Economy and commerce

Banking and financial services

Drugs: our man in Cambodia

The inquiry that targeted Hun To, dubbed Operation Illipango, investigated the shipment of heroin into Australia from Cambodia in loads of timber. Hun To, a nephew of Prime Minister Hun Sen, is a powerful and feared figure in Cambodia. He was once considered a close business ...

http://www.theage.com.au/national/investigations/drugs-our-man-in-cambodia-20120325-1vsiz.html

Credit bureau launches after delays

The Credit Bureau of Cambodia officially commenced operations at its Phnom Penh headquarters on Monday, according to CBC spokesman Steve Vaile ...

http://www.phnompenhpost.com/index.php/2012032155150/Business/much-delayed-credit-bureau-launches.html

Credit Bureau Begins Operations in Cambodia

The long-awaited Cambodian Credit Bureau (CBC) launched yesterday, a move that is expected to increase the amount of information banks retain on the history of borrowers in the banking system. Despite loan disbursals in the banking sector growing by 25 percent last year, banks have so ...

CSX part of a larger capital market system

The Cambodia Securities Exchange (CSX) is an important component of a larger ecosystem of capital markets, according to Eugene Lam, CEO of OSK Indochina Securities Ltd, one of Cambodia’s securities underwriters approved by the Securities and Exchange Commission of Cambodia (SECC). Lam says one of ...

http://www.phnompenhpost.com/index.php/Special-Reports/csx-part-of-a-larger-capital-market-system.html

Anco report flawed: auditor

The auditor who submitted a report used to convict a husband and wife of embezzling tens of millions of dollars from a company owned by the wife of a tycoon senator admitted yesterday that the quality of his audit was “poor”. The report was used ...

http://www.phnompenhpost.com/index.php/2012030954952/National-news/anco-report-flawed-auditor.html

The Kingdom’s first IPO

The long awaited first security listing on the Cambodian Securities Exchange became a reality on February 23 with the Security Exchange Commission of Cambodia’s “in principle” approval of Phnom Penh Water Supply Authority’s (PPWSA) “disclosure document for public issuance of equity securities”. This is effectively a ...

http://www.phnompenhpost.com/index.php/2012030854926/Business/the-kingdoms-first-ipo.html

ASEAN plans to adopt an 'ASEAN bank' system

Central banks in the Association of Southeast Asian Nations plan to set up an “ASEAN bank” system that would make it easier for designated banks to set up subsidiaries and operate throughout the region, according to official sources. The plan to set up ASEAN banks is ...

http://mdn.mainichi.jp/mdnnews/business/news/20120307p2g00m0bu116000c.html

Cambodia’s top micro manager [Interview]

How did the floods affect the industry late last year? Of course, we were worried when the floods began because many people were affected. When the floods continued, we did a survey and found that just about 10 per cent of MFI borrowers were affected. But ...

http://www.phnompenhpost.com/index.php/2012030754891/Business/cambodias-top-micro-manager.html

Mobile cash gaining traction

Digital cash services in Cambodia showed marked increases in users and cash flow in 2011, and still more growth is expected this year as operators launch new services and partnerships to capture a large but still-untapped rural market. The services, in which customers transfer money via ...

http://www.phnompenhpost.com/index.php/2012030654867/Business/mobile-cash-gaining-traction.html

Prasac seeks commercial bank status

PRASAC, Cambodia’s largest microfinance institution by outstanding loans, planned to become a licensed commercial bank in the Kingdom, company officials said yesterday. The news comes despite calls from insiders and experts – most recently the International Monetary Fund and World Bank – for the National ...

http://www.phnompenhpost.com/index.php/2012030254816/Business/prasac-seeks-commercial-bank-status.html

$100m fund to target Kingdom’s growth

Vietnam-based Dragon Capital is raising up to US$100 million for a new Indochina fund, some of which the private equity firm would invest in Cambodian agriculture and infra-structure, Dragon’s chief information officer Bill Stoops said yesterday. Dragon Capital has a 20 per cent stake ...

http://www.phnompenhpost.com/index.php/2012030254815/Business/100m-fund-to-target-kingdoms-growth.html

