and opportunity, another thing is

whether people are actually buying ... and we are
not quite at boiling point
yet."
Reuters
Myanmar Summary
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&S,f,ma&mif;csjcif;rsm;
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Mexico's stock exchange building (C) is seen in Mexico City.
&DQDGDV1HZ/LEHUDO307UXGHDX
8QGHU3UHVVXUHWR3HUIRUP
Allison Lampert
Canada's Prime Minister-designate Justin
Trudeau, having trounced
his Conservative rivals,
will face immediate
pressure to deliver on
a swathe of election
promises, from tackling
climate change to legalizing marijuana.
Trudeau toppled Stephen Harper's Conservatives to win a majority
last Monday, giving him

the freedom to start implementing his campaign
pledges largely unimpeded.
The 43-year-old son of
former prime minister
Pierre Trudeau was swept
to victory with 39.5 percent of the popular vote
in an election that saw
the highest voter turnout
since 1993.
The victory marked a
turn in political fortunes
that smashed the record

for the number of seats
gained from one election
to the next. The centerleft Liberals had been a
distant third-place party
before this election.
Trudeau campaigned
on a promise of change,
striking a chord with
Canadians weary of nine
years of Conservative
rule. Harper resigned
as party leader after the
defeat.
"When the time for

change strikes, it's
lethal," former Conservative Prime Minister Brian
Mulroney said in a television interview.
The Liberal leader will
have to quickly start delivering on his promises
to change policy, starting with a UN climate
change summit in Paris
in December. Major allies
have told Canada it needs
to commit to more ambi-
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Edgard Garrido/Reuters
n increase in
LQLWLDOSXEOLFRHUings in Mexico has
propelled Latin America
to the top of the emerging
markets IPO league table
so far this year, although
volumes elsewhere in
the developing world are
down by a third.
Tumbling commodity prices and slowing
economic growth have
hammered emerging
PDUNHWVRYHUWKHUVW
three quarters of the year,
frightening away investors. But 2015 has been
poor for stock market
debuts overall - Thomson
Reuters data showed that
global IPO volumes were
down 31 percent from
2014.
Across emerging markets, amounts raised via
IPOs since the start of
the year to mid-October
have fallen by 31 percent
to just over $43 billion.
This compares with $63
billion over the same
period in 2014, Thomson
Reuters said.
But Latin American IPO

volumes have jumped 133
percent to $1.9 billion
compared with $800 million over the same period
last year. That was down
to Mexico, where listings
have raised $1.7 billion
from $659 million, the
data showed.
By contrast, IPOs
declined across the rest
of the developing world.
Asian volumes fell 30
percent, Africa's 50 percent and emerging European listings dropped 60
percent versus the same
period last year.
One reason may be better investor appetite for
0H[LFRZKLFKEHQHWV
from an improving US
economy and has also
introduced sweeping
economic reforms. Stock
markets in other Latin
America countries, which
DUHOHVVGLYHUVLHGDQG
more commodities-focused, have struggled.
The data showed Latin
America had just one IPO
this year, with $193 million raised by a Brazilian
UP
tious targets for cutting

emissions of greenhouse
gases.
Choosing a cabinet will
be one of Trudeau's top
priorities before he and
his ministers are sworn
in sometime over the
next two to three weeks.
The Liberals plan to
run a C$10 billion annual
EXGJHWGHFLWIRUWKUHH
years to invest in infrastructure and help stimulate Canada's anemic
economic growth.
Reuters
Myanmar Summary
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udk rJtjywftowfjzifh tEdkif
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INVESTMENT & FINANCE
18
mmbiztoday.com
&UHGLW$JULFROHWR3D\P
WR6HWWOH866DQFWLRQV3UREH
Company illegally moved money through the US financial system in violation of sanctions against Myanmar, Cuba, Iran and Sudan
ties said.
The deferred prosecution agreements, which
run for three years, allow
the Paris-based bank to
avoid criminal convictions if it complies with
their terms.
New Yorks banking
regulator said it has orGHUHG WKH EDQN WR UH DQ
XQLGHQWLHG PDQDJLQJ
director who drafted a
2005 memo detailing the
banks policy for Iranian
clients, dubbed Special
Treatment of Iranian Related Payments.
Most of the employees
involved in the misconduct are no longer at the
Karen Freifeld
the media, the New York

banking regulator said.
Credit Agricole, through
its subsidiaries in Geneva,
Switzerland, knowingly
moved
approximately
$312 million through the
86 QDQFLDO V\VWHP RQ
behalf of the sanctioned
entities, prosecutors said.
Authorities
involved
in the $787 million deal
included the Manhattan
District Attorney, the US
Treasury
Department,
the Federal Reserve, New
Yorks Department of Financial Services and the
86 $WWRUQH\V RFH LQ
Washington, DC.
Credit Agricole will
Denis Balibouse/Reuters
rances Credit Agricole SA has agreed

to pay $787 million for moving hundreds
of millions of dollars
WKURXJK WKH 86 QDQFLDO
system in violation of
sanctions against Myanmar, Iran, Sudan and other countries, US authorities said.
The bank omitted information from wire transactions and otherwise
masked unlawful payments on behalf of sanctioned entities between
2003 and 2008, the authorities said.
As part of the deal,
Credit Agricole Corporate and Investment Bank
(CA-CIB), a subsidiary,
entered into deferred
prosecution agreements
with state and federal authorities.
Credit Agricole, Frances
third-biggest lender, said
the penalty would be allocated to its pre-existing
UHVHUYHDQGZLOOQRWDHFW
accounts for the second
half of 2015.
The subsidiary was
charged with violating the
International Emergency
Economic Powers Act and
Trading with the Enemy
Act, and falsifying the reFRUGV RI 1HZ <RUN QDQcial institutions, authori-
bank, the New York Department of Financial

Services said.
Credit Agricole has also
agreed to hire an independent monitor and to
strengthen its compliance
programs.
6SHFLFDOO\ &UHGLW $JULcole was accused of violating US sanctions against
Iran, Sudan, Myanmar
and Cuba between 2003
and 2008, a source told
Reuters earlier.
The bulk of the illegal
clients were from Sudan,
authorities said, including one who described the
crisis in the Darfur region
as an exaggeration in
&UHGLW$JULFROHDJUHHGWRSD\PLOOLRQWR86DQG1HZ<RUNDXWKRULWLHVWRUHVROYHDOOHJDWLRQVLWYLRODWHG86VDQFWLRQV
pay $385 million to New

Yorks DFS, which could
have revoked its licence to
operate in the state. Federal and state prosecutors
will split $312 million,
and the Federal Reserve
will get $90.3 million.
The Treasury Departments $329 million penDOW\LVGHHPHGVDWLVHGE\
the other payments.
Credit Agricole has already made provisions totalling 1.6 billion ($1.82
billion) against litigation
costs after taking a further 350 million charge
related to the US investigation in its second-quarter results.
Credit Agricole is the
latest of about a dozen
mostly European international banks penalised
in recent years for sanctions-related violations,
forfeiting some $14 billion.
Other banks that have
reached agreements include Germanys Commerzbank AG, Amsterdam-based ING Bank NV,
Barclays Plc and Switzerlands Credit Suisse
Group AG .
Standard
Chartered
paid $667 million in penalties to US authorities in
2012, and another $300
million last year. It is
still under investigation
for banking Iranian-con-
trolled entities in Dubai,

sources have told Reuters.
BNP Paribas, Frances
largest bank, last year
paid a record-breaking
$8.9 billion in penalties and pleaded guilty
to criminal charges over
sanctions-busting. It was
also banned from conducting certain US dollar
transactions for a year.
Reuters
Myanmar Summary
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jzpfonfh Credit Agricole onf
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5LVLQJ*OREDO6XJDU3ULFHV
WR+HOS,QGLD0LOOV0HHW([SRUW7DUJHW
Mayank Bhardwaj
ndian sugar mills will

meet
government
demands to export
4 million tonnes of the
sweetener in the marketing year beginning this
month, helped by surging
global prices and potential new markets such as
China and Indonesia, an
LQGXVWU\RFLDOVDLG
India, the worlds biggest sugar consumer and
its No.2 producer, last
month unveiled new rules
making it compulsory for
mills to step up exports to
at least 4 million tonnes
in the current crushing
season to reduce large
stockpiles.
But some market participants had said that would
EH GLFXOW WR DFKLHYH DV
global prices were too
low to export. But they
have climbed over 20 percent since then on worries about a global sugar
GHFLW DV DSSHWLWH IRU WKH
sweetener grows.
Global market conditions are now better than
what we had anticipated
because prices have moved
up, so now mills will be
able to meet their target of
4 million tonnes this year,
Abinash Verma director
general of the Indian Sugar
Mills Association (ISMA),
said at the Reuters Com-
modities Summit.
$IWHU YH \HDUV RI VXUplus output, India, which
was locked in a damaging
cycle of boom and shortage, has now emerged as a
structural surplus sugar
producer and exporter,
Verma said on Tuesday.
Mills will mostly export
raw sugar this year, with a
MXPS LQ UHQLQJ FDSDFLW\
in Asia and Africa set to
help India boost demand
for cargoes.
Other than exporting
to its traditional markets
in the Middle East, India will also try selling to
countries like China, Indonesia, Malaysia, Myanmar, Sri Lanka and Bang-
ladesh, Verma said.

With the help of a government export incentive,
India last year shipped
about 1.2 million tonnes
of sugar, but that scheme
has not been extended
into this year
And even with rising
global prices, Indian mills
are still likely to make
losses on exports.
But we are willing to
export, as we believe that
a jump in local prices will
help us recoup some of
the losses on exports. A
rise of 1.50 rupees a kg
ZLOO VXFH 9HUPD VDLG
at the Summit, held at
WKH5HXWHUVRFHLQ1HZ
Delhi. Ex-mill prices cur-
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Myanmar Summary
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h Mum;vdt
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aps;uG u f t opf r sm ;wG i f v nf ; (,HIFH<IZXIR*PF-KRQI
rently stand at 25-27 rupees a kg.

