Myanmar’s new military regime is striving to present a business-as-usual approach to the economy in the face of daily street protests, but even a normally pliant private sector is crying foul at some of its initial steps.
A new Central Bank deputy governor has lashed out at protesters and bank staff who have joined the Civil Disobedience Movement and forced private banks to close their branches, and claimed the military regime is “doing its best” and should be given more time.
The government’s need to secure new supplies of natural gas and a desire to send a positive signal to investors has likely helped a consortium including Total, Woodside and MPRL negotiate favourable fiscal terms to develop the A-6 block.
KBZ Bank is suing the owner of Myanmar Industrial Port over alleged unpaid debts of more than US$200 million, in a case that is symptomatic of the problems facing the country’s leading banks as they seek to resolve legacy non-performing loans.
Months after Emerald Brewery began producing Chang in Yangon, large quantities of the Thai beer are still being smuggled openly across the border at Myawaddy in a racket dominated by the Kayin Border Guard Force.
The Kayin State Border Guard Force has come under intense pressure from the Tatmadaw over its extensive, controversial business interests and there’s concern the ultimatum could trigger fresh hostilities in one of the country’s most war-torn areas.