DAP: The breaking news in Cambodia: “Cambodia's micro-lenders record 24 pct lending growth in Q1” plus 3 more

DAP: The breaking news in Cambodia: “Cambodia's micro-lenders record 24 pct lending growth in Q1” plus 3 more

Cambodia's micro-lenders record 24 pct lending growth in Q1

Posted: 03 May 2013 02:57 AM PDT

PHNOM PENH, May 1 (Xinhua) -- Cambodia's 35 microfinance institutions had lent 1 billion U.S. dollars to customers by the end of March this year, up 24 percent from 808 million U.S. dollars it lent at the end of last year, the data of Cambodia Microfinance Association (CMA) showed Wednesday.

On the deposit side, the customers' deposits at microfinance institutions had amounted to 346 million U.S. dollars at the end of March this year, up 54 percent from 225 million U.S. dollars at the end of last year, the data said.

It said during the January-March period this year, the nonperforming loan rate was only 0.27 percent or 2.8 million U.S. dollars.

CMA's president Bun Mony attributed the sharp rise in lending and deposit to the country's better economic performance and growing number of new micro, small and medium establishments.

"This also reflects public confidence in the micro-lending institutions," said Bun Mony, who is also chief executive officer of a leading micro-lender Sathapana Limited.

Cambodia sees microfinance institutions as a key and effective tool for poverty reduction in rural Cambodia and the sector has been well developed in recent years.

Thai trade expo draws thousands of Cambodian visitors despite ongoing border row

Posted: 02 May 2013 08:19 PM PDT

PHNOM PENH, May 2 (Xinhua) -- Thousands of Cambodian people visited and bought Thai products on Thursday at a large scale exhibition although simmering border spat between the two countries remains unsolved.

"Even though border dispute is still going on, trade and investment ties between Thailand and Cambodia are still good," Amparwon Pichalai, deputy director general of Thai commerce ministry's international trade promotion department, told reporters before attending the opening of the Thai trade fair 2013 at the Diamond Island Exhibition Center in Phnom Penh. "We are neighbors, we're working together to increase the bilateral trade volume."

"Thailand is committed to strengthening and expanding trade and investment relations with Cambodia for mutual benefits," Surapol Maneepong, Charg d'Affaires of Thai Embassy to Cambodia, said at the opening of the 4-day fair, in which 270 Thai companies have their products displayed.

Mao Thora, secretary of state at Cambodian Ministry of Commerce, said it was a positive sign that the two countries have been working closely to improve the bilateral trade relations.

He said Thailand ranked the second largest trading partner of Cambodia. Last year, the bilateral trade valued at 3.8 billion U.S. dollars, up 40 percent year-on-year. However, the trade volume went down by 2.3 percent to 1.1 billion U.S. dollars in the first quarter of this year.

Jiranan Wongmongkol, director of the Thai embassy's foreign trade promotion office, said on Monday that the decline was not relevant to the simmering border conflict over the land of 4.6 square kilometers next to Preah Vihear Temple, but it was due to Thai baht appreciation.

Cambodia and Thailand have had border dispute over land near Cambodia's Preah Vihear Temple since the UNESCO listed the temple as a World Heritage Site on July 7, 2008, but Thailand claims the ownership of 4.6 square kilometers of scrub next to the temple.

Deadly clashes between the two countries' troops occurred in February and April 2011 during the rule of former Thai Prime Minister Abhisit Vejjajiva.

Military tensions have eased since August 2011 when ex-Thai Prime Minister Thaksin Shinawatra's Pheu Thai Party won a general election and led the current government.

Last month, the two countries presented their oral statements on the dispute to the International Court of Justice in the Netherlands and the court is expected to issue a decision on who owns the disputed land around the temple later this year.

Meeting on the sidelines of the 22nd ASEAN Summit in Brunei last month, Cambodian Prime Minister Hun Sen and his Thai counterpart Yingluck Shinawatra pledged to avoid armed clashes and agreed to encourage both sides' peoples along the borders to continue maintaining good relations, said Kao Kim Hourn, secretary of state at Cambodian Ministry of Foreign Affairs.

Lightning kills 35 Cambodians in four months

Posted: 02 May 2013 08:16 PM PDT

PHNOM PENH, May 2 (Xinhua) -- Lightning strikes had killed 35 people in Cambodia in the first four months of this year, up 40 percent compared with the 25 deaths over the same period last year, a disaster control official said Thursday.

Besides the dead, lightning strikes injured 24 others during the January-April period this year, said Keo Vy, chief of the Cabinet of the National Committee for Disaster Management, adding that most victims lived in rural areas.

"Since mid-March this year, there have been strong rains with lightning and thunderstorms," he told Xinhua over telephone. "Just one day on April 28, lightning bolts killed up to 8 people in different places."

Meanwhile, he appealed to people to be more cautious to avoid dangers from lightning.

"People should stay in their houses when there are torrential rains with storms and lightning," he said.

Cambodia has one of the highest rates in the world of deaths by lightning at 7.8 deaths per million people, he said, adding that last year, lightning bolts killed 103 Cambodians and injured 72 others.

Lightning strike becomes more common in Cambodia, which occurs every year from March to November.

Myanmar to issue new rules, regulations to govern joint venture banks

Posted: 02 May 2013 08:10 PM PDT

YANGON, April 30 (Xinhua) -- Myanmar will issue fresh rules and regulations to govern banks set up on joint venture basis by domestic and foreign banks this year, said a finance official Tuesday.

U Thein Zaw, deputy director general of Financial Institution Supervision Department of Central Bank of Myanmar, told the opening of the first-ever Taiwan-based First Commercial Bank's representative office in Yangon -- FCB which resumed operation after an absence of 15 years.

The opening was also attended by Tsai Ching Nien, chairman of the Board of Directors of FCB and officials concerned from domestic private banks.

So far, 23 foreign banks opened representative offices in Myanmar, including those from Brunei, Bangladesh, Cambodia, China, India, Japan, Malaysia, Singapore, Thailand and Vietnam.

There are 19 private banks and three state-owned banks in Myanmar.

In January this year, U.S.-based Western Union started money transfer services in Myanmar with seven local private banks.

Moreover, four Myanmar private banks, including Cooperatives Bank, Kanbawza Bank, Asia Green Development Bank and Ayeyawaddy Bank have also been allowed to handle remittance to homeland from Myanmar migrant workers working in Singapore, Thailand and Malaysia starting February.

In the latest development, the United States authorized financial services with four Myanmar banks in February this year.

The four Myanmar banks were granted by U.S. Treasury Department general license that offered them access to American financial system. These include State Economic Bank, Myanmar Investment and Commercial Bank, private-owned Asian Green Development Bank and Ayayawaddy Bank.

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