Myanmar Business Today - Vol 1, Issue 40.pdf

MYANMAR’S FIRST BILINGUAL BUSINESS JOURNALNovember 7-13, 2013 Vol 1, Issue 40

Myanmar Summary

Contd. P 6...

Electricity Price Hike Draws Public Ire, But Experts Laud MoveGovt eyes to curb power production costs; move “unpleasant, yet necessary”

Sherpa Hossainy & Oliver Slow

The Yangon City Electricity Supply Board (YESB) in-creased electricity prices

years by more than 40 percent in an attempt to allay rising power generation costs, it said

in a public announcement last week.

Besides covering costs, the move also eyes to cut down “purchasing cost of electricity to a certain extent,” YESB said.

While there has been a mas-sive public backlash against the decision, experts said the move was necessary to minimise the

government’s burden of huge electricity subsidies, which could amount to almost 1 per-cent of Myanmar’s GDP, and also a promising sign for the would-be foreign investors in the power sector.

Nomita Nair, partner at UK-

Paisner (BLP) and part of the Contd. P 6...

Despite Low Rating, Business

Climate ImprovingMyanmar assessed in study for fi rst time; Score low, but reforms seen as

encouraging

For a country rolling out economic reforms at a startling pace, Myanmar’s

lowly ranking among the likes of Eritrea and Chad for ease

alarm bells for would-be foreign investors.

ing to tap the country’s natural resources, tourism potential and urgent infrastructure needs is Myanmar is making progress in preventing the rampant graft, bureaucracy and cronyism that under military rule made it one of the world’s riskiest places to do business, according to the International Finance Corp (IFC), the private-sector arm of the World Bank.

Doing Business report meas-ures regulations in Myanmar, a country that has started to open up to the global economy after years of isolation,” said Kan-than Shankar, country manager of the World Bank in Myanmar.

“The data show that there is considerable scope for reform,

Kyaw Min

Contd. P 2...

team leading BLP’s Myanmar Practice, told Myanmar Busi-ness Today, “It is inevitable that a rise in electricity prices could trigger a public outcry. However, end users need to consider the real cost of electricity generation and the enormous investment that is required to upgrade existing crumbling infrastructure and to add new capacity.”

The Myanmar government has increased electricity prices by more than 40 percent in an attempt to deal with rising power generation costs.

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November 7-13, 2013 Myanmar Business Today2LOCAL BIZ

MYANMAR’S FIRST BILINGUAL BUSINESS JOURNAL

Board of EditorsEditor-in-Chief - Sherpa Hossainy

Deputy Editor - Oliver Slow

Reporters & WritersSherpa Hossainy, Oliver Slow,

Kyaw Min, Shein Thu Aung, Phyu Thit Lwin,

Su Su, Aye Myat

Art & DesignZarni Min Naing (Circle)

DTPMay Su Hlaing

TranslatorsShein Thu Aung, Phyu Maung

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

Advertising Hotline - 09 7323 6758

Managing DirectorPrasert Lekavanichkajorn

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PhoneEditor - 09 42110 8150

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to improve the country’s business regulations. By removing bottlenecks to

governments can signal the emergence of a more business-friendly envi-ronment, as has already been done in a large number of economies in the region.”

The report, Doing Busi-ness 2014: Understanding Regulations for Small and Medium-Size Enterprises

22 of 23 economies in

have made their regula-tory environments more business-friendly. Among the region’s economies, China made the greatest progress during that time in improving business regulations for local entrepreneurs.

Myanmar’s inaugural ranking of 182 from 189 countries covered in the World Bank’s annual Doing Business report on Tuesday should not be taken at face value, said Charles Schneider, the resident IFC representa-tive in Yangon.

“All the indices point towards corruption, but with increased transpar-ency and increased use of tendering they have taken a lot of question marks out of these processes,” Schneider said.

Since replacing a military regime in March 2011, Myanmar’s quasi-civilian government has introduced a wave of eco-nomic, political and social reforms, which convinced Western countries to restart development aid and suspend most of the sanctions that for two decades prohibited trade

and investment.Under the junta,

Myanmar’s investment climate was considered

reputation for corruption, limited legal safeguards and opaque deals struck largely without tenders.

urgently needed jobs and infrastructure in one of Asia’s poorest countries, Myanmar has sought help in drafting new legislation and setting up panels led by technocrats to try to improve the investment climate.

Myanmar, however, was still far behind Southeast Asia’s biggest economies according to the report, with average time taken to set up a business 72 days compared with 2.5 in Singapore, 27.5 in Thai-land and 6 in Malaysia.

For procedures involved in acquiring construction permits, there were eight in Thailand, 11 in Singa-pore and 16 in Myanmar. Gaining electricity access took an average 113 days in Myanmar, compared to 34 in Malaysia and 35 in Thailand, the study showed.

Schneider said Myan-mar had started from a low base and still had a long way to go in areas like regulation, licensing, and dispute settlement mechanisms.

But new banking and

parliament’s passing of an investment bill last year

land leases and foreign participation in most sectors were signs of its commitment to attracting businesses.

“The government is way ahead of the curve on many of these reform

programmes,” he said.“A better business

climate can enable entre-preneurs and investors to create more job oppor-tunities for the people of Myanmar,” he added.

“Measuring regulations and other indicators of a business-friendly envi-ronment in Myanmar is a great step forward for Myanmar’s economy. As a new entrant to Doing Business, Myanmar now has a good benchmark for measuring the results of its reform program.”

A break from the past was the holding of an auc-tion for telecoms licences, he said, which passed heavy scrutiny. Telecoms is seen by many econo-

Myanmar Summary

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Doing Business 2014 tpD

“All the indices point towards corrup-tion, but with increased transparency

and increased use of tendering they have taken a lot of question marks out of these

processes.”

mists as one of the most important development areas in Myanmar and a sector, that like many, was monopolised for

Qatar’s Ooredoo, and Norway’s Telenor won the rights to provide telecoms services in June.

“It’s a couple of years ... Myanmar can easily be at the stage where they are doing as well as other AEC members,” Schnei-der said, referring to the ASEAN Economic Com-munity, which will come into play in 2016.

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Myanmar Business Today3

November 7-13, 2013 LOCAL BIZ

Myanmar Summary

Japan, Myanmar Reach Deal on Thilawa Development

Companies from My-anmar and Japan signed an agree-

ment last week to develop an industrial complex at the Thilawa Special Eco-nomic Zone located on the outskirts of Yangon.

The consortium – including Japanese companies Mitsubishi, Sumitomo and Marubeni – will form a partnership with the Myanmar gov-ernment as well as local companies to develop the “Class A Area” of the SEZ, designated for initial development.

Work for this aspect of the project is expected to include the construction of roads, sewage treat-ment equipment and further infrastructure at a 400-hectare area at the site, which is seen as a key development for increas-ing trade to the Southeast Asian century.

“We believe the SEZ will create a vast number of job opportunities for our citizens and for the transfer of technology, it will also compliment our national economic objectives,” said Finance Minister U Win Shein at a press conference to an-nounce the latest deal in Tokyo.

The Japanese arm of the consortium will hold a 49 percent stake in the

Oliver Slow project, while Myanmar will control the other 51 percent.

“Myanmar has cheap and abundant labour power and we believe that Thilawa has very high potential as a production base,” said Toru Kabeya,

Transport Infrastructure Project Department of Marubeni.

Japan has sought closer ties with Myanmar since a quasi-civilian govern-ment led by President Thein Sein came to power in 2011 and began imple-menting a raft of changes to attract international investment.

Large-scale Japanese companies such as Nis-san, Canon and Hitachi have announced plans to begin operations in the former pariah state and

successful in a number of tenders, particularly with regards to infrastructure.

As a sign of improved bilateral relations be-tween the two countries, President Thein Sein visited Tokyo last year, while in May this year Japanese Prime Minister

visit by a Japanese leader in almost 40 years. Dur-ing that visit, Abe wiped much of Myanmar’s $6.6 billion debt to Japan.

The Thilawa project is expected to begin com-

mercial operation in 2015. Myanmar is also wooing

Japanese companies to

Trucks are seen in front of Myanmar International Terminals Thilawa, outside Yangon.

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be involved in a number of other infrastructure projects in the country.

November 7-13, 2013 Myanmar Business TodayLOCAL BIZ 4

M(April-September) of the cur-

data shows.During the period, Myan-

mar’s foreign trade totalled $10.65 billion, of which exports amounted to $5.1 billion, while imports stood at $5.55 billion, according to the Central Statis-

Kyaw Min tical Organisation.Border trade comprised $1.42

billion of the total export, imports through border trade stood at $851 million.

However, Myanmar regis-tered a trade surplus of $136.44 million in September, according to the statistical organisation.

anmar’s foreign trade totalled $18.42 billion, up $250 million, or 1.4 percent, compared with $18.17 billion in the previous

for $9.08 billion, while imports represented $9.34 billion.

Myanmar’s major export items include natural gas, jade,

rubber and teak, while import items include oil and gas, auto spare parts, iron and steel, palm oil, pharmaceutical products, plastics, fertiliser, cement and electronic equipment.

Myanmar Summary

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EU Appoints First Resident Ambassador to Myanmar

Oliver Slow

The EU Has announced

bassador to Myanmar as Roland Kobia, who was previously EU Ambassador to Azerbaijan for four years.

Kobia, who has also spent time working for the EU in Kenya and Congo, presented his letters of credence to President Thein Sein on September 24 and has been

Andreas List. Speaking at a meeting with the press on October 30 at the Euro-

pean Union headquarters in Yangon, Kobia said that the EU had a positive agenda in Myanmar and that their aim is to help the country’s continued transition towards a genuine democracy.

He revealed some of the key issues that the EU will be working on as part of their bilateral relations in Myanmar, which includes support of the transition to reform, the ethnic peace process, inter communal violence with particular reference to the ongoing situ-ation in Rakhine state, democracy and human rights, the upcom-ing elections in 2015, as well as poverty reduction and trade and investment.

Regarding trade and investment, Kobia said that the EU was exploring the possibility of setting up an investment agreement in Myanmar.

“Wherever you are in the world, investors don’t like uncertainty, so if businesspeople can see that their investments are protected, then they are more likely to invest,” Kobia said.

He added that the EU’s decision to permanently drop all remain-ing sanctions and grant the generalised system of preferences (GSP) were a commitment from the EU that they were pleased with the progress that the country is making.

Myanmar Summary

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resident Ambassador in Myanmar.

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Myanmar Business TodayLOCAL BIZ 5November 7-13, 2013

DHL Expands Myanmar PresenceEstablishes fully-owned country offi ce, appoints Christoph Beier as country manager

Su Su

DHL Global For-warding, the air and ocean

freight specialist within Deutsche Post DHL, has expanded its Southeast Asian operations with the establishment of a fully-

Myanmar, the company said.

Kelvin Leung, CEO for

Forwarding, said, “As a fast-developing country with a population of 60 million growing at around 6.5 percent, Myanmar has the potential of becoming one of the largest markets in Southeast Asia.

“DHL Global Forward-ing logistics experts based in Yangon will help bridge businesses in Myanmar with a network of interna-tional business partners both within and beyond the region.”

The move follows DHL’s almost twenty years of operations in Myanmar through agency represen-tation. Christoph Beier, who previously was DHL’s operations manager for its

as the country manager in Myanmar, DHL said in a statement.

Beier said: “Myanmar’s geographical advantage and developing trans-portation infrastructure coupled with DHL’s

long-term strategic partnerships with lead-ing local providers will enable DHL to maximise its potential to deliver

customers.“All while ensuring

complete compliance with the country’s rules and regulations for ship-ping procedures and documentation.”

A favourable production environment is attracting investments from major international corpora-tions across various industries in Myanmar. The country’s growth in 2012-13 has been primarily driven by gas production, construction and services and DHL said it is fully-equipped to support these sectors, in addition to consumer and technology.

operations will cover the company’s full range of services including inter-national freight forward-ing, air and ocean con-solidation, liner/NVOCC agency representation and customs brokerage as well as local transporta-tion and warehousing.

Standard IT systems

pletely implemented by the end of the year, DHL said.

DHL’s network spans more than 220 countries and territories, with 285,000 employees. DHL

is part of Deutsche Post DHL, which is the world’s largest logistics company.

The Group generated revenue of more than €55 billion ($75.55 billion) in 2012.

Myanmar Summary

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“If costs are not passed through to the end-user, they are in effect

being subsidised by the government and this may not be sustainable.”

The electricity price hike by the government will hurt the low-income families, Yangon residents say.

Minzayar/R

euters

According to the YESB an-nouncement, the electricity price for public household will remain unchanged at K35 (3.6 cents) per unit of consumption up to 100 units. Consumption above 100 units will be charged K50 (5.15 cents), which was K35 before.

The charge for public industry and enterprises will also remain unchanged at K100 (10.3 cents) per unit up to 5,000 units. Charge for consumption above 5,000 units was revised to K150 (15.4 cents) per unit, which was previously K75 (7.7 cents). The electricity prices for govern-ment departments will be K50

for state industrial use. The revised prices will be ef-

fective from November, YESB said. The existing prices, which are two times more than those

since January last year.The announcement of the

price hike raised some concerns and the local media went as far as accusing the govern-ment of only considering the

companies.“In Myanmar, the lack of

investment over the years has compounded the problem and creates a situation for some where the options are having no access to electricity or resorting to expensive diesel generators,” said Nomita, who specialises

transactions, especially within the energy sector.

“If costs are not passed through to the end-user, they

the government and this may not be sustainable.”

Nomita said in any economy, the authorities are constantly balancing energy security, af-fordability and environmental sustainability. “Appropriate

should be combined with a strong electricity regulator and comprehensive legislative framework in order to stimulate increased and long-term invest-ment into this vital sector.”

