Uber is launching its private ride-hailing service in the Myanmar commercial capital of Yangon on Thursday, aiming to tap into one of the world’s youngest and fastest-growing online markets.

The launch follows Singapore-based GrabTaxi’s debut by about two months.

Uber is one of the world’s largest on-demand transportation platforms. It is seeking an alliance with the government to smooth acceptance of the use of private vehicles for commercial transport.

A taxi ride in Myanmar usually involves negotiating prices, no use of meters and a lack of air conditioning or seat belts. Using a ride-hailing app is still a relatively new concept, though the practice has been gaining in popularity.

Local travel services start-up Oway and Hello Cabs, a rival service run by a construction and auto dealership tycoon, also provide ride-hailing services. 

“I definitely want to try Uber,” said Nyan Zay Htet, 26, a company worker who was haggling with a driver over a fare on a downtown street in Yangon. “I welcome having international companies come in because it can be more convenient for us if we don’t have to bargain over prices and can just hop in and go.”

More than two-thirds of Southeast Asians are younger than 40 and the number going online to buy goods and services is soaring. A recent research report by Google and the Singaporean investment arm Temasek put the potential ride-sharing market in six larger regional markets at $13 billion by 2025, up from $2.5 billion in 2015.

With more than 50 million people, Myanmar is growing fast and its public transport networks are not keeping up. Taxis are plentiful in Yangon, with local media reporting authorities estimate there are more than 50,000 on the city’s jammed roads. The industry is something of a free-for-all, with non-licensed drivers turning their cars into taxis as they please. But the government has said it intends to crack down on that.

Incomes for most people are still low, so price competition may be key.

An online Uber fare estimator put the base fare in Yangon at 1,500 kyats (pronounced chuts) ($1.09) with a minimum charge of 1,800 kyats ($1.31).

Uber has faced trouble from regulators in various markets, including China, France, Spain and Mexico. But generally they target services transporting paying customers using private vehicles that are not registered for public transport, not ride-hailing that uses smartphone apps to call licensed taxis.
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Housing foreclosure activity in the United States dropped to the lowest level since 2005 last month, according to a business research group.

ATTOM Data Solutions tracks default notices, auctions and bank repossessions across the nation and says the number of actions dropped 23 percent from a year ago. That means more than 77,000 homeowners missed payments, and banks took some kind of action to encourage the repayment of their loans.

Severe problems in the U.S. housing market, and sales of securities backed by sometimes-faulty mortgages, played a key role in the financial crisis, which is one reason that investors and economists watch the housing market closely.

Seattle, a city in the Pacific Northwest state of Washington, did the best in this study, with the number of foreclosure notices dropping 38 percent from the same time a year ago. Atlantic City, New Jersey, had the worst foreclosure problem in this study, with one out of every 237 housing units getting a notice of some kind.
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China’s President Xi Jinping initiated the ambitious Belt and Road development plan but it has become a world plan not tied to his presidency, the Commerce Ministry said Wednesday, days before Xi hosts a global forum on the initiative.

The forum in Beijing next week will draw heads of state to discuss Xi’s plan to expand trade links between Asia, Africa and Europe through billions of dollars in infrastructure investment.

Representatives from more than 100 countries will attend China’s biggest diplomatic event of the year, though only one leader from the Group of Seven (G7) industrialized nations, Italian Prime Minister Paolo Gentiloni, is set to join.

China says that between 2014 and 2016, its businesses signed projects worth $304.9 billion along inland and maritime corridors of the plan, also known as the New Silk Road. But some of the projects could be in development for years.

Judging by recent precedent in China’s political system, Xi is slated to step down from the presidency in early 2023 at the end of his second five-year term.

Asked what guarantee the world had that the initiative would go on after Xi’s second term, Vice Minister of Commerce Qian Keming told a news briefing that its vitality lay in countries’ hopes for development and not in the idea of “who proposed it or what term in office there is later.”

“The Belt and Road initiative was proposed by President Xi in 2013, but this initiative is not an individual proposal, or merely left at a proposal level. Rather it is an initiative that has been widely received by the whole world. It is jointly owned by everyone,” Qian said.

China has repeatedly rebuffed concern that the plan is part of a grand strategy to expand its economic interests for selfish gain and to seek global dominance, saying that anyone can join the plan to boost common prosperity.

Xi has used the initiative to help portray China as an open economy, distinct from a rising wave of global protectionism.

However, the government has faced criticism from foreign business groups and governments alike, who say it has done little to remove discriminatory policies and market barriers that favor Chinese companies.

Foreign business groups have questioned whether multinational companies would be able to compete with Chinese firms through the plan in transparent bidding processes.

