Trade Value and Deficit Rise

27 December 2016

The value of foreign direct investment was $1.199 billion over the first nine months of this year, an increase of about 59 percent from $489.5 billion over the same period last year. The government approved about 70 investment projects, which were 57 in the industrial sector, four in the agriculture sector, two in the services sector and seven in the tourism sector.

Source:

http://www.khmertimeskh.com/news/33590/trade-value-and-deficit-rise/

Bourse gears up for block trades

27 December 2016

The Cambodia Securities Exchange (CSX) had developed an in-house platform to promote the securities market development and submits soon to the Securities and Exchange Commission of Cambodia (SECC) for approval. Cambodia’s stock exchange, launched in 2011, has just four listed companies.

Source:

http://www.phnompenhpost.com/business/bourse-gears-block-trades

Angkor Air in another A320 deal

27 December 2016

Cambodia Angkor Air, the Kingdom’s flag carrier, received two of Airbus A320; the twin-engine A320 is one of the world’s most popular civilian aircraft with seating capacity of up to 180 passengers and a range of nearly 6,500 kilometers; European aircraft manufacturer Airbus lists the new A320 at an average unit price of $98 million.

Source:

http://www.phnompenhpost.com/business/angkor-air-another-a320-deal

Sihanoukville Airport Improved

26 December 2016

Cambodia’s airport partner French concessionaire Vinci on Saturday held the ground-breaking ceremony for the extension of the terminal and taxiway at Sihanoukville International Airport to accommodate up to 500,000 tourists a year to visit the province. The work is expected to be finished by the end of 2017 or by early 2018 at the latest.

Source:

http://www.khmertimeskh.com/news/33550/sihanoukville-airport-improved/

Plugging into digital payments

26 December 2016

While Cambodia’s e-commerce sector has been slow to take off, several private firms are pushing for the development of forms of online payments such as citing Wing, TrueMoney, eMoney, Pay&Go and Smart, though many of those services still require physical agents for people to go and deposit money on their virtual accounts.

Source:

http://www.phnompenhpost.com/business/plugging-digital-payments

Oz’s Crown Resorts Leaves Las Vegas

16 December 2016

Australia’s No. 1 casino company Crown Resorts Ltd. is planning a near-total exit from the world’s two biggest gaming hubs, Las Vegas and Macau, as a gambling crackdown in China hits profits and throws its expansion plans into disarray. Crown’s first-half results are due in February 2017.

Source:

http://www.khmertimeskh.com/news/33215/oz---s-crown-resorts-leaves-las-vegas/

Businesses Granted Extension for CO

16 December 2016

Exporters, producers and traders will have an additional 20 days to sign up for the certificate of origin (CO) using automated systems because many companies had yet to apply despite the system having been in operation since August 26.

Source:

http://www.khmertimeskh.com/news/33217/businesses-granted-extension-for-co/

Plan for Jurassic park is hatched

14 December 2016

MQ Technology Bhd, a Malaysian investment firm and its Cambodian-registered partner are looking to build a “Jurassic Theme Park” as part of a proposed $51 million entertainment complex including a casino, hotel and 500 serviced apartments set in Prey Veng province near the Vietnamese border. This project will be completed within the next six years.

Source:

http://www.phnompenhpost.com/business/plan-jurassic-park-hatched

Securities Exchange Attracts SMEs

14 December 2016

The Cambodia Securities Exchange’s (CSX) Growth Board, a new trading platform for small and medium-sized enterprises (SMEs) formed last September for SMEs to have a minimum capital of $500,000 to be listed on the stock exchange, compared to $10 million for public companies.

Source:

http://www.khmertimeskh.com/news/33102/securities-exchange-attracts-smes/

Thailand Gives Train Engine to Cambodia

14 December 2016

Thailand will provide a train engine to Cambodia for the transport of goods and tourists between the two countries. The official railway link between both countries would be made by year’s end.

Source:

http://www.khmertimeskh.com/news/33101/thailand-gives-train-engine-to-cambodia/

Oil Prices Soar on OPEC Deal

13 December 2016

Oil prices shot to their highest levels since mid-2015 yesterday after the Organization of Petroleum Exporting Countries (OPEC). OPEC plans to slash output by 1.2 million bpd from January 1, with top exporter Saudi Arabia cutting around 486,000 bpd in a bid to end overproduction that has dogged markets for two years.

Source:

http://www.khmertimeskh.com/news/33041/oil-prices-soar-on-opec-deal/

Chamber to Open Hubs Abroad to Boost Ties

13 December 2016

The Cambodia Chamber of Commerce is set to open branches overseas as it seeks to become the point of contact for foreign investors interested in establishing ties in the country. The first overseas office was likely to be established in a country with a large Cambodian population—possibly France, Canada, the U.S., Australia or New Zealand.