India is likely to produce 25 million tonnes of
sugar this year, down 5
percent from the previous
season. Indians consume
25.5-26.0 million tonnes
of sugar annually. Reuters
19
mmbiztoday.com
8VHRI'ROODU%ODFN0DUNHWE\%DQNV
6KRZV/LPLWVRI0\DQPDU5HIRUPV
Central bank official says system was on brink of collapse; International banks want to see crackdown on black market
provide data on actual reserves.
Antoni Slodkowski &

Simon Webb
Minzayar/Reuters
anks in Myanmar
bought hundreds
of millions of dollars in the black market
this year, banking sources
said, in a resurgence of
an unregulated trade that
RXULVKHG XQGHU PLOLWDU\
rule and has raised fears
among foreign investors
of backsliding on reforms.
Lenders say they were
forced to turn to unlicensed brokers for scarce
dollars to keep the wheels
of trade turning, as the
FHQWUDO EDQNV HRUWV WR
prop up the kyat currency
threatened to freeze up the
QDVFHQWQDQFLDOV\VWHP
We deliberately made
our currency appreciate,
while there was an actual
depreciation happening,
said a senior central bank
RFLDO7KHZKROHLQIRUmal market re-emerged,
no transactions were happening through the banks
any more. Thats when we
came to the brink of collapse.
The episode underscores the fragility of reforms introduced since a
semi-civilian government
took power in 2011 after
decades of isolation from
WKHLQWHUQDWLRQDOQDQFLDO
system.
Sources said the main
motive for rolling back on
reforms that introduced
D PDQDJHG N\DW RDW LQ
ZDV WR DYRLG LQDtion becoming an issue
that could damage the
governments
standing
ahead of a historic election on Nov. 8.
The Central Bank of Myanmar did not respond to
5HXWHUV UHTXHVWV IRU Rcial comment.
Strains emerged in early
Bank staff pack cash in bags before transportation in Yangon.
2015 as the central banks

RFLDO H[FKDQJH UDWH GLverged further and furWKHUIURPWKHUDWHRHUHG
on the black market.
International trade has
grown quickly during the
reform period, and as imports outpaced exports
WKH WUDGH GHFLW MXPSHG
WR ELOOLRQ LQ WKH Vcal year ending March 31,
from just under $92 million two years earlier, acFRUGLQJWRRFLDOGDWD
That has tightened the
supply of dollars, with
rising foreign direct investment and tourism not
enough to fully plug the
gap.
The chronic shortage
of dollars worsened midyear as exporters either
held back dollars in the
expectation of an eventual kyat devaluation or
UHIXVHG WR VHOO DW WKH Rcial rate.
Banks turned instead to
the informal market, using
well-established brokers
with systems that were put
in place to skirt sanctions
when Myanmar was an international pariah.
They call it the black
market but its the real
market, said Win Lwin,

a senior manager at KBZ
%DQN ,WV YHU\ GLFXOW
for the banks to follow the
rules.
%DQNVKDYHQR
choice
In
interviews
with
Reuters, executives and
traders at three Myanmar banks said they had
bought dollars in the informal market for clients
needing to make international trade payments.
All declined to be named,
but said the practice was
widespread.
We have no choice,
said one foreign exchange
trader at a local bank.
We have to go to the
black market.
Banks bought as much
as $15 million a day
through brokers, traders
and executives estimated.
The informal market purchases peaked in June
and July when a dollar
would buy you as much as
16 percent more kyat on
the informal market.
Under pressure from
the International Monetary Fund (IMF) and the
World Bank, the central
bank abandoned its defence of the currency after

10 months in July, allowing the kyat to devalue and
increasing dollar supply.
The kyat is now down
more than 20 percent for
the year, making it one
of the worst-performing
frontier market currencies in 2015.
But without wider reforms to allow foreign
banks to sell dollars in
Myanmar, some traders
and bankers believe it is
only a matter of time before they are forced back
into the informal dollar
market.
This whole thing could
turn on a dime, said an
executive at one of Myanmars banks. We all
know how limited the
central bank is for dollar
supplies. They could say
overnight - the partys
over, weve run out of reserves.
The IMF estimates
central bank reserves in
dollar terms will reach
around $5 billion at the
HQG RI WKLV VFDO \HDU
equivalent to around 2.5
percent of imports. The
central bank declined to
2VKRUHQHWZRUN
Myanmars banks hold
RVKRUH DFFRXQWV LQ 6LQgapore to settle international trade.
To get dollars to those
accounts, the banks paid
brokers in Myanmar in
kyat, the executives and
traders said. Those brokers then used registered
companies in Singapore
to transfer dollars into the
EDQNVRVKRUHDFFRXQWV
The Monetary Authority
of Singapore did not reply
to questions on whether it
was aware of the trades,
had taken any action to
prevent them or planned
to do so.
Financial institutions
are required to monitor
for and report any suspicious transactions, MAS
said in an e-mail.
Electoral
calculation
may have played a part in
the crisis, with the ruling
Union Solidarity and Development Party expected
to fare poorly in what is
being touted as MyanPDUV UVW IUHH DQG IDLU
election in 25 years.
7KH GLFXOW\ ZLWK WKH
authorities was that they
were of course concerned
DERXW LQDWLRQ LI WKH H[change rate depreciates,
said Yongzheng Yang,
who oversees Myanmar
for the IMF and led a mission to Myanmar in June.
While banks are no
longer buying black market dollars, many importers and exporters continue to do informal bilateral
deals, said U Mya Than,
chairman of Myanmar
Oriental Bank and of the
Yangon Foreign Exchange
Market Committee.
There is no scrutiny of
transactions and no enforcement, he said.

7KDWLVDUHGDJIRULQternational banks enterLQJ 0\DQPDU RQ WKH UVW
licences granted since the
reforms.
The
central
bank
should crack down on
the black market, said
the head of the treasury
department at a foreign
bank that has recently
launched in Myanmar.
Its impossible to build a
QRUPDOQDQFLDOV\VWHPLI
we have it here. Reuters
Myanmar Summary
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20
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0\DQPDUV&RQJORPHUDWHV+RSH
WR5H(QJDJH)RUHLJQ,QYHVWPHQW
Big businesses are distancing themselves from areas such as the gem industry to escape US sanctions
Gavin Bowring
sanctions on Myanmar in
1997, and the US TreasXU\V2FHRI)RUHLJQ$Vsets Control (OFAC) drew
up a list of big businessmen, known as the SDN
list, with whom all US entities are prohibited from
doing business.
The SDN list remains a
major impediment to foreign investment, even for
non-US companies. Yet,
given their dominance
in local business, foreign
companies often have little choice but to partner
with SDN-linked groups
when investing in Myanmar.
Many big tycoons have
embarked on public relations campaigns to have
themselves removed from
SDN. Only one, however,
Win Aung of conglomerate Dagon International,
has so far been successful.
The conglomerates increasingly want access
to foreign capital and
expertise, vital assets as
they seek to reposition
themselves in Myanmars
liberalised economic and
political environment.
The outcome of general
elections scheduled for
Dario Pignatelli/Bloomberg
I \RX EHOLHYH WKH Rcial trade data, Chinas

import of gems, jade
and other precious stones
from Myanmar ballooned
to $12.3 billion last year,
up tenfold from just $1.2
billion in 2013.
<HWVXFKJXUHVDUHOLNHly to reveal an increase in
transparency as much as
in the trade in precious
stones. For many years,
this massive trade has
PRVWO\ EHHQ XQRFLDO
and under the radar, with
estimates of Myanmars
gem industry at somewhere between $15 billion
and $20 billion a year.
If anything, in fact, the
trade has begun to decline. In part, this is a
result of the slowing Chinese economy. Increasingly, however, some of
Myanmars biggest conglomerates, such as Max
Myanmar, claim to be
exiting or divesting from
gem mining businesses in
DQHRUWWRJHWWKHPVHOYHV
RD86VDQFWLRQVOLVW
Many of Myanmars
conglomerates
thrived
during the countrys two
decades of international
isolation, cultivating close
ties with the military and
securing lucrative concessions in resource and
trading industries. Cash
from these operations
was then recycled into a
vast array of other businesses.
Yet lucrative extractive industries have been
particularly controversial
due to their association
with land grabbing and
environmental degradation.
This extends beyond
mining to other industries such as timber and
agribusiness. In a recent
report,
environmental
watchdog Global Witness
estimated that at least 5.3
million acres of land had
been awarded to agribusiness concessions in recent
years, mostly without the
consent of local villagers
and with almost no compensation.
The US has long suspected big conglomerates of involvement not
only in land grabbing and
environmental damage
but also in narcotics and
arms trading. It imposed
A worker observes an orange spinel stone as he prepares a ring at a workshop of the VES Gems and
Jewelry factory in Yangon.
November 8, although
there are rumours they
could be delayed will be
pivotal to further unwinding of US sanctions.
Although the outcome
LV XQOLNHO\ WR VLJQLFDQWly change Myanmars de
facto state of military
rule, it is expected that
the US Congress will continue to gradually loosen
sanctions, as long as the
government continues to
show broader commitments to further economic and political reform. FT
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Myanmar Summary
6LQJDSRUHV6HPEFRUS6HWV(\HVRQ&KLQD,QGLDIRU5HQHZDEOHV
Jessica Jaganathan
Sembcorp
embcorp Industries,
one of Southeast
Asias biggest utilities companies, plans to
roughly triple its renewable energy portfolio over
WKHQH[WYH\HDUVWDUJHWing India and China for
growth, a senior company
RFLDOVDLG
Industrial conglomerate
Sembcorp, whose utilities

arm forms one of its three
main divisions, expects
renewable energy to account for 20 percent of
its total power capacity in
YH\HDUVXSIURPSHUcent at present, executive
vice president Tan Cheng
Guan told the Reuters
Summit.
Over the last three
years, we have grown re-
Sembcorp Industries is expanding its renewable energy business.
QHZDEOHV TXLWH VLJQLcantly, Tan said. We

have been able to accelerate because the cost of renewables has been coming down quite quickly
because of technology
and scale.
Sembcorp, which plans
to focus on wind and solar
energy, where costs are
expected to drop further
by 2020, has total power
capacity of about 8,800

megawatts (MW).
India and China make
up the bulk of its renewables capacity, with wind
power assets in China of
about 450MW.
In India, it jointly owns
and operates wind and
solar power assets with
a total power capacity of
750MW after buying a
majority stake in Indian
UHQHZDEOH HQHUJ\ UP
Green Infra in February,
this year.
India is under served
at the moment and their
(power) capacity is maybe
one quarter of Chinas,
even with about the same
population, Tan said.
So, if Indias economy
grows by 7 to 8 percent
in the next decade, we see
that India will grow the
fastest.
A boom in clean energy
projects is expected in India after it hiked its solar
energy target to 100 gigawatts by 2022, a 33-fold

rise from current levels.
In China, Sembcorp is
also jointly building a coalUHGSRZHUSODQWQHDUFRDO
mines in Chongqing.
Tan said the plants
QHZHU DQG PRUH HFLHQW
technology would help in
Chinas push to reduce its
carbon footprint.
Sembcorp is also looking towards Bangladesh
and Myanmar where it is
GHYHORSLQJJDVUHGSRZer plants.
He declined to comment on Sembcorps
credit exposure to Jurong
Aromatics Corp (JAC),
which went into receivership last month due to
debt problems.
Sembcorp has a 20-year
agreement with JAC for
the supply of steam and
other water and wastewater treatment services.
Reuters
Myanmar Summary
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21
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'HYHORSPHQW$TXDFXOWXUHDQG5DLOZD\V
Zwe Wai
the European Union will

promote towards the development of sustainable
aquaculture.
The German side has
pledged to 2.5 million
in the Shan region, to increase capacity building,
climate change resilience,
DQG VXVWDLQDEOH LQWHQVLcation and management
of aquaculture farms.
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Myanmar Summary
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Zarni Min Naing
he German government has pledged

