THE World Bank reported that the Israeli war on the Gaza Strip has destroyed approximately 93 per cent of the branches of banks operating in the territory after 15 months of continuous conflict.
In a report distributed in Jerusalem, the World Bank added that the war has also destroyed 88 per cent of microfinance institutions, most money exchange services, and eight per cent of insurance companies. The report noted that only three out of 94 ATMs are currently operational across the Gaza Strip, according to consistent data from the World Bank and the Palestinian Monetary Authority.
The report highlighted that Palestinians in Gaza are struggling to pay for basic goods and services, including food and medicine, while the disruption to the banking system hampers private sector efforts to resume production, create job opportunities, and pay employee salaries. — ANI

Source- The Global New Light of Myanmar

YOUNG startup Databricks, which specializes in scaling and building artificial intelligence, said Tuesday it raised $10 billion, bringing the company’s valuation to $62 billion.
The blockbuster funding round is yet another signal of the unrelenting appetite from investors for potential AI stars. Investors listed as taking part in the funding round included tech sector powerhouses Andreessen Horowitz and Thrive Capital.
“This round of financing was heavily oversubscribed, and we are delighted to welcome some of the world’s most renowned investors, who share a deep conviction in our vision,” Databricks co-founder and chief executive Ali Ghodsi said in a release. “We are still in the early stages of the AI Era.” Founded in 2013 by students at the University of California, Berkeley, Databricks runs a cloudbased platform for companies to take advantage of artificial intelligence, including for data management. — AFP

Source- The Global New Light of Myanmar

The newly inaugurated Chancay-Shanghai direct shipping route not only strengthens trade ties between Peru and China but also promotes shared growth across Latin America, Asia and beyond. On Wednesday, the air at Shanghai Port was infused with the sweet fragrance of fresh fruit as a vessel from Peru’s Chancay Port docked, delivering a bounty of Peruvian agricultural delights, including grapes, avocados and blueberries. Since the launch of the Chancay Port in November, shipments between the two coastal cities have highlighted a promising future for trade across the Pacific. The direct route is expected to reduce shipping costs by at least 20 per cent, generate US$4.5 billion in yearly revenues for Peru, and create 8,000 direct jobs. The operation of the port, a flagship Belt and Road cooperation project be tween China and Peru, demonstrates the two nation’s commitment to free trade amid rising trade protectionism. Before Chancay Port’s opening, Peru’s exports to China had to pass through other regions. The new port, able to handle large container ships, cuts shipping times to 23 days. — Xinhua

Source: GNLM

YANGON Region Gold Entrepreneurs Association (YGEA) notified necessary documents for seeking a gold trading licence, including a bank statement with 25 per cent of the total assets mentioned.
Applicants must fill out the stipulated Form 2 completely, copy of citizenship scrutiny card, resume with signature, bank statement signed by bank manager, declaration of maximum trading volume in (viss, tical, grams, troy ounce) measurement, recommendation letter of the respective township’s Department of General Administration, police clearance certificate, recommendation letter of Myanmar Gold Entrepreneurs Association or YGEA mentioning that individuals are members of the respective gold associations, ward administrator’s recommendation being a resident, tax clearance certificate, business licence granted by the respective municipal office, photo of the shop owners taken in front of the gold shop and photo of the gold products displayed inside the shops.
Those who fail to obtain a licence in line with the directive 055/2024 released on 25 October 2025 by the Ministry of Natural Resources and Environmental Conservation will face actions under Section 5 of the Essential Supplies and Services Law, declared through state-run newspapers on 30 October 2024.
Starting from 6 December, the daily gold reference price for a tical of pure gold (16.329325 grammes) with 19.25 grammes of the density of gold is announced through MRTV, MWD, the MoNREC website www.mining.gov.mm and the YGEA Facebook page.
Individuals are mandatory to apply for a licence within three months (18 November 2024-17 February 2025) and failure to do so is subject to legal action under Section 5 of the Essential Supplies and Services Law.
The Mineral (Gold) Reference Price Determination Committee sets daily gold reference prices at K5.33 million per tical of pure gold (16.329325 grammes) with 19.25 grammes of the density of gold on 18 December. — NN/KK