Allen Himes, managing direc-tor of Indigo Energy, an energy

-ous projects in Myanmar, told Myanmar Business Today that this rise in prices is “a necessary, if unpleasant, step needed in the development of Myanmar’s

electricity sector.”“I think the government has

been quite reasonable in rais-ing the rates in a graduated way, protecting the low-income users.”

Himes said the government is actually still subsidising elec-tricity for the retail users since “no one can produce electricity for less than K50 per unit.”

“As for the industrial users, they will still be paying less per unit of electricity than they do with diesel generators while the government is getting closer to cost recovery.

“Most developed countries price their electricity around the cost of production which is still higher than what Burmese users will be paying,” he said.

Nomita wrote in an expert legal insight article that there is a tendency to link the opening of the economy and the country to foreign investment with increases in the general cost of living, a view that seems to be especially held by SMEs which constitute over 90 percent of Myanmar businesses.

“The fact that the Myanmar authorities are willing to go ahead with this increase should be a positive sign to independ-ent power projects (IPP) devel-opers,” she wrote.

However, the legislative framework governing electricity

transmission and distribution is undergoing review and a new electricity law is still being considered by the parliament. The new law is expected to be promulgated in March 2014

and some IPP developers may prefer to wait for this to happen

-cant investment, Nomita wrote.

Meanwhile, amid criticism, the Myanmar government defended its decision and said it will not drop its announced hike in electricity prices. “We will not drop the prices. The new price

people will actually pay the bills in December. So, we informed people one month in advance,” Khin Maung Soe, minister for electric power, told reporters after a parliamentary meeting on Wednesday last week.

The minister said the govern-ment did consider the public while raising prices. “Working and middle-class people in My-anmar use less than 100 units of electricity, according to our study. They will be charged at

the usual rate of K35. Accord-ing to our survey, 70 percent of the population uses under 100 units.

“All the small and medium en-terprises are using under 5,000 units, they are charged only K100 per unit. Only the large businesses using over 5,000 units will be charged at K150.”

However, Myanmar Business Today spoke to more than 20

Yangon and none of them said they use less than 100 units of electricity. “Even if you do nothing you’ll consume more than 100 units,” Ko Zaw Win from North Dagon township quipped, while adding that none of his neighbours or friends use less than 100 units of electricity.

U Maung Htwe, a taxi driver from South Okallapa township, said the price hike is going to add to his day to day worries. “I think all the low-income

they pay extra for electricity when prices of everything are also rising?”

Ko Tin Naing from Tamwe township, who uses on an average 250 units of electric-ity a month due to running a personal computer and other appliances, said the move will hurt the poor. “It’s not a good situation. I think the govern-ment didn’t make a good decision.”

According to 2012 statistics, electricity consumption in Myanmar was 1,555 megawatts (MW), of which Yangon con-sumed about 667MW. Among the total consumption of elec-

tricity in Yangon region, public consumption made up 295MW, industrial and business enter-prises 123MW and hospitals, government departments and high schools consumed 109MW.

The minister added that the prices will be reviewed every year, and if the production cost goes down, prices will follow suit. There will be more price hikes in case the production costs rise, he added. However, he said he doesn’t see the price rising in the near future, and hoped that the government will be able to reduce the prices when Myanmar has more gas turbines and hydropower within a year.

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Myanmar Business Today7

November 7-13, 2013

Contd. P 8...

LOCAL BIZ

A$60 million soft loan from the Asian Develop-ment Bank (ADB) to

overhaul Myanmar’s electric-ity supply network will reduce power transmission losses by 4 percent, or 98 million units, a minister said.

Minister for electric power U Khin Maung Soe told the parlia-ment last week that the govern-ment can boost its income by K6.96 billion ($7.2 million), based on the selling price of K71 per unit, by preventing such losses.

Electric power transmission and distribution losses include losses in transmission between sources of supply and points of distribution and in the distribu-tion to consumers, including pilferage.

According to World Bank data, Myanmar’s electric power transmission and distribution losses are 21 percent of the total output, while its neigh-bours China, Thailand and Bangladesh have losses of 6,

Aye Myat

7 and 10 percent respectively. Myanmar’s total installed power capacity is about 3,500

megawatts.Both technical and non-

technical losses can be reduced

to a certain extent by installing new transformers, substitut-ing old power lines and aerial bundled conductors and re-placing analog meter boxes, according to ADB’s consultants’ suggestions.

Under the loan agreement, the payback period is 24 years, including an 8-year grace pe-riod. The interest rate is 1.5 per-cent in the payback period and 1 percent in the grace period, the minister told the current Pyidaungsu Hluttaw session.

ADB has pledged to assist in Myanmar’s infrastructural de-velopment in terms of technol-

and sustainable energy during ADB President Haruhiko Kuro-damade’s visit in February.

Myanmar Summary

Files

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Bosch Gets New Executive ManagementAndre de Jong to head operations of three regional markets

German technology and services sup-plier giant Bosch

last week announced the appointment of Andre de Jong as the new head of the Bosch representative

Laos, as well as the man-aging director of Robert Bosch (Cambodia) Co Ltd.

De Jong’s appointment underscores the impor-tance of the new emerg-ing markets for Bosch’s further growth plans in the region as Southeast Asia is currently the fast-est growing market for Bosch, the company said in a statement.

“I am positive about the outlook of the three new frontier markets, and I see promising growth in the automotive, construc-tion, furniture, security, hydropower, oil and gas, and mining sectors,” said de Jong.

“Bosch is among the -

mar, we have been in Cambodia since 2004,

Aye Myat and we opened our

Laos last year. We are therefore well-positioned to seize new opportunities and stay on the course for growth,” he added.

Bosch said Myanmar is a fast-growing and dynamic market with im-

after the market of My-anmar opened up, Bosch established a representa-

April. Since then, Bosch’s line of power tools, indus-trial boilers, as well as its surveillance and security systems have been mak-ing progressive headway into the market, the com-pany said. A month after the opening of its repre-

Car Service workshop to serve Yangon’s booming automotive landscape.

Born in the Nether-lands, de Jong began his career with Bosch in 1997 as brand manager for the Bosch Power Tools Acces-


Myanmar Summary

The export earnings from maize has reached $129 million in the current

-tober, more than double com-pared with the same period last

the Ministry of Commerce.During April to October,

350,000 tonnes of maize were exported, while the export amount was 170,000 tonnes in the same period in 2012-13, fetching $55 million.

The majority of Myanmar’s maize is exported to China and Thailand.

“Chinese traders often travel to Mandalay to directly pur-chase corn without choosing a variety of maize,” said U Myo Aung, a maize entrepreneur.

“We often export without grain to Thailand and the price varies between K500 and K600 (52 to 62 cents) per viss [1 viss = 1.65 kilograms],” he added.

The price of corn has in-creased recently due to high de-mand of the crop in the market. However, production costs have also increased in the meantime, leaving businesspeople with many challenges in the market, said one maize trader.

Myanmar has around 845,ooo acres of maize or corn planta-tions, the majority of which are in Shan state, and Sagaing and Mandalay regions, according to the Agricultural Planning Department.

Myanmar is the world’s 12th

largest maize exporter, accord-ing to the United States Depart-ment of Agriculture (USDA).

Phyu Thit Lwin

Myanmar Summary

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Eel Export Surpasses Predicted Figures

Phyu Thit Lwin

TMyanmar Fishery Federation. -

September. For the remaining six months, the target is $40 million

reach $60 million.

and in the future,” said U Ba Thaw, chairman of Myanmar Eel En-trepreneurs Association. “We believe that eel export will overstep

Myanmar’s Eel is particularly popular in China and Japan, with China having been sent 10,000 tonnes in total. Myanmar’s largest

Myanmar Summary

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Csories division in Benelux. He played branding, marketing, international management and leadership roles across Switzer-land, Hong Kong, Vietnam and Germany.

The Bosch Group comprises Robert Bosch GmbH and its roughly 360 subsidiaries and regional companies in some 50

306,000 associates of Bosch Group generated sales of €52.5 billion ($71.4 billion). Since the beginning of 2013, its op-erations have been divided into four business sectors: automo-tive technology, industrial tech-nology, consumer goods, and energy and building technology.

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Striped eels.


Soe Z

eya Tun/Reuters

The marine exports

despite strong foreign demand, according to sources from Ma-rine Producers and Exporters Association.

The exporters blamed the low rate of national production for the fall, and abrupt weather and sea conditions in the previous months, which resulted in a substantially lower catch.

Marine product exports garnered about $280 million, down $23 million compared to the same period last year, from exporting 160,000 tonnes of marine products from April to September in 2013-14 FY, according to Directorate of Fisheries statistics.

Myanmar had previously set a target of exporting marine prod-ucts worth $700 million – $440 million through sea routes and $260 million through border

year.During the six-month period,

Myanmar exported 75,000 tonnes of marine products through sea routes and earned $135 million, while $144 mil-lion was earned from exporting

Marine Exports Fall Despite Foreign DemandPhyu Thit Lwin 92,000 tonnes through border

trade.This setback comes amid

surging interest from marine entrepreneurs from Vietnam, Thailand, China, Japan, Korea, the US and EU, who held talks with the authorities to invest in Myanmar’s marine product

more. Marine products from Myanmar are now exported to 32 countries including the EU.

Marine products are one of the priority export sectors, ac-cording to the national export

side, local demand for marine products is also up as majority of the inadequate catch is get-ting exported, leaving little supply to satisfy the national demand.

U Win Kying from Myanmar Fishery Federation said, “Now-adays we can’t deliver as much

and many people are turning away from the industry.”

Myanmar Summary

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AmaWaterways Unveils Myanmar Plans To start Ayearwaddy river cruises by October 2014

Aye Myat

California-based luxury river cruise line AmaWa-terways will enter the

Myanmar river cruise market with a new riverboat in October

The new vessel, named the AmaPura, will carry 56 pas-sengers on the Ayeyarwaddy river, the so-called “road to Mandalay,” with itineraries including Yangon, Myanmar’s former capital, and Mandalay, the company’s chief executive Rudi Schreiner said.

AmaWaterways is working with a partner in Myanmar to develop the new ship but the company did not reveal any ad-

ditional details on the Myanmar project.

To date, none of the other ma-jor US-based river cruise lines have entered the Myanmar river cruise market, though oth-

ers are rumoured to be looking into it.

The Myanmar river cruise market includes two vessels from Orient-Express, the 82-passenger Road to Manda-lay and 50-pas-senger Orcaella; Viking River Cruises’ 60-pas-senger Viking

Mandalay; and one planned entry from Sanctuary Retreats, a division of Abercrombie & Kent, the 48-passenger Sanctu-ary Ananda.

This new cruising area and the

investment in three new ships means that AmaWaterways will by the end of 2014 have 18 ships sailing in more than 20 countries on waterways including the Rhine, Seine, Danube, Main, Rhone, Douro and Moselle in Europe, as well as the waterways of Russia, the Mekong in Indochina, cruise-and-touring holidays in Africa and the Ayeyarwady.

AmaWaterways was one of

and is still the only river cruise operator to feature the Chobe River in Botswana. Prices and itineraries for Myanmar will be announced soon.

Myanmar Summaryu,fvDzdk;eD;,m;tajcpdkuf jrpfjyifpD;

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Myanmar’s rice export earnings dropped by more than $100 mil-

(April-November) of the cur--

try of commerce data shows.During the period, Myanmar

exported about 451,728 tonnes of rice, earning $175.54 mil-lion, while in the same period

exported 731,201 tonnes of rice, bagging $276.17 million.

The decline was partly attrib-uted to natural disasters that hit the country this year, and the price increase of rice in the

Kyaw Min domestic market.“This year our local rice pro-

duction has decreased and the local rice prices have gone up,” Dr Soe Tun, secretary of Myan-mar Rice Association, said.

“Also, last year it was pos-sible to export rice with special orders but this year we didn’t have the facility. So, the export

Although rice and paddy export has hit a snag, broken rice exports have gone up, rice traders say.

There are seven kinds of major agro export items in My-anmar including rice and rice products, and various kinds of beans.

Myanmar Summary

People rest by bags of rice which are waiting to be transported from a local mill in Kyaiklat town.

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Authorities have restored electricity supply fully at Ward 64 of South Dagon

Industrial Zone, the South Dagon Industrial Zone Manage-ment Committee said last week.

In 1996, the government established Ward 63 and Ward 64 of Dagon Myothit (South) township as an industrial zone to accommodate the small and medium enterprises in those wards.

At the time of establishment, the industrial zone was fully supplied with electricity, how-ever, cyclone Nargis devastated the infrastructure severely in 2008.

Over 1,200 industries are operating in the industrial zone, according to the industrial zone management committee.

Su Su The Industrial Zone Electri-

Yangon City Electricity Supply Board (YESB) jointly carried

zone and electricity supply was fully restored on October 19, a statement said.

A plan is underway to sup-ply electricity to Ward 63,

subcommittee.

Myanmar Summary

Ministry Extends Textile Factory Tender Closing Date

The closing date for a ten-der to lease four textile factories in Myanmar has

been extended to allow more time for the bidding companies to prepare for the bid, the Textile Industries department under the Ministry of Industry said. Open tenders were in-vited for leasing textile factories under the Textile Industries department in September, with a closing date of October 31.

The new deadline for sub-mitting bids is November 29, the ministry said in an announcement.

The textile factories up for lease are: No.1 Textile Factory (Shwedaung), No.4 Textile Fac-tory (Pwint Pyu), No.5 Textile Factory (Pakokku) and No.6

Aye Myat Textile Factory (Sarlingyi). Tender documents will be

Planning Department, Textile Industries, in Nay Pyi Taw.