another 25 milOLRQ PLOOLRQ LQ nancial and technical assistance to Myanmar in
several projects involving
rural development, aquaculture and rail transport.
The funds will be used
IRU UXUDO HOHFWULFDWLRQ
projects (grid extensions),
the Railway Workshop
in Yawhtaung (Sagaing
region), aquaculture projects and alternative agriculture in Southern Shan
WRZQVKLSVDHFWHGE\RSLum poppy cultivation, the
German Embassy in Myanmar said in a release.
The promised aid also
includes immediate relief
IRU RRG DHFWHG DUHDV
in Rahkine state in the
amount of 250,000.
7KH 5XUDO (OHFWULFDtion Program consists of
a 13.7 million loan to
increase sustainable and
DRUGDEOH DFFHVV WR HOHFtricity. Aimed at households and enterprises in
rural Shan state areas, it
intends to decrease accidental burns and respiratory disease caused by
conventional lighting.
The German Embassy
said that the increased
availability of electricity to charge cell phones
and radios will enable access to information and
knowledge.
A 2.5 million grant will
support technical assistance to the Ministry of
Livestock, Fisheries and
Rural Development with
regard to the implementation of the National ElecWULFDWLRQ3ODQ1(3
In Southern Shan region, Germany aims to
VHFXUH DOWHUQDWLYH QDQcial means for families
relying on opium poppy
cultivation. Around 1,500
families will be aided in
transferring to legal and
sustainable agricultural
SURGXFWLRQ FRHH EDnanas and beans.
The German government and its implementing agency GIZ will work
together with the Ministry
RI+RPH$DLUVWKH&HQtral Committee for Drug
Abuse Control (CCDAC)
and UNODC.
Also, a joint cooperation endeavour between
the governments of Myanmar, Germany and
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Zwe Wai
Dr Maung Maung Thein

at a luncheon in New York
recently in light of the
Yangon Stock Exchange
(YSX) opening in early
Auerbach & Grayson
uerbach Grayson
& Company, LLC,
a New York-based
EURNHUDJH UP VSHFLDOLVing in global trade execution and research for institutional investors, hosted
Deputy Finance Minister
Deputy Finance Minister Dr Maung Maung Thein (2nd/ZLWK$XHUEDFK *UD\VRQRIFLDOV
December.
Two weeks ago, MyDQPDU DZDUGHG WKH UVW
licences to transact broNHUDJHEXVLQHVVDQGRHU
investment banking advisory services in Myanmar.
Auerbach
Graysons
Thai partner, KT ZMICO,
together with a local company KTZ Ruby Hill Securities, were one of the four
foreign brokers to receive
a licence.
7KH1<EDVHG UPVDLG
the purpose of the luncheon was to introduce the
Minister to several high
SUROH 86 LQVWLWXWLRQV
and leading US investors,
as the Yangon Stock Exchange anticipates opening their doors to foreign
investors sometime next
year.
While Myanmars stock
exchange wont be open to

foreign investors initially,
we have seen increased
interest and demand
among international investors looking to tap this
market, said David Grayson, founder and CEO of
Auerbach Grayson.
Given the size of Myanmars young workforce,
the countrys abundance
of natural resources and
rapidly expanding economy, US investors are recognising opportunities in
the region and what it has
WRRHU
Dr
Maung
Maung
Theins trip also included
a trip to the New York
Stock Exchange (NYSE)
WUDGLQJ RRU WR OHDUQ
more about the exchange
and its overall operations.
Myanmar Summary
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22
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Aye Myat
tations. Seeds, fertilisers

and tools were also lost
in the disaster, says the
report, underscoring that
many farmers risk missing the start of the upcoming winter and summer agriculture seasons.
More than 250,000
livestock have been lost
LQ WKH VL[ ZRUVWDHFWHG
regions/states assessed,
which hit women especially hard as they are
generally in charge of
these animals, the report
said.
Flooding was also devastating for the aquaculWXUH DQG VKLQJ LQGXV-
UNICEF/Myo Thame
new joint report

by the United Nations and the Myanmar government has
painted a grim picture of
the devastation caused by
WKHUHFHQWRRGLQJLQ0\anmar, and predicted that
it could lead to increasing
rural unemployment and
food prices unless more
international aid is provided.
More than half a million hectares of rice paddy
ZHUH DHFWHG DQG DOPRVW
a quarter of a million livestock were killed, includ-
ing poultry, cattle, pigs

and goats, when Cyclone
Komen struck in late July
and early August this
year.
$UHSRUWRQWKHQGLQJV
compiled by the government alongside the Food
and Agriculture Organization (FAO) and the World
Food Programme (WFP)
reveals rice to have
EHHQ WKH PRVWDHFWHG
crop, with an expected
slash in production of up
to 89 percent in damaged
SDGG\HOGVFRPSDUHGWR
the same time last year.
Some parts of the country lost entire paddy plan-
Women carry food to their camp at Kalay township in Sagaing state, northwest Myanmar, which sufIHUHGVRPHRIWKHZRUVWGHYDVWDWLRQIURPRRGVLQWKHDUHD
tries in Myanmar have

DOVR EHHQ DHFWHG EDVHG
on FAOs and WFPs obVHUYDWLRQ LQ ZRUVWDHFWed regions, with almost
KHFWDUHV RI VK
and shrimp ponds gone,
DV ZHOO DV VKLQJ HTXLSment, such as nets, traps,
boats and engines.
FAO and WFP said the
states and regions of Ayeyarwady, Bago, Chin,
Magway, Rakhine and
Sagaing were among the
ZRUVWDHFWHG E\ WKH
RRGV DQG PRVW IDPLOLHV
in those areas are heavily
dependent on agriculture
for their livelihoods.
The UN agencies called
for more international
support to replace livestock, seeds, fertiliser,
tools and equipment for
DHFWHG IDUPHUV 7KH DIfected communities need
assistance to rehabilitate
land, irrigation systems
and access roads, they
added.
Half of all losses were
in agriculture, in regions
where people rely on crop
production and livestock
to feed their families, said
Bui Thi Lan, FAO Representative in Myanmar.
We must urgently meet
the immediate needs of
these families, support
agricultural recovery and

help them rebuild resilient livelihoods to cope
better with future crises.
WFP Resident Representative and Country
Director Dom Scalpelli
highlighted the need for
urgent asset creation
SURJUDPPHV WR EHQHW
the most vulnerable and
food-insecure communities.
These activities will
provide the necessary
cash to cope with the immediate emergency needs
as well as help rehabilitate productive assets for
early recovery after the
shock, he said.
WFP and FAO also
ZDUQHG WKDW WKH RRGLQJ
could have other consequences for poverty and
economic development.
$GGLWLRQDOQGLQJVRIWKH
assessment show that affected populations have
begun to engage in distress coping mechanisms
such as borrowing money
and selling productive
assets in order to access
food.
The report said that rehabilitation of infrastructure, such as irrigation
schemes, has been identiHGDVDSULRULW\E\DHFWed populations assessed.
Myanmar Summary
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he University of
Southern California (USC), Marshall
School of Business is to
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to $45,000 to mid-career
business professionals in
<DQJRQ D XQLYHUVLW\ Rcial told a seminar.
USC and Yoma Bank
held the seminar last
week to provide insights
about how businesses can
increase their competitiveness by collaborating
with universities.
Professor Richard Drobnick, director, IBEAR
MBA Program and assistant dean, USC Marshall,
said, USC Marshall is
greatly encouraged by
Myanmars rapidly growing engagement with the
international community.
We wish to support Myanmars integration with

the world economy by
helping to enhance the
development of international business skills and
networks of Myanmars
brightest business and
government talents by
RHULQJ VFKRODUVKLSV RI
up to $45,000 to highlyTXDOLHGPLGFDUHHUEXVLness professionals from
Myanmar.
USC Marshall said it
is looking to further the
growth and development
of Myanmars future business leaders.
Drobnick and John Van
Fleet, executive director,
GEMBA Program, from
USC Marshall described
how international corporations like Dentsu, Korean Airlines, and Tokio
Marine Insurance strate-
gically use MBA programs

to develop global business
leaders for their organisations.
They touted how USCs
0%$ SURJUDPV RHU RSportunities to learn from
a group of professionDOV IURP GLHUHQW FXOtures and industry backgrounds, as well as learn
from a real-world oriented curriculum that imSURYHV WKH HHFWLYHQHVV
of executives.
The International Business Education and Research MBA (IBEAR)
is a one year, full-time
MBA program for midcareer professionals that
is taught in Los Angeles. The Global Executive MBA (GEMBA) program, taught in Shanghai
and Los Angeles, is a
20-month long, part-time
MBA for mid-career professionals with over 10

years of work experience.
Daw Sandra Min, Yoma
Banks head of Corporate
Banking, said about the
seminar, Yoma Bank believes that increasing the
skills of local professionals is the key to growing
business in Myanmar.
We believe we have a responsibility to bring opportunities like this to the
attention of our friends,
family and potential customers.
Myanmar Summary
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[from L-R] Nick Bruns, head of communications, Yoma Bank, John

Van Fleet, executive director, Global Executive MBA and assistant
dean, Marshall School of Business, and Professor Richard Drobnick,
director, IBEAR MBA Program and assistant dean, International
Outreach, Marshall School of Business.
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onstructors will not

be allowed to post
building
permits
for buildings themselves
anymore, and have to use
YCDC-made signboards
instead, according to the
Yangon City Development
Committee (YCDC).
YCDC said illegal builders are putting up signs on
their projects that claim
to have the Committees
permission, while in reality the projects are illegal
and the building permits
are fake.
The Committee said
that illegal constructions
recently have gone up,
and so have these fake
building permits, so it has
decided to enforce laws
prohibiting these constructions.
We previously gave
permission to construct
buildings and we let the
builders put up signboards themselves. Then
some builders started to
make fake building permits for their illegal projects, said U Nay Win,
assistant head of the engineering department of
YCDC.
He said YCDC will issue
digital codes on permits
so that people can check
whether it is fake or real

through a mobile app.
If people take a photo
of the building permits
and check with the phone
app developed by YCDC,
the app will tell if the signboard is made by YCDC or
if its a fake. YCDC hopes
to curb illegal constructions in Yangon by doing
this, U Nay Win told Myanmar Business Today.
U Nay Win added that
YCDC has also found that
legal constructors are
constructing
buildings
bigger than they were
permitted.
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K2,500 per square feet
or revoke the licence of
the constructor if the construction is using more
area than permitted. It
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square feet for illegal constructions.
A total of 8,000 legal
constructions were perPLWWHG LQ VFDO
year, while about 3,000
constructions were perPLWWHG LQ WKH UVW VL[
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year.
According to YCDC,
from 2012 until now, over
2,000 illegal construction
projects have been prosecuted.
A construction project in South Okkalappa displays a signboard saying the project is approved by the Yangon City Development Committee
(YCDC).
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Xiaoyi Shao &
Nicholas Heath
ome prices in
China rose for a
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month in September, suggesting a mild recovery in
the housing market that
will relieve some pressure
on the struggling economy.
Average new home prices inched up 0.3 percent

in September from August, according to Reuters
calculations based on data
released by the National
Statistics Bureau (NBS)
last Friday, the same pace
as in August.
Month-on-month price
gains were recorded in 39
of the 70 cities surveyed,
up from 35 in August.
The sector, which accounts for 15 percent of
GDP, has become a rare
bright spot in an economy
that is expected to grow
at its slowest pace in 25
years this year.
However, while home
prices and sales have improved in recent months
after a barrage of govern-
ment support measures,

conditions remain weak
in smaller cities and a
huge overhang of unsold
houses is discouraging
new investment and construction.
Data
showed
that
growth in Chinas properW\ LQYHVWPHQW LQ WKH UVW
nine months of the year
slowed to the lowest level
since early 2009, while

new construction in the
same period continued to
see a year-on-year drop.
Still, there are signs
that property investment
might be bottoming out,
with new construction
rising 15.3 percent in September from the same peULRG D \HDU DJR WKH UVW
such growth in nearly a
year, according to Reuters