Zhang Xingfu, an official from the Commerce Ministry’s cooperation department, played down such concerns.

“Chinese enterprises conducting investment and cooperative business in countries along the Belt and Road initiative will … actively participate in project bidding, and cooperate and compete with international enterprises in the same industries on the same platform,” Zhang said.
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In August, 2014, planners in the northeastern Chinese city of Hunchun argued in state media that it should be included in the “One Belt, One Road” project, Beijing’s vision laid out the previous year of a new Silk Road across Asia to Europe.

In 2015, the official Xinhua news agency ran stories about how Hunchun was accelerating its “OBOR” plans, and early in 2016, China’s cabinet released a list of Chinese cities included in “OBOR:” Hunchun was on the map.

The fact that the list came about slowly, and that some cities felt moved to lobby to be included, underlines how the pet project of Chinese President Xi Jinping is as amorphous as it is ambitious.

The challenge of defining exactly what OBOR means will come to the fore later this month, when heads of state and senior officials from around the world gather in Beijing for the first major summit dedicated to the project.

“Frankly, I don’t really know what the belt and the road are. The reason being that I think Beijing doesn’t know either,” said Tom Miller of Gavekal Dragonomics, who recently wrote a book on the New Silk Road.

Reality is complicated

In theory, incentives for cities, companies and countries to be involved are strong: hundreds of billions of dollars are expected to be spent on roads, railways, pipelines, ports and industrial zones stretching from Sri Lanka to Djibouti.

But as Hunchun shows, the reality of OBOR can be complicated and requires buy-in from other countries.

The city’s position at the apex of Russia, North Korea and China is a blessing and a curse. While Russia is gradually opening up to more trade, North Korea has stalled.

Tantalizingly close to the sea but without a sea port after Russia’s annexation in 1860, local businesses said they wanted to ship more goods via Rason, a nearby North Korean port earmarked as an export hub to China, Japan, South Korea and beyond.

That would open a shipping route to southern China, but with sanctions in place against Pyongyang, global tensions rising over its arms programme and Rason developing slowly, expectations of progress are low.

“We currently transport goods by rail to southern China. We’d like to ship from Rason, but at present that’s not happening,” said Wang Hai, general manager of Guanghai Import and Export Trading Company in Hunchun, a small firm with 12 staff, both Chinese and Russian. “Hunchun is a hub for northeast Asia, so in theory it should play a big role in ‘One Belt, One Road,’ but for now it hasn’t been able to get its act together.”

Russia more promising?

North Korea remains largely shut to the outside world, and China, while remaining its main economic and diplomatic backer, has signed up for tough U.N. sanctions against it.

But China said on Tuesday that North Korea would be sending a delegation to the upcoming OBOR summit.

Russian President Vladimir Putin will also attend, reflecting his country’s importance in China’s OBOR strategy; in Hunchun, some enterprises are already seeing benefits from mutual trade.

Xingyang Seafood, for example, imports 90 percent of its seafood from Russia and 10 percent from North Korea, said chairman Zhao Yang.

“The main advantage of being in Hunchun is that we are close to Russia,” Yang told Reuters. The company is headquartered in northern China’s Shandong province, but in 2015 it opened a branch in Hunchun to exploit its proximity to Russia.

“How does North Korea help us? It doesn’t help us at all, they have hardly any seafood left there.”

Trade with Russia

Hunchun’s spokesman Hao Qiang declined to comment about the city’s relationship with North Korea, because of the “current political situation,” and would not say how many North Koreans were working in the city. “But we can talk about Hunchun’s trade with Russia, the city’s clean air and successful tree-planting initiatives,” he said.

In addition to oil and gas export opportunities between Russia and China, Putin has spoken of roads and bridges being built to strengthen links.

Russia has struggled, however, to lure enough people to sparsely populated regions bordering China’s northeast, and there are concerns among Russians of creeping colonization if too much land is leased to the Chinese.

“They [Chinese] will live there, their relatives will come, they will deepen their roots there, they will take Russian women as wives,” firebrand opposition politician Vladimir Zhirinovsky said in 2015, when proposals to lease Russian land to Chinese farmers were put forward. “We will only have problems. I see no advantages.”

For Hunchun, OBOR is the latest in a series of development programs aimed at revitalizing Jilin province and China’s northeast.

Benefits of investments are clear

In the 1990s, the United Nations backed the Tumen River Area Development Project, which became the Greater Tumen Initiative linking China, Mongolia, South Korea and Russia.