Myanmar Summary

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Fuji Xerox Gets SEA Games Sponsorship Deal Fuji Xerox will serve as an

solutions category for the 27th Southeast Asian Games (SEA Games) scheduled to take place in Myanmar from Decem-ber 11 to 22, the company said.

“We believe that by hosting the SEA Games, Myanmar is making a good investment in creating a better future for young Myanmar people and a better future for the country,” said Masashi Honda, corporate vice president of Fuji Xerox and the president of Fuji Xerox Asia

“We are very proud to be a sponsor for this event, which the whole of Southeast Asia is excited about and looking for-

Shein Thu Aung ward to. Fuji Xerox will ensure ample support to the event to make it a success.

“This will be a historical event for Myanmar, and we wish all of the athletes great success.”

Myanmar will host the SEA

years this year. The event is held once in every two years and is a highly popular sporting event in the region.

A total of 6,000 athletes from 11 countries – Myanmar, Thailand, Myanmar, Malaysia, Singapore, Laos, Vietnam, the Philippines, Indonesia, Brunei, Cambodia, East Timor – from the Southeast Asian region will participate in more than 30 sporting events during the event.

Fuji Xerox established its

direct business operation Fuji

(Myanmar Branch) in Yangon in April.

Fuji Xerox Co Ltd is a 75-25 joint venture between FU-JIFILM Holdings Corp and Xerox Corporation (USA) that develops, manufactures and

-ing equipment, digital colour multifunction devices, as well as document management software, solutions and services

region including China. It also manufactures digital copiers, multifunction devices and printers for worldwide distribution.

Founded in 1962, the compa-ny currently employs approxi-mately 45,000 people globally,

and has more than 80 domestic

subsidiaries.

Myanmar Summary

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Three Airports to be Upgraded

Kyaw Min

The government has announced that three new airports

in the country will be upgraded to deal with the

coming to the country.The airports at Tachil-

eik, Nyaung Oo (near Bagan) and Heho – the gateway for Inle Lake – will be upgraded next year, according to U Tin Naing Tun, director general of the Aviation Directorate.

“There are currently 10 foreign tourist entry airports and these three airports will be improved. After that, Myitkyina and Thandwe airports will be

improved,” he said. The government has

made plans to improve a number of airports around the country, with the successful winners of the tender to upgrade Yangon’s Mingalardon and Mandalay airports being announced in August.

In Myanmar, 27 local airports serve 33 airlines on a daily basis.

Myanmar Summary

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Tourists board a plane at Thandwe Airport in Rakhine state.

Meter Rental Fee Kyaw Min

The monthly electric meter rental fee has been halved to K500 (52 cents) starting from October, Yangon City Electricity

Supply Board (YESB) Chairman U Aung Khaing said.

Previously the rental fee was K1000 ($1.03). This was done taking people’s demand into ac-count, he said.

“The expenditure of supplying electricity start-ing from the power station to people’s houses is very high. But we listened to people’s desire,” U Aung Khaing said.

There are over 900,000 electric meters in-stalled in Yangon, according to YESB.

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Garlic Chives Export to S Korea Shoots Up Threefold

The export of garlic chives to South Korea saw an in-crease of more than 200

percent in September compared to earlier months, according to data from the Ministry of Commerce.

In previous months, the ex-port of garlic chives reached an average of 14 tonnes per month,

reached 44 tonnes, fetching about $1.3 million.

The product, which is also known by its Latin name Allium

Phyu Thit Lwin tuberosum, is popular in South Korea as it is often used in tra-ditional Kimchi food.

“If the product is exported by air, 7 tonnes are sent at one time, however, if it is transport-ed by sea, then 14 tonnes can be exported,” said Ko Phyo Wai Lin, who deals in the export of the product.

In order to export garlic chives, businesspeople must apply for licences from the Myanmar Agricultural Depart-ment, Myanmar Vegetables and Fruits Exporters Association and the Ministry of Commerce.

Myanmar Summary

Ooredoo Hosts App Development WorkshopQatari telecoms opera-

tor Ooredoo last week sponsored a brainstorm-

ing workshop for application developers, aimed at improving local people’s knowledge of Myanmar’s telecoms market.

The event, hosted at Myanmar ICT Park, covered topics includ-ing how to grow Myanmar’s mobile market and apps culture, challenges in localisation and usage of standard Myanmar font in developing apps, how to promote the mobile apps market as well as buying pat-terns and behaviours of mobile phone purchasers.

“Young people all around the world are ambitious and want to ensure that their society becomes a better place,” said Ross Cormack, CEO of Ooredoo Myanmar.

new ways to empower the next generation. But being proactive is not enough – we must listen to youths, and partner with

Oliver Slow government and civil society groups in order to develop tech-nology solutions that are acces-

Ooredoo was one of two international phone operators, alongside Norway’s Telenor, granted licences to operate in

-munications market, where only a tenth of the population has access to a mobile phone.

The Myanmar government has set the companies ambi-tious targets to make almost nationwide mobile phone cov-erage by 2016.

Corporate Social Responsi-bility (CSR) has been a large part of Ooredoo’s drive into Myanmar and the company is expected to operate a number of similar programmes.

Ooredoo operates predomi-nately in the Middle East, in countries such as Kuwait and Palestine. It reported revenues of $9.3 billion in 2012 and has a customer base of 92.9 million.

Myanmar Summary

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Myanmar Business TodayREGIONAL BIZ 13November 7-13, 2013

Myanmar Summary

Maids A Brighter FutureLaura Philomin

When she was eight, Lisa Padua lost everything after her

father died, forcing her to leave school in her mid-teens to work as a maid in Qatar and then in Singapore.Twenty one years later, she still works in Singapore as a domes-tic helper but now owns three businesses and earns enough to send six nephews and nieces to college in the Philippines.

Padua says she owes her suc-cess to Aidha, a micro school in Singapore that trains women like her in wealth and business management so they can build a better future back home in the Philippines, Indonesia and Myanmar.“I’m a farmer’s daughter,” she told Reuters. “So I said one day I want to have my own farm, my own house, my

because I didn’t go to college, I want my nephews and nieces to have their dreams come true.”

course for S$350 ($280) that emphasises computer, com-

The three-hour classes run two Sundays a month to accommo-

who work as family maids, nan-nies and caregivers to the old and ill.

Ambitious students can then take a more intense nine-month module that helps them launch their businesses.

“This journey of transforma-tion allows them to stand up

Veronica Gamez, Aidha’s execu-tive director, told Reuters.

Gamez, who holds an MBA

from the University of Chicago and worked at Credit Suisse and Boston Consulting Group, uses her experience to make the modules practical for the real world.

Saving for the future is the crux of the course.

The biggest challenge in breaking the cycle of poverty is

money the women send home, Gamez said, rather than having it spent on items that do not ultimately help their families.

At least 211,000 foreign domestic helpers work in tiny, wealthy Singapore for about S$300 to S$600 a month. Hong Kong and Taiwan also have large concentrations of these women.

The money they send home is modest on a personal scale but the overall remittances from hundreds of thousands of women working abroad are enormous, ploughing billions of dollars into the economies of the Philippines, Indonesia and Myanmar.

A recent World Bank report on remittances said $26 billion

so far this year, making up al-most 10 percent of the country’s gross domestic product.

Directing those funds into entrepreneurial projects could have an even bigger multiplier

especially in rural areas.The objective is not just to

impart business skills, Gamez said, but to turn the women into “agents of positive change”.

In villages like the one where Padua grew up, farms without funds are left barren and aban-doned, and people are left with-

out work. But the farm Padua bought using her savings is now managed by her brother. They employ up to 18 farm hands, providing her neighbours with jobs and income.

Padua also rents out a house to families and invested in a friend’s business that delivers frozen food to local shops.

That spirit of sharing extends to many of the women who enrol in Aidha. Almost half of the 500 students this year are supported by their employers, who pay all or some of the fees.

“People are more generous than we think,” Gamez said. “If you have a domestic worker,

Reuters

CITIC Telecom Announces Strong Revenue GrowthLaunches expanded Singapore and Malaysia points-of-presence

Hong Kong-based ICT solutions provider CITIC Telecom Interna-

tional CPC Ltd, a wholly-owned subsidiary of CITIC Telecom International Holdings Ltd, last week announced strong growth fuelled by increasing Asia Pa-

cloud services. CITIC’s revenue increased by

almost 30 percent year-on-year, Stephen Ho, chief executive of CITIC Telecom CPC, said.

Said Danni Xu, research analyst at Frost & Sullivan, said: “CITIC Telecom CPC was able to achieve an exemplary growth

Kyaw Min

rate in 2012, outcompeting most of its competitors in the Greater China VPN market. Its growth leadership position is backed by its decent customer base enlargement, solution

infrastructure expansion.”CITIC Telecom CPC also

launched an expanded Sin-

operating presence in Malaysia to support continued ASEAN growth, and further bolster its global footprint, it said in a statement.

will operate as the company’s new regional hub for Southeast Asia, will provide customer support, engineering, sales and other services, CITIC said.

“These expanded points of presence will enable even higher service quality to our customers,” said Stephen.

“We can deliver higher re-sponsiveness to help ASEAN customers troubleshoot issues, or provide advice for upgrades and migrations. I expect we

about 70 percent in the coming years.”

“With a strong footprint in Asia, we are looking forward to global growth,” added Stephen.

springboard to the world.”

Myanmar Summary

Domestic helper Lisa Padua (2nd R) jokes as she shops for clothes with her friends on a day off, at Lucky Plaza in Singapore. When she was eight, Padua lost everything after her father died, forcing her to leave school in her mid-teens to work as a maid in Qatar and then in Singapore. Twenty one years later, she still works in Singapore as a domestic helper but now owns three businesses and earns enough to send six nephews and nieces to college in the Philippines. Padua says she owes her success to Aidha, a micro school in Singapore that trains women like her in wealth and business management so they can build a better future back home in the Philippines, Indonesia and Myanmar.

Edgar S

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November 7-13, 2013 Myanmar Business TodayREGIONAL BIZ 14

Indonesia May Issue Its First

Indonesia is considering -

inated bonds next year in anticipation of tighter supplies of dollars as the US Federal Reserve cuts back its stimulus programme, the country’s

Su Su It is discussing selling up to the equivalent of $6 billion of euro and yen sovereign bonds.

“We are considering all sovereign bonds, but for the moment we are discussing only yen and euros,” the head of the

Pakpahan, said in a statement.Southeast Asia’s biggest econ-

omy issues sovereign bonds in yen and dollars to help cover its

dollar bonds for Middle East investors.

set at 1.69 percent of gross do-mestic product or 175.4 trillion rupiah ($15.87 billion), down from 2.38 percent this year.

Asian LNG Prices Ripe to Rally As Demand Surge Looms

The stage is set for higher -

ral gas prices as a cooler winter looms, China faces a gas shortfall, India buys more and nuclear power remains idled in Japan and South Korea.

While LNG prices – currently at $17 per million British ther-mal units (mmBtu) – are still sitting 14 percent below the last winter peak of $19.67 hit on February 18, they have already recovered 20 percent from this year’s low of $14.13.

And chances are prices may rise more than they did last northern winter as there appear to be more demand drivers than were apparent at the same time last year.

Chief among them is the shut-down of all 50 nuclear reactors in Japan and public scepticism over atomic power amid ongo-ing problems managing radio-active leaks at the Fukushima plant, which was destroyed in the devastating March 2011 earthquake.

While 13 reactors are cur-rently awaiting approvals to restart, progress has been slow

Clyde Russell and none are likely to come on-line before year end. Three may however start generating again

Japan’s LNG imports dropped by 1.63 million tonnes, or 2.5

of the year compared to the same period in 2012, according to consultants Energy Aspects.

The drop was mainly due to a 3.1 percent decline in electricity output and a rising share for

-tion, Energy Aspects said.

However, LNG imports may

utilities prepare for a winter that may be colder than normal. Also, last winter two nuclear units were operating and this is unlikely to be the case this season.

There is a 40 percent chance of lower-than-average tempera-tures from November to Febru-ary in three major regions, the Japan Meteorological Agency has said.

South Korea is also having

with 100 people indicted in a corruption scandal over fake

Currently six of its 23 reactors

whether they can restart isn’t expected until late this year.

The country barely avoided a repeat of the blackouts from the summer of 2011 between June and August this year as it

cut power use in a nationwide energy saving campaign.

This means that even a slightly colder winter is likely to strain the electricity grid and may lead to higher LNG imports by the world’s second-biggest buyer of the chilled fuel.

South Korea bought 29.476 million tonnes of LNG in the

12.2 percent from a year ago.China, Asia’s emerging LNG

buyer, may also have to turn to buying more spot cargoes as the country’s top economic plan-ner has warned of natural gas shortages this winter.

The National Development and Reform Commission (NDRC) said on October 21 it would try to control the number of new gas users to alleviate shortages, amid concerns that the country has been too suc-cessful in encouraging a switch to the cleaner fuel in order to reduce pollution from burning coal.

China’s LNG imports in

jumped by a quarter from a year earlier to 12.87 million tonnes.

The NDRC has also called for state oil companies such as China National Petroleum Corp to speed up building LNG re-

giving the green light to more LNG imports.

India is also poised to buy more cargoes, with state-run utility GAIL India Ltd saying on October 25 it plans to buy 19 cargoes by March, of which nine will be sourced from the spot market.

Clyde Russell is a Reuters market analyst. The views expressed are his own.

Futtsu, east of Tokyo.

