...Banking system in the lower Mekong system Introduction In the last century, many reforms of the banking system have been done in Lao People’s Democratic Republic, Cambodia and Vietnam, the lower Mekong countries. Various policies and regulations were formulated in order to resolve the problems which were caused by planned economics system in these three countries. The development of financial system was mainly controlled by government and less freedom can be given so that it caused the less-developed problems among these Mekong countries. However, during the last decades, with the distribution of market-oriented economy government released the control of private enterprises and the discrimination of small and medium enterprises have been gradually eliminated. The banking system faced new challenge. New reforms should be done to adapt to the changing circumstance. The new regulatory and supervisory was strengthened for more efficient banking system. This essay will first illustrate the banking system in these three countries respectively and then find some similarities or differences between them during the reforms. Finally conclusion will be illustrated. Banking system in Vietnam In order to adapt to the transformation of economy system in Vietnam, much attention are paid on the banking reform and optimization. The financial liberalization process has been continued to accelerate. (1) The government made the duties of specialized banks clear and commercialized the operation...
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...Capital Market Development in Capital Cambodia Hanoi, 1st March 2007 Dr. Hang Chuon Naron Secretary General Ministry of Economy and Finance Contents Contents Overview of Financial Market – – – – Present financial system in Cambodia Banking Sector Insurance Sector Fixed Income Securities and equity Capital Market Development in Cambodia guided by: - Financial Sector Blueprint 2001-2010 (FSB2001-2010) approved on August 24th, 2001 - Financial Sector Development Strategy 2006-2015 (Approved by the Royal Government of Cambodia on February 9th , 2007) Develop 4 I’s for Capital Market – – – – Infrastructure investor Issuers Intermediaries Way forward Overview of Financial Market Overview Present financial system in Cambodia Present Players in Financial Sector: ● Dominance of banking system: The central bank, that is the National Bank of Cambodia with its The 18 provincial branches, 15 commercial banks, 4 specialized bank, 15 A decentralized banking system, consisting of MFIs and a number decentralized of NGOs operating in the rural finance. ● 4 Insurance Co., ● No inter-bank/money market ● No equity & securities market, no securities company ● Active foreign exchange markets due to high degree of dollarisation (90% of banks transactions in US$, large volume of USD cash in circulation). Banking Sector Banking ≈ – Banks are very liquid (loans to deposits ratio 65%), but despite large resources they...
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...Analysing advantages and disadvantages of banking reforms in Mekong countries in comparative perspective Introduction In a number of transition economies the banking systems are at different stages of the transformation process from mostly planned to market economy structures. But the past two decades led to further distinctions in developments within these countries. This paper will review recent banking reform efforts in the lower Mekong countries (LMCs), including Cambodia, the Lao People’s Democratic Republic, and Vietnam. Associated by close economic and cultural links, the three LMCs have tackled the challenges of both economic development and transition to more market-based economies. These links are apparent as they are some of the countries that make up the Greater Mekong Subregion (GMS) which is a natural economic area bound together by the Mekong River. In 1992, with the assistance from the Asian Development Bank (ADB), these countries entered into a program of subregional economic cooperation designed to enhance economic relations among them. It is important to explain the economies of these countries to lay the grounds for analysis of banking reforms. It has become clear that increasingly, modernization and industrialization are emerging from a process of transition and transformation. The Mekong countries are gradually shifting from subsistence farming to more diversified economies, and to more open, market-based systems. In parallel with this are the growing...
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...REPORT ON THE OBSERVANCE OF STANDARDS AND CODES (ROSC) Cambodia ACCOUNTING AND AUDITING May 15, 2007 Contents Executive Summary Preface Abbreviations and Acronyms I. Introduction II. Institutional Framework III. Accounting Standards as Designed and as Practiced IV. Auditing Standards as Designed and as Practiced V. Perception of the Quality of Financial Reporting VI. Policy Recommendations EXECUTIVE SUMMARY This report provides an assessment of accounting and auditing practices within the corporate sector in Cambodia with reference to the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and the International Standards on Auditing (ISA) issued by the International Federation of Accountants (IFAC). This assessment is positioned within the broader context of the Cambodia’s institutional framework and capacity needed to ensure the quality of corporate financial reporting Cambodia is putting in place an institutional framework with regard to accounting, auditing, and financial reporting practices. However, institutional weaknesses in regulation, compliance, and enforcement of standards and rules still exist. The accounting and auditing statutory framework suffers from inconsistencies among different laws. Although the national accounting standards and auditing standards are based on IFRS, and ISA, respectively, they appear outmoded and have gaps in comparison with the international equivalents. There are varying...
