Economy and Finance
NagaCorp Confirms Lay-Offs, Pay Cuts as Proactive Measures
The operator of NagaWorld integrated resort (IR) NagaCorp has confirmed job lay-offs and pay cuts as “proactive measures” to manage the impact of the COVID-19 pandemic, given that the casino has been closed since early March, according to its report issued yesterday. “We have taken proactive measures to manage the situation. We launched a rationalisation […]
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Cambodia’s Oil Extraction Operator KrisEnergy Unable to Pay Debts, Requests Liquidation
Cambodia’s oil extraction operator KrisEnergy has announced that it is unable to pay its debts based on actual and/or contingent liabilities and will soon proceed to liquidation, according to the firm’s press release on 4 June. KrisEnergy on the same date already submitted a winding-up petition to the Grand Court of the Cayman Islands. Meanwhile, […]
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Construction & Real Estate Sectors Growth Conditional on How Gov’t Contains COVID Outbreak: NBC
Due to the 20 February COVID-19 community outbreak, the growth projection of the construction and real estate sectors remain highly conditional on how the government contains the outbreak and how global and regional economic activities will rebound in the second half of 2021, according to the National Bank of Cambodia (NBC). NBC’s Financial Stability Review […]
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FDI Inflow for Construction & Real Estate Sectors in 2020 Decreases by 10.6%: NBC
Total FDI inflows, mainly to the financial, construction, real estate, and manufacturing sectors, were recorded at US$3.5 billion in 2020, a 1% decline. Among them, FDI to the construction and real estate sectors, which accounts for 17% share of the total FDI, decreased by 10.6%, according to the National Bank of Cambodia (NBC) Financial Stability […]
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Number of Restructured Loans for Construction Sector at Over 20k Accounts in 2020, says NBC
The total number of restructured loans in 2020 was recorded at over 24,000 accounts, of which borrowers from the construction sector ranked third with a total of 20,609 accounts, according to the National Bank of Cambodia (NBC) Financial Stability Review 2020 published on 31 May. The report added that this huge amount of restructured loans […]
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NBC: Credit Growth in Construction & Property Decelerates, Easing Concerns on Overheating Market
Loans to construction and real estate activities in 2020 expanded at a slower rate of only 23%, as the construction boom stalled due to the pandemic. This deceleration of credit growth has eased some concerns on the overheating property market, according to the National Bank of Cambodia (NBC)’s Financial Stability Review 2020 published on 31 […]
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First 300,000 Barrels of Crude Oil Produced in Cambodia Ready to Export this Month
KrisEnergy will make the shipment of the first 300,000 barrels of crude oil produced from the Apsara well offshore Cambodia to international markets within this month, according to the Director-General of Petroleum at the Ministry of Mines and Energy HE Cheap Sour. According to the DG, the total volume of the first shipment might vary […]
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Vietnam Mulls Spending US$65 billion on Transport Infrastructure
Vietnam’s Ministry of Transport has recently announced plans to spend approximately US$65 billion to improve transport infrastructure nationwide. According to the 2030 master plan, the estimated budget will be used for projects such as the construction of 5,000 kilometres of expressways, a deepwater port in Hai Phong, high-speed rail routes running along major north-south arteries, […]
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Kampong Speu’s Cultivated Area Increases to Over 120k ha Despite Growth of Factories
Despite the growth of the number of factories, the cultivated area in Kampong Speu province rose to over 120,000 hectares as of early 2021, according to Governor HE Vy Samnang HE Vy Samnang posted on Facebook on 18 May that the cultivated area of Kampong Speu province has increased from 110,000 hectares to 120,000 hectares […]
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Energy Ministry, KrisEnergy Cooperate in Seeking Market for Apsara Crude Oil
The Ministry of Mines and Energy (MME) and Singapore-based KrisEnergy have been working together to find markets to sell the crude oil produced from the Apsara oil field, according to MME Secretary of State Meng Satheara. HE Meng Sathera made the announcement in response to criticism over the lower-than-planned crude oil production. “The ministry is […]
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