Issei Kato/R

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Myanmar Summary

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Myanmar Summary

Myanmar Business TodayREGIONAL BIZ 15November 7-13, 2013

Thai PTTEP Seeks Hess Assets, Raising Funding ConcernsAcquisition should boost output, but stretch balance sheet

Khettiya Jittapong and Pisit Changplayngam

Thailand’s top oil and gas explorer PTT Exploration and Production Pcl (PT-

TEP) is eyeing stakes in Hess Corp’s assets in Thailand and Indonesia, in a move that will

PTTEP may need to spend as much as $3.9 billion to acquire the interests of Hess in the two countries, according to one ana-lyst’s estimate. That may mean more borrowing to supplement the company’s cash reserves, raising its debt towards un-healthy levels.

controlled PTT Pcl, ranked among Asia’s top 10 explorers, is scouting for oil and gas assets to boost energy security in fast-growing Thailand. Southeast Asia’s second-biggest economy relies on natural gas to gener-ate almost 70 percent of its electricity.

“We are interested in Hess’s assets because we are already

Chief Executive Tevin Vongvan-ich told Reuters.

“For assets in Indonesia, this is a good opportunity for us to expand our investments in the country where we already have operations,” Tevin said, without giving details.

US energy company Hess is selling its interests in Indonesia and Thailand, people familiar with the matter have said.

Hess assets.-

try said PTTEP has submitted

its bids for Hess’s stakes in

including a 35 percent stake in onshore Sinphuhorm in north-eastern Thailand and 15 percent

-cent stake in Sinphuhorm and 45 percent in Pailin. In Indone-

Pangkah and Natuna A blocks.If PTTEP wins, it is likely to

seek a loan or issue bonds to -

ing its balance sheet.Hess’s assets are estimated to

be worth around $3.2-$3.9 bil-lion, DBS Vickers Securities an-alyst Naphat Chantaraserekul said in a note dated October

21. PTTEP should be able to acquire assets with maximum value of $3.3 billion to keep its debt to equity ratio at below 0.5 times, he said.

“This means it would be able to come up with $3.3 billion cash, but that would still be short of our estimate. This and other similar acquisitions will burden its balance sheet,” Na-phat said.

As of September, PTTEP had cash and cash equivalents of $2.6 billion after it raised $500 million from a bond is-sue in September, it said in a statement.

The company raised $3.1 bil-lion in the country’s biggest eq-

its takeover of Cove Energy as part of its global expansion plans. That means another equity issue should be unlikely in the next few years.

PTTEP vies with big Chinese

Sinopec Corp and is seeking to expand beyond its current 45 oil and gas exploration and development projects. Reuters

Myanmar Summary

Sukree S

ukplang/Reuters

xdkif;EdkifiH\ xdyfwef;a&eHESifhobm0"mwfaiGU&SmazGa&;vkyfief;BuD;jzpfonfh PTT Exploration and Production Pcl (PTTEP) onf xdkif;EdkifiHESifh

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November 7-13, 2013 Myanmar Business TodayREGIONAL BIZ 16

India Raises Interest Rates Again,

India’s central bank raised its policy interest rate for the second time in as many

months on Tuesday last week,

to remain elevated for the rest

back an emergency measure put in place in July to support the slumping rupee.

The Reserve Bank of India (RBI) lifted its policy repo rate by 25 basis points (bps) to 7.75 percent, in line with the expectations of most analysts in a recent Reuters poll, despite the risks to an economy beset by sluggish growth.

“Overall WPI (wholesale price

remain higher than current lev-els through most of the remain-ing part of the year, warranting an appropriate policy response,” RBI Governor Raghuram Rajan said in his review.

chief economist at the Inter-national Monetary Fund, took

policy review just weeks later by raising interest rates to combat

Asia’s third-largest economy.“Today’s move was a

follow-through of the hawkish September policy guidance as

seen as an impediment to the medium-term growth outlook,” said Radhika Rao, economist at DBS in Singapore.

“The new policy approach is a single-minded focus to contain

Tony Munroe and Suvashree Dey Choudhury policy,” she said.

India’s benchmark 10-year bond yield dropped as much as 6 basis points from before the policy statement to 8.58 per-cent. The rupee trimmed earlier

-ated to 18.4 percent in Septem-ber, its highest since mid-2010, pushed up by prices of vegeta-bles including onions and stir-ring public discontent ahead of national elections which must be held by next May.

India’s economy grew at 4.4 percent in the June quarter, the slowest since early 2009. The 5 percent growth rate recorded

March was the weakest in a decade.

The RBI expects the economy again to grow at 5 percent in the

March.The headline wholesale price

index (WPI) unexpectedly hit a seven-month high in September of 6.46 percent as food prices surged, while the consumer price index jumped an annual 9.84 percent.

The rupee slumped to record lows in August, at one point sliding some 20 percent for the year, on concerns about the country’s gaping current

as global investors dumped emerging market assets for fear the US Federal Reserve was set to start tapering its massive stimulus programme.

Reuters

Myanmar Summary

S Korea Says Tax Revenue Conditions to Remain ToughFin min official says tax conditions “to be continuously difficult”

Christine Kim

South Korea will continue to face taxation revenue troubles in the near term,

said last week, underscoring President Park Geun-hye’s challenges in expanding social welfare spending while reduc-

“When looking at our tax revenue conditions, we expect them to be continuously dif-

-nar hosted by the Federation of Korean Industries.

“Demand for funding is explo-sively increasing while increas-

ing taxes can only be limited due to low birth rates and an ageing population.”

The Park administration faces the tough task of reducing the

campaign pledges to increase the social safety net to support a rapidly ageing population.

An overly optimistic 2013 economic growth forecast set by the previous administration has left the government with what it projects will be a tax revenue shortfall of up to 8 trillion won ($7.5 billion) for the year.

As a result, Park’s government was forced to back away from a goal to balance the budget

scaled back the monthly sub-sidy programme for the elderly.

-tive in their 2014 projections for 3.9 percent economic growth and 218.5 trillion won in tax revenue, some analysts say such projections remain overly optimistic.

“The growth projection for next year in of itself won’t be easy, and tax revenue for next year will likely be undercut by the weak property market as well as the fact that much of next year’s tax revenue will be based on this year’s economic activ-ity,” said SK Securities analyst Yum Sang-hoon. Reuters

Myanmar Summary

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csufnDaom 0ifaiGxGufaiGtajctae wpf&yfudkvnf; zefwD;&rnfjzpfonf/

tdEd´,EdkifiH\ A[dkbPfrS twdk;EIef;xm;udk 'kwd,tBudrfjr§ifhwifcJhaMumif; od&NyD; usef&Sdaomb@ma&;ESpftwGif; aiGaMu;azmif;yGrIrsm; qufvufjrifhwuf Edkifao;aMumif; od&onf/ Reserve Bank of India (RBI) rS repo rate tm; 7.75 &mcdkifEIef;jr§ifhwifcJhNyD; ½dkuf wmrS pdppfolrsm; cefYrSef;xm;onfhtwdkif; jzpfvmcJhaMumif; od&onf/ WPI (vuf um;aps;EIef;ñTef;udef;) rsm;t& usef&Sd aeao;aomb@ma&;ESpftwGif; aiGaMu; azmif;yGrIrSm ,ckvuf&Sdtajctaexuf ydkrdkjrifhwufvmOD;rnf[k arQmfrSef;xm;

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EIef;xm;wpf&yfvnf;jzpfonf/ vGefcJ h onfh b@ma&;ESpftwGif; pD;yGm;a&;rSm 5 &mcdkifEIef; zGHUNzdK;wdk;wufcJhonf/,ck b@ma&;ESpfwGif pD;yGm;a&;zGHUNzdK;wdk;wuf rI 5 &mcdkifEIef; jyefvnfwdk;wufvm&ef RBI rS arQmfrSef;xm;onf/wholesaleprice index (WPI) rSm rarQmfvifhbJ 7 vwm jrifhwufcJhNyD; pm;aomufukef aps;EIef;rsm; jrif hwufrIaMumifhjzpfaMumif; od&ovdk pm;oHk;olaps;EIef;ñTef;udef; rsm;rSmvnf; ESpfpOfEIef;xm;t& 9.84 &mcdkifEIef;jrifhwufvmcJhaMumif; od&onf/ Mo*kwfvwGif½lyD;onftedrfhqHk;EIef;xm; wpf&yfodkYwefzdk;usqif;cJ hNyD;vdkaiGjyrIudk vnf;tdEd,́taejzifh&ifqdkifae&onf/

A security guard stands in the lobby of the Reserve Bank of India (RBI) headquarters in Mumbai.

Vivek P

rakash/Reuters

Myanmar Business TodayINTERNATIONAL BIZ 17November 7-13, 2013

Alexei Oreskovic

FWall Street's love in the second quarter. Now it

needs to make the relationship last.

Its shares have doubled in just the last three months, buoyed by an increasing belief among investors that Facebook has

in mobile advertising.But experts warn that the

social networking giant has to handily beat Wall Street targets due to high expectations.

"They've got to prove to inves-tors that they can continue with the growth they demonstrated from the last quarter," said Bob Bacarella, portfolio manager of the Monetta Fund, which owns Facebook shares. "From the way the stock is priced today, the expectations are gener-ally that they will beat or exceed numbers handily."

Revenue from mobile ad-vertising will be the centre of attention.

Wall Street analysts expect Facebook to grow its mobile

the year-ago period, with many

between $760 million and $840 million. But there are signs that investors are privately hoping for an even bigger number.

"What I've been telling folks is that, in general, $850 million-

plus is the number that's needed, maybe even $900 mil-lion-plus," said Ben Schachter, an analyst with Macquarie Research, whose own estimate calls for $836 million in mobile ad revenue.

Facebook has regained Wall

rocky IPO that left its shares

price for more than a year.Along with Google Inc, which

reported strong quarterly rev-enue growth earlier this month, and soon-to-IPO Twitter, Fa-cebook is now considered one of the Internet companies best

shift to mobile advertising.The "newsfeed" ads that Fa-

cebook has introduced over the past year inject marketing mes-sages straight into a user's stream of news and content. They are ideally suited for the smaller screens of smartphones, which consumers increasingly use to access the Web.

"Facebook has done itself quite a good turn by listening to investors and giving them what they're looking for, which is increasing mobile ad revenue," said Wedbush Securities ana-lyst Michael Pachter.

Besides mobile ad revenue, investors will be keen to hear management provide details about other money-making ini-tiatives, particularly video ads, and new ads that the company

is rolling out to monetize its popular Instagram photo-sharing service.

Big brands including Adidas, Lexus and Levi's will begin run-ning ads on Instagram in com-ing weeks, Facebook has said.

RBC Capital Markets analyst Mark Mahaney estimated in a recent note to investors that In-stagram could "monetize users at a rate of roughly one-third that of Facebook."

That means Instagram could generate roughly $1.7 billion in revenue in 2015, accounting for 13 percent of Facebook's total revenue, Mahaney wrote.

Improvements in Facebook's existing ad business, including developing better techniques

groups of its 1.15 billion users, could also boost revenue, said Steve Weinstein, an analyst at ITG Investment Research.

"Even small improvements in ad click-through rates can be a material driver to their busi-ness," said Weinstein. "I don't think they need to jam a lot more ads into the experience, as much as they need to continue to deliver more relevant ads."

Reuters

Myanmar Summary

Mongolia Pushing for Rail, Pipeline Links with China, Russia

David Stanway

Mongolia has agreed to establish a working group with China to

oversee the construction of new road, rail and pipeline infra-structure connecting the two countries with Russia, a mem-ber of a Mongolian government

delegation to Beijing said.-

ters on condition of anonymity, said landlocked Mongolia aimed to become a “transit corridor” to

facilitate trade between its two giant neighbours and reduce the costs of delivering Rus-sian commodities like oil and natural gas to energy-hungry Chinese markets.

The topic was high on the agenda during talks between Mongolian Prime Minister Norov Altanhayag and his Chi-nese counterpart, Li Keqiang, last week, according to the of-

Mongolia’s economics ministry.Speaking by phone from the

Mongolian capital, Ulan Ba-tor, he said the working group would probably be set up soon and that Mongolia was open to

and build the infrastructure.“Given the capacity that both

countries can bring to the table, China is expected to be heavily

resources and technology,” he said.

Soaring Chinese demand for commodities like coal has underwritten Mongolia’s rapid growth, with more than 90 per-cent of its exports sold to China.

But Beijing’s growing eco-nomic hegemony has caused disquiet among Mongolian law-makers, with a decline in foreign investment last year caused in part by a hastily drafted law to limit foreign ownership in “strategic” sectors.

The law was designed to block

Chalco Group to acquire a majority stake in Mongolian-based coal miner South Gobi Resources.

had now abated.“The atmosphere is more ma-

ture now, and that implies that there should be a pragmatic approach to economic relations with our two neighbours, and we hope that the investment community will also recognise this subtle shift,” he said.

“There was such a (negative) current of thought in 2010 and 2011 – Mongolia has never experienced such rapid indus-trialisation based on mining, and so of course we had to look

A boy walks at an area known as a ger district, where some residents live in traditional Mongolian tents, in Ulan Bator.

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November 7-13, 2013 Myanmar Business TodayINTERNATIONAL BIZ 18

New Australian Government Upholds

Australia’s newly elected conservative govern-ment is upholding a ban

on China’s Huawei Technolo-gies Co Ltd from bidding for work on the country’s $38 billion National Broadband Network (NBN), the attorney-general said last week.

The former Labour govern-ment cited cyber-security con-cerns when it banned Huawei, the world’s largest supplier of telecom network equipment by revenue, from bidding for contracts on the infrastructure rollout last year.

new Liberal-led Coalition gov-ernment, including Communi-cations Minister Malcolm Turn-bull, had supported a review of the ban, raising expectations it would be scrapped.