FDOFXODWLRQVEDVHGRQRcial data.
Economists at ING said
such a revival could point
the way for property to
become an economic
growth driver again next
year, boosting demand
from construction mateContd. P 24...
PROPERTY & REAL ESTATE
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mmbiztoday.com
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From page 23...

rials from cement to steel.
But single-month data,
derived from cumulative
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Indeed, prices for rebar,
a steel product used in
construction, slumped to
record lows in Shanghai
this week, while September cement output was
down 2.5 percent from a
year earlier.
Ma Jun, the chief economist at the Peoples Bank
to do that, it needs more

than just incentives.
There need to be conducive conditions in the
stock market, Prastowo
said.
7KH WD[ RFH VDLG KDYing more companies revalue assets can boost
tax collection. Indonesia
expects tax revenue to be
nearly $11 billion below
its 2015 target.
The government is also
encouraging the setting
up of REITs by removing
double taxation that may
apply to such businesses.
Nasution said many Indonesians invest in REITs
in Singapore, which in
turn invest in Indonesian
property assets.
Indonesia
currently
has one small REIT, but
the business area has not
been developed.
Finance Minister Bambang Brodjonegoro said
the government will impose a single tax for REIT
business, removing both
dividend taxes and one on
property sales.
We hope to attract back
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money invested in REITs, Brodjonegoro.
The Financial Services
Authority also said it
would relax rules to open
sharia bank branches to
boost that sector.
Reuters
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of China(PBOC), conceded that the weak property investment was the

main source of downward
pressure weighing on the
economy but said he expected investment to improve in coming months.
Rising home prices
in recent months have
steadied market sentiment... and the improved
sales are likely to stabilise
the property investment
in coming months, Ma
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News on Friday. The paper is published by the

central bank.
Major Chinese construction
machinery
maker Zoomlion Heavy
Industry Co said last week
it expects to report a loss
in the third quarter due to
the weakness in the yuan
and a supply glut at home.
Caterpillar Inc, the
worlds largest construction and mining machine
company, also reported
weakness in its Chinese
business on Thursday as
it forecast a drop in 2016
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have to be there, Caterpillars Chief Financial
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said of China. But China
is soft and we dont see
any big recovery in it next
year.
A breakdown of NBS
data also pointed to deteriorating
property
markets in smaller cities
where a glut of unsold
houses suppressed prices.
First-tier cities fared
better, with Shenzhen being the top performer.
Prices in Shenzhen were
up 37.6 percent in September from a year earlier, compared with a 31.3
percent rise the previous
month.
Shanghai prices rose 8.3
percent, quickening from
August.
Reuters
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Myanmar Summary
Darren Whiteside/Reuters
ndonesia last Thursday announced tax incentives aimed at getting companies to revalue
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create real estate investment trusts (REITs).
The moves are the latest in a series of policy
changes the government
has been rolling out since
last month in a bid to spur
economic growth, which
has sagged to the lowest
level in six years.
Earlier measures announced by President
Joko Widodos administration included lowering energy prices, cutting
red tape for investors and
setting a new way to calculate annual minimum
wage increases.
One Thursday move is
intended for companies to
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reported as unchanged
for years to avoid paying
a 10 percent tax on the
amount by which such assets are increased.

The Finance Ministry
said companies that subPLW SURSRVDOV IRU [HG
asset revaluation before
December 31 will only pay
3 percent tax on the increased amount.
The tax rate would go
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6 percent for the second
half. The scale is meant to
get companies to revaluate assets soon.
Asset revaluation will
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said Coordinating Minister for Economics Darmin
Nasution, adding that
bigger assets would lift
their leverage.
Yustinus Prastowo, an
analyst at Center for Indonesia Taxation Analysis, said the incentive
would make it cheaper for
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they want to go public or
issue debts.
But to get corporates
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backlog of cars waiting at

ports around the country
proved problematic.
We are carefully examining the applications of
parking space recommendation. Also we do follow
ups whether they park
their cars in their designated parking places,
said U Myint Cho, director of the Parking Space
Zarni Min Naing
n the last nine months,

35,282 parking space
recommendations,
which proves that a car
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space to park the car, have
been issued, according
to the Ministry of Commerce.
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troduced in January this

year, an individual importer or a company who
apply for a car import
licence need a parking
space recommendation.
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Yangon, while complying with a union mandate not to restrict car
imports. Previously, a
Recommendation
Department, told Myanmar
Business Today.
The duration of an approved parking space
recommendation is one
month, meaning that the
importer must import the
car within one month of
receiving the recommendation.
According to the Department, it has approved
23,506 parking recommendations for individual importers and 11,776
parking
recommendations for group importers.
Also YCDC said it will
seize cars that dont park
in their applied parking
space under municipal
bylaws.
Due to the high demand of parking space
caused by rising car imports, a brokers market
for this recommendation
has sprung in Yangons
Thirimingalar car market. A slip that proves
the availability of a parking space can cost up to
K700,000, according to
car brokers at the market.
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Myanmar Summary
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cabin space compared

to single-cab for fragile
items to be kept inside,
and a larger deck space
compared to double-cab
for more loading capacity,
ZLWK D UHODWLYHO\ DRUGable price.
Hilux REVO double-cab
is to provide an easier and
more pleasant driving
experience for the users,
especially for their leisure
use, to make the fun times
more enjoyable. It comes
together with the newly
introduced 1KD engine,
3.0L Diesel engine with
more power and more
torque compared with
other Hilux REVO models.
With the introduction of
the new models of Hilux
REVO, Toyota remains
UPO\ FRPPLWWHG WR GHlight and improve the satisfaction of our customers in Myanmar. The all
new Hilux REVO will be
available at the two Toyota Authorized Dealers in
Yangon from today, 18th
October, 2015.
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Toyota Myanmar
oyota has launched

its eighth-generation pickup truck
Hilux REVO in Myanmar
market.
Hilux has built a rocksolid reputation for reliability, durability and
unbreakable toughness
in a history that stretches
back to 1968.
The Hilux is known for
for toughness and dependability. With more
than three million sold
over the past decade in
GLHUHQW FRXQWULHV
and regions, it has special
status across the globe as
a highly capable pickup
that has been appreciated
for its tough, durable and
reliable qualities in the
extreme environments.
The Hilux REVO is ushering in the new era of
pickups, not only through
the exterior design, but
also through its SUVlike Driving Performance
and Comfort. Front occupants will be pleased
WR QG VHDWV WKDW UHVHPble those found in premium sedans, featuring
enhanced bolstering, a
larger seating surface and
improved ergonomics.
It is also more enjoyable
for those in the back. A
long assist grip mounted
on the side pillar is especially useful for children
to use when climbing
into the redesigned rear
cabin. Once inside, anyone would appreciate the
larger, more comfortable
rear seats, center armrest
with integrated cup-holders, and fully automatic
power windows that roll
all the way down.
Toyota will enhance
its Hilux REVO lineup
by introducing the Hilux
REVO extra-cab manual
transmission and Hilux
REVO double-cab automatic transmission in
addition to the current
lineup.
Hilux REVO extra-cab,
positioned in the middle
of single-cab and doublecab, provides a larger
26
AUTOMOBILE
mmbiztoday.com
5HOLDELOLW\6XHUVDV$XWRPDNHUV3XVK
7HFKQRORJ\(QYHORSH&RQVXPHU5HSRUWV
P85D was recently lauded
by the magazine's editors
for racking up the best
scores ever in its performance tests. But owners
complained of rattles,
leaks, and problems with
the charging equipment,
drivetrain and center con-
Joseph White
Automobiles NV , and
several prominent brands
including General Motors
Co's Cadillac luxury line,
the magazine found.
Honda Motor Co's Acura luxury brand fell seven
places to No. 18 in the
magazine's ranking of 28
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New Autopilot features are demonstrated in a Tesla Model S during a Tesla event in Palo Alto, California.
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Julia Love
ber Technologies
Chief
Executive
Travis
Kalanick
said about 30 percent of
the ride-hailing company's trips now take place
in China, underlining how
important the world's
second-biggest economy
is to Uber's global growth
ambitions.
Speaking at a tech conference hosted by the Wall
Street Journal in Laguna
Beach, Calif., Kalanick
said Uber's market share
in China has climbed
since the start of 2015 and
now stands at about 30
percent to 35 percent.
He said Uber, reported
in July to be valued at
nearly $51 billion, now
does almost as much
business in China as in
the United States.
Although Uber faces
VWL FRPSHWLWLRQ IURP
Chinese market leader
brands because of problems with transmissions

and in-car entertainment
systems, the magazine
said.
Overall, Toyota Motor
Corp's Lexus brand was
the top-ranked brand in
the magazine's reliability survey. The highestranked Detroit brand was
Buick, at No. 7.
Fiat Chrysler Automobiles NV's Fiat brand
came in last.
Consumer Reports said
its 2015 reliability survey
took into account data on
740,000 vehicles.
Reuters
Myanmar Summary
Beck Diefenbach/Reuters
wners of vehicles
with advanced fuel-saving technology and digital multimedia systems, including the
Tesla Model S sedan, are
hurting reliability, Consumer Reports magazine
found in its annual survey
of vehicle reliability.
There is "an emerging
trend of increased troubles" with many vehicles
that use new transmission
technology to boost mileage, the magazine said.
The latest reliability survey was to be presented
by the magazine's editors
at a meeting of Detroit's
Automotive Press Association.
One of the most technologically adventurous
cars on the market, the
Tesla Model S, registered
a worse than average reliability score based on
survey responses from
1,400 owners, Consumer
Reports found. The battery powered Model S
sole displays, the magazine said.

