Cambodia Morning News For June 23

1.1 tons of cocaine hidden among frozen mackerel
The authority said yesterday this was the biggest cocaine smuggling haul found in China in recent years. The cocaine, packed in a container, was scheduled to be transported from South America to Cambodia, stopping in Shanghai for the goods to be transferred.
— ECNS

Uber begins trial version of ride-hailing app in Kingdom
Uber, the world’s biggest ride-hailing service, has launched a “test-mode” version of its smartphone application in Phnom Penh, bringing it a step closer to becoming the first international heavyweight to officially operate a ride-hailing service in the Kingdom.
— The Phnom Penh Post

Cambodia Plans to Launch National Pension Fund
The Cambodian government has released its strategic plan to develop the country’s financial sector over the next 10 years, which includes creating a national pension fund.
— Chief Investment Officer

China’s squeeze on capital outflow felt in Cambodia
Stringent capital controls imposed by China’s central bank last November that scrutinise the outbound flow of money from the mainland have created uncertainty for Chinese investors looking at the Cambodian market and could jeopardise future and existing projects.
— The Phnom Penh Post

Government Probes NGO Behind Damning Timber Racket Report
More than a month after confirming its investigation into new reports of rampant timber trafficking between Cambodia and Vietnam, the Environment Ministry remains tight-lipped about what—if any—progress it is making, but says the U.K. NGO that exposed the scale of the problem is itself being scrutinized.
— The Cambodia Daily (paywall)

An All-In-One Platform Designed With Cambodia’s Microfinance Pros In Mind
Before he cofounded Morakot, a banking and loan management platform for microfinance institutions (MFIs) in Cambodia, Sophorth Khuon worked in microfinance himself. So he knew firsthand the challenges MFIs face when it comes to loan distribution and management.
— Forbes

Risk puts brakes on movable assets
Access to credit would increase dramatically if Cambodian borrowers could put up movable assets as collateral, but lenders say much more needs to be done to remove the risks associated with these assets, including the establishment of a legal framework that would restrict changes in ownership and allow creditors to repossess collateral.
— The Phnom Penh Post

Electronics shipments take flight
Air cargo volume in Cambodia is set to grow in the coming years as the Kingdom’s exports begin to diversify away from garments, an aviation expert said yesterday.
— The Phnom Penh Post

1,000 Phnom Kulen Families to Be Relocated
A group of about 1,000 families living in Siem Reap province’s Phnom Kulen National Park will be relocated to prevent them from continuing an environmentally detrimental trend of clearing land, building homes, selling and repeating, the environment minister said on Thursday.
— The Cambodia Daily (paywall)

Drivers Don’t See Red With New Traffic Lights in Capital
The traffic light was unmistakably red.
But the drivers on Sisowath Quay, stretching along Phnom Penh’s riverside, on Wednesday afternoon were either oblivious to its meaning or choosing to ignore it. The traffic continued to flow as smoothly as the Tonle Sap river running adjacent to the road.
— The Cambodia Daily (paywall)

‘Kotee’ suspected of fleeing to Lao-Cambodian border
Second Army Chief Lt Gen Wichai Shaechoho said security agencies have closely monitored the movements of Wuthipong, who reportedly fled Laos for Cambodia after Thai authorities sought cooperation from Vientiane to search for him and crack down on his group’s activities.
— The Phuket News

Vietnamese data show timber exports are continuing
New Vietnamese customs data for April shows timber continued to flow across Cambodia’s border to Vietnam despite Cambodian authorities announcing a ban on lumber exports to the country’s eastern neighbour more than a year ago.
— The Phnom Penh Post

Feature photo WorldFish/ Dominyk Lever
Find our previous morning news feature photos in the AEC News Today Morning News Feature Photos gallery where you will find a pictorial display of daily life throughout the Asean Economic Community (AEC).

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. It is published M-F by AEC News Today: Governance, not government; policies not politics.

Cambodia Morning News For June 23 added by Leakhena Khat on June 23, 2017
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Leakhena Khat

Leakhena is a junior journalist at AEC News Today who is also currently studying International Relations, which she finds adds perspective to her work reporting on the Asean Community.

“I love what I am doing so much as it gives me a lot of great experience and provides challenges to my mind.