Source:

https://www.cambodiadaily.com/news/chamber-open-hubs-abroad-boost-ties-121888/

$30B casino, theme park project mooted

12 December 2016

MQ Technology Bhd, a Malaysian investment holding company, is looking to form a joint venture with Cambodian Resorts and Entertainment Co Ltd, to build a $30 million casino and theme park in Prey Veng province near the Vietnamese border. The joint venture could be linked to NagaCorp Ltd, the operator of Phnom Penh’s NagaWorld casino and hotel complex.

Source:

http://www.phnompenhpost.com/business/30b-casino-theme-park-project-mooted

Low-Income Housing Project to Start

12 December 2016

Building affordable public housing for the lower middle class, low-income earners and state workers will start next month on 7 January 2017, with the cost about $60 to $70 million. The project will be about 18 kilometers from the capital. The demand for housing for Cambodia will be one million units in 2030, of which the demand in the capital will be about 52,000 units.

Source:

http://www.khmertimeskh.com/news/32992/low-income-housing-project-to-start/

Gov’t to Manage Online Gaming

8 December 2016

The government is planning to set up a server to manage and control online gaming which is on the rise in the Kingdom, a move to prevent locals from gambling. There are 77 licensed casinos in Cambodia, 65 of which are in operation. The $37.4 million in taxes was collected from casinos in the first nine months of this year.

Source:

http://www.khmertimeskh.com/news/32896/gov---t-to-manage-online-gaming/

Rail Link to Thailand on Schedule

8 December 2016

Cambodia and Thailand will be linked by a railway by the end of 2016 as planned, to boost travel and bilateral trade to up to $15 billion by 2020.

Source:

http://www.khmertimeskh.com/news/32895/rail-link-to-thailand-on-schedule/

River Luxury in Siem Reap

8 December 2016

One of Siem Reap’s leading luxury hotels, Belmond La Residence d’Angkor – owned by SNCF, the French government rail system– has reopened in its prime downtown riverside location after extensive renovations. Belmond had 56 rooms and eight suites.

Source:

http://www.khmertimeskh.com/news/32892/river-luxury-in-siem-reap/

Industrial rail project gathers steam with government push

7 December 2016

The rail link will be built to reinvigorate a long-dormant project to connect the Kingdom’s sole operating railway line to the capital’s biggest industrial park – a move that would boost rail traffic ahead of the completion of a rail link to northwestern Cambodia and Thailand. This project planned cost of nearly $4 million.

Source:

http://www.phnompenhpost.com/business/industrial-rail-project-gathers-steam-government-push

Woodland Project Breaks Ground

7 December 2016

Furi Real Estate and the Singapore-based Naki Group have broken ground on the $70 million Woodland borey project, a service-style hotel villa concept that is a first in the country. In the first phase of this project spent $28 million to develop this project and the estimation of the whole project will need $70 million.

Source:

http://www.khmertimeskh.com/news/32825/woodland-project-breaks-ground/

NBC Issues Prakas for Riel Loans

7 December 2016

The National Bank of Cambodia issued a prakas, or directive, last week instructing financial institutions to make out more riel loans to their customers, to promote the use of the national currency. The prakas stated that all financial institutions should have at least 10 percent of their loan portfolio in riel. The directive will be effective until the end of 2019.

Source:

http://www.khmertimeskh.com/news/32828/nbc-issues-prakas-for-riel-loans/

Targeting Rich Chinese Medical Tourists

7 December 2016

Some 483,000 people traveled from China to Thailand for medical tourism last year, with spending $6.3 billion on treatment and a further $3.4 billion on travel and accommodation, making outbound Chinese medical tourism a $9.7-billion business. The number of Chinese medical tourists is expected to surpass 800,000 in 2020.

Source:

http://www.khmertimeskh.com/news/32826/targeting-rich-chinese-medical-tourists/

Coca-Cola opens new $100M plant at capital economic zone

6 December 2016

Global beverage giant Coca-Cola officially inaugurated its new $100 million Cambodian production facility yesterday, built on the 25,000-square-metre factory, situated on 12.5 hectares in the Phnom Penh Special Economic Zone, to replace Coca-Cola’s former production plant in the capital’s Russei Keo district.

Source:

http://www.phnompenhpost.com/business/coca-cola-opens-new-100m-plant-capital-economic-zone

Mongolian Hot Pot Coming to Capital

6 December 2016

Little Sheep Hot Pot, a Yum Brands Inc. company, yesterday signed a partnership agreement with HGB Food Industry Co. Ltd. to bring its Mongolian hot pot restaurant to Cambodia. Yum Brands, which owns KFC, Taco Bell and Pizza Hut, bought the Mongolian hot pot chain in 2012.

Source:

http://www.khmertimeskh.com/news/32781/mongolian-hot-pot-coming-to-capital/

Negative Start for Trading Link

6 December 2016

A long-delayed trading link between the exchanges of Hong Kong and Shenzhen in China got off a disappointing start yesterday. The link will open another door to the mainland’s cloistered stock markets, allowing foreigners to buy shares in more than 800 Chinese firms for the first time, while also giving mainlanders further access to Hong Kong-listed stocks.