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...Initiative for ASEAN Integration (IAI) and Narrowing the Development Gap (NDG) Narrowing the Development Gap Narrowing the Development Gap in ASEAN refers to reducing various forms of disparities among and within Member States where some pockets of underdevelopment persist. Measures in the ASEAN Political Security, Socio-Cultural and Economic Community Blueprints are targeted at policy reforms for narrowing the development divide to foster regional cooperation, greater social and economic integration, consistent with the objective of building an ASEAN Community in 2015. Initiative for ASEAN Integration The ASEAN Heads of State at their Summit in 2000 launched the Initiative for ASEAN Integration (IAI) with the objectives of Narrowing the Development Gap (NDG) and accelerating economic integration of the newer members of ASEAN, namely Cambodia, Lao PDR, Myanmar, and Viet Nam (CLMV). IAI Work Plans The efforts to narrow the development gap will be driven mainly by the IAI Work Plan (IAI-WP). The six-year IAI-Work Plans have been developed to assist the CLMV countries as well as ASEAN's other sub-regions to ensure that the economic wheels of their economies move at an accelerated pace. The first phase of the Work Plan covered the years 2002 to 2008. The current Work Plan (IAI-WP II) is based on key programme areas in the three Blueprints for the ASEAN Community: ASEAN Political-Security Community Blueprint, ASEAN Economic Community Blueprint and ASEAN Socio-Cultural Community...
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...* Investing in Myanmar (Burma) can be very lucrative with such a diverse range of business opportunities. With the Country extending from the snow-capped mountains of the Himalayas to the tropical forests of the south Myanmar has much to offer the investor ~ and never have the opportunities been better than right now as the country is on the verge of great development... * The 2013/2014 season was the busiest ever for visitors to Myanmar and now is the best time to invest in the travel industry: the hospitality industry is presently in its infancy and with so much to offer the tourist Myanmar stands ready to become the prominent player in the region. The weather varies considerably from North to South and it's possible to develop skiing in the North and Scuba Diving in the South !! The seasons are generally consistent, with the winter being cool and sunny; in the mountainous areas, which comprise much of Myanmar, the temperatures can be very cool indeed in the winter. Presently scope exists for the development of accommodation in many areas including Yangon, Bagan, Mandalay and Ngapali Beach: as tourism expands, as it assuredly will, additional hotels will be required throughout the country. * Investment Opportunities in the wood industry: Myanmar has an ECO forestry policy resulting in sustainable supplies of many hardwoods including Teakwood, Yamane and Padauk. Bamboo and Cane are also very plentiful. * Investment Opportunities in Farming: much of the countryside is farmed...
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...Economic Reforms in China and Vietnam: Two Differing (And Yet Similar) Paths China and Vietnam are currently two of the largest economies in Southeast Asia. Being neighbors, they share a lengthy history which includes periods of both cooperation and conflict. Their recent histories resemble each other in many ways – both China and Vietnam were colonized (though to different extents) in the period leading up to World War 2. During World War 2, both countries were occupied (though again to different extents) by the Japanese. In the wake of the war, communist insurgencies in both countries were ultimately successful in displacing non-communist regimes which received significant foreign assistance. Given the commonalities of their recent history, it would stand to reason that both countries would have similar experiences during both their Communist and reform periods. However, this has not always been the case. In this paper, I will argue that even though both China and Vietnam have made significant advances in liberalizing their economies, what they have accomplished is often blown out of proportion. In particular, the economies of both countries are still heavily controlled by their respective governments. Though they differ in some ways – for instance, Vietnam has done a better job of liberalizing its banking system than has China, and China’s economic growth has been marked by a steep increase in inequality which has not been seen in Vietnam, they are both fundamentally similar...
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...International Comparative Trends in Collective Bargaining Susan Hayter Collective Representation, Coverage & Scope As Figure 1 shows, trade union membership has declined in many countries. There are a number of reasons for this. First, structural changes in labour markets, involving a decline in the share of manufacturing in total employment and increase in the share of services, eroded the traditional membership base of trade unions. In some regions, the dramatic decline in public sector employment as a result of structural adjustment and privatization had a detrimental effect on union membership. Second, legal reforms introduced in some countries prohibited compulsory unionisation (closed shops) and encouraged individual contracts. Third, the increase in international competition as a result of globalization undermined the bargaining power of trade unions and strengthened the hand of management. Finally, the growth of non-standard forms of employment, for example part-time or fixed-term contracts put a brake on union Trade union membership has declined in many countries. Collective bargaining is a key means for improving wages and conditions of work and for regulating employment relations. Integration into global markets has intensified competition. In response, enterprises sought to be more flexible by introducing new forms of work organization and changing their employment practices. These changes present important challenges for collective bargaining. Collective bargaining...
