laos - Banking & Finance - News

Government approves Special Budget for Flood Recovery

The government has approved a special budget of 500 billion kip (US$58 million) to repair public infrastructure that was damaged in last year’s floods, indicating that the remaining recovery work could soon begin.
Date: 09 January 2019; Type: Legal News; Source: Vientiane Times

Central Bank Governor gets New Legal Backing

The Governor of the Bank of the Lao PDR has gained legal backing to chair the central bank’s top policy and decision-making body. President Bounnhang Vorachit on August 3 promulgated the newly-amended Law on the Bank of the Lao PDR, giving legal back-up to the central bank’s governor to chair its top body. In the past, the cha ...
Date: 16 September 2018; Type: Legal News; Source: Vientiane Times

NA debates Draft Law on Central Bank

The duties and structure of the Bank of the Lao PDR’s executive board were at the centre of debate at the National Assembly (NA) yesterday, with the aim of strengthening the bank’s management and preventing illegal financial activities.
Date: 19 June 2018; Type: Legal News; Source: Vientiane Times

Beware of Illegal Transactions by Fake Banks, Public warned

The Bank of the Lao PDR has warned members of the public to beware of unauthorised bank accounts after learning that some people have been tricked into making transactions with fake banks.
Date: 11 October 2017; Type: Legal News; Source: Vientiane Times

New Service Fee Regulation to boost SME, Selected Sectors

A newly-approved Presidential Decree on Service Fees is set to give a significant boost to Small and Medium Enterprises (SME) and other promoted sectors, the government spokesman has said.
Date: 15 June 2017; Type: Legal News; Source: Vientiane Times

License issuance for new Financial Institutions suspended

The Bank of the Lao PDR has suspended the issuance of licenses for new financial institutions while it seeks to review the operations of the country’s existing institutions.
Date: 01 June 2017; Type: Legal News; Source: Vientiane Times

INDUSTRY UPDATES

DLT introducing Electronic Licenses

BANGKOK, Jan 15 (NNT) - The Department of Land Transport (DLT) has officially begun to introduce electronic drivers licenses, launching a downloadable application that can digitally hold driver authorizations and vehicle details.

Read More

INDUSTRY UPDATES

DOLE vows Aid for Workers displaced by Hanjin Bankruptcy

MANILA, Jan 15 (PNA) - The Department of Labor and Employment (DOLE) on Tuesday vowed to assist 3,800 workers of Hanjin Heavy Industries and Construction Philippines (HHIC-Phil) who might be affected after the South Korean shipbuilder declared bankruptcy and applied for rehabilitation.

Read More

INDUSTRY UPDATES

Over 100 Medicine Brands for Treatment of Diabetes, Hypertension, High Cholesterol now cheaper under TRAIN Law

The Food and Drug Administration (FDA) has submitted to the Department of Finance (DOF) a list of over 100 medicines with their corresponding generic names and brands for the treatment and prevention of diabetes, hypertension and high-cholesterol, the sale of which are now exempted from the payment of the value-added tax (VAT) beginning Jan. 1 as provided under the Tax Reform for Acceleration and Inclusion Act (TRAIN).

Read More

INDUSTRY UPDATES

Tax Academy eyeing Campuses in Tagaytay, New Clark City

The Department of Finance (DOF) is planning to set up permanent campuses of the Philippine Tax Academy (PTA) in Tagaytay City in Cavite and New Clark City at the Clark Special Economic Zone in Pampanga.

Read More

INDUSTRY UPDATES

Courts urged to speed up Judicial Reform

Hanoi, Jan 14 (VNA) - General Secretary of the Communist Party of Vietnam and President Nguyen Phu Trong has stressed the need for courts at all levels to speed up judicial reform and improve the quality of judgment to minimise inaccurate verdicts and overlooking criminals.

Read More

INDUSTRY UPDATES

No Passport Data lost, breached: Government Printer

MANILA, Jan 14 (PNA) - No passport loss nor breach has occurred in the Department of Foreign Affairs (DFA), APO Production Unit Inc. (APUI), the current Philippine e-passport maker said Monday.