But Attorney-General George Brandis said the government had decided not to change the

Australia’s national security agencies.

“Since the election the new government has had further

security agencies. No decision has been made by the new gov-ernment to change the existing policy,” Brandis said in an email to Reuters.

“The decision of the previ-ous government not to permit Huawei to tender for the NBN was made on advice from the national security agencies. That decision was supported by the then opposition after we

those agencies,” he said.The government would not

comment on advice from the national security agencies, he added.

China, a major trading part-ner in the midst of negotiations on a free-trade agreement with Australia, expressed concern.

“We...consistently oppose us-ing national security concerns as a pretext to interfere with the two countries’ normal economic cooperation,” Chinese Foreign Ministry spokeswoman Hua Chunying told a daily news

“We hope all sides can make

cooperation and create good conditions for each others’ companies on the basis of market principles and on the foundation of mutual respect and equality.”

The move could please Australia’s traditional ally, the United States, where lawmakers have warned against awarding

Huawei major contracts over spying fears.

The US House Intelligence Committee last year described Huawei as a national secu-rity threat and urged American

with the Shenzhen-based com-pany. Huawei has denied the US allegations that its equip-ment could be used by Beijing for espionage.

The British government said in July that checks on Huawei’s role in British telecommunica-tions infrastructure had been

past, and announced a review of security at a cyber centre the company runs in southern England.

Huawei spokesman Jeremy Mitchell said the company be-lieved the Australian govern-ment was still reviewing its policy.

“Huawei’s understanding is that no decision has been made regarding the NBN and that the review is ongoing,” Mitchell said in an emailed response after Brandis released his statement.

-cant market force in Australia. It supplies equipment to Sin-gapore Telecom’s local unit Optus as well as Vodafone, and has conducted trials with Australia’s biggest telecom company, Telstra Corp Ltd. It also employed former senior

Australia’s ban.The company, founded in

1987 by former People’s Libera-

last year proposed building a cyber security evaluation centre in Australia.

Reuters

Myanmar Summary

at the security implications. Now the people are more com-fortable working with our two neighbours.”

Mongolia had ambitions to become China’s top coking coal supplier, largely through the development of one of the world’s biggest untapped mines at Tavan Tolgoi, near the Chi-nese border.

But Mongolia has complained that it has not received fair value for the coal, arguing that the lack of alternative buyers

down prices. A dispute with Chalco, which signed a supply deal with Tavan Tolgoi in 2011, has contributed to a decline in coal shipments this year.

Mongolia hopes improved in-frastructure will allow it to gen-erate more revenue from its coal sector. A rail link to the Russian far east is under construction and half of a direct rail line into China has been completed, with the project scheduled to be

-lia’s state-owned railway opera-tor signed a memorandum of understanding with China’s big-gest coal producer, the Shenhua Group, last week on building cross-border railways to help deliver coal. Shenhua was not immediately available to com-ment on the matter. Reuters

Myanmar Summary

Reuters

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Myanmar Business TodayINVESTMENT & FINANCE 19November 7-13, 2013

Myanmar Summary

Sacks of Cash in Myanmar Hard to Rout for MasterCard, VisaSanat Vallikappen

Ayear ago, Myanmar had no automated teller ma-chines and not a single

hotel or restaurant able to swipe

throngs of foreigners arriving in the newly opened country, who instead had to bring crisp US dollars to pay for everything in cash.

It has come a long way since: 2,500 credit- and debit-card machines, known as point-of-sale terminals, and 450 ATMs including at least three at the gates of Yangon’s Shwedagon Pagoda, according to Kanbawza Bank Ltd, known as KBZ, the country’s largest privately owned bank.

“The absolute need to carry bags of cash is declining,” said Matt Davies, the International Monetary Fund’s mission chief

to the country from Washington in November before there were any such machines, and said he still can’t fully rely on plastic. “It takes time for practices to change. Myanmar remains a cash economy and will continue to be a cash economy for some time.”

Not if Visa Inc and MasterCard Inc have their way. MasterCard began signing up Myanmar banks starting in September 2012 and has so far licensed seven, which in turn have installed payment terminals taking MasterCard at 285 mer-chants including the Strand and the Governor’s Residence hotels

according to data provided by the Purchase, New York-based company. About 210 ATMs also accept MasterCard for cash withdrawals, with at least 130 of those in Yangon.

China’s UnionPayVisa has licensed eight banks,

which have enlisted 550 mer-chants including hotels, restau-rants, travel agencies, airlines, retail stores and souvenir shops frequented by tourists, and more than 200 ATMs, data from the Foster City, California-based company show.

Myanmar’s remaining 1,665 payment machines accept cards from Shanghai-based UnionPay, China’s payment network that has expanded to 141 countries in the past decade to become the world’s second-largest by volume behind Visa, as well as locally issued debit cards. These payments use a local electronic network, My-anmar Payment Union, set up in September 2012 by 17 local banks and the Central Bank of Myanmar, which doesn’t yet permit the banks to issue credit cards.

About a year before the local network began, some banks led by Co-Operative Bank Ltd, a privately owned Myanmar lender known as CB Bank, set up ATMs for cash withdrawals by Myanmar nationals, said Thein Zaw, a former deputy director general at the Central Bank of Myanmar.

‘Very Low’While the numbers may

look large, they are “very low” compared with the needs of arriving tourists and business

people, said Aung Thura, chief

Ltd, a Yangon-based market

companies entering Myanmar. Even where cards are accepted, payment terminals often don’t work and are hindered by poor internet and telephone con-nectivity and power supply, he said.

“The general advice to tourists and business travellers is to bring in your clean dollar notes because you might not be able to get money from ATMs,” said Aung Thura. “Even if you have your cards, you always have to think about the backup,” he said, recalling an experience in July when he tried to use his locally issued debit card at a restaurant and the telephone line didn’t connect.

“These places where cards are accepted are places tourists frequent, but I don’t think it’s really embedded in the normal day-to-day transactions of local businesses,” said Kelly Hattel, a

Manila-based Asian Develop-ment Bank, who travelled to Myanmar for the fourth time this year in late September.

High FeesWhile she was able to use her

credit card at the Yangon hotel where she stayed, she had to pay in cash for her room in Nay Pyi Taw, the country’s political capital 215 miles (350 kilome-tres) north of Yangon. Almost all Myanmar merchants accept

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US dollars as long as bills are unworn. She also had to pay $500 in cash to the travel agent who arranged her domestic

hired in the capital.“That was frustrating,” she

said.Fees to get cash locally can

add up. Withdrawals are lim-ited to K300,000 ($310) per transaction, and banks charge K5,000 to use an ATM on top of any fees charged by travel-lers’ home banks, according to San Dar Tun, a manager in the cards department at CB Bank. A maximum daily withdrawal, limited to K1 million, would cost a minimum of $20.60 in ATM fees. ATMs dispense only local currency. The resulting pile of

in a wallet and would require a tote bag.

Loosening ControlsA credit card issued by HSBC

Holdings Plc in Singapore used to get cash at an ATM in Myanmar, regardless of which payment network it operates on, will incur a cash-advance fee of 5 percent of the amount withdrawn, a 1.5 percent admin-istrative charge for a foreign-currency transaction and a mini-mum of 2 percent per month on the amount withdrawn until it’s repaid, according to the bank’s website. Charges for overseas cash withdrawals vary by issuing bank and locale.

A Kanbawza (KBZ) Bank staff member is pictured through stacks of kyat notes in Yangon.

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“These places where cards are ac-

cepted are places tourists frequent, but

I don’t think it’s really embedded in the

normal day-to-day transactions of local

businesses.”

November 7-13, 2013 Myanmar Business TodayINVESTMENT & FINANCE 20

Myanmar President Thein Sein has expanded political freedom and loosened eco-nomic controls since coming to power two years ago. That prompted the easing of Euro-pean Union and US sanctions on the country starting last year and allowed, among other things, the transfer of funds from the US or by an American to Myanmar, and the setting up of business by US companies including Visa, MasterCard and American Express.

‘Virtually Zero’For Visa, the world’s biggest

payment network, the immedi-ate goal is to increase card ac-ceptance among merchants and ATMs to support the travel and hospitality industries for the

2013 Southeast Asian Games to be held in Myanmar in De-cember, according to Bangkok-based Somboon Krobteeranon, country manager for Myanmar and Thailand. He didn’t elabo-rate on the company’s growth targets for the country.

Visa and MasterCard pro-cessed about $7 trillion in credit-and debit-card purchases worldwide in the 12 months ended June 30, according to company data. Visa reported $10 million in purchases and cash withdrawals since its payment network began in Myanmar in December through October 9.

MasterCard doesn’t break out a number, except to call it “virtually zero,” according to Matthew Driver, MasterCard’s Southeast Asia president in Singapore. That compares with 40 percent of global retail sales settled using cards, according to a September study by the company.

Fertile GroundCountries such as Myanmar

are fertile battlegrounds for MasterCard to wage its “war on cash,” which Ajay Banga declared in September 2010 after taking over as chief execu-

travellers arriving at Yangon International Airport with ad-vertisements encouraging them to withdraw currency from ATMs using its network.

“We’re really starting at ground zero in terms of the huge amount of cash there is in the system,” Driver said. “It’s going to be a long-haul play and may

start to be comfortable for us to really broaden out things to

-pared to where it is today.”

Neighbouring Thailand, with a population of 68 million com-pared with a similar number in Myanmar, has 47,759 ATMs,

and 264,236 Thai merchants have payment terminals, ac-cording to the Bank of Thailand.

Along with UnionPay, Japan’s JCB Co has also aligned itself with the local payment network, which planned to start accept-ing the Japanese cards later this month, according to Zaw Lin Htut, senior general manager in charge of the international banking division at KBZ.

Three MachinesMasterCard and Visa each

run networks in the country, requiring merchants to install three separate card-payment machines to be able to accept all international credit and local debit cards.

American Express Co, the biggest US credit-card issuer by customer spending and opera-tor of its own global-payment network, began working last

its cards, according to Fritz Quinn, a spokesman in Sydney for the New York-based compa-ny, who declined to disclose the number. The Governor’s Resi-dence hotel accepts AmEx cards with a 5 percent surcharge.

Poor telephone connectivity and electricity supply are deter-ring faster adoption. So is a fee that some merchants pass on to card users, which a June report from management consultancy McKinsey & Co puts at 4 per-cent of the purchase price on average.

Telephone LinesMany telephone lines date

from “circa 1950 or 1960” and don’t support data transmis-sion, said Anton Corro, Master-Card’s Bangkok-based country manager for Thailand and Myanmar.

Myanmar, also known as Burma, has the lowest pen-

etration of telecommunications infrastructure in Southeast Asia, according to the McK-insey report. Only 13 percent of the population has access to electricity, compared with 99 percent in China, Malaysia and Thailand, according to the report.

“We tell customers that we’ll swipe the card with pleasure, but we cannot guarantee the line will work,” said Cherie Aung-Khin, owner of the Green Elephant restaurant in Yangon, which is popular with foreign visitors.

The Green Elephant was the

to accept a Visa card, in Janu-ary, according to a statement by the payment processor. About $50 of the restaurant’s average daily sales of $800 is paid for via Visa, said Zayar Latt Han, the restaurant’s food and bever-

“Travel agents still give tour-ists instructions to bring lots of cash when they come to Myan-mar,” Aung-Khin said.

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$840-a-night cruise operated on the Irrawaddy river, also known as the Ayeyarwady, by Orient-Express Hotels Ltd car-ries the equivalent of $50,000 to $100,000 worth of kyat, said Thomas Henseler, gen-eral manager of the Governor’s Residence, also operated by Orient-Express.

The large stash of cash is kept aboard the luxury boat in a safe and pays for food and supplies en route, between the ancient ruins of Bagan and the Chinese-

Mandalay, he said.“Everything’s paid for in cash

in Myanmar,” Henseler said, pointing to the low level of elec-

tronic payments and banking in the country. “Even gold and gems are stored in the pillow case.”

Fewer than 10 percent of Myanmar nationals have access to banking services, said Zaw Lin Htut of KBZ. Outside of Yangon, installation of ATMs and point-of-sale machines is limited mostly to Mandalay and Nay Pyi Taw, the IMF’s Davies said.

“All these systems will ulti-mately be used by the people of Myanmar when they are allowed to use” credit cards and more of them have access to banks, Davies said.

Banking CrisisMyanmar’s central bank

doesn’t allow local banks to issue credit cards because it constitutes unsecured lending and had threatened the “stabil-ity of the economy” in 2003, said Win Htein Min, deputy di-

supervision at the Central Bank of Myanmar.

Yangon.

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“The general advice to tourists and business travellers is to

bring in your clean dollar notes because you might not be able to get money from ATMs. Even

if you have your cards, you always have to think about the

backup.”


Asia Wealth Bank and My-

two largest in the country at the time, collapsed that year, following a bank run, he said. Starting on February 6, 2003, people rushed to withdraw their money after the failure

-cial companies that accepted deposits at rates higher than

estate, construction, trading and manufacturing. Myanmar allowed privately owned banks in 1992 and had 20 of them with 350 branches in early 2003.

“A few of the private banks that operated in 2003 were faced with a liquidity shortfall, and they could not collect their money from cardholders,” Win Htein Min said.

ATM ShutdownLocally issued credit cards

were barred and ATMs that existed then were shut down, said Thein Zaw, formerly of the central bank and now vice chairman of Myanmar’s newly licensed Construction and Housing Development Bank Ltd.

