Democratic Voice of Burma |
| Posted: 09 Nov 2013 04:25 AM PST
Ups and downs Official exchange counters in Rangoon were offering 967 kyat to the US dollar and selling kyat at 975, marginally higher than street vendors who are buying at 966 and selling at 974. Gold is selling this week at 684,500 kyat per tical, down from last week's value of between 687,900 and 690,000 kyat. Fuel prices remain the same for the fourth week in a row; rice prices also stay constant.
Foreign investment hits all-time high Foreign Direct Investment (FDI) in Burma has reached more than US$1.6 billion for the first six months of the 2013-14 fiscal year – already topping the total value of $1.4 billion recorded the previous year, according to the Directorate of Investment and Company Administration (DICA). Some 40,000 jobs have been created by this year's foreign investment, which included launches by multinational companies Heineken Beer and Nissan Motors among 57 foreign firms. DICA data shows the majority of FDI was in the garment sector, followed by food products, manufacturing and tourism.
Hyundai revs up for Burma Hyundai Motor Co aims to raise its market share in Burma to over 15 percent in the next three or four years, basking in the huge popularity of South Korean culture, said the sole dealer for the automaker in the country, Kolao Holdings, this week. Hyundai reportedly plans to open 14 dealerships in Burma by 2014 – it launched its first in Rangoon in August. Vehicle models to be sold in Burma will be expanded from the Starex and Porter to include compact cars such as the Hyundai Accent.
Rice exports cannot top last year's record high Burma's rice exports during April– October 2013 stand at around 450,000 tons, substantially less than the 730,000 tons exported during the same period in the fiscal year 2012-13, according to local sources. In FY 2012-13, Burma exported a record 2.1 million tons of rice, up about 40 percent from the targeted 1.5 million tons. The country is targeting exports of around 1.5 million tons of rice again in FY 2013-14, however, local sources say that it is unlikely the export target will be met this year. Burma's rice exports surged last year mainly due to a good crop and low prices. However, rice crops this year were adversely affected by weather disturbances and higher prices. Moreover, Chinese importers have turned to Thailand and Vietnam for better quality rice after both countries lowered prices.
Seven percent of rural villages connected to national grid Just 7 percent of all rural villages in Burma – a little more than 4,700 of nearly 65,000 small towns and village tracts across the country – are able to enjoy a supply of electricity from the national power grid. Nearly 13,000 villages, around 20 percent of the total number, attain electrical power from generators while some 21,000 are powered up by mini-hydropower, solar and biogas generators. The Burmese government is currently receiving assistance from China, South Korea and the Asian Development Bank in a bid to widen coverage across the country.
Bridge over troubled motors A 17 billion kyat (US$17.5 million) budget has been appropriated by the Rangoon divisional government to construct an overpass at the Myaynigone junction in Rangoon's Sanchaung township in 2014-15. The plan must be approved in parliament before it is finalised. The measure to relieve the city's exasperating traffic woes follows hot on the heels of the construction of flyovers at Hledan junction (14 billion kyat); the 21 billion kyat Bayintnaung double-flyover; and the13 billion kyat Shwegondaing overpass which is due to open at the end of November.
Indonesia unveils power plans for Burma Indonesia's state-owned coal mining firm PT Tambang Batubara Bukit Asam plans to build steam power plants worth US$900 million in Burma in the next few years and has invited a local partner to work on the project, reported Investor Daily, quoting the firm’s finance director Achmad Sudarto. The Indonesian company will first build a 2×100 megawatt power plant worth between $350 million and $450 million, the report said, though the location was not disclosed.
Paying with plastic MasterCard's debut ATM card in Burma has attracted nearly 4,000 customers within its first month, according to Kyaw Lin, the CEO of Cooperative Bank (CB Bank), MasterCard's local partner. The "Easi Travel MasterCard" was launched on 8 October and can be used for cash withdrawals at ATMs in 210 countries worldwide, The Voice reported. Within Burma it can be used for purchases online, and at restaurants, hotels and other outlets which accept MasterCard.
PETRONAS promises social, environmental assistance PETRONAS, Malaysia's state-owned energy giant which recently won offshore energy blocks in Burmese waters after a competitive tender bidding process, has announced that it will spend around US$1 million on environmental conservation and social assistance programmes in Burma. Othman Awang Jaya, a senior official for the firm, said at a Rangoon press conference on 5 November that PETRONAS, despite being an extractive enterprise, will assist with local education and social welfare, as well as environmental and forest conservation projects.
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| Underground bands battle to break into Burma’s music industry Posted: 09 Nov 2013 04:12 AM PST In Burma, it's hard for underground bands to break into the music industry. Few people have Internet access, and producers are reluctant to promote them if they're uncertain of success. But after living with censorship for 60 years, many young people are now forming music groups and are expressing their opinions at the political and economic situation in the country. Zaw Htet went to hang out with a few underground bands that are trying to break into the Burma music industry. Fever 109 is a metal band that was formed 5 years ago by a group of friends. They meet regularly in their studio to play but want to make it big so they can work full time doing what they love. "To set up a group is not easy, it takes a lot of time", said guitarist Si Thu. "Money is the biggest problem. We need someone who can help arrange the shows." He thinks there should be organised music shows every three or four months. That way the underground bands would get promoted and the audience would grow. The hard work has paid off and Fever 109 are finally about to produce their debut album. "We hope to produce the album this year", said vocalist Adino. "But it is late for many reasons. We eat and drink together here and have so much fun, that's why it took time. Just kidding, we will try to get it out next year." Related StoriesAlternative bands have trouble getting signed in Burma. Mainstream pop music is more in demand and therefore more profitable. "Producers will look for profit. They choose the music that will be popular. So we need a producer that loves our kind of music", said Si Thu. Another problem is the market is flooded with illegal pirated CDs. As soon as a new song is released, illegal copies pop up everywhere – and it's the musicians who miss out on the profit. According to Si Thu, the pirated copies put off the producers from working with unknown bands since they don't think they will make any profit. At the same time, some bands suspect the producers themselves sell illegal copies of the CD's they promote to make even more money. But Fever 109 say they're not interested in becoming rich and famous – they just want to do what they love – making metal music. "We like what we do", said Adino. "If we do what we really like, people will get to know you at some point… I believe that if underground bands work together, we will succeed. West Coast City is an R&B/hip hop band, also from Rangoon. They've just released their debut album, but it took 6 years to get it out. "We tried to find a producer, but we had no money", said one of the band members. "Our colleagues try very hard. But the market here is not very strong yet", said another. But despite the struggle, West Coast City's band members are positive and think the future looks good. "The main point is to keep trying. You need to keep focused." Though it is hard for underground bands to make a profit from their music in Burma, there are now so many more groups emerging. And these eager musicians have high hopes of succeeding. |
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