Economy and commerce

The International Finance Corporation and Amru Rice, one of Cambodia’s biggest rice exporters, launched a new partnership yesterday to improve the competitiveness of the Kingdom’s rice sector, according to a press release. ...

The rapid expansion of pepper cultivation in Cambodia coincides with the spice’s plummeting world prices, creating concerns that the glut of pepper ripening on vines across the Kingdom could further erode next season’s market prices and push the sector toward a collapse. ...

A central online trading platform expected to launch by the end of the year will allow investors to trade securities listed on the local stock market using a desktop computer or smartphone. ...

A Singapore-based private equity fund manager has acquired a significant minority stake in iCare Benefits (Cambodia) Co Ltd, an employee benefits programme offered to enterprises that operate in the Kingdom. ...

The government yesterday unveiled its financial sector development strategy for 2016 to 2025, which provides stakeholders with a document to evaluate the last decade of growth while outlining an action plan for the next decade. Chea Serey, director-general of the NBC, said the content of ...

The government is preparing legislation to regulate the establishment of a corporate bond market that would give local companies a new debt instrument to raise capital for their operations or expansion. ...

Economists on Tuesday lambasted the CNRP’s proposal to eliminate the use of U.S. dollars for transactions in the country within one year of a victory in next year’s national elections, saying the policy would be “a disaster” and “impossible.” ...

Nagacorp Ltd, the operator of Phnom Penh’s NagaWorld hotel and casino complex, announced that the company’s chief executive, Chen Lip Keong, has submitted a proposal to shareholders and the Hong Kong Stock Exchange that would allow him to divest his personal investment of $369 million ...

Following the popularity of Cambodia’s first-ever container night market, the company behind the project said it is investing an additional $500,000 to expand the open-air facility with an annex scheduled to open next month. ...

Cambodian Minister of Commerce Pan Sorasak put forward a proposal last week requesting that the World Trade Organization (WTO) share information of bilateral and regional trade agreements with all its members to help smaller economies integrate into global trade markets. ...

The Agriculture Ministry has said it can’t control illegal imports of livestock from neighbouring countries, arguing customs officials must take responsibility for the issue.​ ...

Denis Hew, director of the policy support unit at the Asia-Pacific Economic Cooperation Secretariat said that Cambodia and Laos, in particular, should seek to chart a different course in Asean rather than following growth models of more developed economies, such as Malaysia or Thailand. ...

Shares in Sihanoukville Autonomous Port (PAS), the state-owned enterprise that operates Cambodia’s only deep-sea port, debuted on Cambodia’s stock exchange yesterday after an initial public offering that raised $27 million.​ ...

The International Monetary Fund says Cambodia’s young population compared with other regional countries will be a driving force for financial development and contribute to the emerging finance technology sector, or Fintech.  ...

Banking sector leaders have expressed concern over a new government decree that places additional fees on financial services, warning that the costs of what some have described as an “impractical and inefficient” tax would likely be passed along to consumers. ...

Cambodia’s central bank is to conduct on-site audits of microfinance institutions to check if they are complying with the interest rate cap that came into force more than two months ago, industry insiders have said.   ...

Aceleda Bank, Cambodia’s largest bank by assets, reported a net profit of $28.39 million in first quarter this year, down slightly from $30.19 million in the same period in 2016, according to the bank’s latest financial report. ...

Long-term growth prospects for developing economies, including Cambodia, will continue to be undermined by a lack of investment as well as the risk of increased protectionist policies by the United States, which could hamper the growth of commodity-driven economies, according to a new report released ...

Bun Mony, advisor to the Cambodian Microfinance Association (CMA) noted that though the interest rate cap could lower revenue and cut profit margins in the sector, overall neither the election nor the cap would have a lasting impact for the industry.​ ...

Acleda Bank has provided $40 million to customers in the form of housing loans since the start of 2017, marking a growing trend of home loans being taken out across the country. ...

South Korean food chain Lotteria, operated locally by Yinkok Food Corp, has expanded in Phnom Penh with its fifth branch opening in Dem Tkov market, according to a local media report yesterday. ...

Cambodia is one of the emerging nations that attracts foreign investors in the real estate sector, thanks to its growth and good performance, according to a recent report from PropertyGuru. ...

The Papua New Guinea-based Bank South Pacific has announced its expansion into Asia with its first Cambodian branch. ...

Mizuho Bank, one of largest banks in Japan, has started operations in Cambodia with its first branch in Phnom Penh. ...