Complaints about balky
multimedia
"infotainment" systems continue
to plague several major
automakers,
including
Ford Motor Co, Nissan
Motor Co, Fiat Chrysler
'LGL.XDLGLDUPYDOXHG
at $16 billion and backed
by Chinese Internet giants
Alibaba Group Holding
Ltd and Tencent Holdings
Ltd, Kalanick said he relishes the challenge. Uber
recently closed a $1.2
billion deal to enter 100
more Chinese cities in the
next 12 months.
"We're still number two,
so we still have a long way
to go," he said. "There are
a lot of things we don't
know about China, but
what an interesting problem to solve."
Uber's chief rival in the
U.S. market, Lyft, struck a
deal with Didi Kuaidi earlier this year that allows
each company to serve the
other's customers. Didi
Kuaidi invested $100 million in Lyft as part of the
partnership, a move that
puzzled the Uber CEO.
"I don't understand
what the upside is for
Didi," Kalanick said.
Despite concerns among

many American executives about Chinese regulators' preference for naWLYH UPV .DODQLFN VDLG
he feels his company has
enjoyed a level playing
HOG:HKDYHQRWVHHQD
single instance where we
KDYH EHHQ WUHDWHG GLHUently than our competition," he said.
Uber, the most valuable
startup to emerge from
Silicon Valley in recent
years, is facing mounting
calls to go public. But Kalanick urged investors to
give the company time to
take that step, saying the
company is only about
YH \HDUV ROG \RXQJHU
WKDQPRVWUPVDUHZKHQ
they go public.
"We're maturing as a
company, but we're like
eighth graders," he said.
"It's just a little early give us a few years."
Reuters
Myanmar Summary
Uber enf;ynmukrP
D \ trI
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uk r PD o nf wk w f E d k i f i H w G i f
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a0pkonf jrifhwufvmonf/
2015 ckEpS f ESppf ydik ;f ESifh ,cktcsed f
txd 30 rS 35 &mcdkifEIef;txd
wkd;wufvmonf[k od&onf/
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onftar&duefa':vm51bDv,
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wGifyifvQif,ckyrmP&So
d nfhp;D yGm;
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RGN<DRPI Uber taejzifh
wkwftifwmeuftiftm;BuD;
tvDbmbmausmaxmufaemuf
cHjyKxm;aom Didi Kuaidi ESifh
,SOfNydKif&zG,f&Sdaeonf/
S sedan X-R
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< XPUVPWD\0N+ XQISZ
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aps;uGuftwGif; enf;ynm
aMumifh rawmfwqrItrsm;qHk;
jzpfyGm;cJhonfh Tesla armf',fvf
S sedan rsm;onf ydkif&Sif 1400
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6WLOO&RQVLGHU9:&DUV
2XWVWDQGLQJ
Georgina Prodhan
wo-thirds of Germans still believe

Volkswagen builds
"outstanding" cars, deVSLWH D KLJKSUROH HPLVsions-test cheating scandal that has damaged its
image, a survey found.
6L[W\YH SHUFHQW VDLG
they either fully or largely
agreed the scandal was
overdone and that VW
still made excellent cars,
according to results of
an independent online
survey of 1,000 people
published on Monday
E\ PDUNHW UHVHDUFK UP
Prophet.
Six out of 10 said they
did not believe the "Made
in Germany" label would
be damaged by the scandal in the long term, and
63 percent believed the
DDLU ZRXOG VRRQ EH IRUgotten.
Some Germans have
expressed concern that
VW's problems could
harm other businesses
that depend on the country's reputation for engineering prowess and reliability.
VW admitted last month

it had cheated diesel emissions tests in the United
States, unleashing one of
the biggest scandals in its
history and causing the
downfall of Chief Executive Martin Winterkorn.
The auto industry accounts for more than
750,000 jobs in Europe's
biggest economy, and politicians from Chancellor
Angela Merkel down have
rallied around the sector.
Reuters
Myanmar Summary
umAG e f x k w f v k y f r I q d k i f & m
prf;oyfrIwGif vdrfvnfrIaMumifh
odumusp&mjzpf&yfrsm; BuHKawGU
cJh&NyD; yHk&dyfxdcdkufcJh&aomfvnf;
*smref v l r sKd ; oH k ; yH k E S p f y H k o nf
abmufp0f uf*eG u
f m;udk taumif;
qHk;um;tjzpf ,HkMunfaeqJjzpf
aMumif; ppfwrf;rsm;t& od&onf/
abmuf p f 0 uf * G e f t aejzif h
odumuszG , f & mud p& yf r sm;ud k
ausmfoGm;EdkifNyD; wdusaumif;rGef
onfhum;rsm; xkwfvkyfEkdifOD;
rnf [k 65 &mcd k i f E I e f ; aom
VPUHIYOUV.GUVPX XVIM\HI<S*P
oabmwlnDcJhMuonf/
27
IT & TELECOM

mmbiztoday.com
6LQJDSRUH)LUP$FTXLUHV6WDNH
LQ0\DQPDU3D\PHQW&RPSDQ\
Aye Myat
2016 nearly 15 million

people will be able to access the internet, mainly
via their mobile devices.
Meanwhile, only 4.8 percent of citizens have a
bank account, presenting
a large opportunity for
mobile money services.
Nicolas Nguyen, chief
H[HFXWLYH RFHU RI 0\PAY, said, We see tremendous opportunity for
both peer-to-peer and
person-to-merchant payments in Myanmar. Together with fastacash,
MyPAY is going to introduce a mobile money app,
compliant with Myanmar
law, to make payments
easier for consumers and
merchants in Myanmar.
With fastacashs technology, we are able to
leverage social networks
such as MySQUAR. Together, we are empowering a connected market
where ninety percent of
people are unbanked and
underserved by traditionDOQDQFLDOLQVWLWXWLRQV
fastacash has live services in India, Indonesia,
Russia, Singapore and Vietnam. Through partnerships with banks, money
transfer operators, mobile network operators
and social networks, it
builds social payment capabilities within their services and mobile applications. Its partners include
QDQFLDOLQVWLWXWLRQVVXFK
as DBS Bank (Singapore),
Axis Bank (India), Oxigen
Wallet (India), Techcombank (Vietnam), Doku
(Indonesia), MOBI.Dengi
(Russia), as well as VISA
Europe.
Myanmar Summary
pifumyltajcpdkuf aiGay;acs
rIqdkif&m 0efaqmifrIvkyfief;
onf jrefrmEdkifiH
wGif aiGay;acsrq
I idk &f m0efaqmif
rIvkyfief;rsm; vkyfudkifaeonfh
MyPAY ukrPDwGif r[m
AsL[mrS &if ; ES D ; jr K yf ES H rI w pf c k
jyKvkyfcJhonf[k od&onf/
MyPAY ukrPDonf rdkbdkif;
zkef;rSwpfqifh aiGay;acsrIqdkif
&mvkyfief;rsm; vkyfudkifaeonfh
ukrPDwpfckjzpfNyD; jynfwGif;
vlrIueG &f ufvyk if ef; My Squar
ESifh r[mAsL[mrdwfzufzGJUxm;
onfu
h rk P
jD zpfumoH;k pGo
J al ygif;
1.5 oef;&SdaMumif; od&onf/
Fastacash
&if;ESD;jrKyfEHSrIt& Fastacash
onf MyPAY \ vlrIuGef&uf
rSwpfqifh aiGay;acsrIrsm;jyKvkyf
&ef enf;ynmyvufazmif;rsm;
udk axmufyhaH y;oGm;rnfjzpfonf/
Fastacash yvufazmif;rSwpf
qifh MyPAY udk toHk;jyKonfh
rnfoludkrqdk vlrIqufoG,frI
rsm;rSwpfqifh aiGvTJajymif;rIrsm;
M\.YN\I(GNLIUQIM]SIRQI FHI<U6HI
csufrsm;t& 2016 ckESpfwGif
jrefrmEdkifiHrS vlOD;a& 15 oef;
onf tifwmeufcsdwfqufEkdif
vdrfhrnf[k od&onf/
Ricardo Moraes/Reuters
ingapore-based payPHQWVUPIDVWDFDVK
has made a strategic
investment in Myanmarfocused payments company, MyPAY.
MyPAY, which is developing a mobile payment
system, also has a strategic partnership with local social network MySQUAR, which claims to
have 1.5 million user accounts.
However, a fastach
spokesperson told Myanmar Business Today that
WKHUPZRQWEHDEOHWR
disclose details around
the size of the investment.
Along with the investment, fastacash will also
provide the technology
platform to MyPAY to enable payments through
social networks.
The company will also
support MyPAYs go-tomarket activities, including market insights and
global partnership management, fastcash said in
a release.
Through the fastacash
platform, anyone using
MyPAY will be able to
transfer money, and airtime with their social con-
nections, and make payments at retail points.

MyPAY will leverage
MySQUARs user base.
Consumers on MySQUAR
will be able to transact
with their connections
on the channel and with
merchants.
Vince Tallent, chairman
DQG FKLHI H[HFXWLYH RFer of fastacash, said, In
MyPAY we have found a
strong local partner. Together we will make social
payments a reality for
WKHYHU\UVWWLPHLQRQH
of the last large untapped
markets.
Building a presence in
Myanmar is aligned with
our strategy to be a global
leader in social payments,
given Myanmars prominence as a large domestic market and receive
market for global remittances.
Myanmar is one of
the poorest countries
in Southeast Asia but is
projected to achieve high
economic growth over the
next decade. Mobile penetration in the country
is estimated to rise from
10.5 percent in 2014 to 57
percent in 2016, boosted
by the entry of foreign telecom companies.
It is estimated that by
7HOHQRU&ODLPVWREHWKH/DUJHVW*1HWZRUNLQ0\DQPDU
Moh Moh Kyi
Telenor Myanmar/Facebook
orwegian operator
Telenor Myanmar
Limited
(Telenor) said last week that
it has reached the mile-
stone of being the largest

3G network in Myanmar
as it marked 3,300 sites
nationwide.
&KLHI ([HFXWLYH 2FHU
of Telenor Myanmar Petter Furberg said, We now
have the biggest network

in Myanmar, having built
more than 3,300 towers
in a little over one year.
Our network in ManGDOD\ VSHFLFDOO\ KDV
grown to more than 600
towers today, from just 70
when we launched in September last year.
He said densely populated areas in Myanmar
need more tower sites to
provide consistent internet and voice service.
We continue to work
closely with our tower
companies and local authorities in meeting this
growing demand, which
we supplement through a
mix of our own built sites
to increase density in urban areas, and leveraging
innovative network solutions from our equipment
suppliers.
Telenors network now
reaches 13 major regions

and states in Myanmar,
while the network in Rakhine State is in its early
stages of deployment.
We are working hard
to accelerate the expansion of our network in
Rakhine, which have unIRUWXQDWHO\ EHHQ DHFWHG
E\ WKH UHFHQW RRGV DQG
GHOD\V LQ RXU EUH FRQnectivity. We now have 18
sites in Rakhine on satellite, including eight in Sittwe; while this means that
customers may initially
experience slower speeds,
WKLV ZLOO LPSURYH VLJQLcantly once we make proJUHVV LQ RXU EUH EXLOG
Furberg added.
Expansion to all states
and regions will be complete when rollout extends to Chin state, in the
fourth quarter of 2015,
Telenor said.
Myanmar Summary
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onf wpfEdkfifiHvHk;wGif &mEIef;
jynfh 3G uGef&ufjzifh csdwf
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xkwfjyefcsuft& od&onf/
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uG e f & uf w pf c k j zpf o G m ;ygNyD /
wpfESpftwGif;rSmyJ wm0gwdkif
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\JZIX5HIDZPIZGN< - 8 QI *I
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28