Recently, the central bank allowed the issuance of pre-paid debit cards for Myanmar residents travelling overseas. On October 8, MasterCard partnered with CB Bank to

which can be reloaded.In February, the US author-

ized transactions involving

Myanmar’s privately owned Asia Green Development Bank Ltd and Ayeyarwady Bank Ltd, and state-owned Myanma Economic Bank and Myanma Investment & Commercial Bank, which were previously on a US blacklist barring US-linked companies from doing business with them. Several Myanmar banks remain on the list.

Plastic BagsATM use is slow to catch on.

CB Bank, the country’s third-largest private lender by assets with more than 100 ATMs, sees only 0.2 percent of the K20 billion withdrawn from its branches daily via ATMs, said Pe Myint, a Yangon-based managing director of the bank. Used to banking in person, customers prefer taking out

cash from deposit windows and carrying it in plastic bags, he said in an interview in his

the bank’s primary branch, which is strewn with bundles

workers put them through the 20 counting machines.

Card acceptance has helped improve business at shops that cater to tourists. Nandawun Souvenir Shop & Myanmar Book Centre, a Yangon store which sells items including gems, jewel-lery, lacquer ware, traditional clothing and paintings, installed machines that accept Master-Card and Visa in February, said owner Thant Thaw Kaung.

Electronic payments have contributed to 50 percent of the store’s increase in sales in

year compared with a year ear-lier, as customers are no longer hindered by not having enough cash, he said.Easier Payment

“Especially when buying high-value products such as gems and jewellery, tourists consider it a lot easier to pay with a card,” he said.

When Hattel of ADB visited Yangon’s Scott Market, 300 meters (330 yards) from Shangri-La Asia Ltd’s Traders Hotel, where she stayed on her most-recent visit, she said she was surprised to see “little tiny shops, little jewellery counters” accepting MasterCard and Visa.

“I would suspect that not a lot of people would know that,” she said. “Most people probably still think they need to carry cash.”

Traders Hotel, where a US Embassy travel alert said an American tourist was injured about midnight October 15 by one of several bombs that ex-ploded around Myanmar, still doesn’t have a machine that allows credit-card payments. Customers who pay with plastic authorise electronic payment by signing a form that bears the card number and amount, which gets sent by e-mail to Singapore and processed by a third party.

Client Service“We started this in April last

year as a service to our clients, many of whom did not know that Myanmar didn’t accept credit cards,” said Phillip Couvaras, general manager of the hotel owned by Malaysian billionaire Robert Kuok.

Though engaged in talks with six banks on the installation of a payment terminal for about three months, Couvaras says no bank was able to show him a single machine that handles both Visa and MasterCard, which has delayed the process.

Couvaras may have found his answer in CB Bank, which has just enabled a single machine to process both Visa and Mas-terCard, according to the bank’s San Dar Tun.

Such incremental changes are being made every day, said the IMF’s Davies.

“It’s very impressive, what the country has been able to do in such a short period of time,” he said.

Bloomberg

Soe Z

eyar Tun/Reuters

November 7-13, 2013 Myanmar Business TodayINVESTMENT & FINANCE 22

Follow The Smart MoneyDavid Mayes

There is an investment strategy that I have al-ways liked that involves

following what is known as “the smart money”. This might sound like it is the opposite of what I am normally rambling on about, since my main approach to markets is to go against the

that the smart money is not the herd, and is in fact very often going against the herd.

The smart money is basically the big players in the markets, or the insiders of a company. Obviously insider trading is il-legal and unethical, but that is not what this strategy is about. Executives of a company are in fact allowed to trade in the stock

be based on material non-public

all of their activities regarding their trading activities with the SEC and you can then go online and access this information. Big

ties with the SEC, and between these two sources you can get a very good idea of what the smart money is doing.

Obviously if the insiders are buying like crazy, it means they

future prospects enough to put their own money at stake. Since they will have far greater insight into the business than any ana-lyst, this is a snapshot of what the most informed investors in

a company really believe, re-gardless of what they are bound

ers to say in the press. A CEO will never come out in the press and say, “We are doomed, the end is near, and I fear we will be bankrupt within a few years.” However, if the CEO really feels that way, it will surely show up

selling his company stock as ag-gressively as is legally possible.

Of course the reality is often far between either of the polar extremes, but if you monitor a

sudden insider selling spikes up, this is as good of a signal to

sell as you will ever receive from the stock market. This also ap-plies to the market as a whole as well, and the data is compiled and ratios are out there to

the insiders of the market as a whole. Again, when overall insider selling gets high, this is a very strong sell signal.

There is no foolproof strat-egy or catch all indicator un-fortunately, and there is a good chance something happens which even catches the bright-est and best of the business

this case insider transactions would likely be misleading, and

also there is a lag between when they sell and when the data be-comes made public. However, if you pay attention to what the smart money is doing in combi-nation with the other elements of your overall strategy, you are more likely to be on the right side of the larger market moves.

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

Myanmar SummaryB

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Travel Insurances SurgeThe number of travel

insurance issued by state-run Myanmar

Insurance Enterprise (MIE) has surged in the recent months thanks to

foreign businesspeople, a

Increasing foreign investment and the up-coming 27th SEA Games are resulting in more insurance issued at the MIE, U Sein Min, general manager of MIE said.

Before the former military government launched a sweeping nationalisation in 1963, there were more than 70 local and foreign private insurance companies operating in Myanmar. Only MIE has been doing insurance business since then.

As the country trans-forms from decades-long military rule, more eco-nomic reforms are going to boost the insurance sector, he added.

Phyu Thit Lwin MIE received premiums worth K25 billion ($25.77

-cial year and K47 billion ($48.45 million) for the 2012-13 FY.

-

the most popular and life insurance being the least issued.

Myanmar will allow foreign investors into its insurance sector by around 2015 once local private insurers have had time to establish them-selves, U Maung Maung Thein, deputy minister

-tember, after the head of Prudential Plc, Britain’s leading insurer, expressed interest in Myanmar.

In September, for the

years, 12 private insur-ance companies were given conditional ap-proval to start operating by the Insurance Busi-ness Supervisory Board (IBSB).

As Western economies

slow and the developed economies in Asia be-come saturated, insurers are increasingly turning to Southeast Asia, drawn by its growing middle classes and lack of insur-ance policy holders.

Banks Urged to Invest Sensibly in Dawei

Banks investing in the Dawei project should only back projects that are socially and envi-ronmentally sustainable, a local environmen-

tal group said at a seminar in Bangkok recently. Bo Bo, a representative from the Dawei Develop-

ment Association (DDA) and a resident in the area where the Dawei SEZ will be developed, said that only light industries with responsible investment should be allowed in the project, but that petro-

mining projects should be banned. He added that he had doubts whether local people

“So much gas [from Myanmar] goes to Thailand, but we Dawei people have to pay about 16-17 baht [$0.50] per unit of electricity, which is very expen-sive,” he said.

Also at the event, scholars and organisations urged Thai companies to uphold human rights and environmental issues when investing in Myanmar, since the country’s legal system is not yet up to international standards.

Oliver Slow

Myanmar Summary

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FEC Holders Given New Deadline to Exchange

The deadline for exchanging Foreign Exchange

been put back to March 31 2014, the Central Bank of Myanmar has said.

FEC holders who wish to exchange their cer-

submit a written letter with a reason explaining why they were not able to meet the original deadline of June 30.

this year the Myanmar government approved the proposal to abolish the FEC.

“Foreign exchange rates alter if we use FEC as a medium. The exchange programme will phase out the FEC,” said U Win Shein, minister for Finance and Revenue.

As of December 2012, there were 30.92 units of FEC (1 FEC = $1) in circulation in Myanmar, ac-cording to the central bank.

Su Su

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Myanmar Summary

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November 7-13, 2013 Myanmar Business Today24

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

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

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

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

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

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

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

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

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

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

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

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

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

FFligghhtss ffroomm Yangoon (RGN)) to Honng Kong (HKG) HHonngg KKoong (HKG) Flights from Yaangon ((RGN) KA251 1 2 4 6 RGN HKG 1:00 6:00 Dragon Air KA250 1 3 5 7 HKG RGN 21:20 23:35 Dragon Air

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

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

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

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

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

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

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

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

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

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

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

Myanmar Business TodayPROPERTY & REAL ESTATE 25November 7-13, 2013

Contd. P 26...

Yangon’s Hlaing Thayar township, located on the western side of the

Hlaing River, has long been recognised as an industrial hub of the city. The industrial zone located in the township is well-known, while all along its streets lie dozens of factories, manufacturing products includ-ing whisky and soy-based food.

Yet in 2000, property tycoon Serge Pun recognised an oppor-tunity to use the large, vacant space in the area to develop a high-class golf and housing estate.

The Pun Hlaing Golf Estate opened as a 9-hole golf course with a few houses at the turn of the century, but has since developed to include an 18-hole golf course – designed by golf-ing legend Gary Player – as well as a hospital, a nearby school, a spa, tennis courts, swimming pools and high-quality housing for about 300 people.

back then. There were barely any cars on the road and very few international companies were willing to operate in a military-run country, while businesses from US and Eu-rope were unable to operate due to government-imposed sanctions.

But Pun’s risk, it seems, has been rewarded and as the country attracts an increasing amount of foreign investment, the estate is taking advantage of the surge of international com-panies setting up operations in Myanmar, and more notably Yangon, and who are looking to house executives and their families in high-class, comfort-able accommodation.

“[Since opening] it moved

Oliver Slow

along nicely, but in this last 18 months to two years, we have seen an enormous amount of interest,” said John Sartain, who runs the management of the estate. Sartain continued, “We are now leasing out many apartments and houses on the estate on behalf of the owners and we are seeing a great deal of interest from new international businesses, proving that this is the place to reside.”

“Property prices have gone

of course, and we have put in

maintaining a world class es-tate, particularly infrastructure, such as WiFi, sewage systems,

sanitation and a continuous electricity supply to ensure that they are all up to international standards,” he added.

This has helped to attract a number of business people, not just those from abroad but also prominent local businessmen. The estate, Sartain says, has a roughly 50/50 split between foreigners and locals.

Pun Hlaing is currently about an hour and a half’s drive from the city, something that Sartain accepts is a minor issue as many of the residents on the estate work in Yangon’s downtown, but with work nearing comple-tion on the Hlaing Tharyar bridge – connecting the western

part of the city with the centre – the travel time is likely to be halved when the bridge opens.

“Once this [travel time to the city] is down to less than an hour, maybe 45 minutes then I think that will be acceptable for most people,” he said.

“We’re in an enviable position. Once the bridge and adjoining junction work is complete, communication improves, and we commence a ferry service from the estate to downtown next year, it really will put our

We already have a hospital, a school. At FMI City we already

Myanmar Summary

&efukefNrdKU ? vdIifom,mNrdKUe,fonf yef;vdIifjrpftaemufbufwGif wnf&SdNyD; pufrIZkefNrdKUtjzpf vlodrsm;xif&Sm;onf/ vdIifom,mpufrIZkefonf zGHUNzdK;wdk;wuf rItm;aumif;aom pufrIZkefwpfckjzpfNyD; puf½Hkaygif;rsm;pGmvnf; wnf&Sdaeonf/ Serge Pun taejzifh vdIfifom,mNrdKU e,ftm; zGHUNzdK;wdk;wufrItm;aumif;aom ae&mwpfcktjzpf wnfaxmif&ef tcGifh tvrf;udk awGUjrifcJhonf/ 2000 ckESpf wGif yef;vdIifa*gufuGif;tdrf&mtm; zGif hvSpf cJhNyD; aq;½Hk?tvSjyKjyifa&;vkyfief;?wif;epf upm;Edkifonfhae&m? a&ul;uef? pmoif ausmif;tp&S donfwdkYudkyg tdrf&mtwGif; xnfhoGif;wnfaxmifcJhonf/

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Contd. P 26...

A view of the clubhouse at Pun Hlaing Golf Estate.

GW

R

November 7-13, 2013 Myanmar Business Today26PROPERTY & REAL ESTATE

PP

HG

Oliver Slow

The Shwe Taung Group has reached an agreement with

international hotel chain

hotel located close to Yangon’s downtown.

Yangon will be located on the southern side of Bogyoke Aung San road, opposite the market by the same name, according to state-run New Light of Myanmar.

In March 2012, Yangon City Development Com-

mittee (YCDC) invited a tender for the implemen-tation of a project that will

apartments, a shopping centre and the hotel.

The project, designed by DP Architects of Sin-gapore, will be developed under two phases. The

the construction of a

20-storey hotel and some parts of the shopping centre, before the second phase which includes a 28-storey apartment building, the remaining aspects of the shopping mall as well as parking for 1,500 vehicles.

No time scale has yet been given for the project.

The project is expected to create at least 2,000 jobs and comes at a time when hotel rooms are much needed in Yangon due to the increasing demand in Myanmar’s tourism industry.

As part of their CSR campaign for the project, Shwe Taung will build a primary school alongside the hotel’s site.

operates around 30 high-quality hotels worldwide and also operates the Park Royal brand of hotels.

Myanmar Summary

have a [another housing estate operated by Serge Pun’s group] supermarket and a Yoma Bank branch so things will develop quickly from here,” he added.

As the estate contin-ues to expand, further projects are underway. One such project is a new 5 star boutique hotel that is currently under construction that will overlook the golf course. The 46-bedroom hotel is expected to be, much like the estate, managed to the highest standards and Sartain believes that the hotel will compliment the golf activities as well as serve the local business community.

“We also hope to attract people here on leisure breaks, so the estate will become a destination in its own right and as the hotel will be ready by early 2015 we are working hard on preparing and developing our people for the operational issues now,” he said.

One of the challenges

faced by the estate is a regular theme across the country – human resources. With more than 25 years in the hospitality industry, and having spent the previous

in Singapore, Sartain is hoping to use his experi-

so that they can operate the estate on their own, something he feels can contribute to Myanmar society.