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...Engagement is not working 6 WHAT THE REGIME IS BEING URGED TO DO 6 WHAT THE INTERNATIONAL COMMUNITY CAN DO 6 A BAN ON FINANCIAL REMITTANCES – THE PRACTICAL OPTION 7 A LIFELINE FOR THE DEMOCRACY MOVEMENT 7 A NON-VIOLENT BARGAINING CHIP 8 TAKING AIM AT SPDC’S ECONOMIC LIFELINES 9 CREATING DOMESTIC PRESSURE FOR CHANGE Undermining Moderates? 10 INSTIGATING REGIONAL ACTION 11 SPDC – FEIGNING REFORM & ROLLING OUT THE CHARM 11 DAMPENING EFFORTS Relabeling Enabling Remittances Business Diplomacy 13 SANCTIONS & SEX WORK Burma’s biggest pimp Increasing since 1988 Jumping the Gun Low Factory Wages Insufficient evidence Numbers of job losses disputed Job losses from capital flight Reforms needed 14 PEOPLE OF BURMA SUPPORT SANCTIONS 15 PREDICTIONS : Brief Chronology of ‘Predictions’ by the Thai Government 17 RECENT ARMS& DEFENSE EQUIPMENT ACQUISITIONS 18 ROGUE REGIMES – Pyongyang & the SPDC 19 GOING NUCLEAR! 21 REGIONAL THREAT 22 THE WORST SANCTION The Ongoing Banking Crisis Investor-Unfriendly Climate APPENDIXES 24 Burma: An Albatross for Both Asean & Europe, By Kavi Chongkittavorn. The Nation, Jun 14 04 25 Non Interference In Burma Is Not An Option, By Mitch McConnell and...
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...The Myanmar ICT sector has seen increased interest from investors as ongoing telecoms reforms promise increased competition in the market and access to 60 million customers, most of whom have little or no access to communication services. While many are looking at telecoms operation and infrastructure, there is more than this to the local market. Reasonable-cost talent, increasing government support, and organized industry and improved connectivity all make the Myanmar ICT sector an enticing opportunity. Sector Overview Though previously controlled by draconian legislation, the Myanmar ICT sector began an overhaul in the early 2000's, through the enactment of the Computer Science Development Law (1996), and the following instatement of the Myanmar Computer Development Council. The council's objective was to lay down policies and regulations that will help disseminate the use of computer science and technology, and utilize it for the State's development. This favorable attitude towards ICT has continued to be a part of government policy both in words and in practice. The Myanmar ICT market is still largely dominated by hardware companies (see below), due to the relatively low usage of ICT in business and industry. Telecoms The telecoms industry is one of the fastest growing and lucrative globally. Myanmar’s telecoms sector has unique characteristics for investment opportunities as it demands products and services for a large market that is virtually unprovided-for. Currently, there...
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...I. Investigate global market 1. Defining global market In the aspect of marketing, global market is the set of many foreign markets which include every available buyer or potential buyer of a product or a service. This concept allows international company forecast the capacity of the market in an effective way. A country’s overseas market includes foreign customer market, industrial market and government market. 2. Investigate global market Investigate global market is the process of gathering materials and information about target market, compare and analyze these information, to withdraw the fluctuation tendency of global market in every production lines, production groups to build a foundation to every business strategy of international companies To investigate global market, we must study the environment of the target market, more specifically, study about every details of the region of this market. The term Business Environment is composed of two words ‘Business’ and ‘Environment’. In simple terms, the state in which a person remains busy is known as Business. The word Business in its economic sense means human activities like production, extraction or purchase or sales of goods that are performed for earning profits. On the other hand, the word ‘Environment’ refers to the aspects of surroundings. Therefore, Business Environment may be defined as a set of conditions – Social, Legal, Economical, Political or Institutional that are...