The benefits of large-scale state investment are clear. From 25th place among smaller cities in Jilin in terms of economic growth, Hunchun now stands third. Foreign trade has doubled since 2011, according to city statistics.

Whether OBOR can add value over the longer term is uncertain, Peter Cai wrote in a report for the Lowy Institute, an Australian think-tank.

“If the Chinese government fails to connect its domestic projects with overseas components, OBOR will be little different from other domestic infrastructure programs, greatly diminishing its economic and strategic value.”
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Mexico is embarking on a strategy to combat illegal pipeline thefts that includes going after those who purchase and deal in stolen fuel as well as the thieves, the country’s treasury secretary said Tuesday.

Jose Antonio Meade said it’s a problem that costs Mexico somewhere between 15 billion and 20 billion pesos a year, or $780 million to $1 billion, and one that requires a holistic approach to solve.

Mexico’s government wants to reduce the siphoning of gasoline and diesel from illegal pipeline taps by attacking “not only the supply but also the demand,” Meade said, according to a transcript of remarks during a Q&A session released by the Treasury Department.

Besides quick-response actions against thieves, authorities must work to make the illicit business less profitable and make those who buy it face consequences, he said.

Armed gangs add to problem

The topic is front-and-center in Mexico these days after gun battles between the army and suspected thieves killed four soldiers and six gunmen last week in the central state of Puebla. Armed gangs have gotten involved in the business of fuel thefts, and gunmen were said to have used civilians as human shields in one of the clashes.

Fuel thieves are also suspected of being behind a shocking crime in Puebla on May 2, when eight assailants raped a woman and her 14-year-old daughter, killed her toddler son, beat her husband, stole the family’s pickup truck and left on them on a highway at night. In March, three state detectives were abducted and killed by a fuel theft gang allegedly with the help of the local mayor and police officers.

Meade said those who “tear at the social fabric, who in a very cowardly fashion hide behind … women and children,” cause problems for communities and are “terribly dangerous.”

Corrupt workers a concern

Meade acknowledged it’s “very likely” that corrupt workers at state oil company Petroleos Mexicanos, or Pemex, are involved in facilitating pipeline thefts. He said officials are working with the company to identify them.

Officials are also looking at gas stations that may be selling stolen fuel, as well as the mass transportation sector. To that end, authorities raided 13 gas stations last month after detecting irregular fuel-buying patterns, Meade said.

“There was even a gas station that had been shut down (by authorities) for a year but was continuing to sell gasoline, which of course was stolen,” he said.

Looking for help from Senate

The secretary said authorities are looking into technology that would allow them to better track illegal pipeline taps and “mark” gasoline to help identify fuel that has been stolen.

Meade also noted legislation passed in the Chamber of Deputies and pending in the Senate would make it easier to prosecute fuel theft.

“The theft is illegal, but possession of stolen gasoline … since we don’t catch them physically and flagrantly stealing, we often find it impossible to take legal action,” he said.

Stolen fuel part of local economy

The Puebla state Public Security Department reported Tuesday that in a series of raids it seized over 21,000 liters (5,600 gallons) of fuel and 12 vehicles apparently involved in thefts.

Some communities in Puebla and elsewhere have come to base much of their economies on selling fuel stolen from the thousands of taps that are drilled into state-owned pipelines each year. It can also be dangerous — on Sunday one such illegal tap exploded into flames.

Meade said Puebla is the state with the highest incidence of fuel theft, followed by Guanajuato and Veracruz.
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Four U.S. states filed a lawsuit Tuesday over President Donald Trump’s decision to restart the sale of coal leases on federal lands, saying the Obama-era block of the leasing program was reversed without studying what’s best for the environment and for taxpayers.

The attorneys general of California, New Mexico, New York and Washington, all Democrats, said bringing back the federal coal lease program without an environmental review risks worsening the effects of climate change on those states while shortchanging them for the coal taken from public lands.

“Climate change has to be considered when we are talking about compensating states and New Mexico citizens for their resources,” said Cholla Khoury, New Mexico Attorney General Hector Balderas’ director of consumer and environmental protection.

The U.S. Interior Department’s Bureau of Land Management administers 306 coal leases in 10 states, producing more than 4 billion tons of coal over the past decade. Most of that coal — 85 percent — comes from the Powder River Basin in Wyoming and Montana.

Production and combustion of coal from federal lands accounted for about 11 percent of U.S. greenhouse gas emissions in 2014.

The Obama administration blocked the sale of new leases in 2016 to conduct an environmental study and a review of the royalties that mining companies pay the U.S. government for coal that’s extracted. Federal officials and members of Congress said the current royalty rates were shortchanging taxpayers.