mmbiztoday.com
INTERNATIONAL & DOMESTIC FLIGHT SCHEDULES

INTERNATIONAL FLIGHT SCHEDULES
BANGKOK TO YANGON
YANGON TO BANGKOK
Flights
PG 706
8M 335
TG 304
PG 702
TG 302
PG 708
8M 331
PG 704
PG 704
Y5 327
TG 306
Days
Daily
Daily
Daily
Daily
Daily
Daily
Daily
Daily
7
Daily
Daily
Dep
06:05
08:40
09:50
10:30
14:50
15:20
16:30
18:20
19:30
19:00
19:50
Arr
08:20
10:25
11:45
12:25
16:45
17:15
18:15
20:15
21:45
20:50
21:45
Flights
TG 303
PG 701
Y5 238
8M 336
TG 301
PG 707
PG 703
PG 703
TG 305
8M 332
PG 705
Days
Daily
Daily
Daily
Daily
Daily
Daily
1,2,3,4,5,6
7
Daily
Daily
Daily
YANGON TO DON MUEANG
Flights
DD 4231
FD 525
FD 256
FD 254
FD 258
DD 4235
Days
Daily
Daily
Daily
Daily
Daily
1,3,5,7
Dep
08:00
08:30
12:50
17:35
21:30
12:00
Arr
09:45
10:20
14:40
19:25
23:15
13:45
Days
Daily
Daily
Daily
Daily
Daily
2,4,6
Daily
2,3,5
Dep
08:00
09:45
09:45
10:25
11:45
13:35
16:40
19:30
Arr
12:25
14:15
14:35
15:10
16:20
20:50
21:15
0:10+1
Flights
DD 4230
FD 251
FD 255
FD 253
FD 257
DD 4234
Days
Daily
Daily
1,2,3,5,6
Daily
Daily
Dep
08:30
12:15
14:00
16:00
19:05
Arr
12:45
16:30
18:00
20:15
23:20
Days
3,5,7
Dep
23:50
Days
2,4,7
3,6
1,5
Dep
08:40
11:35
17:40
Days
Daily
Daily
Daily
Daily
2,4,6
Daily
Daily
2,3,5
Flights
AK 504
MH 740
8M 502
MH 742
AK 502
Days
Daily
Daily
1,2,3,5,6
Daily
Daily
Days
Daily
Dep
10:50
Arr
05:50+1
Flights
CA 905
Arr
13:15
15:55
22:10
Days
3,5,7
Days
Daily
3
1,2,4,5,6,7,
Dep
12:30
12:40
14:50
Days
3,6
1,5
2,4,7
Days
1,3,5,6,7
Dep
19:10
Arr
16:10
Arr
15:55
18:50
18:15
Days
2,4,7
Dep
14:25
Flights
CI 7915
Days
Daily
Days
1,4,6
Dep
08:00
Flights
MU 2011
CA 415
MU 2031
Days
3
Daily
1,2,4,5,6,7
Arr
21:25
Flights
VN 957
Days
1,3,5,6,7
Days
4,7
Daily
Dep
00:50
23:55
Arr
17:05
Flights
VN 943
Arr
11:10
Flights
QR918
Days
Daily
Dep
01:10
Days
2,4,7
Days
3,5,7
Days
Daily
Dep
22:10
Arr
08;50
07:45+1
Flights
KE 471
OZ 769
Arr
05:25
Days
Daily
3,6
Days
2
5
Dep
11:45
19:45
Flights
KA252
KA 250
Days
2,4,6
1,3,5,7
Days
1,3,5,6
4,7
Dep
12:50
14:30
Flights
NH913
Days
Daily
Days
3,5,6
Dep
10:30
Arr
13:00
21:00
Flights
BG 060
BG 060
Days
Daily
Dep
14:15
Arr
14:45
16:20
Days
Daily
Dep
12:50
Arr
11:55
Arr
16:40
Arr
15;15
MANDALAY TO KUNMING
Flights
MU 2030
Days
Daily
Dep
13:50
Arr
11:50
11:30
14:00
Dep
16:40
Arr
18:10
Dep
11:45
Dep
20:40
Dep
18:30
19:30
Dep
22:20
21:45
Dep
11:45
Days
2
5
Dep
16:30
16:30
Flights
PG723
W9 608
Days
1,3,5,6
4,7
Dep
11:00
17:20
Flights
8M 602
Arr
16:40
Days
3,5,6
Dep
12:50
Days
Daily
Dep
12:05
Days
Daily
Dep
10:55
Days
Daily
Dep
12:55
Days
Daily
2,4,6
Flights
AI 236
Days
2
Dep
13:10
Days
1,5
5
Dep
14:05
18:45
Arr
16:30
Flights
AI 235
Days
2
Arr
17:20
19:45
Days
2,4,6
1,5
4,7
Dep
06:15
11:00
14;30
Arr
08;05
12:50
16:20
Flights
AI 236
AI 233
Days
1,5
5
Days
Daily
Dep
13:50
Arr
16:40
Arr
12:20
Dep
13:10
13:30
Days
2,4,6
1,5
4,7
Dep
09:25
13:45
17:20
Arr
14:10
18:00
Arr
10:15
14:35
18:10
BANGKOK TO NAY PYI TAW

Flights
MU 2029
Days
Daily
Dep
12:50
Arr
14:55
DOMESTIC FLIGHT SCHEDULES

YANGON TO NAY PYI TAW
Flights
ND101
ND105
ND107
ND113
ND117
ND123
Days
1,2,3,4,5
1,2,3,4,5
1,2,3,4,5
1,2,3,4,5,6
1,2,3,4,5,7
1,2,3,4,5
Dep
07:00
08:00
11:00
15:00
17:00
19:30
Arr
07:55
08:55
11:55
15:55
17:55
20:25
Days
1,2,3,4,5
1,2,3,4,5,6
1,2,3,4,5
1,2,3,4,5
1,2,3,4,5
1,2,3,4,5,7
Dep
06:30
08:30
09:30
13:30
17:30
18:30
Arr
07:25
09:25
10:25
14:25
18:25
19:25
MANDALAY TO YANGON
Dep
06:00
Arr
07:20
NYAUNG U TO YANGON
Flights
YJ 891
Days
Daily
Dep
07:35
Arr
10:15
10:45
YJ 891
Daily
06:00
07:20
YH 918
1,2,4,5,6,7 07:45
1,2,5,7
06:00
08:25
YH 910
08:05
9:25
YH 917
06:00
08:25
YH 910
08:05
10:10
YH 909
3
06:10
1,2,4,5,6,7 06:10
7
06:30
07:45
YJ 881
08:05
10:10
07:45
YJ 881
1,2,4,5
08:20
10:25
YH 881
07:50
YH 910
1,2,5,7
08:25
9:45
YH 909
4,6
06:30
08:05
YH 918
08:25
11:05
YJ 881
1,2,4,5
06:45
08:05
YH 801
08:35
9:55
YJ 801
07:00
08:20
K7 242
Daily
08:35
11:45
K7 242
Daily
07:00
08:20
7Y 131
Daily
08:50
11:30
7Y 131
Daily
07:15
08:35
YH 910
09:35
10:55
7Y 121
08:20
09:40
7Y 121
Daily
09:55
14:10
Y5 649
Daily
10:30
11:50
K7 283
Daily
10:10
11:30
YJ 201
1,3
11:00
16:00
Y5 650
Daily
13:55
15:15
K7 264
Daily
14:30
16:40
YJ 202
1,3
16:15
17:35
7Y 241
Daily
14:30
17:10
K7 265
Daily
16:55
18:15
YH 731
2,3,4,6,7
15:00
17:55
7Y 242
Daily
17:25
18:45
19:10
YH 731
15:15
18:10
W9 129
1,3,6
17:50
W9 129
1,3,6
15:30
17:35
YH 732
1,2,4,6,7
17:55
19:15
W9 211
15:30
17:40
YH 732
18:10
19:30
YANGON TO HEHO
HEHO TO YANGON
Flights
Days
Dep
Arr
Flights
Days
Dep
Arr
YJ 891
Daily
06:00
08:50
YH 910
08:40
10:55
10:10
K7 282
Daily
06:00
09:00
YH 910
09:00
YH 909
06:10
08:40
YJ 881
09:00
10:10
YH 917
1,2,4,5,6,7 06:10
09:35
YH 634
09:05
10:15
YH 917
06:10
09:55
YJ 891
Daily
09:05
10:15
YH 909
06:30
09:00
K7 283
Daily
09:15
11:30
YH 633
06:30
09:05
YJ 881
1,2,4,5
09:15
10:25
YJ 881
06:30
08:45
W9 201
Daily
09:25
10:35
YJ 881
1,2,4,5
06:45
09:00
K7 243
Daily
09:30
11:45
10:45
Flights
ND302
Days
Daily
Dep
11:30
07:40
Y5 233
Daily
07:50
09:00
07:40
YJ 891
Daily
08:20
10:15
YJ 811
08:40
10:05
08:10
K7 283
Daily
08:25
11:30
08:30
YH 918
1,2,4,5,6
08:30
10:45
08:40
10:35
YH 505
1,2,4,5,6
10:30
09:10
11:05
YJ 751
3,7
10:30
11:30
YJ 761
1,2,4
11:00
12:10
YJ 762
15:00
17:00
12:25
YJ 751
11:00
12:10
YJ 752
15:20
16:30
18:00
Flights
ND301
Days
Daily
Arr
11:05
YH 909
1,2,5,6
06:00
YH 917
06:10
YJ 891
Daily
06:00
08:05
K7 282
Daily
06:00
YH 917
1,2,4,5,6,7
06:10
YJ 811
07:00
08:25
W9 201
Daily
W9 201
Daily
07:00
08:25
YH 918
YH 835
1,7
07:00
08:40
7Y 132
Daily
09:35
YH 826
07:00
08:40
K7 267
Daily
10:20
Arr
12:40
Days
Daily
YH 909
NAY PYI TAW TO YANGON

Flights
ND100
ND102
ND104
ND110
ND118
ND122
YANGON TO MANDALAY
Dep
09:55
YANGON TO NYAUNG U
Flights
K7 282
YH 917
CHIANG MAI TO YANGON