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...Asian Development Outlook 2015 Highlights The full report is available on the ADB website at http://www.adb.org/ado2015 About the Asian Development Bank ADB’s vision is an Asia and Pacific region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to approximately two-thirds of the world’s poor: 1.6 billion people who live on less than $2 a day, with 733 million struggling on less than $1.25 a day. ADB is committed to reducing poverty through inclusive economic growth, environmentally sustainable growth, and regional integration. Based in Manila, ADB is owned by 67 members, including 48 from the region. Its main instruments for helping its developing member countries are policy dialogue, loans, equity investments, guarantees, grants, and technical assistance. ASIAN DEVELOPMENT OUTLOOK 2015 FINANCING ASIA’S FUTURE GROWTH HIGHLIGHTS ASIAN DEVELOPMENT BANK 6 ADB Avenue, Mandaluyong City 1550 Metro Manila, Philippines www.adb.org ASIAN DEVELOPMENT BANK ASIAN DEVELOPMENT OUTLOOK 2015 Financing asia’s future GROWTH HIGHLIGHTS EVELOPMENT BANK ASIAN DEVELOPMENT BANK Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) © 2015 Asian Development Bank 6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines Tel +63 2 632 4444; Fax +63 2 636 2444 www.adb.org; openaccess.adb.org OARsupport@adb...
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...Introduction With the total area of 676,552km2 and approximately 48 million populations, estimated in 2008, Myanmar officially acknowledged as Union of Myanmar, the republic in Southeast Asia, which share the border on the west with Bangladesh, on the northwest by India, on the northeast by Yunnan Province, China, and on the east by Laos and Thailand. The longest land border is communal with People’s Republic of China. Burma is known to the world as the nationally official name until 1989; the country’s name was the officially changed by the military government that reigned in 1988. Rangoon is the commercial capital and the largest city, and the administrative capital is Naypyidaw. Concerning with relationship of Myanmar and the largest local organization, ASEAN, Myanmar was stamped with its admission to join as one member state of ASEAN community in 1997. Considered the resource both natural and human capacities, Myanmar, the late-emerged country in the region, anticipated its advantages stemming from joining in ASEAN. Following the participation in the ASEAN community and with the establishment of AFTA agreement signed on 28 January 1992 in Singapore, Myanmar oversights its opportunities in development through the link of commercial trading which allows the free flow of trade, labor and information. However, although the precise advantages retrieved from the ASEAN membership is seen from its current stance, Myanmar also faces with mixed challenges and opportunities in the whole...
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...Banking in India From Wikipedia, the free encyclopedia Jump to: navigation, search Structure of the organised banking sector in India. Number of banks are in brackets. Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of India, which started in 1786, and Bank of Hindustan, which started in 1770; both are now defunct. The oldest bank in existence in India is the State Bank of India, which originated in the Bank of Calcutta in June 1806, which almost immediately became the Bank of Bengal. This was one of the three presidency banks, the other two being the Bank of Bombay and the Bank of Madras, all three of which were established under charters from the British East India Company. For many years the Presidency banks acted as quasi-central banks, as did their successors. The three banks merged in 1921 to form the Imperial Bank of India, which, upon India's independence, became the State Bank of India in 1955. Contents [hide] * 1 History * 2 Post-Independence * 3 Nationalisation * 4 Liberalisation * 5 Adoption of banking technology * 6 Further reading * 7 References * 8 External links | [edit] History Merchants in Calcutta established the Union Bank in 1839, but it failed in 1848 as a consequence of the economic crisis of 1848-49. The Allahabad Bank, established in 1865 and still functioning today, is the oldest Joint Stock bank in India.(Joint Stock Bank: A company that issues stock and requires...
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...provinces in the coastal regions of China tend to be more industrialized, while regions in the hinterland are less developed. As China's economic importance has grown, so has attention to the structure and health of that economy. In the modern era, China's influence in the world economy was minimal until the late 1980s. At that time, economic reforms initiated after 1978 began to generate significant and steady growth in investment, consumption and standards of living. China now participates extensively in the world market and private sector companies play a major role in the economy. Since 1978 hundreds of millions have been lifted out of poverty: According to China's official statistics, the poverty rate fell from 53% in 1981 to 2.5% in 2005. However, in 2006, 10.8% of people still lived on less than $1 a day (purchasing power parity-adjusted). The infant mortality rate fell by 39.5% between 1990 and 2005, and maternal mortality by 41.1%. Access to telephones during the period rose more than 94-fold, to 57.1%. In the 1949 revolution, China's economic system was officially made into a communist system. Since the wide-ranging reforms of the 1980s and afterwards, many scholars assert that China can be defined as one of the leading...
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