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Cross-border tourism suffers as Cambodia-Thai dispute drags
Cross-border tourism suffers as Cambodia-Thai dispute drags

The Star

time2 days ago

  • The Star

Cross-border tourism suffers as Cambodia-Thai dispute drags

PHNOM PENH: Cross-border tourism between Cambodia and Thailand has dropped due to the ongoing diplomatic dispute between both countries. However, domestic travel near Preah Vihear province is thriving. The movement of people and goods across the border between the two countries has come to a grinding halt following the closure of border crossing points. Both governments have been engaged in an altercation following a May 28 skirmish between Cambodian and Thai troops. "Since the conflict, tourism exchanges with Thailand-both border crossings and air travel-have significantly declined, heavily impacting both sides. "However, on the Cambodian side, there has been a noticeable increase in travel activity, as many Cambodians visit disputed areas such as Preah Vihear Temple and other nearby sites. "This trend is also observed along other border regions, where local communities support frontline soldiers and their families,' Pacific Asia Travel Association (PATA) Cambodia Chapter President Thourn Sinan told Bernama. Domestic tourism in areas such as Sra Em in Preah Vihear has increased, with Cambodians visiting to support troops and locals. Hotels, guesthouses, and restaurants in these areas are currently operating at full capacity on weekends, he said. Thailand-Cambodia diplomatic relations became hostile following the May 28 brief exchange of gunfire between soldiers of both countries stationed near the Preah Vihear province in northern Cambodia. One Cambodian soldier died in the incident. The dispute, besides straining bilateral ties, also damaged trade activities in the border areas. Both countries share an 817-kilometre-long border. Sinan said Cambodia shares over 10 official checkpoints with Thailand along the border. However, only five of these are regularly used by international tourists. The remaining checkpoints mainly serve trade and local border movement. The busy Aranyaprathet-Poipet border checkpoint, an important route to the world-famous Angkor Wat, is also closed. Only patients seeking medical care and students continue to cross over to Thailand at present. There has been no interruption to air services. "Flights between both countries are still operating but Cambodian outbound travel to Thailand has plummeted by about 95 per cent due to safety concerns and growing anti-Cambodian sentiment in Thailand. "The overall stability of air travel is uncertain, as it depends on Thailand's internal political dynamics, which remain volatile,' he said. At the centre of the controversy are the territories where the ancient temples of Ta Muen Thom, Ta Muen Toch, and Ta Krabey are located, and the Emerald Triangle bordering Cambodia, Thailand, and Laos. Cambodia has refused to hold bilateral talks to resolve the decades-long issue but instead referred the dispute to the International Court of Justice on June 15. - Bernama

North Korea Opens Wonsan Kalma Coastal Tourist Zone
North Korea Opens Wonsan Kalma Coastal Tourist Zone