Flights
Y5 252
7Y 306
W9 9608
NAY PYI TAW TO BANGKOK

Flights
MU 2030
Dep
07:00
KOLKATA TO YANGON
YANGON TO CHIANG MAI

Flights
Y5 251
7Y 305
W9 9607
Arr
16:30
14:50
DELHI TO YANGON
YANGON TO KOLKATA
Flights
AI 234
AI 228
Dep
07:20
11:30
K7 242
Daily
07:00
09:15
YH 918
1,2,4,5,6,7
09:35
7Y 131
Daily
07:15
10:05
YH 918
09:55
11:05
K7 266
Daily
08:00
09:15
7Y 132
Daily
10:20
11:30
7Y 121
Daily
08:20
10:35
7Y 121
Daily
10:50
14:10
Y5 649
Daily
10:30
12:45
K7 267
Daily
11:10
12:25
11:55
YH 506
1,2,4,5,6
11:55
14:00
11:40
YH 506
12:40
14:50
YH 831
4,6
07:00
08:40
YJ 762
13:10
17:00
YJ 233
11:00
12:10
YJ 762
1,2
15:50
7Y 131
Daily
07:15
09:20
YH 836
1,7
13:20
14:45
YH 505
11:15
12:40
7Y 241
Daily
15:55
18:45
K7 266
Daily
08:00
10:05
YH 832
4,6
13:20
14:45
YH 727
11:15
12:40
K7 829
1,3,5
16:10
17:25
8M 6603
09:00
10:10
YH 827
13:20
14:45
YH 737
5,7
11:15
12:40
YH 728
16:00
18:10
YJ 211
5,7
11:00
12:25
YH 738
13:40
18:05
YH 737
11:30
12:55
YH 732
16:25
17:30
YJ 601
11:00
12:25
YJ 212
15:00
16:25
7Y 941
1,2,4,6
11:45
13:55
YH 732
1,2,4,6,7
16:25
19:15
YJ 201
1,2,3,4
11:00
12:25
YJ 212
15:00
17:05
K7 828
1,3,5
12:30
13:45
YJ 602
16:25
17:35
YH 911
11:00
15:30
YH 830
15:05
18:55
K7 822
2,4,7
12:30
13:45
K7 264
Daily
16:30
18:15
YJ 761
1,2,4
11:00
12:55
YH 912
15:30
17:25
K7 264
Daily
14:30
15:45
YH 738
16:40
17:50
YJ 233
11:00
12:55
YJ 202
2,4
15:30
16:55
7Y 241
Daily
14:30
15:40
YH 732
16:40
19:30
YH 729
2,4,6
11:00
14:00
YJ 202
1,3
15:30
17:35
YH 731
1,2,4,5,6,7 15:00
16:25
YJ 752
3,7
16:45
17:55
15:15
16:40
YH 738
16:55
18:05
15:30
16:40
W9 129
1,3,6
16:55
19:10
YH 829
11:00
15:05
YJ 602
15:40
17:35
YH 731
YH 737
11:15
13:25
YJ 762
1,2
16:35
18:00
W9 129
1,3,6
11:15
13:25
7Y 242
Daily
16:40
18:45
11:30
12:55
YH 728
16:45
18:10
Flights
Days
Dep
Arr
Flights
Days
Dep
Arr
YH 737
11:30
13:40
Y5 776
Daily
17:10
18:20
W9 309
1,3,6
11:30
12:55
W9 309
1,3,6
13:10
14:55
Arr
13:25
7Y 941
1,3,4,6
11:45
13:10
W9 211
17:10
19:15
K7 422
Daily
13:00
14:55
K7 423
Daily
15:10
16:30
7Y 841
2,5
11:45
13:10
K7 823
2,4,7
17:10
18:35
7Y 943
11:45
13:10
YH 732
17:10
19:15
K7 822
4,7
12:30
16:55
8M 6604
17:20
18:30
Flights
Days
Dep
Arr
Flights
Days
Dep
Arr
Arr
06:25+1
K7 622
1,3,5,7
13:00
14:25
K7 227
2,4,6
17:20
18:45
K7 242
Daily
07:00
10:35
K7 243
Daily
10:50
11:45
K7 226
2,4,6
13:30
14:55
8M 903
1,2,4,5,7
17:20
18:30
YH 505
1,2,4,5,6
10:30
13:10
YH 506
1,2,4,5,6
13:10
14:00
7Y 241
Daily
14:30
16:25
YH 738
17:25
18:50
YH 505
11:15
14:05
YH 506
14:05
14:50
YH 731
15:00
17:10
K7 623
1,3,5,7
17:40
19:05
W9 309
1,3,6
11:30
13:50
7Y 122
Daily
13:20
14:10
Y5 234
Daily
15:20
16:30
YH 730
2,4,6
17:45
19:10
14:55
W9 211
15:30
16:55
YJ 234
17:45
19:10
W9 252
2,5
18:15
19:40
Arr
22:30
23:40
Arr
00:15+1
23:45
Arr
17:15
Arr
18:40
18:45
Arr
11:55
18:10
Arr
16:00
Arr
12:20
Arr
15:55
MYITKYINA TO YANGON
YANGON TO MYITKYINA
Flights
YH 835
Days
1,7
Dep
07:00
Arr
10:05
Flights
YJ 202
Days
Dep
2,4
14:05
Arr
16:55
YH 826
07:00
10:05
YJ 202
1,3
14:05
17:35
YH 831
4,6
07:00
10:05
YH 836
1,7
11:55
14:45
YJ 201
11:00
12:25
YH 832
11:55
14:45
YH 829
11:00
13:40
YH 827
11:55
14:45
YJ 201
2,3,4
11:00
13:50
K7 623
1,3,5,7
16:10
YJ 233
11:00
16:05
YJ 234
16:20
W9 251
2,5
11:30
14:25
YH 830
7Y 841
11:45
14:35
W9 252
2,5
K7 622
1,3,5,7
13:00
15:55
Arr
11:00
Flights
YH 836
Days
1,7
12:15
13:05
W9 309
1,3,6
14:05
Daily
13:00
13:35
K7 422
Daily
14:10
16:30
Y5 421
1,3,4,6
15:45
16:40
Y5 422
1,3,4,6
16:55
17:50
YANGON TO DAWEI
DAWEI TO YANGON
Flights
Days
Dep
Arr
Flights
Days
Dep
Arr
K7 319
2,4,6
7:00
8:10
K7 320
2,4,6
12:25
13:35
1,5
7:00
7:48
7Y 532
1,5
11:30
12:18
7Y 531
YANGON TO LASHIO
YJ 751
11:00
YH 729
2,4,6
11:00
16:30
18:55
7Y 741
1,5
11:30
16:45
19:40
K7 828
1,3,5
12:30
Dep
10:30
LASHIO TO YANGON
Arr
12:45
Flights
YJ 752
Days
5
Dep
13:30
Arr
16:30
13:15
K7 829
1,3
15:05
15:55
13:00
K7 829
15:05
17:25
13:18
YJ 752
15:40
17:55
14:50
7Y 742
1,5
16:00
17:48
YH 730
2,4,6
16:45
19:10
Airline Codes
Arr
14:45
4,6
07:00
11:00
YH 827
11:00
14:45
YH 826
07:00
11:00
YH 832
4,6
11:00
14:45
W9 251
2,5
11:30
15:25
W9 252
2,5
15:45
19:40
MYEIK TO YANGON
Flights
Days
Dep
Arr
Flights
Days
Dep
Arr
Y5 325
1,5
06:45
08:15
Y5 326
1,5
08:35
10:05
7Y 531
1,5
07:00
08:38
7Y 532
1,5
10:45
12:18
K7 319
2,4,6
07:00
09:05
K7 320
2,4,6
11:30
13:35
15:30
17:00
Y5 326
17:15
18:45
Daily
19:10
YH 831
Y5 325
7Y 122
19:05
Days
1,7
YANGON TO MYEIK
THANDWE TO YANGON
K7 422
Days
3
Dep
11:00
SITTWE TO YANGON
YANGON TO THANDWE
PUTAO TO YANGON
YANGON TO PUTAO
Dep
07:00
YANGON TO SITTWE
Flights
YJ 751
Flights
YH 835
Arr
13:25
KUNMING TO MANDALAY
Flights
MU 2029
SINGAPORE TO MANDALAY
Flights
Y5 2234
MI 533
2,5
DON MUEANG TO MANDALAY
Flights
FD 244
Arr
20:50
14;15
W9 251
BANGKOK TO MANDALAY
Flights
PG 709
Dep
15:45
07:50
YH 727
GAYA TO YANGON
MANDALAY TO DON MUEANG
Flights
FD 245
Dep
08:25
11:10
13:30
INCHEON TO YANGON
MANDALAY TO BANGKOK
Flights
PG 710
Arr
09:50
DHAKA TO YANGON
YANGON TO GAYA
Flights
8M 601
Dep
07:00
TOKYO TO YANGON
Arr
06:45+1
YANGON TO INCHEON
Flights
PG724
W9 607
Arr
10:35
16:40
15:50
HONG KONG TO YANGON
YANGON TO DHAKA
Flights
BG 061
BG 061
Dep
08:35
14:40
14:15
SEOUL TO YANGON
YANGON TO TOKYO
Flights
NH914
Arr
22:50
DOHA TO YANGON
YANGON TO HONG KONG

Flights
KA 251
Dep
19:30
HO CHI MINH TO YANGON
YANGON TO SEOUL
Flights
OZ 770
KE 472
Arr
08:00
11:15
20:10
15:05
18:25
KUNMING TO YANGON
YANGON TO DOHA
Flights
QR919
Dep
06:55
10:05
19;10
13:50
17:20
HANOI TO YANGON
YANGON TO HO CHI MINH

Flights
VN 942
Arr
08:45
08:50
09:20
10:40
12:45
14:50
15:45
10:40
TAIPEI TO YANGON
YANGON TO HANOI
Flights
VN 956
Dep
07:20
07:20
07:55
09:10
11:30
13:25
14:20
05:20
GUANGZHOU TO YANGON
Flights
CZ 3055
CZ 3055
8M 712
YANGON TO KUNMING
Flights
CA 416
MU 2012
MU 2032
Arr
07:05
08:00
12:20
17:05
20:55
11:15
BEIJING TO YANGON
YANGON TO TAIPEI
Flights
CI 7916
Dep
06:20
07:15
11:35
16:20
20:15
10:30
Days
2,4,6
1,2,4,5,6
YANGON TO DELHI
KUALA LUMPUR TO YANGON
YANGON TO GUANGZHOU
Flights
8M 711
CZ 3056
CZ 3056
Days
Daily
Daily
Daily
Daily
Daily
1,3,5,7
Flights
TR 2822
Y5 2234
SQ 998
3K 581
MI 533
8M 232
MI 518
3K583
YANGON TO BEIJING
Flights
CA 906
Arr
08:45
09:40
22:20
12:40
13:50
14:30
17:35
18:45
18:50
20:05
21:30
SINGAPORE TO YANGON
YANGON TO KUALA LUMPUR
Flights
AK 505
MH 741
8M 501
MH 743
AK 503
Dep
08:00
08:45
21:30
11:55
13:05
13:40
16:45
17:55
18:05
19:20
20:15
DON MUEANG TO YANGON
YANGON TO SINGAPORE
Flights
8M231
Y5 2233
TR 2823
SQ 997
3K 582
MI 533
MI 519
3K584
MANDALAY TO SINGAPORE
Flights
MI 533
Y5 2233
3K
6T
7Y
8M
BG
CA
CI
CZ
DD
DE
FD
K7
KA
=
=
=
=
=
=
=
=
=
=
=
=
=
Jet Star
Air Mandalay
Mann yadanarpon Airlines
Myanmar Airways International
Biman Bangladesh Airlines
Air Chaina
China Airlines
China Southern
Nok Airline
Condor
Air Asia
Air KBZ
Dragonair
KE =
MI =
MU =
MH =
ND =
NH =
PG =
QR =
SQ =
TG =
TR =
VN =
W9 =
Korea Airlines
Silk Air
China Eastern Airlines
Malaysia Airlines
FMI Air
All Nippon Airways
Bangkok Airways
Qatar Airways
Singapore Airlines
Thai Airways
Tiger Airline
Vietnam Airlines
Air Bagan
Y5 = Golden Myanmar Airlines

YH = Yangon Airways
YJ = Asian Wings
Day
1
2
3
4
5
6
7
~
~
~
~
~
~
~
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
Sunday
IT & TELECOM
29
mmbiztoday.com
/RFDO'DWD&HQWUH5HFHLYHV8SWLPH
,QVWLWXWH7LHU,,,&HUWLFDWLRQ
Aung Phyo
agent of Vantage Tower.

