Home

User login

ABA Bank boosts registered capital, red-hot growth set to continue

By: EAS Staff Posted: December-15-2010 in
EAS Staff

ABA BANK has increased its registered capital to US$36 million to comply with new National Bank of Cambodia (NBC) minimum capital requirements due to come into force at the end of the year. Chief Executive Officer Madi Akmambet said the additional capital came from shareholders and gave ABA a strong financial base from which to build on its rapid growth over the last couple of years.
“The new capital injection means we are extremely well placed to continue with our bold expansion strategy,” he said.

ABA has invested around $4 million over the last three years to expand

Plan to force reporting of foreign accounts

By: Moon Gwang-lip Posted: December-17-2009 in
Moon Gwang-lip

Finance Ministry will require all residents, including expats, to register deposits overseas next year

Foreigners staying in Korea for over one year will have to report any bank accounts they hold outside Korea to local authorities beginning next year, according to the Ministry of Strategy and Finance yesterday.

Businesses based overseas that operate in Korea may be required to do the same, the ministry said.

In its 2010 policy guide submitted to President Lee Myung-bak, the ministry said overseas bank accounts would have to be reported for every resident in Korea. The local tax law defines a resident as anyone who lives in Korea for more than one year, regardless of nationality.

Shanghai To Offer Perks For Expat Finance Professionals

By: Dezan Shira & Associates Posted: July-21-2009 in
Dezan Shira & Associates

The local government is set to launch a program that will give foreign finance specialists incentives to work in Shanghai including lowered taxes, reports Shanghai Daily.

The financial talent award is just one of the government’s policies aimed at turning Shanghai into an international financial and shipping hub by 2020

Banco Financiero Internacional (BFI) and Banco Metropolitano block withdrawals on accounts of foreign firms

By: The Cuba Blog Posted: July-12-2009 in
The Cuba Blog

On this hot summer day the tensions are palpable at Banco Financieros 5th avenue branch, foreigners outside chat between themselves using words like “incredible”, “diabolical” and even “bank fraud”. Their chagrin being something that few are willing to talk about in open through fear of reprisals on their accounts or total loss of their deposits. No foreign journalists have written anything about this scenario either, despite it being common knowledge in the tight knit expat circles of Havana where most foreign business owners reside.

A Parliamentarian Asked the Minister of Labor to Clarify Questions at the National Assembly

By: The Mirror Posted: August-09-2010 in
The Mirror

The Mirror, Vol. 14, No. 676

“Phnom Penh: An opposition party parliamentarian asked the Minister of Labor, Mr. Vong Soth, to clarify questions at the session of the National Assembly on 12 August 2010, regarding the demand for a salary increase of workers and employees.

Goldman Sachs $550m settlement of SEC fraud charges

By: BB Posted: July-16-2010 in
BB

Goldman Sachs a few hours ago reached a settlement with the Securities and Exchange Commission to the tune of $550 million and admitted they made a mistake in misleading clients who invested in securities tied to sub-prime mortgages.

The SEC alleged that one of the world's largest hedge funds, Paulson & Co., paid Goldman Sachs to structure a transaction in which Paulson & Co. could take short positions* against mortgage securities chosen by Paulson & Co. based on a belief that the securities would eventually fail.

The British Ambassador Announced the Amount of Aid Promised for the Development of Cambodia

By: The Mirror Posted: July-02-2010 in
The Mirror

The Mirror, Vol. 14, No. 670

“The British Embassy to Cambodia said that within the amount of US$1.1 billion aid that the government receives from donors for 2010, the British government will provide £21 million to support development plans in Cambodia.

“The spokesperson of the British Ambassador to Cambodia, Mr. Neng Vannak, wrote in an email on 22 June 2010 that the amount of aid that the British government plans to provide to Cambodia is about £21 million, approximately US$33 million.

Cambodia Wants the USA to Support Cambodia’s Candidacy as a Non-Permanent Member of the United Nations Security Council

By: The Mirror Posted: February-11-2010 in
The Mirror

The Mirror, Vol. 14, No. 651

“Cambodia has requested the United States of America to support the candidacy of Cambodia to become a non-permanent member of the United Nations Security Council.

“During a meeting between the Minister of Foreign Affairs and International Cooperation, Mr. How Namhong, and [the US Deputy Assistant Secretary of State and US Ambassador to ASEAN] Mr. Scot Marciel at the Ministry of Foreign Affairs in the morning of 9 February 2010, Mr. Hor Namhong requested the USA, through Mr. Scot Marciel, to support Cambodia’s candidacy as a non-permanent member of the UN Security Council for 2013 and 2014.

Three US Parliamentarians Come to Cambodia to Talk about Debt and Commercial Ties

By: The Mirror Posted: January-08-2010 in
The Mirror

The Mirror, Vol. 14, No. 646

“Three US congressmen plan to visit Cambodia for three days, according to a Voice of America (VOA) broadcast in the morning of 5 January 2010, based on information from the Khmer ambassador to the United States, Mr. Hem Heng.

“But officials of the US Embassy in Phnom Penh told Khmer Machas Srok in the evening of 5 January 2010 that the three US congressmen will arrive in Cambodian in the evening of 5 January 2010, landing in Siem Reap first, before coming to Phnom Penh.

The Government Explains Land and House Taxes and the Road Taxes' Increase

By: The Mirror, editor: Norbert Klein Posted: December-02-2009 in
The Mirror, editor: Norbert Klein


The Mirror, Vol.13, No.641

"Phnom Penh: Government officials and parliamentarians from the Cambodian People's Party explained in detail the regulations for setting of taxes on land and houses, and the increase of road taxes in 2010. This decision is part of the decisions for the national budget for 2010 which the National Assembly discussed and approved on Monday 30 November 2009.

"Defending the national budget draft for 2010, officially known as a financial management law for 2010, during the parliament session on Monday morning, the Minister of Economy and Finance, Deputy Prime Minister Keat Chhon, said that the increase of road taxes and the collection of taxes for real estate including land, houses, buildings, and constructions are a measure to seek additional income while Cambodia is encountering an economic and financial crisis.

The Free Expat Directory - Is your business listed?

more

The Advisor - Cambodia - Free Weekly

Our latest issue (24) is on the streets around town at most venues and also downloadable tomorrow here . Weekly Cambodia events calendar inside

Forum

Advertisements that get noticed

hugo

Featured Articles

more