Source:

http://www.khmertimeskh.com/news/32778/negative-start-for-trading-link/

Chinese firm eyes steel mill

5 December 2016

One of China’s largest steelmakers, Hangzhou Iron and Steel Group with $10 billion in assets, is seeking partners in Cambodia to build a steel mill that will reduce the Kingdom’s dependency on imported steel for its construction sector. Cambodia imported over 265,000 tonnes of steel last year, mostly from Vietnam and China.

Source:

http://www.phnompenhpost.com/business/chinese-firm-eyes-steel-mill

China to Align Asean Policy With Cambodia

5 December 2016

China is considering setting up an industrial zone in Cambodia and says it will announce new areas of cooperation with Asean nations in line with Cambodia’s industrial development policy. China is the largest foreign investor in Cambodia with an accumulated investment of more than $14 billion between 1994 and October this year.

Source:

http://www.khmertimeskh.com/news/32729/china-to-align-asean-policy-with-cambodia/

Firms Okay Friendship City

2 December 2016

Cambodian-owned LYP Group and the China Minsheng Investment Group, the largest privately owned investment group in China, yesterday signed a $1.5 billion deal to build the Cambodia-China Friendship City. The total investment in the construction sector until October was $7.86 billion, an increase of 300 percent from the same period in 2015.

Source:

http://www.khmertimeskh.com/news/32676/firms-okay-friendship-city/

Hungarian Trade Boost

2 December 2016

Earlier this year, Hungary opened a trade office in Phnom Penh to boost bilateral trade from the present $1 million a year to at least $10 million by 2017. Cambodia exports rice, tobacco, garments and footwear to Hungary, and imports electronics, medical devices and mechanical spare parts.

Source:

http://www.khmertimeskh.com/news/32673/hungarian-trade-boost/

Henan Tourism Push Sought

1 December 2016

The Tourism Ministry is pushing for direct flights between Cambodia and China’s central Henan province, one of China’s most populous with over 90 million people and two big airports, to respond to the Cambodian Tourism strategy to attract two million Chinese tourists by 2020.

Source:

http://www.khmertimeskh.com/news/32626/henan-tourism-push-sought/

Agro-Industry Park Planned

1 December 2016

An agro-industry park on 300 hectares with $2 billion is being planned in Kampong Speu province to help facilitate the export of agricultural products. The park will include warehouses, silos, institutes for certification of origin, certification of sanitation, processing factories and other relevant units in the same place.

Source:

http://www.khmertimeskh.com/news/32627/agro-industry-park-planned/

Luxury Time-Share Resort

1 December 2016

A Japan-based firm plans to invest $3 million to develop a time-share resort built to five-star hotel standards on Kirirom Mountain – with construction to start next year. The project is a part of VKirirom Pine Resort, which received a 2,000 hectare land concession from the government.

Source:

http://www.khmertimeskh.com/news/32625/luxury-time-share-resort/

Donaco rises on stellar performance of Poipet casino

30 November 2016

Donaco, casino complex in Poipet on the Cambodian-Thai border, contributed nearly 84 percent of the group’s A$143.4 million (US$107 million) in revenue during the 2016 fiscal year ending June 30, and 71 percent of its A$78.7 million after-tax profits.

Source:

http://www.phnompenhpost.com/business/donaco-rises-stellar-performance-poipet-casino

China, Cambodia to Share Credit Reports

25 November 2016

The central banks of Cambodia and China are in talks to share customers’ credit reports in an effort to boost bilateral private investment. China is a major investor in Cambodia, having given $2 billion in grants, loans and direct assistance since 1990. Cambodia and China are targeting bilateral trade of $5 billion for 2017, up from $3.75 billion in 2014.

Source:

http://www.khmertimeskh.com/news/32409/china--cambodia----to-share-credit-reports/

China-Japan $2.3 Billion Property Deal

25 November 2016

China’s Anbang Insurance Group Co is in talks to buy as much as $2.3 billion in Japanese residential property assets from Blackstone Group including properties in Japan’s largest cities – Tokyo, Nagoya and Osaka – that Blackstone bought in 2014 from GE’s property unit for 190 billion yen.

Source:

http://www.khmertimeskh.com/news/32410/china-japan--2-3-billion-property-deal/

Korean Air to Stop Flights

25 November 2016

Korean Air, South Korea’s largest airline, announced yesterday that due to low passenger demand it would suspend all Incheon-Siem Reap direct flights from February next year. In the first nine months of the year, some 264,000 South Koreans visited Cambodia, a fall of 11 percent compared with the same period last year.