Skift

time6 days ago

  • Business
  • Skift

North Korea Opens Wonsan Kalma Coastal Tourist Zone

STR reported China hotel data for the week ended June 21. China hotel RevPAR was down 7.7% year-over-year. At least this week, it was up against a tougher comp of a 2.2% gain in the year-ago week. For the week ended 6/21/25, ADR was down 2.3% year-over-year while occupancy was down 5.5% for the week. PATA released their Asian Pacific Visitor Forecasts 2025-2027: Mid-Year Update. Under their medium scenario, international visitor arrivals to Asia Pacific are expected to reach 801 million by 2027, up from 692 million in 2025. China remains the top inbound market, forecast to welcome up to 148 million visitors by 2027. The U.S. and Türkiye are not far behind, with Türkiye and Mongolia poised for the most robust recovery. China continues to lead outbound travel, with the U.S., Korea, and Japan showing stability, and India, the UK, and the Russian Federation becoming increasingly significant source markets. In another troubling situation for Thailand, a report surfaced saying the turmoil in the Middle East has tourists from the Persian Gulf countries, as well as the U.S. and Europe, increasingly canceling their trips. The Thailand Hotel Association warned that the number of tourists from the U.S., Europe, and the Middle East could fall by 10% and as much as 20%, particularly noticeable this summer, as that is the peak season for Middle Eastern visitors seeking coolness in Thailand. The Deputy Director of Tourism Authority of Thailand also blamed higher tariffs and rising prices, caused by the trade and foreign policies of U.S. President Trump, for the declines. They are also concerned about the potential for oil prices to rise, along with a whole bunch of other reasons why Thailand will not come close to their projected arrival numbers this year. Yesterday, we reported how Thailand's ruling government optimistically said they are pushing forward with their Entertainment Casino Complexes bill, would have their first reading in a few weeks, and they had enough votes to pass. A few hours later, they announced they were postponing the reading of the bill because they needed time to educate the public. A year of debating this is not enough time to educate the public? The government claims that it believes the public thinks the Entertainment Complexes are just casinos, and that is what the bill is all about, not the non-gaming activities that the bill would authorize for development. Savills (Macau) Limited said The 13 Hotel in Macau has been sold for HK$600 million (US$76 million) to a local investor, not the US$51 million that was previously reported. Savills said the deal marked the first hotel property transaction in Macau this year. The new owner plans to invest HK$200 million to HK$300 million in repositioning and comprehensive interior and exterior renovations of the property. The redevelopment is expected to integrate French palace aesthetics with non-gaming elements. The new owner is assembling a team and developing plans that will completely reimagine everything from interior design to dining facilities. The 199-room property had been marketed with an asking price of HK$2.4 billion. JLL has been appointed as the management company for the hotel to ensure a smooth transition. Mirah Investment & Development announced the soft launch of Kuara Resort, a boutique beachfront retreat on the southern coast of Lombok, Indonesia. Kuara has just 16 villas and is the third full-scale resort delivered within an 18-month span by Mirah. The villas range from one to three bedrooms, with select ones featuring direct beachfront access, private swimming pools, or open-air fire pits. Kim Jong Un celebrated the official opening of the Wonsan Kalma coastal tourist zone. The new coastal zone has hotels, sports facilities, restaurants, and can host nearly 20,000 guests. As to where the guests will come from, that is the big mystery, because it will only be open to local tourists. Regardless, the North Korean leader said this is a proud first step in building a stronger tourism industry. In India, Royal Orchid Hotels Ltd. said it is embarking on an aggressive expansion with plans to triple the number of properties and rooms to over 300 and 20,000, respectively, in the next five years. The company is also getting into the budget segment, targeting youngsters and Gen Z customers under the Regenta Z brand. It added 14 hotels in the past year, over 960 rooms, up to 115 hotels today. In the next one to one and a half years, it wants to add another 30 hotels, and in the next five years, it wants to triple its room count and number of hotels, targeting 300-plus hotels. Royal Orchid has a new 5-star brand, 'Iconiqa', with all its further five-star hotels to be under this brand. Royal Orchid will now have seven brands – Iconiqa, Hotel Royal Orchid, Royal Orchid Central, Crestoria, Regenta, Regenta Place, and Regenta Z. RCI announced the addition of several Club Mahindra properties in India to its global exchange network. The partnership significantly expands RCI's presence in India, and provides its members with access to a wider range of holiday experiences. The newly affiliated Club Mahindra resorts in RCI include Club Mahindra Kensville Golf Resort in Ahmedabad; Club Mahindra Le Vintuna Managed Resort in Gangtok; Club Mahindra Assonora Resort in Goa; Club Mahindra Bharatpur Resort; Club Mahindra Saura Hotel in Agra; Club Mahindra at the Chumbi Mountain Retreat Resort & Spa in Pelling; and Club Mahindra Pavagadh, located near the UNESCO World Heritage Site of Champaner-Pavagadh Archaeological Park. Personnel Move Okura Nikko Hotel Management Co., Ltd., a unit of Hotel Okura Co., Ltd., announced that Hidechika Takasaka has been appointed President and Representative Director. In 2024, he was appointed Director of the Board and Senior Managing Executive Officer at Okura Nikko Hotel Management.

Federal Budget termed detrimental to industry
Federal Budget termed detrimental to industry

Business Recorder

time19-06-2025

  • Business
  • Business Recorder

Federal Budget termed detrimental to industry

KARACHI: Former Vice President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and former Senior Vice President of the Karachi Chamber of Commerce and Industry (KCCI), Muhammad Hanif Lakhani has opposed the taxation of petroleum products, arguing that it would adversely affect the general public. Lakhani also expressed disappointment over the State Bank of Pakistan's decision to maintain the policy rate at a high 11%, calling it overly cautious and a negative move that is inappropriate given the declining inflation and weakening industrial competitiveness. He termed the Federal Budget 2025-26 as detrimental to the industry. He criticized the government for granting Federal Board of Revenue (FBR) officers the powers equivalent to a Station House Officer (SHO), essentially allowing them unchecked authority. Additionally, he said the imposition of an 18% tax on the IT sector is an ill-advised decision. Lakhani pointed out that the federal budget contains numerous anomalies that the Ministry of Finance must rectify. He urged the government to withdraw harsh and anti-business tax measures before the Finance Bill is passed in Parliament. He warned that granting such strict powers to the FBR in the name of increasing tax collection will make it extremely difficult to achieve the set tax targets. He also criticized the government for not reducing the interest rate, which he believes should have been brought down to 7%, especially when inflation has declined. He stated that decisions are not being made based on ground realities. Lakhani also highlighted the absence of a policy for alternative energy sources. Instead, the government imposed an 18% sales tax on solar panels, which will increase their prices. Furthermore, he opposed the imposition of taxes on e-commerce transactions, noting that unemployed youth were earning through e-commerce, and the government should either provide jobs or not take away their means of livelihood. He did, however, support the move to bring non-filers into the tax net and stated that the imposition of a 10% sales tax in FATA and PATA is a positive step that will benefit the government and curb smuggling. Copyright Business Recorder, 2025

