Thein Sein News
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Little noticed during last weekend’s milestone summit between Barack Obama and Xi Jinping was another landmark event: China’s currency hit a record high, reaching almost 6 yuan to the dollar.
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Yoma Strategic Holdings Ltd., which is building a 9,000-unit housing project in Myanmar, said it plans to expand by developing hotels and office buildings in Yangon. The stock surged to the highest in almost 10 years.
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Myanmar’s opening to foreign investment has been compared to the fall of the Berlin Wall and the start of an economic growth story to emulate Vietnam. How those views pan out will be largely decided by natural gas.
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Myanmar opposition leader Aung San Suu Kyi said she wants to run for president in elections two years from now and rebuffed criticism that she has been silent over the repression of a Muslim minority in the country.
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AirAsia Bhd., the region’s biggest budget airline, plans to carry as much as 30 percent of tourists visiting Myanmar as the southeast Asian economy opens up for foreign investment and leisure travel.
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Unilever, the world’s second biggest consumer goods company, is starting to manufacture food seasoning in Myanmar as it prepares to spend 500 million euros ($656 million) in the country over the next decade.
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Visa Inc. and MasterCard Inc. said payments using mobile phones will help Myanmar reduce the use of cash when wireless networks are rolled out across Southeast Asia’s poorest country starting this year.
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Coca-Cola Co. Chief Executive Officer Muhtar Kent marked the return of the world’s largest soda maker to Myanmar after 60 years by opening a bottling plant and pledging more investment in the newly opened economy.
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Myanmar’s efforts to catch up with the world around it after half a century of military rule is being put to the test this week as a summit of government and business leaders fills hotels and stretches phone networks.
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Myanmar said the restoration of a policy preventing some Muslim Rohingya from having more than two children is family planning, dismissing criticism that it’s evidence of oppression against the religious minority.
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