Source- The Global New Light of Myanmar

SENIOR General Min Aung Hlaing underlined that only when Myanmar uses cotton textiles in garment industries as well as exports them will the government reduce spending on foreign currency and earn foreign exchange.
A ceremony to inaugurate the 2/80 Thread Factory Branch of the Tatmadaw Textile Factory (Meiktila) took place at the venue yesterday morning, attended by Chairman of the State Administration Council Commander-in-Chief of Defence Services Senior General Min
Aung Hlaing.
Director Maj-Gen Win Myat of Ordnance Services of the Commander-in-Chief (Army) first reported to the Senior General on the construction of the factory branch.
The Senior General and dignitaries viewed a documentary video clip on the factory branch. Speaking on the occasion, the Senior General said that the 2/80 Thread Factory can produce 4,840 pounds of thread per day in its operation at full capacity. The thread can be used in the production of necessary textiles for the people and sell surplus threads to the market at fair prices, he added.
He unveiled that, currently, the factory manufactures necessary uniforms for Tatmadaw members and other textiles for the people. He emphasized that due to opening the 2/80 Thread Factory Branch, the Tatmadaw Textile Factory (Meiktila) will produce quality thread to meet local demand.
The Senior General noted that only when Myanmar uses cotton textiles at garment industries as well as exports them will the government reduce spending on foreign currency and earn foreign exchange. He explained that Tatmadaw Textile Factory (Meiktila) installed the necessary machinery to produce military apparel similar to international Tatmadaws.
He pointed out that Myanmar needs to systematically grow quality cotton to increase the per-acre yield of crops and produce advanced textiles.
On the other hand, he continued that cotton gins and textile factories must be upgraded to initiate the cotton-based industries.
The Senior General disclosed that Tatmadaw Textile Factory (Meiktila) manufactures military equipment for the entire Tatmadaw with the use of cotton wool while the newly-opened 2/80 thread factory will fulfil the clothing requirement of the nation.
The Senior General stressed the need to raise sown acreage of cotton and production of cotton wool. An official from China Texmatech Co Ltd handed over documents related to the factory to the factory manager.
The Senior General presented a fruit basket to an official from CTMTC Company while an official from the company presented a gift to the Senior General.
The Senior General gave gifts to the project chief engineer who supervised the machinery installation process. The Senior General viewed round cultivation of cotton crops, production of thread, and the products of the 2/80 Thread Factory Branch.
SAC Member Chief of the General Staff (Army, Navy and Air) General Maung Maung Aye, Commander-in-Chief (Navy) Admiral Htein Win, Commander-in-Chief (Air) General Tun Aung, Council Joint Secretary General Ye Win Oo and Council Member General Nyo Saw cut the ribbon to open the ceremony.
The Senior General sprinkled scented water on the signboard of the factory. The Senior General viewed round production line of thread
in the factory and gave necessary guidance to officials.
He presented cash awards for employees of the factory to an official. Also present at the ceremony were union-level dignitaries, union ministers, the Mandalay and Magway regional chief ministers, senior Tatmadaw officers from the Office of the Commander-in-Chief and officials.
Tatmadaw Textile Factory (Meiktila) was built in 1966-67 under the agreement between China and Myanmar governments so as to fulfil the clothing requirements of the people and reduce textile imports. The factory was handed over to the Directorate of Ordnance Services under the Commander-in-Chief (Army) on 1 October 1991.
Tatmadaw Textile Factory (Meiktila) manufactures uniforms for Tatmadaw members and Myanmar Police Force members as well as school uniforms and other textile products. The 2/80 Thread Factory Branch will produce quality thread and textiles to meet the demand of textile industries in the country to some extent. —MNA/TTA

Source- The Global New Light of Myanmar

Over the past three years, the centre has facilitated two business missions to the UAE, where 11 small and medium-sized enterprises held negotiations.
EXPORTERS from Russia’s Leningrad Region may have the opportunity to participate in an international exhibition in the United Arab Emirates next year to present their products, the regional government’s press service said.
“In 2025, the Regional Export Support Centre will continue developing cooperation with the United Arab Emirates. Plans are already underway to visit the country to participate in an international exhibition with a collective booth showcasing the products of exporters from the Leningrad region,” the statement reads.
Over the past three years, the Export Support Center of the Leningrad region organized two business missions for regional companies to the UAE (Dubai and Abu Dhabi in 2022 and 2023), the press service noted. During these missions, 11 small and medium-sized enterprises conducted business negotiations. As a result, two regional companies signed export contracts for the supply of cookies and polyurethane.
Additionally, export-oriented companies utilized the service to find foreign buyers in the UAE. This led to four companies exporting timber, rubber crumb, and confectionery products. — SPUTNIK

Source- The Global New Light of Myanmar

E-CHOICE Taxi Co Ltd has announced plans to introduce electric vehicle (EV) taxis in Yangon, with a fleet of 100 EVs set to operate in 2025. To facilitate this, the company is in the process of registering imported EVs and applying for operating licences. Currently, preparations are underway to deploy an initial 18 EVs. 