In January, Interior officials said they were considering raising those royalty rates to offset the effects of climate change from burning the coal.

In March, President Donald Trump signed an executive order directing Interior Secretary Ryan Zinke to amend or withdraw the coal leasing program moratorium.

The next day, Zinke did so, saying the Obama administration’s environmental review would cost “many millions of dollars” and that improvements to the program can be made without a full-scale environmental review.

The lawsuit by the four attorneys general, which was filed in Great Falls, Montana, says the reversal was made “with no justification other than an objection to the time and cost of complying with the law.”

Lifting the moratorium without properly considering the environmental effects or ensuring that the program is providing fair market value for the publicly owned coal violates federal laws, they allege.

“They didn’t follow the law,” Khoury said. “You can’t make piecemeal changes without doing this assessment to fully understand all parts of this program.”

Interior Department officials did not return telephone and email messages seeking comment.
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Indian airline IndiGo said it plans to start flying smaller planes to second-tier towns and cities later this year, in a shift in strategy for the carrier that has prided itself on the simplicity of running only one type of jet.

IndiGo, which has a fleet of 131 Airbus A320 aircraft, said on Tuesday it has placed a provisional order for 50 ATR 72-600 aircraft from European turboprop maker ATR, worth over $1.3 billion at list price.

IndiGo joins national carrier Air India and SpiceJet which have finalized plans under Prime Minister Narendra Modi’s scheme to make it cheaper for people to fly within India. The scheme subsidizes part of the cost for airlines to fly to smaller towns.

“We should see increased business activity in small towns and cities which will increase demand for air travel in these regions,” IndiGo’s President Aditya Ghosh said after the company reported a 25 percent fall in quarterly net profit.

InterGlobe Aviation Ltd, owner of IndiGo, said net profit fell to 4.4 billion rupees ($68 million) in the quarter ended March 31, from 5.84 billion rupees a year ago, as fuel costs jumped 71 percent over the same period.

The company said it expects available seat kilometer, a key measure of an airline’s capacity, to increase by 22 percent in the April-June quarter.

IndiGo, which has maintained its efficiency by operating only one type of aircraft, said it plans to set up a separate unit to manage the ATR fleet to reduce the complexity of flying two different types of aircraft.

Functions such as flight operations, in-flight services, route planning and revenue management will be managed by a separate team, whereas administrative functions like human resources, finance and legal would be controlled by IndiGo.

“It would avoid adding complexity to mainline operations,” Ghosh said during an analyst call, adding that it would also result in synergies in corporate overheads and ground handling.

The company said it expects to have up to seven ATR aircraft by March 2018 if it reaches an agreement to buy the planes.

IndiGo also expects to add 39 new aircraft in the current fiscal year that started on April 1, of which 28 will be A320neos, taking the total to 170 A320 aircraft.

The carrier has faced operational issues with some A320neo aircraft due to problems with engines built by Pratt & Whitney, a unit of United Technologies Corp.

Ghosh said IndiGo expects Pratt & Whitney to provide a solution to one part of the problem by the fourth quarter of 2018 and the engine maker is working on a new design solution that will be retro-fitted later.

Pratt & Whitney has also carried out hardware and software changes on all of IndiGo’s A320neos which should address part of the issue, he said.

IndiGo has ordered a total of 430 A320neo aircraft in the past two years, making it one of Airbus’s biggest customers.
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Move over Ellen DeGeneres, there’s a new most-tweeted tweet.

And it’s not from another celebrity, famous athlete or politician, but rather a 16-year-old kid from Reno, Nevada named Carter Wilkerson who has a deep love for chicken nuggets from U.S. fast food chain Wendy’s.

It all started in April when Wilkerson tweeted at Wendy’s asking them how many retweets he would need to get free nuggets for a year.

Wendy’s reply was simple “18 million.”

To that, Wilkerson said “consider it done” and tweeted screenshots of his conversation with Wendy’s.

It went viral, and on Tuesday his tweet had been retweeted 3.441 million times, surpassing DeGeneres’ famous, and former world-record holding Oscars tweet, which had 3.430 million retweets.

While not 18 million, Wendy’s gave Wilkerson his free nuggets and $100,000 for him to give to charity.

“We didn’t expect Carter’s response, and we couldn’t anticipate the overwhelming support he has received,” said a spokesman for Wendy’s.
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The saleswomen in L’Occitane en Provence’s new Havana store make $12.50 a month. The acacia eau de toilette they sell costs $95.20 a bottle. Rejuvenating face cream is $162.40 an ounce.

A few doors down, a Canon EOS camera goes for $7,542.01. A Bulgari watch, $10,200.