Corporate tax rate issue: OICCI disappointed over limited govt progress
Corporate tax rate issue: OICCI disappointed over limited govt progress

Business Recorder

time11-06-2025

  • Business
  • Business Recorder

Corporate tax rate issue: OICCI disappointed over limited govt progress

KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI) has expressed disappointment over the government's limited progress in addressing inequitable corporate tax rate in the recent budget. It said while the marginal reduction in Super Tax rates is acknowledged, OICCI reiterates the urgent need for a comprehensive overhaul of tax structures to enhance Pakistan's competitiveness and attract foreign investment. The Chamber also notes the absence of meaningful reductions in government expenditure, which could have helped narrow the budget deficit. Fiscal discipline remains critical to ensuring macroeconomic stability, and OICCI urges the government to prioritize expenditure rationalisation in its budgetary measures. OICCI regrets the government's missed opportunity to broaden the tax base in the current budget, particularly the absence of any concrete strategy to document Pakistan's substantial Rs. 9 trillion cash-based informal economy - a critical measure for meaningful revenue enhancement and economic formalization that the Chamber has consistently advocated for OICCI welcomes several positive reforms, including simplified tax returns for salaried individuals and small businesses, the nationwide rollout of e-invoicing, and the expansion of POS systems, all measures long advocated by the Chamber. However, their success hinges on effective implementation, and OICCI stresses the need for transparency and consistency in execution. The increase in the tax exemption threshold for salaried individuals (from Rs. 0.6 million to Rs. 1.2 million) and the reduction in their tax rate (from 5 percent to 1 percent) are commendable steps that align with OICCI's recommendations but still fall short of providing impactful and necessary relief to reduce ongoing brain drain in the country. OICCI also acknowledges the government's gradual phasing out of tax exemption on FATA and PATA and the government's stricter measures against non-compliant taxpayers, including restrictions on property and vehicle purchases, asset transfers abroad, and enhanced penalties. Such actions are crucial for improving tax compliance and broadening the revenue base. Despite these advancements, the budget falls short of introducing transformative policies for the corporate sector. OICCI emphasises that gradually rationalising tax slabs and reducing the overall tax burden on businesses are essential to promoting a more investment-friendly environment. Copyright Business Recorder, 2025

Key economic sectors: LCCI disappointed over lack of broader relief
Key economic sectors: LCCI disappointed over lack of broader relief

Business Recorder

time11-06-2025

  • Business
  • Business Recorder

Key economic sectors: LCCI disappointed over lack of broader relief

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) acknowledged some positive measures in the federal budget 2025-26 but expressed disappointment over the lack of broader relief for key economic sectors. Following Finance Minister Muhammad Aurangzeb's budget speech, LCCI leaders addressed a press conference, stating that while some of their demands were met, the business community had expected more substantial measures to stimulate investment, industrial growth, small and medium enterprises (SMEs), and agriculture. LCCI President Mian Abuzar Shad, along with Senior Vice President Engineer Khalid Usman, Vice President Shahid Nazir Chaudhry, and former office-bearers including Mian Anjum Nisar, Muhammad Ali Mian, Ali Hussam Asghar, and Faheem ur Rehman Sahgal, shared their insights on the budget. A significant number of executive committee members and market association presidents also attended the conference. Mian Abuzar Shad noted that the increased defense budget was a necessary step but argued that further increments should have been made. He welcomed relief measures for the construction sector and appreciated the higher allocation for water projects, though he stressed that even greater funding was needed given current challenges. Shad highlighted that the LCCI's long-standing demand for simplified tax returns had been accepted. While the super tax was reduced, he described the cut as insignificant and called for a more substantial reduction. He praised the imposition of taxes on the Federally Administered Tribal Areas (FATA) and Provincially Administered Tribal Areas (PATA), a measure the LCCI had long advocated for. He pointed out that 45 government entities are being merged or abolished but emphasized the need to divest all loss-making public sector enterprises. Other positive steps included tax reductions in the real estate sector, lower duties on property transactions, the establishment of Daanish University, and measures to curb sales tax evasion. Bringing e-commerce into the tax net was also commended as a good decision. However, Shad expressed concern over under-invoicing and Afghan trade, which he claimed had cost Pakistan Rs. 25 trillion over the past 15 years. He also criticized unchecked petroleum imports for negatively impacting foreign exchange reserves. Additionally, he voiced disappointment over the absence of specific measures to support SMEs. Engineer Khalid Usman criticized the budget for lacking a clear growth strategy. He stated that the minor tax relief for salaried individuals was insufficient and called for further reductions. He also argued that taxing petroleum products would discourage the documented economy. Copyright Business Recorder, 2025

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