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:
Friday, October 28, 2016
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:
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:
Thursday, October 27, 2016
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:
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:
Wednesday, October 26, 2016
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:
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:
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:
Tuesday, October 25, 2016
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:
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:
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:
Friday, October 21, 2016
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:
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:
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:
Thursday, October 20, 2016
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:
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:
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:
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:
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:
Wednesday, October 19, 2016
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:
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:
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:
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:
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:
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:
Tuesday, October 18, 2016
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:
China Growth to Slow to 6.6%
18 October 2016
China’s economic growth is
expected to cool to 6.6 percent this year and slow further to 6.5 percent in
2017, even as the government keeps up policy support to help ward off a sharper
slowdown.
Source:
Airports deemed ready for ICAO security audit
18 October 2016
The Kingdom’s airports are
“prepared and ready” for an audit by the UN’s International Civil Aviation
Organization. ICAO officials will spend four days each inspecting Phnom Penh
and Siem Reap international airports, while Sihanoukville’s airport will not be
inspected. The Kingdom’s airports performed poorly during the last two
inspections in 2007 and 2009.
Source:
http://www.phnompenhpost.com/business/airports-deemed-ready-icao-security-audit
Monday, October 17, 2016
China Gives $2 Billion for Roads, Bridge
17 October 2016
Chinese President provided loan
agreements worth almost $2 billion to build a highway from Phnom Penh to
Sihanoukville, a new bridge crossing the Mekong River in Kampong Cham, and a
new road connecting Prey Veng to Kampong Cham. All three projects are due to
begin construction next year.
Source:
Commercial centres to open in Chinese cities
17 October 2016
Cambodia will establish
commercial centres in three major Chinese cities to provide information and
support to Chinese traders and investors looking to do business in the Cambodian
market. Bilateral trade between China and Cambodia during the first half of the
year topped $2.3 billion, a 10 percent increase over the same period last year.
Source:
Cambodia-China Tourism Pact
17 October 2016
A tourism development
agreement was signed last week between Cambodia’s Ministry of Tourism and
China’s Shanghai Spring International Travel Service Group to boost the influx
of Chinese tourists to the Kingdom. Cambodia needs at least 8,000 skilled tour
guides to serve the tourism sector as the number of foreign tourist arrivals
increase year-on-year.
Source:
Friday, October 14, 2016
Developers Eye Preah Sihanouk
14 October 2016
A group of Chinese investors announced
that they planned to establish a $3 billion international resort center to tap
into the Kingdom’s burgeoning tourism industry while HLH Group announced its
entry into the Cambodian property market for housing with prices starting at
$33,000 per unit.
Source:
Tax Revenue Rises 20% for First 9 Months Of the Year
14 October 2016
The government collected about
$1.2 billion in taxes during the first nine months of the year, 20 percent more
than the same period last year. The government also planned to follow up the
$200 million revenue increase with a further attention on cigarettes and
alcohol.
Source:
Thursday, October 13, 2016
Axiata to Maintain Controlling Stakes in Cambodia
13 October 2016
Malaysian telecom company, Axiata
Group Berhad, the parent company of Cambodia’s Smart Axiata, is not ruling out
the possibility of selling a minor part of its controlling stake in Smart. Company
debt as of June was over $5 billion, in the works for over a year to sell some
of its stakes in its Indonesian, Sri Lankan and Cambodian holdings might raise
as much as $700 million.
Source:
http://www.khmertimeskh.com/news/30746/axiata-to-maintain-controlling-stakes-in-cambodia/
Port signs new deals with Vietnamese companies
13 October 2016
Phnom Penh Autonomous Port
(PPAP) announced a new partnership on Tuesday with Vietnamese company Viet Sac
Port Service to set up local maintenance and repair service of shipping
containers. The company recorded total revenue of $3.65 million from April to
June of this year, an increase of 5 percent compared to the same period in
2015.
Source:
http://www.phnompenhpost.com/business/port-signs-new-deals-vietnamese-companies
Wednesday, October 12, 2016
Tourism sector ‘needs 200K new workers’
12 October 2016
Cambodia would need an
additional 200,000 trained tourism professionals if it was to fulfill its
target of receiving 7 million international tourists a year by 2020. Presently,
620,000 Cambodians working in the tourism sector who facilitated the 4.8
million international arrivals last year.
Source:
Cambodia Wants 1.3 Mil Chinese Tourists Yearly
12 October 2016
The Cambodian government wants
1.3 million Chinese tourists to visit the Kingdom yearly. Last year, out of a
total of 4.77 million foreign tourist arrivals, 700,000 were Chinese.
Source:
Aviation body opens its first training center
12 October 2016
Cambodia's aviation authority
officially opened its first ever training centre yesterday, to build local
aviation sector skills. The courses were designed for airport security, air
navigation services, air traffic controllers and airport management. A
four-year project was built with an investment of $10.1 million funded by the
South Korean government.
Source:
http://www.phnompenhpost.com/business/aviation-body-opens-its-first-training-centre
VietinBank Signs $117 Mil Credit Line
12 October 2016
VietinBank, Vietnam’s
second-biggest listed bank, has signed a $117 million credit agreement to fund
the purchase by budget airline Jetstar Pacific of 10 Airbus A320 aircraft. Jetstar
Pacific, 70 percent-owned by flag carrier Vietnam Airlines and 30 percent held
by Australia’s Qantas Airways, will take delivery of 10 of the European aircraft
maker’s A320s in 2017.
Source:
S&P: China’s Debt Worsening
12 October 2016
Rising debt levels will worsen
the credit profiles of China’s top 200 companies this year, requiring the
country’s banks to raise $1.7 trillion in capital to cover a likely surge in
bad loans. On Monday, Beijing announced a series of guidelines aimed at cutting
company debt levels which some fear could destabilize the world’s
second-largest economy.
Source:
http://www.khmertimeskh.com/news/30663/s-amp-p--china---s-debt-worsening/
Tuesday, October 11, 2016
Thailand’s Amata Eyes Cambodia
11 October 2016
Amata Corporation Plc.,
Thailand’s largest listed conglomerate in the industrial estate sector,
established special economic zones (SEZ) in Thailand, Vietnam and Myanmar, is
now doing a feasibility to set up a SEZ in Cambodia.
Source:
One Province, One SME Zone
11 October 2016
Cambodia’s Small and Medium
Enterprises (SMEs), with specified zones will be organized in each province by
mid-2017, to promote productivity, quality and regional competitiveness.
Source:
Monday, October 10, 2016
First Hooters branch to open in December
10 October 2016
Hooters, the US restaurant
chain will be opening of its first Cambodian branch in Phnom Penh until
December, and could open an outlet in Siem Reap as early as next year. The
restaurant will feature televised sports, Western food, cold beer and
cocktails, and seating for nearly 100 customers.
Source:
http://www.phnompenhpost.com/business/first-hooters-branch-open-december
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