Source:

http://www.khmertimeskh.com/news/32405/korean-air-to-stop-flights/

Chinese to join in $1.5B satellite city project

24 November 2016

Cambodian conglomerate LYP Group is preparing to ink a $1.5 billion deal with China’s largest private investment group to develop a subdivision within a 2,000-hectare satellite city the group is building north of the capital. The project will begin next year inside Garden City.  

Source:

http://www.phnompenhpost.com/business/chinese-join-15b-satellite-city-project

Kingdom’s insurance sector small yet vibrant

24 November 2016

Gross premiums in Cambodia grew by 38.4 percent in 2015, while total insurance premiums in ASEAN as a whole grew by 2.9 percent during the same period. The data showed that insurance market is still growing in the Kingdom with gross written premiums reaching $84 million in 2015, compared to $61 million in 2014.

Source:

http://www.phnompenhpost.com/business/kingdoms-insurance-sector-small-yet-vibrant

Minebea readies third factory

24 November 2016

Japanese electronics manufacturer Minebea expects to complete construction of its third factory in Cambodia by the end of the year. The expansion of this factory is to manufacture micro actuators and small motors at two existing factories inside the Phnom Penh Special Economic Zone, brings its total investment to $100 million since 2011.

Source:

http://www.phnompenhpost.com/business/minebea-readies-third-factory

Derivatives Market Gets New Broker

24 November 2016

Golden FX Link (Cambodia), a central counterparty or clearing house for derivative trading, yesterday signed an agreement to recognize FUGI Investment Excellence as a broker. The agreement between Golden FX Link and FUGI will build the confidence of investors and the public aiming to take part in derivative trading.

Source:

http://www.khmertimeskh.com/news/32344/derivatives-market-gets-new-broker/

Fertilizer Factory to Open Next Year

23 November 2016

To meet local demand for affordable fertilizer, a $2 million factory is currently being built in Phnom Penh and will operate early next year. This is a joint venture between Bayon Heritage Holding Group and Japanese-based Nangoku Kosan Co. In the first three months of the year, Cambodia imported more than 160,000 tons of agricultural fertilizers.  

Source:

http://www.khmertimeskh.com/news/32284/fertilizer-factory-to-open-next-year/

Border Triangle Gets Summit Boost

22 November 2016

Prime ministers of Cambodia, Laos and Vietnam will today address the challenges, opportunities and ways their countries’ triangle area can develop for 2010 to 2020. The meeting was held at Siem Ream city in Cambodia.

Source:

http://www.khmertimeskh.com/news/32211/border-triangle-gets-summit-boost/

Chinese Float Cement Factory Plan

22 November 2016

During a meeting between Chinese-owned Cambodia Capital Mineral Resources Co., and the Ministry of Mines and Energy last week, company president Li Xiao Ming floated the idea of building a cement processing factory to boost supply for the Kingdom’s busy construction industry. By next year, the ministry estimates that demand for cement in Cambodia will be five million tons annually.

Source:

http://www.khmertimeskh.com/news/32208/chinese-float-cement-factory-plan/

Steel firm mulls factory in SSEZ

21 November 2016

A Chinese steel company is in talks with Sihanoukville Special Economic Zone (SSEZ) to set up an industrial facility in the zone. The steel products would reduce Cambodia’s reliance on imports, of which 70 percent come from Vietnam and the remainder from China and Thailand. Cambodia imported 265,408 tonnes of steel last year, down from 412,833 tonnes in 2014.

Source:

http://www.phnompenhpost.com/business/steel-firm-mulls-factory-ssez

Sihanouk Zone Eyes 300 Factories Expansion

18 November 2016

The Sihanouk Special Economic Zone (SSEZ), the biggest such zone in the country, is planning to open 300 more factories by 2020, providing up to 100,000 extra jobs. The factories in the zone mainly produce textiles for the European Union and the United States.

Source:

http://www.khmertimeskh.com/news/32099/sihanouk-zone-eyes-300-factories-expansion/

Chinese, Thai Tourist Numbers Up

17 November 2016

The number of tourist arrivals in Cambodia from China rose about 12.5 percent, up to 577,283, Thai visitors rose 18.9 percent, up to 255,647, in the first nine months of this year. The ministry of tourism strategizes to meet its goal of drawing five million international tourists a year by 2016 and 7.5 million a year by 2020.

Source:

http://www.khmertimeskh.com/news/32047/chinese--thai-tourist-numbers-up/

With expansion, Pizza Co seeks bigger slice of market

17 November 2016

The Pizza Company will launch another three stores by the end of this year, two new locations in Phnom Penh, one in Poipet by the end of December, and in Siem Reap is looking to be completed by early 2017.

Source:

http://www.phnompenhpost.com/business/expansion-pizza-co-seeks-bigger-slice-market

New airline readies for takeoff in early 2017

11 November 2016

The Cambodian-registered airline, managed by China’s Yunnan Jingcheng Group, expects to launch flight services in February 2017 with about 160 to 180 staff. JC International Airlines planned to operate a fleet of six aircraft, serving domestic routes as well as cities in Malaysia, Singapore and China.