Cambodia's debt a concern

An International Monetary Fund and World Bank report has questioned Cambodia’s ability to deal with future financial crises if government borrowing increases. While the report indicated that Cambodia was at low risk for severe debt problems, it highlighted the need for effective management of new debt ...

http://www.phnompenhpost.com/index.php/2012022954764/Business/cambodias-debt-a-concern.html

Cambodia looks to banking and agriculture to spur growth

Garment-making has been a mainstay of Cambodia’s fledgling economy, chalking up between 6 and 7 percent annually for the past four years. But, the country is turning its focus back to the land in the hope that rice growing and other farming produce, will lift growth ...

http://www.channelnewsasia.com/stories/economicnews/view/1184944/1/.html

Ease Flood Victims' Debts, Hun Sen Tells MFIs

Prime Minister Hun Sen has called on microfinance institutions to reduce interest rates and expand repayment periods for the tens of thousands of families affected by last year’s devastating floods. Addressing microfinance institutions (MFIs) on Tuesday during a conference at the Ministry of Rural Development, ...

Flood-affected poor ‘drowning in debt’

The curse of Cambodia’s 2011 floods continues for those most affected, as they fall deeper into debt from unsustainable cyclical debt practices, a consortium of international NGOs said yesterday. The consortium of Care, Oxfam, Pact and Catholic Relief Services released the results of their January survey ...

http://www.phnompenhpost.com/index.php/2012022354689/National-news/flood-affected-poor-drowning-in-debt.html

Shrimp firm in dispute with equity fund

Nautisco Seafood Manufacturing Inc, a Canadian-Cambodian shrimp producer in Preah Sihanouk province, has accused the private equity fund Leopard Capital, one of its shareholders, of draining the company of its finances. In a statement released Friday, Nautisco said that Phnom Penh Municipal Court had ordered the ...

US supports $2.7m in loans for agriculture

The US government is working with a Cambodian microfinance institution to finance $2.7million in loans to farmers and small- and medium-sized agro-businesses in Battambang, Kompong Thom, Pursat and Siem Reap provinces in order to improve their access to credit, the US Embassy said. USAid will work ...

Agriculture to see lending growth

Some commercial banks could increase loans to the agricultural sector this year, according to industry insiders who cited improvements in the sector and a rise in crop prices. Cambodian farmers lack the capital needed for inputs such as seeds and fertiliser, while domestic rice millers often ...

http://www.phnompenhpost.com/index.php/2012012654151/Business/agriculture-to-see-lending-growth.html

MIME backs Kingdom SMEs

The Ministry of Industry, Mines and Energy is set to provide a total of US$800,000 to small and medium enterprises as part of an initiative to strengthen the sector’s technical and competitive strategy. As many as 30 companies would receive the financing, Meng Satheara, the ministry’s ...

http://www.phnompenhpost.com

MFI survey claims debtor success

A survey by Cambodian microfinancers showed debtors were better off in several respects than those who didn’t borrow from the institutions, MFI officials claimed. Responding to recent concerns over the role of microfinance institutions in creating poverty and loss of property in the Kingdom, the Cambodia ...

http://www.phnompenhpost.com

No sign World Bank will renew funds

Just over a year since the World Bank froze its funds to the government, the bank yesterday reiterated that a decision on whether or not it would start providing loans again remains nowhere in sight. In August, the World Bank announced that it would not provide ...

New securities dealer launches in Kingdom

Golden Fortune Securities, a Cambodian-Chinese joint venture and the Kingdom’s second securities dealer, officially opened its doors yesterday. The company was the most recent of Cambodia’s 13 licensed dealers, brokers and underwriters to launch operations. A date for company listings, or actual Cambodia Securities Exchange operations, was ...

http://www.phnompenhpost.com/index.php/2011122353575/Business/new-securities-dealer-launches-in-kingdom.html

Senate ratifies record draft budget law

The Senate yesterday spent just 90 minutes ratifying the record $2.6 billion budget law for 2012, which will allow the government to borrow up to $1.1 billion from foreign lenders, according to a Senate statement ...

Railway impact reports nowhere to be seen

The Asian Development Bank (ADB) has not made public the last two quarterly reports on the impact of resettling families who are being evicted for a $142 million railway rehabilitation project. The reports, which are required under an ADM loan agreement with the government, haven’t been ...

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