“Our goal is to provide EV taxi services alongside YBS buses for public transportation. As fuel prices are rising, we made a plan to operate EV taxis. We also aim to deliver excellent service to passengers. That’s why we imported EVs and established E-Choice Taxi Co Ltd,” said an official from the company. 

At present, the Luxury EV Taxi service operates over 30 EVs in Yangon. Nationwide, there are 19 EV charging sta tions available to support EV operations. The luxury EV taxi service was launched in the Yangon Region in October 2023, with plans to establish up to seven charging stations specifically for these taxis in Yangon Region. 

Additionally, the Ministry of Industry is spearheading efforts to replace convention al taxis and buses with EVs for public transport in Yangon Region, Mandalay Region, and Nay Pyi Taw Council Area. — ASH/MKKS

Source- The Global New Light of Myanmar

MANTIS shrimps are being exported to Thailand through Yangon and demand is on the rise at present. Exports of live mantis shrimp, spiny lobsters, and dead hilsa fish are being conducted through Yangon to Thailand.
“At present, mantis shrimp is a major export item and next is spiny lobster and hilsa fish, they are being exported to Thailand by air. Thailand’s demand for these three items is pretty good now. They order premium-quality hilsa fish which weighs a viss and above per one and we can fetch nearly K250,000 a viss,” said an official from Shwepuzun Myeik-produced kinds of seafood retail and wholesale distribution.
According to a Yangon-based trader, mantis shrimp have high consumption in Thailand, and traders have expressed interest in exporting. “Many traders are interested in exporting fishery products. Myanmar is rich in marine resources and my friends have also expressed interest in it,” he said. — Thit Taw/ZS

Source- The Global New Light of Myanmar

ECONOMISTS have warned that US President-elect Donald Trump’s proposed tariffs could trigger retaliatory measures, leading to significant losses for California’s agriculture industry, The Los Angeles Times reported on Sunday. A recent analysis, published by the University of California’s Giannini Foundation of Agricultural Economics, examined potential scenarios involving tariffs and retaliation.
If a major trade war were to erupt, the report said, California’s agricultural exports could decline by as much as 25 per cent, resulting in annual losses of up to US$6 billion. California’s agricultural sector generates billions of dollars from exporting products such as pistachios, wine, and other goods to countries including China, Mexico, and Canada.
The study also pointed to some of the most vulnerable commodities, including pistachios, dairy products, wine, and almonds, all of which are exported in large quantities to China.
Researchers from the University of California, Davis, and North Dakota State University identified these products as especially at risk in the event of a trade war. “The worst-case scenario is pretty bleak,” Sandro Steinbach, director of North Dakota State University’s Centre for Agricultural Policy and Trade Studies was quoted as saying. “Basically, tariffs are harmful to US agriculture, and to California agriculture in particular, because they will invite tariff retaliation.” — Xinhua

Source- The Global New Light of Myanmar

Christmas ads have become a cultural phenomenon in Britain, captivating audiences and driving economic growth

THEY come with big budgets, are wrapped in sentimentality and boost company revenues — Britain’s latest installment of eagerly awaited Christmas television advertisements has a nation tuned in.
Known for talking about the weather 12 months a year, Britons will begin sharing thoughts on the latest festive commercials as soon as they hit screens, usually once the Halloween pumpkins are discarded.
“It’s the time of year when media budgets swell, and creative teams pull out all the stops to deliver memorable messaging that resonates,” noted James McDonald, director of data, intelligence & forecasting at marketing strategists WARC. Companies are to spend a record £10.5 billion ($13.3 billion) on mostly online UK promotion of products during the present Christmas season, according to data from WARC and the Advertising Association, a British trade body. “Brands know that a well-crafted Christmas campaign can boost salience, anchor loyalty and drive impressive sales results,” McDonald added.
Tesco’s 2024 Christmas ad transforms people, animals, and buildings into gingerbread, blending nostalgia, family grief, and festive joy. The campaign supports food charities, with sales from gingerbread items contributing to these efforts. Tesco reported an 8.1 per cent increase in UK sales during its third-quarter and Christmas period, reaching £16.8 billion. Richard Lim, CEO of Retail Economics, highlighted the complexity of measuring ad ROI but noted that flagship campaigns effectively leverage multiple platforms. — AFP

Source- The Global New Light of Myanmar