Myanmar Morning News For August 18

Shares of 55 companies can soon be traded locally
55 public companies which were given the green light to sell shares in the local over-the-counter (OTC) market must receive official permission from the Securities and Exchange Commission of Myanmar (SECM) first, U Htay Chun, member of the commission, told The Myanmar Times.
— Myanmar Times

Fiscal deficit halves in 2016-17, but shortfalls in revenue and expenditure
The budget deficit for the 2016-2017 fiscal year ended March 31, 2017 was a little over half of the official target as a result of government under-spending, according to the preliminary data released to members of the parliament.
— Myanmar Times

Tax changes take sparkle out of Gems Emporium
Gem and jade traders say an increase in taxes is the main reason why sales have become sluggish at one of the government’s most important revenue-generating events.
— Frontier Myanmar

Defense Ministry Rejects Relocation of Sulfuric Acid Factory
The Ministry of Defense has rejected a parliamentarian’s request to relocate a sulfuric acid factory in Sagaing Region’s Salingyi Township during the Lower House session on Wednesday.
— The Irrawaddy

MNA plans to fly more international routes
Myanmar National Airline (MNA) is preparing to expand its international network and currently prepping to fly to Chengdu, China, said U Than Tun, Chief Executive Officer of MNA. MNA flies to 26 domestic destinations, and international routes including Singapore, Hong Kong, Bangkok, Chiang Mai and Gaya.
— The Global New Light Of Myanmar

Business Mogul Tay Za Makes Surprise Appearance at SEA Games
In his first public appearance for years, business mogul U Tay Za presented US$10,000 to the Myanmar men’s football team on Monday after the team beat Singapore in the 29th SEA Games in Malaysia.
— The Irrawaddy

Two water taxis delivered to Nan Thidar Port in Yangon
Two water taxis which will serve Yangon River routes arrived at Ahlone International Port Teminal-1 on 15 August and are docked at Pansodan (Nan Thidar port), according to a report in the Myawady Daily.
— The Global New Light Of Myanmar

Residents stage protest against coal-fired power plant built in MCL Cement Plant
Malamyine residents have staged a protest against the coal-fired power plant at MCL Cement Plant in Kyaikmayaw, Mon State, which may also have been constructed without permission.
— Eleven Myanmar

YSX-listed firms to enjoy 5pc tax reduction
Companies listed on Yangon Stock Exchange (YSX) will now need to pay only 20pc income tax, according to the Ministry of Planning and Finance.
— Myanmar Times

Pyidaungsu Hluttaw addresses tax issues, Christian Marriage Act
The Deputy Minister for Planning and Finance U Maung Maung Win described to the Pyidaungsu Hluttaw yesterday a bill that would amend a commercial tax law last amended in 2015.
— The Global New Light Of Myanmar

MOFA and British Embassy jointly organize workshop
The Ministry of Foreign Affairs of Myanmar and the British Embassy in Yangon jointly organized a “Workshop on Striking a Right Balance between Freedom of Expression and Hate Speech” at Grand Amara Hotel in Nay Pyi Taw on 17 August 2017. U Kyaw Moe Tun, Director-General, International Organizations and Economic Department from the Ministry of Foreign Affairs and Mr. David Hall, Charge’ d’ Affaire a.i. of British Embassy in Yangon delivered their opening remarks.
— The Global New Light Of Myanmar

Myanmar political change brings food revolution
It’s a rich fishy broth that makes for a signature Myanmar breakfast when sprinkled with condiments ranging from coriander to crispy fritters. And one young returnee restaurateur sees mohinga as a passport to reintroduce the country also known as Burma to the world, now a half-century of dictatorship has yielded to civilian led-government and a buzzing food scene.
— Financial Times

Energas enables Petronas to tap sanctioned nations
The setting up of Energas Insurance (L) Ltd, the sole captive insurer of Petroliam Nasional Bhd (Petronas), has enabled the national oil and gas giant to tap the sanctioned countries such as Sudan, Cuba and Myanmar.
— The Star Online

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Myanmar morning news by AEC News Today is your one stop source for Myanmar news on matters of governance and policies affecting Asean business communities. It is published M-F by AEC News Today: Governance, not government; policies not politics.