Myanmar Morning News For July 5

CMP garment’s export earnings up $ 382 m
Garment sector earned US$ 759.172 million from exports of CMP garment, up US$ 382 million from the same period last year, according to the Commerce Ministry.
— Eleven Myanmar

New virus discovered in Myanmar bats
A team of scientists have discovered a previously unknown virus in Myanmar, as well as another virus that has previously only been observed in Thailand.
— Coconuts Yangon

Investors, Businesses Losing Confidence In Myanmar’s Economy
Impatient with the sluggishness of the economy, local and foreign investors are losing confidence in the Myanmar government’s economic policies, according to a June 29 report on The Irrawaddy, an online news site focused on Myanmar.
— Investvine

World Bank vows to continue support for Myanmar’s peace, reform process
The World Bank vowed on Wednesday to continue its support to Myanmar government in building peace, economic reform, said a statement released by the international financial institution.
— Xinhua

Thaksin faces fifth arrest warrant after failing to appear
Fugitive former prime minister Thaksin Shinawatra now faces a fifth arrest warrant after he failed to appear before the Supreme Court on Wednesday for the trial in a corruption case stemming from his government’s policy.
— The Nation

The struggles SMEs face in Myanmar to remain competitive | Video
A whopping 98 per cent of businesses in Myanmar are small and medium-sized enterprises. While they try to remain competitive, many feel they can no longer wait for the government’s help, as May Wong reports.
— Channel NewsAsia

Myanmar throws weight behind Hong Kong as Belt and Road “superconnector”
MYANMAR recognises Hong Kong’s “distinctive role” as the Belt and Road Initiative’s “superconnector”, a cabinet minister said last week during an official visit to the city, while businesses urged Nay Pyi Taw to draw up its own priorities in the Initiative and proactively reach out to overseas investors.
— Myanmar Times

Myanmar to allow foreign investors to trade on Yangon Stock Exchange
Myanmar’s Yangon Stock Exchange (YSX) will soon allow foreign investors to trade on the exchange, the local Voice Daily reported Wednesday.
— Xinhua

Myanmar wary of China debt trap
Myanmar will seek to reduce the scale of a China-led special economic zone project in its western state of Rakhine, Planning and Finance Minister Soe Win said in an exclusive interview.
— Nikkei Asian Review (paywall)

Cooperatives set to receive K550 billion in funds
Funds for farmers and the agricultural sector totalling more than K550 billion are going to be provided to central cooperative associations on July 7, said Director U Myo Aung of the Ministry of Agriculture, Livestock and Irrigation.
— Myanmar Times

At a glance: Taxes in Myanmar
Attracting investments into its recently opened-up economy is a clear priority of Myanmar’s tax regime, with a slew of tax incentives for foreign investors.
— The Business Times

WB’s VP to discuss partnership projects with Myanmar
The World Bank’s Vice President for East Asia and Pacific Ms. Victoria Kwakwa will visit Myanmar from 8 to 10 July, according to a press release issued by the World Bank.
— The Global Newlight of Myanmar

ICRC: “If detainees can maintain family ties, there’s less chance of them going back to prison”
Since 1999, the ICRC has been involved in visiting detainees in Myanmar’s prisons, where it provides recommendations on prison conditions through confidential reports with authorities.
— Frontier Myanmar

Rubber export earnings decline
Rubber export earnings declined during two-and half-month mini budget period due to a drop in global rubber price, according to the Commerce Ministry.
— Eleven Myanmar

Myanmar to send workers to Japan to care for the elderly
Myanmar is planning to send workers to Japan to fill jobs involving the care of elderly people.
— Myanmar Times

Myanmar Diplomat and U.N. Official Clash Over Violence Against Rohingya
When a senior diplomat from Myanmar told a gathering of the United Nations Human Rights Council on Wednesday that his country was “committed to the defense of human rights,” he drew an outraged rebuttal from the United Nations’ top human rights official.
— The New York Times

Feature photo LWYang

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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.

Myanmar Morning News For July 5 added by Stella-maris Ewudolu on July 5, 2018
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Stella-maris Ewudolu

Journalist at AEC News Today

Stella-maris graduated with a Bachelor of Arts, Education from Ebonyi State University, Nigeria in 2005.

Between November 2010 and February 2012 she was a staff writer at Daylight Online, Nigeria writing on health, fashion, and relationships. From 2010 – 2017 she worked as a freelance screen writer for ‘Nollywood’, Nigeria.

She joined AEC News Today in December 2016.