In the heart of the capital of a nation founded on ideals of social equality, the business arm of the Cuban military has transformed a century-old shopping arcade into a temple to conspicuous capitalism.

With the first Cuban branches of L’Occitane, Mont Blanc and Lacoste, the Manzana de Gomez mall has become a sociocultural phenomenon since its opening a few weeks ago, with Cubans wandering wide-eyed through its polished-stone passages.

Older Cubans are stunned at the sight of goods worth more than a lifetime’s state salary. Teenagers and young adults pose for Facebook photos in front of store windows, throwing victory signs in echoes of the images sent by relatives in Miami, who pose grinning alongside 50-inch TV sets and luxury convertibles.

The Cuban armed forces’ business arm has become the nation’s biggest retailer, importer and hotelier since Gen. Raul Castro became president in 2008.

Gaviota, the military’s tourism company, is in the midst of a hotel building spree. The military corporation Cimex, created two decades ago, counts retail stories, auto-rental businesses and even a recording studio among its holdings. The military retail chain TRD has hundreds of shops across Cuba that sell everything from soap to home electronics at prices often several times those in nearby countries.

The military-run Mariel port west of Havana has seen double-digit growth fueled largely by demand in the tourism sector and the armed forces last year took over the bank that does business with foreign companies, assuming control of most of Cuba’s day-to-day international financial transactions.

On a recent weekday, Oswell Mendez and the members of his hip-hop dance group De Freak posed for their Facebook page in the center of the Manzana, on the spot where a bust of early 20th century Cuban Communist leader Julio Antonio Mella sat before it was removed in the building’s multi-year renovation.

“This is a high-end spot, really nice,” said Mendez, 24. “It’s something we haven’t seen before.”

The five-story Manzana sits off the Prado, the broad, tree-lined boulevard that divides the colonial heart of the city. The upper floors are a five-star hotel opening in early June that is owned by the military’s tourism arm, Gaviota, and run by Swiss luxury chain Kempinski. Along the bisecting galleries of the Manzana’s ground floor, TRD Caribe and Cimex – host the luxury brands along with Cuban stores selling lesser-known but still pricey products aimed at Cuba’s small but growing upper-middle class, like $6 mini-bottles of shampoo and sets of plates for more than $100.

A few blocks away, working-class Cubans live in decaying apartments on streets clogged by uncollected trash. With state incomes devastated by long-term stagnation and inflation, there’s barely money for food, let alone home repairs or indulgences.

“This hurts because I can’t buy anything,” said Rodolfo Hernandez Torres, a 71-year-old retired electrical mechanic who lives on a salary of $12.50 a month. “There are people who can come here to buy things but it’s maybe one in 10. Most of the country doesn’t have the money.”

L’Occitane, Lacoste, Mont Blanc and the Cuban military’s business wing did not return requests for comment.

With its economy in recession and longstanding oil aid from Venezuela in doubt, the Cuban government appears torn between the need for market-based reforms and the fear of social inequality that would spawn popular dissatisfaction and calls for political change.

With other sectors declining, Cuba’s increasingly important tourism industry is under pressure to change its state-run hotels’ reputation for charging exorbitant prices for rooms and food far below international standards. The Manzana de Gomez Kempinski bills itself as Cuba’s first real five-star hotel, and the brand-name shops around it appear designed to reinforce that.

The hotel is earning positive early reviews but many tourists say they find the luxury mall alongside it to be repulsive.

“I was very disappointed,” said Jeannie Goldstein, who works in sports marketing in Chicago and ended a six-day trip to Cuba, her first, on Saturday.

“I came here to get away from this,” she said. “This screams wealth and America to us.”

The Prado boulevard was the scene of Cuba’s previous record for a state-sponsored display of exorbitant consumerism. Last May, the government closed the boulevard for a private runway show by French luxury label Chanel for a crowd that included actors Tilda Swinton and Vin Diesel and supermodel Gisele Bundchen.

The temporary privatization of a street for an international corporation built on exclusivity and luxury generated widespread revulsion in Cuba and an unusually angry reaction among writers and intellectuals. Cuba’s culture minister resigned two months later, with no reason given for his departure.

Many other Cubans were delighted by Chanel and adore the Manzana de Gomez, saying it’s the sign the country knows its future depends on opening itself to foreign wealth.

“These stores are for millionaires. Attracting tourists with money, that’s development, capitalism,” said Maritza Garcia, a 55-year-old airline office worker. “Everything that’s development is good. Bit by bit the country is lifting itself up. We’re a socialist country but the economy has to be a capitalist one.”
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