M&A Data Centre is the
UVW DQG RQO\ GDWD FHQWUH
in Myanmar that has received the Uptime InstiWXWHV7LHU,,,OHYHOFHUWLcation We have already
leased a good number
of racks and we expect
to lease all 90 racks very
quickly.
The company said M&A
Data Centre has been designed to ensure 99.98
percent operational time
on an annual basis with
maximum downtime of
no more than 1.6 hours
per year.
In a market such as
Myanmar, it is very challenging to develop and execute a data centre design
which ensures constant
reliable power and facilities which include multihoming internet connectivity, said U Thein Soe
Htaik, Infra Team Leader
and Head of the Data
Centre team.
At Vantage Tower, we
have installed three gensets, each of which are
capable of providing 100
percent redundant backup power. Three sources
of UPS units utilising
Distributed Parallel Architecture, or DPA, eliminate downtime associated
with the 30 second genset initialisation period

whereby back-up gen-sets
also exist to ensure that
M&A Data Centre and
base building systems are
continuously running, he
added.
Myanmar Summary
onf/ Uptime Institue onf

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owfrw
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f &kd &dScJhaMumif; od& aqmufaeaom Vantage Tower
:K\9LHWQDPV&RPPXQLVWV$UH/HDUQLQJ
WR/LNH)DFHERRN
John Boudreau
ietnams
Communist
government, which once
blocked Facebook Inc., is
now embracing the online
tools of capitalism by establishing its own page on
the social media website
in order to reach young
Internet-savvy users who
turn to it for news and
discourse.
The page, called simply Government Information, caught public
attention last week and
was set up to ensure Vietnamese netizens are
fully informed of Hanois
policies, according to the
government. Posted on
the site are grip-and-grin
photos of Prime Minister

Nguyen Tan Dung meeting with foreign dignitaries and press releases
about government policies and activities. The
site, run out of the the
SULPH PLQLVWHUV RFH
was set up earlier this
month.
Unlike Chinas CommuQLVWRFLDOVZKRVWLOOEDQ
Facebook, Vietnam has
joined the social media
fray it once opposed. The
government, while maintaining some control over
information, is signaling
its willing to risk facing the wrath of citizens
and overseas Vietnamese
critical of its policies and
one-party system as it
gears for a political tran-
sition with a new slate of

leaders next year.
The Vietnamese leadership is becoming more
practical, said Vu Tu
Thanh, chief Vietnam
representative of the U.S.Asean Business Council.
A new and younger genHUDWLRQ RI RFLDOV KDYH
been elected to various
provincial positions who
are familiar with modern
tools like Facebook.
The government, after
lobbying by the U.S. Embassy in Hanoi and the
Asean Business Council,
of which Facebook is a
member, stopped blocking the social network two
years ago, he said. Nearly
half of Vietnams 90 million population is online,
wG i f wnf &S d o nf / Vantage

Tower udk tif;,m;vrf;ESifh
jynfvrf;qHk&mwGif wnf&SdNyD;
,ck E S p f u k e f t NyD ; wnf a qmuf
UQI< W[\IMULIKWDTPXIWW+N
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Myint & Associates
yint & Associates

Construction
Company
Ltd
said its data centre has received US-based Uptime
,QVWLWXWHV 7LHU ,,, FHUWLcation.
New York-based Uptime Institute LLC is a
consortium of companies
that engage in education,
publications, consulting,
FHUWLFDWLRQV
FRQIHUences and seminars for
the enterprise data centre industry and for data
centre professionals. It is
best known for its widely
DGRSWHGWLHUFHUWLFDWLRQV
of data centres.
7KH FHUWLFDWLRQV DUH
awarded in four levels:
Tier IV - Fault tolerant
site infrastructure; Tier
III - Concurrently maintainable site infrastructure; Tier II - Redundant
capacity components site
infrastructure
(redundant); and Tier I - Basic
site infrastructure (nonredundant).
The data centre is located at Vantage Tower, a
property being developed
by Myint & Associates.
The construction is expected to be completed in
the fourth quarter of this
year, the company said.

Vantage
Tower,
a
236,144sqft (21,938sqm)
JURVV RRU DUHD *)$
mixed-use building, is
located on the intersection of Inya road and
Pyay road. The building
will consist of two joined
components: Tower A, an
18-storey mixed-use tower with two basement levels that will provide approximately 100,000sqft
VTP RI RFH DFcommodation and a pentKRXVH RQ WKH WK RRU
and Tower B, which will
house the data centre and
has a six-level multi-storey car park.
M&A Data Centre is
ORFDWHG RQ WKH WK RRU
of Tower B of the propHUW\DQGRHUVUDFNVRI
server co-location storage
space and support services.
M&A Data Centre intends to host external
clients as well as Vantage Tower tenants and
LV DWWUDFWLQJ D VLJQLFDQW
number of inquiries from
telecommunication comSDQLHV QDQFLDO LQVWLWXtions, government and
co-location tenants, said
Hugo Slade, managing
director of Slade Property
6HUYLFHV RFLDO SURSHUW\
according to the government. There are 30 million active Facebook users who access the social
media site monthly, according to Tuoi Tre newspaper.
The governments Facebook page is a pilot project, said Vi Quang Dao,
who oversees the page as
well as the governments
main website. We aim
to expand channels to increase giving information
to the public on government activities, he said.
Communist leaders are
preparing for next years
Party Congress, which
will usher in a political transition across the
government. Vietnams
leaders have learned that
taking small steps toward

transparency, and admitting mistakes, gives the
government more credibility, Thanh said.
The government is sure
to have a system in place
to ensure comments it
considers too critical of
the leadership will be
omitted, he said. Already,
critical comments have
begun to appear.
This government information page is full of applause, supportive comments, a Facebook user
who goes by the name
Duong Hoai Linh posted
on the government site
Thursday.
Contrary
opinions are all deleted
and blocked. So is there
freedom of speech?
The users comments

were later deleted, though
its unclear by whom.
Myanmar Summary
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EVENTS
30

mmbiztoday.com
Pyay Garden Office Tower

Opening Ceremony
Photo : Kyaw Min
3\D\ *DUGHQ 2FH 7RZHU ORFDWHG LQ 6DQFKXDQJ 7RZQVKLS KHOG DQ RFLDO
opening and ribbon cutting ceremony on October 22. Guests were enthralled by
entertainers Zaw Win Htut, Zin Zar Maw, and Wai La and Emperor Band.
Myanmar Professional Women Networking Event at Jaguar Land Rover Showroom

Photo : Ei Thandar Tun
Attendees network at the event.
A Jaguar is displayed at the showroom.
Myanmar Mobile Education

Project Graduation Ceremony
Photo : Telenor Myanmar
Telenor together with Myanmar Mobile EduFDWLRQ3URMHFWUHFHQWO\FHOHEUDWHGWKHUVWJUDGuation ceremony for the children who completed myMEs non-formal education program at
LWVUVWOHYHO0\0(VPRELOHFODVVURRPWHDFKHV
basic literacy, math, computer skills, analytical
thinking, personal hygiene and understanding
of preventable diseases.
About 100 Myanmar Professional women and some expatriates joined the
event.
EVENTS
31
mmbiztoday.com
The New Toyota HiLux Revo Launching Ceremony in Myanmar

Photo : Toyota Myanmar
Mr Yoshinori Kato, vice president, Area Operations Division 4, Toyota Motor ASIA Pacific PTE Ltd, introduces the
New You New Toyota campaign.
New Toyota HiLux, the world's best selling pickup truck, now available in
Myanmar market with single cab, double cab, and extra cab.
Mr Hidemasa Azuma, chief representative, Yangon Representative Office, Toyota Motor Corporation gives a welcome speech at the launching event.
The launch of the new Toyota HiLux Revo is welcomed by the local customers
and business community.
Traditional martial is performed to portray HiLux reputation for reliability, durability and toughness.
Official Launch of
Beetalk Application
Photo : Bee Talk
Delegates pose for a photo.
Model Aye Chan Moe poes for a photo.
BeeTalk Marketing Manager Nang Mo addresses an audience.
PR Executive May Mya Thu makes a speech at the event.
32
ENTERTAINMENT
mmbiztoday.com
Asia Sports Ventures/Action Images via Reuters Livepic
An Electrifying Mix of Mid Air Somersaults

and Deadly Precision
Thailand's Thawisak Thongsai (R) in action with Myanmar's Thant Zin Oo during the group stage match during ISTAF Super Series Finals in Thailand.
estled in the heart of

Thailand, a group is
gathered around a 44 x
20 feet court, the size of a badminton doubles court. Spectators at the front row are treated
to a feast of mid-air somersaults ending with a spike at
net with deadly precision to
land out of the opponents way
in the other court.
Sepaktakraw is Asias best
kept secret. A highly athletic
sport which continues to amaze
DQ\RQHVHHLQJLWIRUWKHUVW
time, an American tourist in
Bangkok once called it the

magical love child of volleyball,
soccer and Shaolin Kung Fu.
Historical records point to its
humble beginnings as a traditional sport played in 16th century Thailand, Malaysian royal
court a century before that, and
even across a wide swathe of
the Philippines, Brunei, Myanmar, Indonesia and Laos as far
back as the 11th century.
Sepaktakraw (sepak = Malay
word for kick + takraw = Thai
word for rattan ball) has since
evolved from its Southeast
Asian mould to becoming a

global force with dedicated
pockets of fans and players
across the globe.
In a nutshell, sepaktakraw is
a game with two teams consisting of three players; a player
on one of the teams begins a
rally by serving the ball from
the service circle, over the net,
and into the receiving teams
court. The receiving team must
not let the ball go to the ground
within their court. Each team
may touch the ball up to three
WLPHV7\SLFDOO\WKHUVWWZR
touches are used to set up for

an attack, which takes the form
of a somersault movement
HLJKWIHHWRWKHJURXQGZLWK
the ball reaching over 80km/h.
At the pinnacle of fast paced
action sports, sepaktakraw has
captured international audience with the inaugural 2011
ISTAF World Cup, as well as
the ISTAF SuperSeries tournaments featuring the worlds
top mens and womens teams.
These premier international

tournaments organised by Asia
Sports Ventures, the global
commercial and developmental
partner of International Sepaktakraw Federation (ISTAF),
have helped to bring the sport
into focus, and is part of the inWHUQDWLRQDOIHGHUDWLRQVHRUWV
in promoting the sport worldwide, with a goal of inclusion
of sepaktakraw as an Olympic
medal sport.
Reuters
New Travel and Tour JV

Pegu Travels Launches
Zwe Wai
Asia Sports Ventures/Action Images via Reuters Livepic
Thailand's Nipaporn Salupphon in action against Myanmar during their group stage match during ISTAF Super Series Finals
in Thailand.
egu Travels, a new British-Myanmar joint venture travel

and tour company, was launched in Yangon last week.
The company is led by Marcus Allender, a Brit with over
a decade of experience in the tourism, marketing and online
worlds, and Han Su Thet, a Myanmar with experience in the
local and Thai tourism industries.
Based in Yangon, the company has 30 employees.
:HSURYLGHH[SHUWDGYLFHLQGHVLJQLQJLWLQHUDULHVWKDWW
individual needs, said Allender, and our experience and connections mean that even the most logistically challenging trips
are handled with ease.
3HJX7UDYHOVVDLGLWZLOORHUWRXUVWKDWSURYLGHGHSWKDQG
enjoyment by engaging with local culture, experienced and
enthusiastic guides all around Myanmar who speak a variety of
European languages and corporate travel and MICE bookings,
at competitive rates.

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Myanmar Business Today

October 29-November 4, 2015

MYANMARS FIRST BILINGUAL BUSINESS JOURNAL

October 29-November 4, 2015 | Vol 3, Issue 42

Forex Licences Revoked,

he kyat has lately

bookings. So these businesses will need time to

tor told Myanmar Business Today, All licences

nesses to turn in their

French Firm Atos Launches

Floods Devastating Blow to

Singapore Firm Acquires

October 29-November 4, 2015

Business News in Brief

Reporters & Contributors

Design, Layout & Photography

No. 1A-3, Myintha 11th Street,

6WXG\ QGV ODZPDNHUV IRFXVHG RQ IXQGV RYHU

value of Myanmars jade production as high as US$31

October 29-November 4, 2015