Philippines holds rates at record low to support GDP growth 0

Central Bank of the PhilippinesSource: Bloomberg

The Philippines held its benchmark rate at a record low as easing inflation gave policy makers room to support Southeast Asia’s fastest-growing major economy.

Bangko Sentral ng Pilipinas kept the interest rate it pays lenders for overnight deposits at 3.5 percent for a seventh meeting, according to a statement in Manila today, as forecast by all 19 economists surveyed by Bloomberg News. More…

Chinese company to build “Beijing street” in Mongolian capital 0

Ulan Bator, MongoliaSource: Xinhua

The municipal office of the Mongolian capital city signed a memorandum of understanding with a Chinese construction company here on Tuesday to launch the “Beijing street” project.

Gantomor Nyamdavaa, deputy mayor of Ulan Bator in charge of road, transportation and infrastructure, and China’s Mongolia branch of the Beijing Corporation Engineering Group (BCEG) signed the document, according to a press release. More…

ADB to invest $245m in power sector 0

Asian-development-Bank ADBSource: The News International

The Asian Development Bank (ADB) and the Government of Pakistan on Monday signed an agreement to invest $245 million in the country’s power distribution system, a statement said.

The agreement was signed by Secretary Economic Affairs Division Nargis Sethi and Dr Werner E. Liepach, ADB’s country director for Pakistan. More…

Myanmar hotel investment shines 0

Chatrium Hotel, YangonSource: TTR Weekly

The era of the ASEAN Economic Community, due to begin in late 2015, will open the door for major hotel companies to invest in Myanmar.

Speaking at Thai Hotels Association monthly general meeting, Wednesday, the association president, Surapong Techaruvichit, said Myanmar is now a country that will attract enormous investment in hotels. More…

Myanmar watchers expect jump in M&As next year 0

Myanmar-1Source: The Nation

Myanmar could see a surge in mergers and acquisitions next year as foreign investors prepare to dive into the resource-rich country, a Bangkok summit heard.

“Every sector in Myanmar will grow. Some local companies are now the targets for takeovers. For 2014, there will be more than 100 M&A deals,” Alisher Ali, managing partner of Silk Road Management and founder of Silk Road Finance, said yesterday. More…

China wants another try at Myanmar dam 0

Construction of Myitsone Dam project in Kachin StateSource: The Wall Street Journal

China hopes to resume a controversial dam project that the Myanmar government suspended two years ago, but only after the country goes under new leadership in 2015.

State-owned China Power Investment Corp. hopes to restart works on the Myitsone dam project in Kachin state, in the north of Myanmar, which was suspended over environmental concerns and brought the first chill upon close economic relationswith the reforming government of President Sein Thein, which succeeded decades of military dictatorship. More…

Myanmar plans to borrow US$2.3bn from China 0

Myanmar kyatSource: Eleven Myanmar

Myanmar is planning to borrow a total of US$2.3 billion from China to finance 22 infrastructural projects, including those of telecommunication, electricity and construction, according to the government’s investment projection for national projects in 2013-14. More…

Construction firms report crumbling turnovers 0

ConstructionSource: Viet Nam News

Firms under the Ministry of Construction in August made a turnover of VND11.81 trillion (US$557 million), bringing the total for the first eight months to nearly VND94.84 trillion ($4.47 billion), down 7.2 per cent year-on-year.

Of this total, the turnover of industrial and construction materials in the first eight months was VND38.895 trillion, up by 3.7 per cent, data from the ministry showed. More…

Myanmar on the right track: OBG 0

Mr. Obama says he is going to Myanmar in order to reward the regime for the democratic changesSource: The Myanmar Times

Myanmar’s recent reform initiatives are propelling the domestic economy on a significant growth trajectory, according to consultancy firm Oxford Business Group.

Although infrastructure bottlenecks and real estate prices are still a deterrent, the modernisation of the banking sector, opening up of the telecoms industry and the liberalisation of the insurance sector are all expected to play a vital role in the evolution of the economy, said its Myanmar Editorial Manager Michael Nesbitt. More…

World Bank to loan US$ 260 million to Myanmar 0

myanmarSource: Eleven Myanmar

World Bank Group will lend a total of US$261.5 million to Myanmar for infrastructural projects, according to the President Thein Sein.

Myanmar cleared its decades-old debts to World Bank with the help of a bridge loan from Japan Bank for International Cooperation in January. More…