Quote:

http://www.straitstimes.com/BreakingNews....
Jun 30, 2012

WASHINGTON (AP) - The Senate has confirmed the appointment of the first United States (US) ambassador to Myanmar in 22 years.

Mr Derek Mitchell has served as President Barack Obama's special envoy to military-dominated Myanmar since August to encourage democratic reforms.

Senate Republican Leader Mitch McConnell welcomed Mr Mitchell's confirmation which was done by voice vote on Friday, saying his experience 'will serve us well in the region'.

Mr Mitchell served previously as a senior defence official for Asia-Pacific affairs..

Quote:

Myanmar central bank eyes independence
http://www.straitstimes.com/BreakingNews....
Jun 28, 2012

YANGON (AFP) - Myanmar's central bank is poised to win independence to set monetary policy, its deputy governor said, in what would be a major economic reform by a government seeking to attract foreign investors...

Quote:

http://ca.reuters.com/article/topNews/id....
Wed Jul 11, 2012

VIENTIANE (Reuters) - The United States plans to ease sanctions this week to allow its companies to invest in and provide financial services to Myanmar but will require them to make detailed disclosures about their dealings, sources briefed on the matter said on Wednesday.

The unusual reporting requirement aims to promote greater transparency in the country -- among the world's most corrupt according to watchdog Transparency International -- as it emerges from nearly half a century of authoritarian military rule.

The sources, who spoke on condition that they not be named, said the U.S. Treasury Department was expected to issue two so-called general licenses, one giving general permission for investment in Myanmar and the other allowing financial services..

Quote:

Coca-Cola Co, for instance, said last month it wanted to work in Myanmar as soon as the government allowed it. It is one of just three countries in the world where the soft drinks giant does not operate. The other two are North Korea and Cuba.

Conglomerate General Electric Co has also expressed strong interest in the country, particularly in the healthcare and electricity sectors. In the face of street protests over power outages, Myanmar's government promised in May it would buy two 25-megawatt gas turbines from the company.

Sanctions have also been suspended or lifted by other developed countries, including Canada, Australia, Japan and European Union states...

Quote:

The Obama administration hopes the reporting requirements will shed some light on Myanmar's notoriously murky business practices and, over time, improve them.

"The central point of all of this is to focus on transparency, the theory being that the more information the greater the incentive to comply with responsible norms and practices," he said.

This source said that some disclosures would be to the public while others would be in confidence to the U.S. government to protect proprietary business information.

The sources said one idea under consideration was to have a public comment period for the private sector to study the reporting requirements and to flag any problems.

Quote:

http://www.trust.org/alertnet/news/canad....
OTTAWA, July 13 (Reuters) - Canada will open an embassy in Myanmar, following in the footsteps of the United States, while pressing for more reforms in the isolated Southeast Asian nation, Foreign Minister John Baird said on Friday.

Canada announced in April that in recognition of recent democratic reforms in Myanmar it would suspend most of the trade and diplomatic sanctions it had imposed on the country, which is also known as Burma. Ottawa hopes Canadian companies can do business in Myanmar, which has rich natural resources...

Quote:

http://uk.reuters.com/article/2012/07/14....
Sat Jul 14, 2012

(Reuters) - General Electric Co (GE.N) secured a medical equipment deal with two hospitals in Myanmar on Saturday, becoming the first U.S. company to restart business in the long-isolated country since Washington eased sanctions this week...

Quote:

Although the GE deal through local partner, Sea Lion Co Ltd, was relatively small at approximately $2 million, the company has big plans for Myanmar, where the government has vowed to boost healthcare spending and tackle chronic power shortages.

"We're now good to go," GE's chief executive for ASEAN (Association of Southeast Asian Nations) Stuart Dean said in an interview on the sidelines of a forum of U.S. businesses in Siem Reap, Cambodia on Friday.

Quote:

Major U.S. companies dealing there under the embargoes were Chevron (CVX.N), which set up there before sanctions were put in place, and Caterpillar (CAT.N), which has sold bulldozers and excavators in Myanmar through an independent dealer.

Quote:

Dean said GE was working fast to try to agree a deal to supply Myanmar with two 25-megawatt gas turbines, which the government promised to the public in response to protests in several cities. It was also seeking to upgrade old GE technology sold to Myanmar before the imposition of sanctions.

"We continue to negotiate this, discussions are ongoing, but unlike healthcare equipment it's complicated, you have to connect to the grid and you need gas," Dean said.

Quote:

Burma may soon allow foreign credit cards
http://www.theaustralian.com.au/nocookie....
July 30, 2012 1:21PM

BANKS in Burma are hoping to begin handling international credit card transactions by next year.

Than Lwin, deputy chairman of the prominent Kanbawza Bank, on Sunday said negotiations are under way with Visa on the use of its cards.

Foreign visitors have been unable to use credit cards because of US and EU restrictions on money transactions since 2003....

Quote:

MasterCard enters Myanmar with bank licensing deal
http://www.finextra.com/news/fullstory.a....
06 September, 2012

MasterCard has become the first international payments network to issue a license to a Myanmar bank, paving the way for branded cards to be issued and accepted in the country for the first time....

Quote:

http://www.reuters.com/article/2012/09/0....
Fri Sep 7, 2012

Myanmar's parliament passed a long-delayed foreign investment law on Friday and it has now gone back to the president, who has the final say and had resisted certain changes proposed earlier by lawmakers....