logo
A major new airport to serve Cambodia's capital and boost tourism is due to open in July

A major new airport to serve Cambodia's capital and boost tourism is due to open in July

KANDAL, Cambodia (AP) — Cambodia expects that its new airport serving the capital will open in July, a project official said Friday, in a major step forward in boosting the country's lucrative tourism sector, whose growth was interrupted by the coronavirus pandemic.
Work on Phnom Penh's new airport, officially known as the Techo International Airport, began in 2019, covering an area of 2,600 hectares (6,425 acres) located at the border of Kandal and Takeo provinces, about 30 kilometers (19 miles) south of the capital.
'I think the TIA airport here is going to be launched in the soft opening in July 2025, and we believe that so many passengers are waiting and they really want to come in to see this new airport,' said Charles Vann, director of the airport's project steering committee, during a media tour.
The new airport is a $1.5 billion joint venture between the Cambodian government and the Overseas Cambodian Investment Corp. It's being built by the China Construction Third Engineering Bureau Group Co., Ltd.
The architects for the airport are the British firm Foster + Partners, whose website says its 'design embodies a strong sense of place' and is 'responsive to the tropical climate.' The terminal building sits under what is described as a single overarching roof canopy that is a lightweight steel grid shell, 'with an innovative screen that filters daylight and illuminates the vast terminal space.'
Construction is being undertaken in three phases. Initially, the airport is expected to be capable of handling up to 13 million passengers a year, with capacity increased up to 30 million passengers after 2030, and then up to 50 million passengers in 2050.
It will be the second major airport in Cambodia to open in the space of two years. In 2023, the Chinese-financed Siem Reap-Angkor International Airport began operations in the northwestern province of Siem Reap, about 40 kilometers (25 miles) east of the centuries-old Angkor Wat temple complex, the country's major tourist attraction.
Tourism is one of the main pillars supporting Cambodia's economy. According to the Ministry of Tourism, Cambodia received around 6.7 million international tourists in 2024, a 23% increase over 2023.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Vantage Data Centers Completes Industry's First Euro-Based Data Center Asset-Backed Securitization (ABS) with €640M Transaction
Vantage Data Centers Completes Industry's First Euro-Based Data Center Asset-Backed Securitization (ABS) with €640M Transaction

Yahoo

time10 minutes ago

  • Yahoo

Vantage Data Centers Completes Industry's First Euro-Based Data Center Asset-Backed Securitization (ABS) with €640M Transaction

Incremental green financing will drive continued, sustainable developments across the refinanced portfolio DENVER & LUXEMBOURG, June 09, 2025--(BUSINESS WIRE)--Vantage Data Centers, a leading global provider of hyperscale data center campuses, today announced it has raised €640 million in securitized term notes, marking the first-ever euro-based securitization of data center assets in Continental Europe. The transaction includes an additional €80 million in unfunded Variable Funding Notes. The Class A-2 Notes are rated A-, and the Class B Notes are rated BBB- by Standard & Poor's and Scope Ratings. This transaction follows Vantage's success last year with the first-ever EMEA data center ABS completed in British pound sterling. The notes will be used to refinance four data centers in Germany, two in Offenbach, Frankfurt, and two in Berlin, all of which are fully leased to hyperscale customers. The refinancing is part of Vantage's wider efforts to further expand its presence in the EMEA region and accelerate time to market to meet mounting demand for AI and cloud capacity. Surplus funds will be allocated toward capital expenditures and broader corporate initiatives. The notes have an anticipated five-year repayment date. "The issuance of the first euro-denominated ABS in the data center sector marks a significant milestone in digital infrastructure financing. Having previously issued the first data center ABS in both North America and EMEA (sterling-denominated), Vantage continues to showcase our innovative approach to capital markets and our ability to unlock new funding vehicles to fuel our global expansion," said Rich Cosgray, senior vice president, global capital markets for Vantage Data Centers. Vantage was represented by Clifford Chance LLP, and the transaction was led by Barclays and Deutsche Bank as active Joint Lead Managers. The transaction was supported by ING and Natixis as Joint Lead Managers and ABN Amro, Banco De Sabadell, SMBC and Societe Generale as Co-Managers. Barclays acted as Sole Structuring Advisor and Sole Green Structuring Advisor, and the transaction achieved a Green Bond designation via a Second-Party Opinion (SPO) from Morningstar Sustainalytics. The funds raised will contribute to advancing the United Nations Sustainable Development Goals (SDGs) and will facilitate the innovation of next-generation sustainable solutions aimed at reducing Vantage's environmental impact. For more information, please refer to the company's Green Bond Framework. Over the last 12 months, Vantage has raised €2.2 billion in new debt financing for its EMEA platform. For more information about Vantage's growing EMEA footprint, please visit: About Vantage Data Centers Vantage Data Centers powers, cools, protects and connects the technology of the world's well-known hyperscalers, cloud providers and large enterprises. Developing and operating across five continents in North America, EMEA and Asia Pacific, Vantage has evolved data center design in innovative ways to deliver dramatic gains in reliability, efficiency and sustainability in flexible environments that can scale as quickly as the market demands. For more information, visit Nothing in this press release constitutes an offer to sell or the solicitation of an offer to buy the notes in any jurisdiction, and there shall not be any sale of the notes in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. View source version on Contacts Press Contacts Mark FreemanVantage Data Centersmfreeman@ +1-202-680-4243 Robin BectelREQ for Vantage Data Centersvdc@ +1-202-936-6335 Nigel ParkerFulfil Communications for Vantage Data Centers, EMEAnigelp@ +44-(0)-7778-872-457

