Myanmar faces wider business fallout after Kirin retreat
Faris Mokhtar, Philip J. Heijmans and Chanyaporn Chanjaroen, Bloomberg
Feb. 10, 2021
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A demonstrator holds up a National League for Democracy (NLD) flag during a protest outside the Embassy of Myanmar in Bangkok, Thailand, on Feb. 1 2021.Bloomberg photo by Andre Malerba.
Myanmar s political upheaval is prompting global companies from Japan to Thailand to dial back operations in the country, spurring concern about a widening business fallout.
From beer maker Kirin Holdings Co. to an early backer of gaming firm Razer Inc., companies and investors are weighing the impact of a military coup that s thrust the once- thriving nation into a state of emergency. The turmoil is prompting multinationals like Thailand s biggest industrial developer to delay investment plans, a harbinger of things to come should the chaos deepen.
Razer co-founder and director Lim Kaling pulls out of Myanmar joint venture businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.
Businesses start to rethink Myanmar as coup ignites protests
Elaine Kurtenbach
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Police in riot gear for am line blocking protesters during a demonstration in Mandalay, Myanmar, Tuesday, Feb. 9, 2021. Protesters continued to gather Tuesday morning in major cities breaching Myanmar s new military rulers ban of public gathering of five or more issued on Monday intended to crack down on peaceful public protests opposing their takeover. (AP Photo) (Copyright 2021 The Associated Press. All rights reserved.)
BANGKOK – Businesses are just beginning to reassess their investments in Myanmar after the military seized power, detaining civilian leaders and sparking mass protests.
Singaporean tycoon Lim Kaling, a board member of technology firm Razer Inc., announced Tuesday that he was pulling out of a cigarette joint venture with military-linked Virginia Tobacco Co., the country’s biggest cigarette maker and owner of the Red Ruby and Premium Gold brands.