Source:

http://www.phnompenhpost.com/business/new-airline-readies-take-early-2017

HOdo Group Reveals Plan to Invest in Rubber Plantation in Cambodia

11 November 2016

A China’s Jiangsu province-based HOdo Group, the company that co-operates Special Economic Zone (SSEZ) in Preah Sihanouk province, has revealed its plan to invest in rubber plantation in Cambodia to supply its process of tire producing factory. The industrial zone is now employing 16,000 workers and 88 of the 103 registered companies are in operation.

Source:

http://www.akp.gov.kh/?p=90888

Factory for Nissan cars, parts proposed

10 November 2016

A Malaysian automotive company, Tan Chong Motor Holdings Berhad (TCMH Group), has requested approval to establish a factory in Cambodia to assemble Nissan automobiles and manufacture spare parts for the vehicles. TCMH Group is the franchise holder of Nissan vehicles in Malaysia and the IndoChina region.

Source:

http://www.phnompenhpost.com/business/factory-nissan-cars-parts-proposed

Markets Suffer Trump Slump

10 November 2016

World stock markets sank yesterday after maverick Republican Donald Trump surprisingly won the US election. In Asia, Tokyo stocks collapsed 5.4 percent and Hong fell 2.2 percent.

Source:

http://www.khmertimeskh.com/news/31881/markets-suffer-trump-slump/

UK Bilateral Trade Unchanged

10 November 2016

The United Kingdom’s bilateral trade dealing with Cambodia will remain unchanged. The UK is presently one of the largest export markets for Cambodia. Bilateral trade between Cambodia and Britain rose from about $750 million in 2013 to $800 million in 2014.

Source:

http://www.khmertimeskh.com/news/31879/uk-bilateral-trade-unchanged/

Dramatic Rise in Exports to Japan

10 November 2016

The Kingdom’s total exports to Japan increased more than 20 percent in the first nine months of the year to $930 million compared with about $730 million over the same period last year; meanwhile, total imports from Japan decreased slightly in the first half of the year by just 0.03 percent to $209.4 million compared to $209.5 million over the same period last year. 

Source:

http://www.khmertimeskh.com/news/31878/dramatic-rise-in-exports-to-japan/

Coffee chain begins to stir

10 November 2016

Thai coffee and food chain Black Canyon is expanding its operations in Cambodia by opening its newest fourth branch in the PTT petrol station in Skuon, 75 kilometres north of the capital. Three existing branches are located in Phnom Penh in Aeon Mall, Paragon Mall and the Chbar Ampov PTT station.

Source:

http://www.phnompenhpost.com/business/coffee-chain-begins-stir

Industrial park aims for SME segment

08 November, 2016

WorldBridge International Group will sink $25 million into developing an industrial park with 4 hectares of land in Kandal province. The industrial park aims to be a centralised hub for the manufacture and production of raw materials, including agriculture and food products, as well as providing packaging services and logistics support.

Source:

http://www.phnompenhpost.com/business/industrial-park-aims-sme-segment

China Firms Eye Vietnam

08 November, 2016

Chinese investments inflow into Vietnam in 2015 doubled from a year earlier to $744 million and 80 percent of that was in the second half of the year. In the first nine months of this year, investments from China quadrupled to $1 billion compared with the same period in 2015.

Source:

http://www.khmertimeskh.com/news/31758/china-firms-eye-vietnam/

E-Commerce Law a Realty Soon

07 November, 2016

Cambodia’s first electronic commerce or e-commerce law could be reviewed and passed by the National Assembly as early as the middle of next year. The draft e-commerce law has 12 chapters are divided into 90 articles. It covers details of credit and debit card usage to the use of online signatures to purchase goods over the internet.

Source:

http://www.khmertimeskh.com/news/31709/e-commerce-law-a-realty-soon/

Local MFI relaunched after South Korean buyout

07 November, 2016

The Seoul-based Welcome Financial Group (WFG) announced on Friday that it had acquired the full shareholding of Green Central Microfinance Ltd. Green Central received its operating licence in 2008 and has five branches in and around Phnom Penh.

Source:

http://www.phnompenhpost.com/business/local-mfi-relaunched-after-south-korean-buyout

Melco Crown revenue jumps but CEO says too early to celebrate Macau comeback

04 November, 2016

Casino operator Melco Crown Entertainment (MCE) revenue rising 22% to $1.15b in the three months ending September 30, while operating income shot up 220% to $108.9m and net income nearly doubled to $62m.

Source:

http://calvinayre.com/2016/11/04/casino/melco-crown-revenue-jumps/

M’sia Eyes Green Energy Investment

04 November, 2016

A dozen Malaysian companies involved in green energy yesterday opened a showroom in Phnom Penh to display their products, ranging from solar panels to energy efficient LED lighting. At present Cambodia lacks any large-scale solar projects.

