Cambodia Morning News For March 15

Cambodia morning news by AEC News Today is your one stop source for Cambodia news on matters of governance and policies affecting Asean business communities.

Microfinance to dry up? Experts say a new interest rate cap could cause dozens of MFIs to fold
Analysts say the central bank’s unprecedented decision to slash and cap microfinance interest rates at 18 percent a year, allegedly on the orders of Prime Minister Hun Sen himself, could bankrupt dozens of microfinance institutions (MFIs) while drying up credit channels to the poor – the very people the populist measure aims to help.
— The Phnom Penh Post

Feed mill to take bite out of growing import demand
Chip Mong Group is the latest conglomerate to invest into local production of animal feed, announcing this week that it will sink $60 million into building a large-scale feed mill and industrial piggery, a move that agricultural experts welcomed but said would still not be able to curtail the Kingdom’s dependence on imported feed.
— The Phnom Penh Post

NGO Wary of Promise to Cancel Hydropower Dam Project
Conservationists remain wary of the government’s recent pledge to sideline construction of the controversial Chhay Areng hydropower dam after finding the project on the Mines and Energy Ministry’s new to-do list.
— The Cambodia Daily (paywall)

Sar Kheng Says CNRP’s Legitimacy In Question
Interior Minister Sar Kheng suggested on Tuesday that the government may not recognize the opposition party in upcoming elections if its transfer of leadership to Kem Sokha is found to have violated the CNRP’s own internal rules.
— The Cambodia Daily (paywall)

Cambodian king grants honorary title of “Samdech” to deputy PM Sok An
Cambodian King Norodom Sihamoni on Monday bestowed the royal honorary title of “Samdech” on Deputy Prime Minister and Cabinet Minister Sok An for his devotion to the nation and the throne.
— Global Times

World Gourmet Summit 2017 to present a ‘United Nations’ of food
Aside from chefs from Singapore and other Asian countries like Cambodia, Laos, Vietnam and Sri Lanka, the 21st edition of the foodie festival from Mar 20 to Apr 16 will have countries participating for the first time such as Ukraine, Hungary and Mexico.
— Channel News Asia

Tax treaty with Thailand mooted to boost trade
Cambodian and Thai commerce officials met yesterday in Phnom Penh for the 6th Joint Trade Committee (JTC) meeting between the two countries, according to a government press release.
— The Phnom Penh Post

Thai insurance broker to foray into Cambodia
Thailand-based insurance broker TQM plans to expand its service into Cambodia next year as part of a regional expansion aimed at maintaining the company’s double-digit annual business growth, according to Thai media reports.
— The Phnom Penh Post

Jolie Movie Highlights Need for Renewal of Khmer Language, Experts Say
The premiere of Angelina Jolie’s latest movie, “First They Killed My Father”, the story of a young girl growing up under the totalitarian Khmer Rouge regime in Cambodia last month, was for thousands of Cambodians who attended screenings in Battambang, Siem Reap and Phnom Penh — was the first time they had seen a major silver screen production in their native language.
— VOA

Cambodia’s Government Questions Opposition Appointments
Cambodia’s minister of the interior on Tuesday questioned the legitimacy of the opposition’s newly appointed leadership, saying their promotion may violate internal regulations and could prevent the party from running in upcoming commune elections.
— Radio Free Asia

Will Move to Cap Microfinance Interest Rates Backfire on CPP?
The ruling CPP doubled down on Tuesday on its decision to cap interest rates on microfinance loans as a way to help the poor get out of debt, even as analysts called it a political move that would have long-term negative effects on the rural economy.
— The Cambodia Daily (paywall)

Six More Montagnard Asylum-Seekers Sent Back to Vietnam
Six Montagnard asylum-seekers who claim to have fled political and religious persecution by authorities in Vietnam’s Central Highlands were returned to their homeland on Tuesday after Cambodia rejected their refugee applications.
— The Cambodia Daily (paywall)

Cambodia seeks China’s aid to combat illicit drugs
Cambodia’s anti-drug chief Ke Kim Yan on Tuesday sought China’s assistance to combat illicit drugs and treat drug addicts, the National Authority for Combating Drugs (NACD) said Tuesday.
— Xinhua

Deputy PM meets Cambodia’s acting Prime Minister
Deputy Prime Minister and Foreign Minister Pham Binh Minh paid a visit to Samdech Sar Kheng, Acting Prime Minister of Cambodia, in Phnom Penh on March 14.
— Vietnam News Agency

KrisEnergy names new COO
KRISENERGY Limited announced on Tuesday that current vice-president, legal, and president of Cambodia operations, Kelvin Tang, has been appointed chief operating officer, effective March 15, 2017. He will remain as president of the Cambodia operations.
— The Business Times

Feature photo John Le Fevre

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