“One of the things that I noticed early on is that although we have almost one thousand people working on the estate and they are incredibly enthusiastic, diligent and hard-working, many lack training. They are very keen to learn and part of my remit is to impart them my knowledge and experiences gleaned over the years. In a short time some of these wonderful people will be managing this estate – they are the future, not us!”.

Very early on Sartain

much he undertook him-self – English language

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training is one, leadership training, standards and quality, health and safety. “Importantly, we have also handpicked six peo-ple from the estate who we are ‘grooming’ to be our leaders of the future. They’re very enthusiastic and they will be provided with a personal fast track training programme to facilitate them moving into supervisory positions within two years. This will be evidence to others that local people do have real opportunities to grow and to develop themselves on this estate.”

The golf course itself

potential too, Sartain believes. He revealed that due to ongoing work on the course over recent years, the club had not taken some of the more major tournaments in the region – as it had in the past. Although the work is continuing, they will now be looking towards hosting more events on a course that is generally touted as the best course in the country.

“We are already speak-

ing to Asia Golf with a view to hosting some Senior and Junior tour-naments over the next 12 to 18 months and by the end of 2015 [we hope] to be in a position to bid for hosting the Asia Tour, maybe the Yangon Open,” he said.

For casual golfers, he says the course’s popular-ity is growing rapidly and that on the weekends they

time carefully to ensure that members can play at an enjoyable pace.

“So as the entire estate grows, and the area around us grows, we hope to take advantage of the opportunity with our Ser-viced Residences, which will open middle January 2014,” he said.

Myanmar Business TodayIT & TELECOM 27November 7-13, 2013

Contd. P 28...

Olympics Sponsorship Deal

Special Olympics Myanmar is to get a $50,000 spon-sorship boost from Qatar-

based telecommunications company Ooredoo for one year starting last month, Ooredoo said in a statement.

The money will help athletes with their travel, accommoda-tion costs and sporting pro-grammes, the company said.

Ooredoo Myanmar made the sponsorship announcement at Special Olympics Myanmar National Games on October 26.

The president of Special Olympics Myanmar, U Myo

Shein Thu Aungtime we have ever received such tremendous support from an international organisation like Ooredoo Myanmar.

“We see this as a long term and strong relationship between Ooredoo Myanmar and Special Olympics Myanmar.”

Ross Cormack, newly-appointed CEO of Ooredoo My-anmar, said: “As a community based operator, we are proud to show our support towards the Special Olympics Myanmar and are committed towards build-ing sports and sportsmanship within Myanmar.

Ooredoo Group has a history

of sponsoring sport clubs and players such as French League 1 football club Paris Saint-Ger-main and Argentine footballer Lionel Messi. The company said it wants to get engaged in similar sponsorship deals in Myanmar.

Special Olympics Myanmar National Games was held on Oc-tober 26 in the Youth Training Centre at Thuwunna Stadium with 350 athletes participating.

In 2004, Special Olympics was -

gether with the training courses conducted by Special Olympics

Myanmar.

ceremony of Special Olympics Myanmar National Games.

Myanmar Summary

GSMA Elects Telenor CEO as Chairman

The global association for mobile operators and related companies GSMA

announced that it has elected Jon Fredrik Baksaas, president

Telenor Group, to serve as GSMA chairman for the re-mainder of the current Board term through December 2014.

Baksaas will oversee the strategic direction of the or-ganisation, which represents nearly 800 of the world’s mobile operators, as well as 250 companies in the broader mobile ecosystem, GSMA said in a statement.

Baksaas had served as deputy chairman since January 2011, and now replaces Franco Bern-abé. “I look forward to working closely with the rest of the board, the GSMA team and our entire membership to advance important industry issues.

“The GSMA will continue to focus on the future evolution of our networks, the adoption of secure and interoperable new services and advocate for the needs of our industry to govern-

Kyaw Min ments and regulators,” Baksaas said.

Anne Bouverot, director gen-eral, GSMA, said: “I am looking forward to working with Jon Fredrik and the entire GSMA board to develop global and regional programmes that will drive future growth and invest-ment in mobile services.”

The GSMA organises the larg-est annual event in the mobile industry, the GSMA Mobile World Congress, in addition to smaller, targeted events GSMA Mobile Asia Expo and the GSMA NFC & Mobile Money Summit.

Baksaas, 59, is a Norwegian citizen and has worked in the telecom industry for 25 years. He has been president and CEO of Telenor Group since June 2002. Telenor was one of the winners of two telecom licences

Baksaas is also a board mem-ber of Russian telecom operator VimpelCom Ltd and Sweden’s Svenska Handelsbanken AB.

With a workforce of about 34,000, Norway-based Telenor

MPT Invites Tenders for Nationwide Wi-Fi Service

The state-run Myanmar Post and Telecommuni-cations (MPT) has invited

local and overseas companies to implement broadband wireless

The companies must submit details of their technical and business proposals to the chief engineer of MPT’s Information and Technology department in Nay Pyi Taw by 4pm on Novem-ber 30, an MPT announcement said.

Bidders may be required to submit their company registra-tion, registration record, and

Phyu Thit Lwin other company details, it said.Business operators who

would like to provide internet services can expect to receive their internet service provider (ISP) licence within six months from the day the Telecommuni-

MPT said. Communications and other

related licences will be provided by the government after the tel-ecommunications bylaws come

The rules and regulations form for the tender process can

MPT said.

Myanmar Summary

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November 7-13, 2013 Myanmar Business Today28IT & TELECOM

Myanmar Summary

Ooredoo Announces New Appointments for Subsidiaries

QOoredoo announced that it has approved two new

appointments at chief executive level for two of its international operations.

Ross Cormack, former chief

doo’s Oman arm Nawras, has been named as CEO of Ooredoo Myanmar, the newest operation of the group.

Ooredoo was granted one of the two landmark foreign operator licences in Myanmar in July.

Greg Young took on the role

from October 23.Sheikh Abdullah bin Moham-

med bin Saud Al Thani, chair-man of Ooredoo, said: “Ross Cormack has created a leading telecoms business in Oman, and will now bring the full weight of his passion and industry knowl-edge to our newest market, Myanmar. Greg Young is an extremely experienced industry

our success in the key market of

Shein Thu Aung Oman. We wish them both all the best in their new roles.”

Ross Cormack was instru-mental in the original bid for a telecoms licence in Oman in 2004, and has led the company since then. Nawras currently

band services to nearly 2.3 million people in Oman.

Greg Young worked as CEO of Sri Lanka Telecom, which is the largest telecoms operator in Sri Lanka, with more than 10,000

Ooredoo has a presence in markets such as Qatar, Kuwait, Oman, Algeria, Tunisia, Iraq, Palestine, the Maldives and Indonesia.

The company reported rev-enues of $9.3 billion in 2012 and had a consolidated global customer base of more than 92.9 million people as of 31 December 2012.

Myanmar Summary

LG to Bring G2 to Myanmar in November

South Korean electronics giant LG said it will bring its high-end Android

smartphone G2 to Myanmar this month in a bid to tap the growing handset market of the Southeast Asian nation.

The LG G2, a successor to LG’s earlier Optimus G and the Opti-mus G Pro series, was unveiled at a press event in New York

September.The G2 is primarily distin-

guished by software features that LG billed would “learn”

Aye Myatsystem designed to produce higher quality audio, a 5.2 inch (130mm) screen with technol-ogy that the company claimed would improve energy ef-

placement of its power and volume keys – eschewing their typical location on the bezel of a smartphone by placing them on the rear below the camera lens.

LG Electronic CEO Jong-Sok Park said: “We know what the customers want from a smart-phone and G2 is going to deliver that.”

Key Specifi cations:

Processor: 2.26GHz Qualcomm Snapdragon 800Display: 5.2 inch Full HD IPS (1080×1920 pixels/423ppi)Memory: 32GB/16GBRAM: 2GB LPDDR3 800MHzCamera: Rear 13.0MP with OIS/ Front 2.1MPBattery: 3,000mAhOperating System: Android Jelly Bean 4.2.2Size: 138.5×70.9×8.9mmColours: Black/White

Myanmar Summary

Group has more than 150 mil-lion mobile subscribers world-wide. Its 2012 revenue stood at $17.34 billion.

umwmtajcpdkuf qufoG,fa&;vkyfief; BuD;jzpfonfh Ooredoo rS tjynfjynf qdkif&m qufoG,fa&;vkyfief;aqmif&Guf rIrsm;twGuf trIaqmif&mxl;ae&mwGif

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,cifu Ooredoo \ tdkrefvkyfief; cGJ Nawras rS trIaqmifcsKyfa[mif;jzpf ol Ross Cormack tm; OoredooMyanmar \ pDtD;tdktjzpf wm0ef ay;tyfcJhaMumif; od&onf/ Ooredoo onf jrefrmEdkifiHrS rMumao;rDu ay;tyf cJhaom qufoG,fa&;vdkifpif&&Sdxm; onfhvkyfief;wpfckvnf;jzpfonf/Nawras \ pDtD;tdk&mxl;tm; atmufwdkbmv 23 &ufaeYrS pwifí Greg Young rS wm0ef,laqmif&GufoGm;rnfjzpfaMumif; od&onf/

Ooredoo \Ouú|jzpfol Sheikh Abdullah bin Mohammed bin Saud Al Thani u Ross Cormack tae jzifh tdkrefwGif qufoG,fa&;vkyfief;ü tajctaeaumif;rsm; zefwD;EdkifcJhovdk aps;uGufopfjzpfaom jrefrmEdkifiHwGif

rIrsm;? todynmrsm;ESifh taumif;qHk; pGrf;aqmifoGm;EdkifrnfjzpfaMumif; ajym Mum;cJhovdk Greg Young onfvnf; tvGeftawGUtBuHK&Sdaomyk*¾dKvfwpfOD;jzpf NyD; tdkrefaps;uGuftm; atmifjrifrI&&Sd &ef pGrf;aqmifvdrfhrnfjzpfaMumif; ajym Mum;cJhonf/

urÇmvHk;qdkif&m rdkbdkif;atmfya&wm rsm;ESifh qufpyfukrÜPDrsm;toif;BuD; GSMA rS Telenor Group \ Ouú|ESifh trIaqmifcsKyfjzpfol Jon Fredrik Baksaas tm; GSMA vuf&S dbkwftzG JU\ Ouú|&mxl;tm; a&G;cs,fcefYtyfvdkufaMumif; od&onf/

Baksaas taejzifh tzGJUtpnf;\ enf;AsL[m&nfrSef;csufudk udkifwG,foGm; &rnfjzpfNyD; tqdkygtzGJUtpnf;BuD;onf urÇmhrdkbdkif;atmfya&wmrsm; 800 eD;yg; udk udk,fpm;jyKaeovdk broader mobile

ecosystem wGifvnf; ukrÜPDaygif; 250 yg0ifaMumif; GSMA rS ajym Mum;cJhonf/ Baksaas onf 2011 ckESpf Zefe0g&DvrSpwifí 'kwd,Ouú|taejzifh aqmif&GufcJhaMumif; od&onf/

GSMA tem*wfwdk;wufajymif;vJrIudk quf vuftm½HkpdkufvkyfaqmifoGm;rnfjzpfNyD; ydkrdkaumif;rGefaom0efaqmifrIrsm;udkvnf; BudK;yrf;aqmif&GufoGm;rnfjzpfaMumif; Baksaas u ajymMum;cJhonf/ñTefMum; a&;rSL;csKyfjzpfol Anne Bouverot u Jon Fredrik ESifhtwl bkwftzGJU t0ifrsm;taejzifh tem*wfzGHUNzdK;wdk;wuf rIESifh rdkbdkif;0efaqmifrIrsm;wGif &if;ESD; jr§KyfESHrIrsm; wdk;wufvmap&ef vkyfief;ydkif;qdkif&m tpDtpOfrsm;tm; yl;aygif; aqmif&GufoGm;Murnf[k arQmfvifhxm; aMumif; ajymMum;cJhonf/

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bufodkY ajymif;vJwyfqif&jcif;rSm oHk;pGJ olrsm; zkef;ajymonfhtcgwGif tvG,f wuljyKvkyfEdkifap&efjzpfaMumif; ukrÜPD rS ajymMum;cJhonf/

with TV Business Back in Red

Squarterly net loss as its recovering TV operation relapsed into the red.

The Japanese electronics maker's worse-than-expected perfor-mance, a setback after years of striving to return to its former glo-ries, also featured weak sales of video cameras and a steep slump in personal computers in the July-September quarter.

With a quarterly net loss of 19.3 billion yen ($197 million), Sony's bad-news Thursday came in stark contrast to an upbeat showing by Japanese peer Panasonic Corp. It also stirred doubts about how the best-known Japanese technology company can anchor a turnaround as rivals like Apple Inc and Samsung Electronics Co have gained dominance through heavy investment in new mobile devices.

"I still cannot see any fundamental and believable strategy for the rebirth of Sony's electronics business," said Makoto Kikuchi, CEO of Myojo Asset Management based in Tokyo.

"On the other hand Panasonic, which is shifting its business away from consumer electronics, is reporting better-than-expected results. The contrast is like night and day."

yen operating loss. Reuters

Jon Fredrik Baksaas, president and chief executive of Telenor, has been elected as chairman of GSMA.