Source:

http://www.khmertimeskh.com/news/31656/m---sia-eyes-green-energy-investment/

KrisEnergy ups stake to unclog offshore Block A oil

04 November, 2016

Singapore-listed KrisEnergy Ltd has upped its stake in the Block A offshore oil field to 95 percent. The share transfer gives KrisEnergy full ownership of Block A, which covers 4,709 square kilometres in the Gulf of Thailand and contains the Apsara field.

Source:

http://www.phnompenhpost.com/business/krisenergy-ups-stake-unclog-offshore-block-oil

MoU to Support S. Korea Investors

03 November, 2016

The Association of Banks in Cambodia (ABC) and the Korea Federation of Banks (KFB) yesterday signed a memorandum of understanding (MoU) to expand and strengthen cooperation. At the end of 2015, loans and deposits from the banking sector climbed to more than $11.4 billion.

Source:

http://www.khmertimeskh.com/news/31603/mou-to-support-s--korea-investors/

Cambodia-Australia Affordable Houses Venture

03 November, 2016

Cam Top Property Group, Cambodia, and Australia-based Cate Group have jointly invested $25 million in an affordable housing project for low middle- and middle-income Cambodians. The price will be range of $20,000 to $30,000 per house depending upon house styles. The project will be located in Phnom Penh’s Por Senchey and Dangkor districts.

Source:

http://www.khmertimeskh.com/news/31605/cambodia-australia-affordable-houses-venture/

China’s Rich Eye Property Abroad

01 November, 2016

China’s wealthy targeted having one third of their wealth overseas. The most popular destination for that investment was expected to be the United States, in particular the West Coast, followed by Britain, Canada, Australia and Singapore.

Source:

http://www.khmertimeskh.com/news/31465/china---s-rich-eye-property-abroad/

Australia’s Qantas Flags Profit Dip

01 November, 2016

Australian flagship carrier Qantas Airways Ltd. warned yesterday that half-year profit could fall nearly six percent. The company said it expected underlying profit before tax of between A$800 million ($607 million) and A$850 million for the six months to December 31, 2016, compared with A$921 million for the same period a year earlier.

Source:

http://www.khmertimeskh.com/news/31466/australia---s-qantas-flags-profit-dip/

Thailand Investment Pledges Double

01 November, 2016

In the January-September period, foreign and Thai firms submitted investment applications worth a combined 369 billion baht ($10.5 billion), up 137 percent from a year earlier. The agency expected overall investment pledges to reach this year’s target of 550 billion baht.

Source:

http://www.khmertimeskh.com/news/31468/thailand-investment-pledges-double/

Airport Audits End With Positive Hopes

01 November, 2016

Two of Cambodia’s three international airports finished 10-day security audits late last week leaving with a positive outcome. Three international airports welcomed more than five million passengers and 53,000 flight movements in the first nine months of 2016, an increase of 6.2 percent and 2.8 percent respectively compared to the same period last year.

Source:

http://www.khmertimeskh.com/news/31471/airport-audits-end-with-positive-hopes/

ANZ Denies Sales Claim

01 November, 2016

ANZ Royal Bank was yesterday forced to deny that it was intending to sell its wealth and retail businesses in Cambodia. ANZ Royal’s outstanding loans ending December last year was $462 million, a slight increase by around two percent from the year before. Total deposits at the bank at declined by four percent to about $845 million.

Source:

http://www.khmertimeskh.com/news/31473/anz-denies-sales-claim/

SMEs Urged to Register

28 October 2016

The country’s Small and Medium Enterprises (SMEs) have been urged to register with the Ministry of Industry by early next year. Of the 530,000 SMEs in Cambodia, many have been exempt from registration so far due to their small size.

Source:

http://www.khmertimeskh.com/news/31365/smes-urged-to-register/

City Unveils $80M Plan For White Building Site

28 October 2016

After more than two years of uncertainty over the future of Phnom Penh’s iconic White Building, plans were unveiled on Thursday for a massive Japanese-backed development project on the site that will cost up to $80 million to build a new 21-story complex on the site.

Source:

https://www.cambodiadaily.com/news/city-unveils-80m-plan-white-building-site-119852/

Ticon follows factory shift to Cambodia

28 October 2016

Ticon Industrial Connection Plc, a Thai-based factory and warehouse developer, is expanding its operations into fast-growing Southeast Asian economies including Cambodia, to help offset sluggish growth at home. In August, it would invest $1.2 billion to expand its logistics and warehouse operations in Thailand and Southeast Asia over the coming five years.

Source:

http://www.phnompenhpost.com/business/ticon-follows-factory-shift-cambodia

Money Laundering Made Harder

27 October 2016

An agreement by local technology consulting company IDEALINK and Malaysia-based TESS International will see increased availability of software to combat money laundering in Cambodia. In this year’s edition of the annual Basel Anti-Money Laundering Index, Cambodia ranked sixth highest globally with an overall score of 7.89 out of 10, with 10 signifying the highest risk.