Read More

INDUSTRY UPDATES

Complaint Boxes for Iskandar Puteri Schools to tackle Crimes

ISKANDAR PUTERI, Jan 14 (Bernama) - The Iskandar Puteri District police have suggested for the district’s schools to provide boxes for information or complaints to tackle various crimes involving students.

Read More

INDUSTRY UPDATES

Tax Amnesty Programme aims to reduce People's Burden, says IRB

KUALA LUMPUR, Jan 14 (Bernama) - The Special Voluntary Disclosure Programme (SVDP) is a clear indication of the government's desire to reduce the burden of the people through taxation, Inland Revenue Board (IRB) chief executive officer Datuk Seri Sabin Samitah said.

Read More

INDUSTRY UPDATES

Tengku Abdullah to be proclaimed as New Sultan of Pahang on January 15

PEKAN, Jan 12 (Bernama) - The Regent of Pahang Tengku Abdullah Sultan Ahmad Shah will be proclaimed as the sixth Sultan of Pahang, succeeding Sultan Ahmad Shah, on Jan 15.

Read More

INDUSTRY UPDATES

Judges, Judicial Officers receive DoJ Training not due to High Profile Cases - CJ

PUTRAJAYA, Jan 11 (Bernama) - Chief Justice Tan Sri Richard Malanjum explained that the training of Malaysian judges and judicial officers by the United States Department of Justice (DOJ) was not due to the high profile money laundering cases, such as the ones involving former Prime Minister Datuk Seri Najib Tun Razak.

Read More

INDUSTRY UPDATES

Adapt Technology and Work from anywhere, CJ tells Lawyers

PUTRAJAYA, Jan 11 (Bernama) - With the tagline ‘Now Anywhere Can Work’, lawyers can now deal with their cases from anywhere through the use of technology introduced by the judiciary in order to have an efficient court system, said Chief Justice Tan Sri Richard Malanjum today.

Read More

INDUSTRY UPDATES

Malaysian Bar will continue to voice Concerns over use of Oppressive Laws - President

PUTRAJAYA, Jan 11 (Bernama) - The Malaysian Bar will continue to voice its concerns on the continued use of oppressive laws, said its president George Varughese.

Read More

INDUSTRY UPDATES

Full Force of the Law to be applied to Wrongdoers, says AG

PUTRAJAYA, Jan 11 (Bernama) - Attorney-General Tommy Thomas said today the full force of the law would be applied to wrongdoers.

Read More

INDUSTRY UPDATES

Matrade appoints Halim Mohamad as Chairman

KUALA LUMPUR, Jan 11 (Bernama) - Malaysia External Trade Development Corporation (Matrade) has appointed Tan Sri Halim Mohammad as its seventh chairman, effective Jan 1, 2019.

Read More

INDUSTRY UPDATES

Vietnam requests other Countries to respect International Law

Hanoi, Jan 9 (VNA) - Foreign Ministry Spokesperson Le Thi Thu Hang underlined Vietnam’s stance on the US vessel USS McCampbell’s passage through Vietnam’s Hoang Sa (Paracel) waters, while responding to reporters’ questions regarding the case on January 9.

Read More

INDUSTRY UPDATES

Justice Ministry should be “Goalkeeper” of Government in Legal Issues: PM

Hanoi, Jan 8 (VNA) - The Ministry of Justice should be the “goalkeeper” of the Government in international legal issues to ensure national rights and interests, Prime Minister Nguyen Xuan Phuc said at a conference of the sector in Hanoi on January 8.

Read More

INDUSTRY UPDATES

Rizal granted Permission to transfer Corruption Case to High Court

KUALA LUMPUR, Jan 9 (Bernama) - The case of former special officer to the former Prime Minister, Datuk Rizal Mansor, who faces four corruption charges involving a solar hybrid system project for rural schools in Sarawak will be heard in the High Court.

Read More

INDUSTRY UPDATES

Law Society Chief, Three Others appointed Senior Counsel

The President of the Law Society, Gregory Vijayendran, fellow litigator Siraj Omar, 46, as well as two former judicial commissioners of the Supreme Court, Foo Chee Hock, 58, and Foo Tuat Yien, 65, were conferred the coveted designation when their appointments were announced by Chief Justice Sundaresh Menon at the opening of the legal year.

Read More