WM

C

Myanmar Summary

TV operation rsm; tajctaeqdk;odkY jyefa&muf&SdcJhum oHk;vywftom;wift jrwfarQmfrSef;csufra&muf&SdcJhonfhtwGuf Sony CorpaiG&&SdrIarQmfrSef;csuftm;avQmhcscefYrSef;vdkuf&NyDjzpfaMumif; od&onf/*syefEdkifiH\tDvufxa&mepfvkyfief;jzpfonfh Sony \vkyfief;rsm;taejzif harQmf

rSef;xm;onfhtajctaexuf&v'fqdk;rsm;udk &&SdcJ hNyD;vkyfief;jyefvnfwdk;wufvm&ef BudK;yrf;csdefüvkyfief;qkwf,kwfrIudkjyefvnfawGUBuHKae&jcif;vnf;jzpfonf/

ZlvdkifvrSpufwifbmoHk;vywfumvtwGif;AD'D,dkuifr&mrsm;ESif huGefysLwmrsm; a&mif;tm;usqif;cJ honf/ oHk;vywfumvtom;wift½HI;ay:rIrSm*syef,ef;aiG 19.3 bDvD,H (tar&duef a':vm 197 rDvD,H)txd&SdaeaMumif;vnf;od&onf/

Myanmar Business TodayAUTOMOBILE 29November 7-13, 2013

Toyota Tsusho Receives Vehicles Order from Myanmar

Toyota Tsusho Co, a

with Japanese carmaker Toyota Motor Corp, received an order for 27 vehicles from the Myanmar government, the company said last week.

Kyaw Min The vehicles are mainly dump trucks and will be used for the construction of roads in Karen

has subsided recently, Toyota Tsusho Co said.

The Ministry of Construction

development assistance (ODA)

from the Japanese government.Toyota Tsusho, based in Na-

goya, plans to start supplying the vehicles in 2014.

Myanmar’s mountainous Karen state, which is located in the southeast and borders Thai-land, lacks basic infrastructure such as roads, power grids and

bridges. Following the peace treaty struck with the Karen rebels, the government has taken up several development projects in the state.

Founded in 1948, Toyota Tsusho Corp is a member of the Toyota Group and one of the largest trading companies in Japan, and the 6th largest in the world.

Toyota Tsusho has over 150

ies, with 33,845 employees worldwide. Its main business is supporting Toyota Motor’s automobile business and other Toyota Group companies, span-ning industrial, commercial and consumer sectors. It’s 2012 revenue stood at $71.9 billion.

Myanmar Summary

Truc

ktre

nd

In Myanmar, Hyundai Motor Basks in “Korean Wave” Hyundai Motor aims to

raise its market share in Myanmar to over

15 percent in the next three or four years, basking in the huge popularity of South Korean culture, the sole dealer for the automaker in the country said on Tuesday last week.

Hyundai Motor, which

Yangon in August, plans to set up 14 dealerships in major cities by 2018 as it seeks to crack into the small, but growing market dominated by Japanese car-makers, Kolao Holdings said.

“Young people in Myanmar who watch Korean dramas visit our showroom and look for cars that were shown in the dramas,” Oh Sei-young, chief executive of Kolao Holdings, said at a media

“Hyundai is really keen on the Myanmar market.”

South Korean culture, known as the “Korean Wave” or Hallyu, has swept through Asia in re-cent years generating billions of dollars in revenue from drama and pop music.

Myanmar’s car market started to bloom around 2011, after the

quasi-civilian government of President Thein Sein took over from the military government, allowing some old cars to be swapped for permits to import newer models.

Myanmar will have a total 331,468 passenger cars regis-tered this year, up 24 percent from a year earlier, according to Kolao, adding only six out of 1,000 people own cars there.

Most of the cars are Japanese, which dominate most South-east Asian auto markets such as Indonesia.

The likes of Nissan Motor and Ford Motor have raced to gain a foothold in the Myanmar market, spurred by the govern-ment’s loosening of import regulations on new cars in 2011.

Hyundai Motor, which sells the Starex van and Elantra small sedan in Myanmar, targets sales of 1,500 cars next year in the country, Oh said.

In neighbouring Laos, Kolao Holdings imports and sells new cars from Hyundai Motor, Kia Motors and China’s Chery, and assembles knock-down kits of second-hand imported cars, controlling 37 percent of the

country’s imported car market.

ing on Monday last week that it plans to raise about $150 million through share sales in Singapore to help boost auto

anmar and Cambodia. Reuters

Myanmar Summary

*syefEdkifiH\ armfawmfum;vkyfief;BuD; jzpfaom Toyota Motor Corp \ ukefoG,frIvkyfief;wpfckjzpfonfh Toyota Tsusho Co onf jrefrmtpdk;&xHrS armfawmfum; 27 pD;tm; rSm,lrIwpfck udk vufcH&&SdcJhaMumif; ,if;ukrÜPDrS vGefcJhonftywfu ajymMum;cJhonf/

tqdkyg armfawmfum;rsm;rSm t"du tm;jzifh trdIufum;rsm;jzpfNyD; u&if jynfe,fwGif vrf;rsm;azmufvkyfrItwGuf toHk;jyKoGm;rnfjzpfaMumif; Toyota

Tsusho Co rS ajymMum;cJhonf/aqmuf vkyfa&;0efBuD;XmerS *syeftpdk;&xHrS w&m;0ifzGHUNzdK;a&;taxmuftyHhrsm;udktoHk;jyKí armfawmfum;rSm,lrIudk jyKvkyf cJhjcif;jzpfonf/Toyota Tsusho onf Nagoya tajcpdkufvkyfief;wpfckjzpfNyD; 2014 ckESpfwGif armfawmfum;rsm;tm;pwifaxmufyhHay;oGm;Edkif&ef pDpOfaeonf/ u&ifjynfe,fonf awmifwef;r sm; xlxyfaom a'owpfckjzpfNyD; xdkif;EdkifiH ESifh e,fedrdwfcsif;xdpyfvsuf&S dum vrf; rsm; ? wHwm;rsm; vQyfppf"mwftm; jzefYjzL; rIwdkYuJhodk Y tajccHtaqmufttHku@wGif tm;enf;aeao;onf/ tpdk;&tae jzifh Nidrf;csrf;a&;aqmif&Gufcsufrsm;udk BudK;yrf;cJhNyD; jynfe,fzGHUNzdK;wdk;wufa&;pDrHudef;rsm;udkvnf; aqmif&GufaeNyDjzpf onf/ Toyota Tsusho Corp tm; 1948 ckESpfwGif wnfaxmifcJhNyD; *syef EdkifiHwGif tBuD;qHk;ukefoG,frIvkyfief; BuD;rsm;xJrS vkyfief;wpfckvnf;jzpfum Toyota Group \ vkyfief;wpfckvnf; jzpfonf/

Hyundai Motor rS vmrnfh 3 ESpf rS 4 ESpftwGif; jrefrmEdkifiHwGif aps; uGuf&S,f,m 15 &mcdkifEIef;ausmfjrifhwufvmEdkif&ef arQmfrSef;xm;aMumif; jrefrmEdkifiHrSwpfOD;wnf;udk,fpm;vS,fjzpfonfh Kolao Holdings rS vGefcJhonfh tywfu ajymMum;cJhonf/ HyundaiMotor onf Mo*kwfvwGif &efukefü

ta&mif;jycef;udk zGifhvSpfcJhNyD; 2018 ckESpf wGif NrdKUBuD;rsm;wGif um;rsm;tm; ta&mif;t0,fjyKvkyfEdkif&efvnf; pDpOfxm;aMumif; ESifh vuf&S d jrefrmEdkifiH\zGHUNzdK;wdk;wuf vmaom um;aps;uGufwGif *syefxkwf um;rsm;u vTrf;rdk;ae&m,lxm;aMumif; vnf; od&onf/ udk&D;,m;Zmwfvrf;rsm; udk Munfh½IMuonfh vli,frsm;taejzifh um;ta&mif;jycef;rsm;odkY vma&mufavh &SdNyD; Zmwfvrf;rsm;xJwGif yg0ifaom

um;rsm;udk Munfh½IMuaMumif; Kolao Holdings \ trIaqmifcsKyfjzpfol Oh Sei-young u ajymMum;cJhonf/

Hyundai taejzifh jrefrmhum;aps; uGufudk oabmusESpfNcdKufaMumif;vnf; od&onf/2011 ckESpf0ef;usifwGif jrefrmhum;aps;uGuf pwifwdk;wufvmcJ h NyD;

t&yfom;tpdk;&rS EdkifiHa&;wm0efrsm;udk pwifxrf;aqmifNyD;csdefrSpí um;opf rsm; wifoGif;cGifhudkvnf; jyKvkyfay;cJh onf/ um;trsm;pkrSm *syefEdkifiHxkwfum;rsm;jzpfMuNyD; *syefum;rsm;taejzifh tif'dkeD;&Sm;uJhodkY ta&SUawmiftm&Sum; aps;uGufudkvnf; vTrf;rdk;xm;onf/

at a shipping yard of the automakers at a port in Pyeongtaek, about 70 km (43 miles) south of Seoul.

Lee Jae-Won/R

euters

November 7-13, 2013 Myanmar Business TodayCLASSIFIEDS 30

Myanmar Business TodaySOCIAL SCENES 31November 7-13, 2013

SEA Games 2013 Press Conference with the Myanmar Yachting Federation

President of the Myanmar Yachting Federation, U Moe Myint, addresses the audience during a press conference at the Yangon Sailing Club. The Myanmar Yachting Federation (MYF) announced details of its preparations to host the sailing event as part of the 27th Southeast Asian Games which will be hosted in Myanmar this December. Myanmar Yachting Federation (MYF)

(From L-R) Head Coach U Than Sein, Vice President U Myo Tin, President U Moe Myint and Secretary General U Thayne Soe, flanked by members of the Myanmar National Sail-ing Team. Myanmar Yachting Federation (MYF)

Members of the Myanmar National Sailing Team (from L-R) - Wai Pwint Warbo, Phone Kyaw Moe Myint, Suu Myat Soe, Thurein Tun Oo and Ye Chit Oo. Myanmar Yachting Federation (MYF)

JVC Product Launch @Park Royal Hotel, Yangon

A customer checks out a JVC speaker. Kyaw Min Customers at the JVC product launch. Kyaw Min

Customers at the JVC product launch. Kyaw Min

A model promotes JVC products. Kyaw Min JVC products on display. Kyaw Min

A JVC delegate at the event. Kyaw Min

A JVC delegate. Kyaw Min

Delegates pose for a photo. Kyaw Min JVC staff at the launch. Kyaw MinTeruaki Sato, president of JVC sales & service, Thailand, gives his speech. Kyaw Min

The VIP table at the JVC launch. Kyaw MinU Tin Saung, executive director, authorised dis-tributor of JVC in Myanmar. Kyaw Min Models pose with JVC products. Kyaw Min

W Ikebe from AVC Gruop, overseas marketing department, gives his speech. Kyaw Min The VIP table at the JVC launch. Kyaw Min

Deal Signing between Mama Noodles and Myanmar Restaurant Association inYangon

U Kyaw Myat Moe, member of MRA, gives his speechg. Kyaw Min

U Aung Hlaing Soe, deputy managing director of Mama Noodles, speaks at the event. Kyaw Min

U Aung Hlaing Soe signs the agreement. Kyaw Min

Mama Noodles and MRA representatives shake hands after signing the deal. Kyaw Min Delegates pose for a photo. Kyaw Min Delegates at the event. Kyaw Min

Ooredoo Myanmar Meets Myanmar Mobile Application

Developers at A Brainstorming Event

Question and Answer session with the media at the Ooredoo event. Ooredoo

The brainstorming session. Ooredoo

Q&A session. Ooredoo

Entrance at the Water expo. UBM

Myanmar Water 2013 Expo@Tatmadaw Hall, Yangon

Delegates pose for a photo. UBM Visitors register at the event. UBM Delegates at the ceremony stage. UBM

Delegates pose for a photo. UBM Ribbon cutting. UBM Delegates visiting stalls. UBMCustomers check products at a stall in the Water expo. UBM

November 7-13, 2013 Myanmar Business Today32ENTERTAINMENT

Myanmar Hosts Classic Cars Event

Last week, twenty classic cars rolled through Yan-gon to begin a two-week

trip around the country aimed at raising awareness of the numerous classic cars in the country, and to stop them from being destroyed.

The cars, which include mar-quees such as Mercedes-Benz, Rolls Royce and Chevrolet, are embarking on a 1,429 kilometre trip that will take in Inle Lake, Bagan and Ngapali Beach.

Nine of the vehicles have been shipped in from abroad

the remaining 11 have been in Myanmar for some years.

“I have watched what the country has achieved over the last 30 months and it’s aston-ishing,” Richard, a driver of the

Oliver Slow 1956 Mercedez-Benz told AP with reference to the economic and political changes taking place in the country.

Formerly part of the British Empire, classic European cars have long remained in Myan-mar after independence, but until the government began eas-ing restrictions on car import in recent months, cars were solely for the elites of Myanmar’s so-ciety and many of the older cars were sent to the junkyard.

“It’s very sad to lose these old cars,” said Zaw Phyo Linn from the Myanmar Classic Cars Club and who is participating at the event. “Our intention for hold-ing the event is to let people know that these cars are valued and encourage them not to destroy them,” he added.

A 1928 Bentley classic car stops in front of Shwedagon pagoda during the start of "The Burma Road Classic" motoring rally in Yangon. About twenty classic cars from Myanmar and around the world are participating in the event, where they will travel around the country during the 17-day-long vintage car rally, according to the organisers.

Soe

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Classic cars line up for a photo with Shwedagon Pagoda in the background, during the start of "The Burma Road Classic" motoring rally in Yangon.

Soe Z

eya Tun/Reuters

Soe Z

eya Tun/Reuters

Classic cars line up for a photo with Shwedagon Pagoda in the background.

Myanmar Business Today - Vol 1, Issue 40.pdf

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