Source:

http://www.khmertimeskh.com/news/31304/money-laundering-made-harder/

Trade deal to reduce tariffs with Vietnam

27 October 2016

Cambodia and Vietnam inked an agreement yesterday to drop import tariffs on dozens of products in an effort to boost bilateral trade. Trade between Cambodia and Vietnam surpassed $3 billion in 2015, falling far short of the targeted $5 billion.

Source:

http://www.phnompenhpost.com/business/trade-deal-reduce-tariffs-vietnam

UK Okays $22 Bil Runway for Heathrow

26 October 2016

Britain yesterday gave Heathrow Airport the green light to build a new $22 billion runway, one of the biggest infrastructure programs in Europe. The runway can only open by 2025 at the earliest and would increase gross domestic product by between 0.65 and 0.75 percent by 2050, representing a 147 billion-pound boost to the economy over 60 years.

Source:

http://www.khmertimeskh.com/news/31241/uk-okays--22-bil-runway-for-heathrow/

AT&T Investors Weigh Growth, Risks

26 October 2016

AT&T Inc. shareholders who have profited for most of 2016 from owning a major telecommunications provider with a strong dividend yield are now tied to a controversial media acquisition that comes with new growth potential but also fresh risks. On Monday, the shares fell 1.7 percent to close at $36.86.

Source:

http://www.khmertimeskh.com/news/31243/at-amp-t-investors-weigh-growth--risks/

Telecom Tax in Pipeline

26 October 2016

Future growth of telecom networks in rural Cambodia will be funded by a three percent tax on gross revenue for the country’s telecom operators, due to begin within the first half of 2017. By the end of September, there are six mobile, eight landline phone and 35 internet providers.

Source:

http://www.khmertimeskh.com/news/31245/telecom-tax-in-pipeline/

Donaco’s Poipet gamble pays off

25 October 2016

Casino operator Donaco International Ltd posted a seven-fold increase in revenue in its first full-year financial filing since acquiring the Star Vegas Resort and Club in Banteay Meanchey province’s Poipet commune. The company previously reported a total unaudited net profit of $58.2 million for the financial year; due to Star Vegas exceeding its target, it had to pay a $15 million management fee to the unnamed Thai-based operator of the casino under its original purchase agreement.

Source:

http://www.phnompenhpost.com/business/donacos-poipet-gamble-pays

3.7 Mil Tourists Visit Cambodia

25 October 2016

Cambodia received some 3.7 million foreign tourists in the first nine months of the year, up about five percent compared to the same period last year. The ministry is developing a new marketing strategy to ensure it meets its goal of drawing 7.5 million international tourists a year by 2020. It says this will generate $5 billion in economic revenue annually.

Source:

http://www.khmertimeskh.com/news/31190/3-7-mil-tourists-visit-cambodia/

China Allows More Bad Debt Managers

25 October 2016

China’s banking regulator plans to allow local governments to set up more asset management companies (AMCs) to manage corporate debt and reduce the growing volume of troubled bank loans that pose a risk to the economy. The total volume of non-performing loans at Chinese commercial banks reached 1.44 trillion yuan ($217 billion) at the end of June.

Source:

http://www.khmertimeskh.com/news/31188/china-allows-more-bad-debt-managers/

Draft Gaming Law a Step Closer

21 October 2016

A draft of the new Gaming Law has been discussed this week between high-level members of the government and more than 100 members of the private sector. Cambodia had 69 licensed casinos as of September 30 and together these casinos contributed $37.4 million in taxes since January, 35.5 percent more than in the same period last year.

Source:

http://www.khmertimeskh.com/news/31116/draft-gaming-law-a-step-closer/

Tourism gears for China rising

21 October 2016

Cambodia is working to develop more facilities for Chinese tourists as part of its “China-Ready” strategy to attract 2 million of these Chinese tourists a year by 2020. Last year, the number of Chinese tourists visiting Cambodia grew 14 percent to 700,000. This year the figure is expected to be closer to one million.  

Source:

http://www.phnompenhpost.com/business/tourism-gears-china-rising

China Says No to Real Estate Misconduct

21 October 2016

China step up a special team to investigate misconduct of real estate developers and agencies with cooling real estate prices across the country. The committee will look out for illegal practices such as false advertising, inventing and spreading rumors, carrying out presales without certificates, withholding unsold apartments, price manipulation and illegally charging additional fees.

Source:

http://www.khmertimeskh.com/news/31098/china-says-no-to-real-estate-misconduct/

Casino Tax Revenue Up 35.5%

20 October 2016

The government has collected about $37.4 million in taxes from casinos for the first nine months of the year, up by about 35.5 percent compared to the same period last year. After a tax audit, the casino’s management agreed to pay another $16.6 million this year – in addition to the base rate of about $6 million.

