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May 09. 2019
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By Asia News Network

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First Cambodian car online market launched

Australian start-up AsiaCarGroup has launched the first online marketplace for cars in Cambodia,, according to a company statement. 

 The website allows local individual sellers and car dealers to easily, quickly and securely sell their cars, motorbikes and trucks using the platform and find buyers faster than before, according to the release.

 AsiaCarGroup is part of Emerging Classifieds Ventures Pty Ltd, which operates online marketplaces for cars and real estate in early-stage emerging markets around the world. It manages more than 110 websites in 90 different countries.

 Through experience gained in other frontier markets around the world, AsiaCarGroup is currently offering local car dealers a ‘software as a service’ (SaaS) customer relationship management (CRM) platform for local car dealers to better manage their inventory.

 “ allows individual local sellers as well as professionals to find their buyer in a more efficient way, using the efficiency of the online platform and its ecosystem,” the release said.

 With around 12.5 million internet users in the country – including more than 51 per cent of the national population using social media (some 8.4 million users) – Cambodians are increasingly using online services to buy and sell goods, AsiaCarGroup said.

 Cambodia currently has at least 500,000 cars on the road and of these 90 per cent are second-hand vehicles. – The Phnom Penh Post

ICP rises to $68.31/barrel due to geopolitical issues

The Indonesian Crude Price (ICP) rose 7.4 per cent to US$68.31(Bt2173.16) a barrel in April from the previous month due to geopolitical issues, including the United States’ tightening sanctions against Iran, according to the Energy and Mineral Resources Ministry.

 The ICP, used as a benchmark to calculate nontax income in the state budget, was 3.73 per cent higher in April than the previous month.

 The ministry also cited that increasing political tensions in Libya and the US embargo on Venezuela’s crude exports could hamper oil supplies.

 “The other factor is the shrinking of global crude oil supplies,” said the ministry in a press statement, adding that the Organisation of Petroleum Exporting Countries recorded that supplies declined 30.02 million barrels of oil per day [bopd] in April, the lowest since February 2015.

 The ICP increase, according to the ministry, was also triggered by the termination of 700,000 bopd from Russia’s Druzhba pipeline to a number of European countries as well as maintenance at several oil fields in Ghana, Azerbaijan and Libya. – The Jakarta Post

Airbnb-style short-term home sharing still illegal

The Urban Redevelopment Authority (URA) will not be going ahead with proposed changes to the rules for short-term stays in private homes after extensive consultations since 2015 with diverse groups of stakeholders. 

 It announced on Wednesday that the minimum stay duration of three months will continue to apply. This means short-term accommodation of less than three consecutive months remains illegal.

 The authority had considered a draft regulatory framework proposed last April to allow owners at strata-titled developments to accommodate short-term stays if they get 80 per cent consent from owners. 

 The framework also required owners to register their properties with the URA, and to abide by an annual cap of 90 days per unit for short term stays, among other requirements. 

 Based on a national survey commissioned by the URA in the second half of 2018, the majority of more than 1,000 private homeowners surveyed supported the proposed rules. – The Straits Times

Foreign sales pave way for Vinamilk's GTN takeover 

Tael Two Partners Ltd, one of the two major foreign stakeholders of GTNFood Joint Stock Company, has registered to offload its entire holding in the Vietnamese food company.

 The deal will pave the way for Vinamilk to acquire a larger stake in the ownership of Moc Chau Milk.

 The Singapore-based private equity fund registered to sell 55 million shares, equivalent to 22 per cent of GTNFoods, between May 10 and June 7 for divestment purpose.

 The mode of transaction is to register to sell by the tender offer of Vinamilk, the fund said in its filing to the Ho Chi Minh Stock Exchange. – Viet Nam News


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