US sanctions on Myanmar gems target key junta funding source apnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from apnews.com Daily Mail and Mail on Sunday newspapers.
Foreign banks cashing in on Myanmar’s brief economic liberalisation are facing new compliance headaches after fresh sanctions were imposed on the military junta, with the sector put on notice over further sanctions targeting the country’s energy and commodities sectors.
The US and UK announced co-ordinated sanctions in late March against the military holding companies Myanma Economic Holdings Limited (MEHL) and Myanmar Economic Corporation Limited (MEC), which the two governments said were enmeshed in broad sectors of the economy including mining, trade, banking, logistics, agriculture and manufacturing.
Myanmar’s military seized power in a coup on February 1, claiming irregularities in a January election in which Aung San Suu Kyi’s National League for Democracy secured an overwhelming victory. The military ruled the country between 1962 and 2011, freeing Suu Kyi from 15 years of house arrest in 2010.
South Korea steel giant POSCO weighs how to exit Myanmar military-backed venture: Sources Toggle share menu
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South Korea steel giant POSCO weighs how to exit Myanmar military-backed venture: Sources
The logo of POSCO is seen at the company s headquarters in Seoul, South Korea, Jul 20, 2016. (Photo: Reuters/Kim Hong-ji)
05 Apr 2021 04:20PM (Updated:
05 Apr 2021 05:06PM) Share this content
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SEOUL: Giant South Korea steelmaker POSCO has begun reviewing how it might end a joint venture with a firm controlled by the military in Myanmar in the wake of the coup there in February, two people with first-hand knowledge of the matter told Reuters.
Exclusive: South Korea steel giant POSCO weighs how to exit Myanmar military-backed venture - sources channelnewsasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from channelnewsasia.com Daily Mail and Mail on Sunday newspapers.