Source:

http://www.khmertimeskh.com/news/31023/casino-tax-revenue-up-35-5-/

Chinese dual tax burden relieved

20 October 2016

China, the largest aid donor and foreign investment in Cambodia, signed an extensive tax treaty to shield Chinese businesses operating in the Kingdom from double taxation and vice versa. This agreement was both a sign of the increasing bilateral commitment between both countries.

Source:

http://www.phnompenhpost.com/business/chinese-dual-tax-burden-relieved

Agro SEZ to grow China exports

20 October 2016

A Chinese firm planned to invest at least $2 billion into developing the Kingdom’s first special economic zone geared entirely for agro-processing and storage, with the sprawling zone’s factories and warehouses aimed growing potential for Cambodia to export its agricultural produce to buyers in Asia’s biggest economy.

Source:

http://www.phnompenhpost.com/business/agro-sez-grow-china-exports

Low marks for Cambodia’s efforts to combat illicit trade

20 October 2016

Cambodia was given score of 23.9 on a weighted scale of 100, ranked third-worst for illicit trade among 17 countries in the Asia-Pacific region, while Laos scored 12.9 and Myanmar came last with 10.8, and Australia had a top score of 85.2. The given score depended upon the four categories: intellectual property rights, transparency and trade, customs environment and supply and demand.

Source:

http://www.phnompenhpost.com/business/low-marks-cambodias-efforts-combat-illicit-trade

China Q3 GDP Grows 6.7%

20 October 2016

China’s economy expanded at a steady 6.7 percent in the third quarter, fueled by stronger government spending, record bank lending and a red-hot property market that are adding to its growing pile of debt. China’s debt has soared to 250 percent of GDP and the Bank for International Settlements warned in September that a banking crisis was looming in the next three years.

Source:

http://www.khmertimeskh.com/news/31022/china-q3-gdp-grows-6-7-/

Cambodia casino tax take rises one-third

19 October 2016

Cambodia’s casino industry contributed one-third more tax over the first nine months of 2016, but it still likely won’t be enough for opposition politicians. Cambodia had 69 licensed casinos as of September 30. Together, these casinos contributed $37.4m in taxes to the government since January, 35.5% more than in the same period last year. It’s also higher than the $34.7m the government collected in all of 2015.

Source:

http://calvinayre.com/2016/10/19/casino/cambodia-casino-tax-take-rises-one-third-2/

Sihanoukville casino gambled with an expired licence

19 October 2016

A document dated October 12 and signed by Provincial Governor Yun Min ordered the closure of Pao Tu casino, explaining that the casino’s licence had expired at the end of 2015.

Source:

http://www.phnompenhpost.com/business/sihanoukville-casino-gambled-expired-licence

40 Billion Riel Released for LPCO

19 October 2016

The National Bank of Cambodia (NBC) has released some 40 billion riel (about $10 million) to microfinance institutions (MFIs) and commercial banks to boost the liquidity of riel in Cambodia.

Source:

http://www.khmertimeskh.com/news/30963/40-billion-riel-released-for-lpco/

Amret Gets $245,000 Grant From UNCDF

19 October 2016

The UN Capital Development Fund (UNCDF) provided Amret, Cambodia’s leading microfinance, with a grant of $245,000 to help more women in the Kingdom to access financial services and eventually contribute to local community development. Amret has 142 branches across all 25 provinces of Cambodia, with $268 million in deposits, a $506 million loan portfolio and total assets of $617 million.

Source:

http://www.khmertimeskh.com/news/30961/amret-gets--245-000-grant-from-uncdf/

PTT Stations, Cafes to Increase

19 October 2016

Thailand oil and gas giant PTT Plc. planned to increase its petrol stations to 90, from the current 27, and also set up at least 120 new Cafe Amazon outlets in Cambodia by 2020. PTT has earned the revenue of 3.5 billion baht (about $100 million) from its non-oil business and the total is expected to rise to 10 billion baht in 2020.

Source:

http://www.khmertimeskh.com/news/30960/ptt-stations--cafes-to-increase/

Cambodia Became the Leading Garment Exporter in the Region

19 October 2016

Cambodia’s export was under Generalised System of Preferences (GSP) to the international market for 2015 was US$8,037 million. Among that, garment and textile exports rose up to US$5,741 million, making Cambodia became the largest exporter of the garment in the region.

Source:

http://www.akp.gov.kh/?p=89395

Flag carrier to expand fleet with two dry-leased A320s

18 October 2016

Cambodia Angkor Air, the Kingdom’s flag carrier, inked an agreement with Singapore-based aircraft leasing company BOC Aviation Ltd yesterday to dry lease two Airbus A320s. The airline planned to increase its fleet size to up to 12 aircraft by 2020.

Source:

http://www.phnompenhpost.com/business/flag-carrier-expand-fleet-two-dry-leased-a320s