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NA President Urges Better Economic Zone Management

President of the National Assembly, Ms Pany Yathotou has stressed that all relevant government organisations need to urgently improve their administration and coordination mechanisms to better facilitate investment.

Banks in Laos See Asset Growth Value

The value of assets in the banking sector in Laos could possibly still continue to grow this year, as foreign banks move to open subsidiaries in Laos.

An official working in the banking sector commented on the matter after the World Bank reported recently that the value of assets held by banks in Laos reached US$12 billion in 2015, an increase of 60 percent compared to 2013.

The growth of asset value in the banking sector is partially attributable to the opening of subsidiary foreign banks from China, Malaysia, and Thailand, Cambodia, Vietnam, and France.

Presently, Laos has more than 40 banks, which has seen the assets of foreign banks’ subsidiaries increase 18 percent in 2013 as and then a further 26 percent in 2015.

The assets of state banks has been reduced from 53 percent to 46 percent of the total, which were able to cover 47 percent of the total loans in 2015.

The credit sector has increased slightly whilst the rates of loans decreased 11 percent in 2015.

Last year, the Bank of the Lao PDR issued regulations to help expand the provision of credit through decreasing the interest rate from 5 percent to 4.5 percent.

The rate of interest on deposits and loans has reduced from 13 percent in 2014 to 10 percent in 2015; this has driven the percentage of the total deposits held by banks in kip currency down from 25 percent in June to 18 percent in December last year.

In 2015, commercial banks increased their loan provision by 20 percent with the sectors of industry, trade, and agriculture, however, loans in the construction sector have reduced as the government stresses better payment management.

Source: Vientiane Times

BREAKING: Thai King Bhumibol Adulyadej Dies After 70-year Reign

Death of world’s longest reigning monarch throws politically turbulent Thailand into uncertainty.

Thailand’s King Bhumibol Adulyadej has died aged 88, ending seven decades on the throne, the palace has said in a statement.

King Bhumibol became a unifying father figure and rare source of stability for a nation that has weathered more than a dozen coups since he came to power in 1946 aged just 18.

But the constitutional monarch has been absent from public life for years and his death throws an already politically turbulent Thailand into a haze of uncertainty that is unprecedented in its modern history.

Most Thais have only known King Bhumibol on the throne and his influence has superseded that of bickering politicians since the closing days of the second world war.

During the king’s rule, there have been close to 20 attempted or successful coups – the last one in May 2014 when a military junta seized power – but the monarchy has remained revered.

That Thailand’s many civilian and military leaders have crawled on the floor in the presence of the king illustrates how Bhumibol has kept the executive in check even as the country is ostensibly in a constant state of flux.

His constant presence has made Thailand one of the most widely cited development successes, becoming an upper-income country in less than a generation.

He has successfully negotiated many times with military leaders to return democracy to the country, but finally leaves Thailand to the army.

Critics of the military junta says it used its support for the monarchy as a pretext for grabbing power from the elected government of Yingluck Shinawatra, the sister of Thaksin Shinawatra, who was also deposed by the military in 2006 and fled the country.

King Bhumibol had been treated by doctors for “water on the brain” and a chest infection in August 2015. On Sunday, the palace said his condition had become unstable.

During the closing years of his life, he was mostly hidden from the public, occasionally wheeled out on a bespoke sandy-coloured chair to tour a new supermarket or visit a palace. During these outings, Thais kneeled on the road, some crying as their expressionless and silent monarch passed by.

His wife, Queen Sirikit, has also suffered declining health. They have three children, but their only son and heir, Crown Prince Maha Vajiralongkorn, does not command the same affection as his father, causing fears of a rupture in the state’s structure.

However, open discussion of the monarchy is restricted by a strict lèse-majesté law that makes criticism of the royal family punishable by years in jail, so it is hard to gauge the popularity of the son. Any Thai can bring a legal case against a person under the lèse-majesté law. In 2014, complaints were filed against a woman who wore black on the king’s birthday.

In August last year, military courts jailed two people under the law, one for 30 years and the other for 28 years, the heaviest sentences for the crime in the country’s history, for Facebook posts.

Critics of the law say it has been used by the military against political opponents.

Bhumibol’s death means Queen Elizabeth II is now the longest reigning living monarch.

The king ascended to the throne after the still unexplained death of his older brother, Ananda Mahidol. His brother, also known as King Rama VIII of Siam, was found shot dead in his bedroom in the Boromphiman Throne Hall in the Grand Palace. Bhumibol later said “it was proved that it was not an accident or a suicide”.

Bhumibol postponed his coronation until 1950 to finish his studies in Switzerland.

Many of his subjects regarded the king as close to divine. His image is displayed in shops, restaurants and homes across the country. The royal anthem is played in cinemas before films are shown and people are expected to stand. The anthem is also frequently broadcast in parks and on the metro, causing a temporary standstill.

The king played the saxophone and loved jazz. He was rarely seen in pictures without a camera around his neck and was a fan of black and white photography, which many suggest stemmed from his preference for simplicity in life.

Source: The Guardian

Lao PM Urges Youth to Use Social Media Carefully

Lao Prime Minister (PM) Thongloun Sisoulith on Wednesday urged young people to be careful when using social media.

Huaphan Airport Delays Leave Steel Frames Rusting

Some steel structures of the unfinished buildings at Nongkhang Airport which is under construction in Huaphan province are now noticeably rusty after construction works were suspended almost six months ago.

Lao Officials Improve Railway Knowledge

Some 30 officials from relevant sectors have improved their knowledge on rail systems after completing a 30-day course with the specialised training preparing them for the Lao-China railway project.

Phalanxay Police Hunt for Hit-and-run Driver

Phalanxay Traffic Police are trying to find the driver of a pickup who fled the scene after hitting a motorbike last week killing two women in Oudomxay village, Phalanxay district, Savannakhet province.

New Quota of State Employees Assigned to Govt Bodies

A quota of 5,000 new employees has been allocated to government bodies in Vientiane and the provinces for 2017 in response to the country’s development needs.