London's lefty mayor touts record numbers of Americans applying for British citizenship
London's lefty mayor touts record numbers of Americans applying for British citizenship

New York Post

time12 minutes ago

  • New York Post

London's lefty mayor touts record numbers of Americans applying for British citizenship

They're trading their sneakers for trainers and elevators for lifts. A record number of Americans have applied to become British citizens, London's lefty mayor touted at an event in the UK Monday. 'I've got to say we're delighted that record numbers of Americans are applying for British citizenship or to live and work here, and that many are choosing to settle in London,' Sadiq Khan told the crowd at the Concordia Europe Summit, as he heralded the capital as a 'beacon of hope, progress and possibility.' Some 1,931 Americans applied for UK citizenship in the first three months of 2025, according to figures from the UK Home Office — marking the highest number since recordkeeping began in 2004. Advertisement REUTERS Meanwhile, the number of US citizens applying to settle in the UK as their permanent home — rather than just move there for an undefined period — also hit a record last year, with more than 5,500 Americans granted settled status, a 20% increase from 2023. 'Our city will always offer newcomers a warm welcome,' Khan added. Advertisement AP However, at the same time, UK Prime Minister Keir Starmer said the government was planning to impose more stringent requirements on legal migrants, while also extending the time newcomers would have to wait to claim citizenship. In a news conference earlier this month, Starmer declared an end to a 'squalid chapter' that has seen migration to the UK more than triple over the last 10 years, which he called 'a failed experiment in open borders.' In a policy paper last month, Starmer — who previously championed the significant increase of migrants to the city — called the damage caused by immigration to the country 'incalculable.' Advertisement Around 5,800 Americans gave up their US citizenship during the first six months of 2020, at the height of the COVID-19 pandemic and at a time of widespread social and political upheaval in the country. However, taxes were also cited as another reason some made the decision, Alistair Bambridge, a partner at Bambridge Accountants, told CNN at the time. 'These are mainly people who already left the US and just decided they've had enough of everything,' he said. The surge in would-be expatriates in the first quarter of 2025 is a 12% increase from the previous quarter, continuing a sharp uptick in the trend which started in the middle of 2024.

Jim Cramer sees a 'bizarre' rotation in the market  — plus, Starbucks makes a move in China
Jim Cramer sees a 'bizarre' rotation in the market  — plus, Starbucks makes a move in China

CNBC

time12 minutes ago

  • CNBC

Jim Cramer sees a 'bizarre' rotation in the market — plus, Starbucks makes a move in China

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Monday's key moments. 1. The stock market is starting the week relatively flat following Friday's rally due to a solid jobs report. Investors are awaiting trade news updates as American and Chinese officials gather in London . The flow of rare earth minerals out of China is a big focus of the talks. Within the stock market Monday, Jim Cramer said the action is interesting. "What I'm seeing is a kind of a very bizarre rotation. ... A lot of stocks that have been laggards like Texas Instruments are really taking off," Jim said. Meanwhile, stocks that had been certified winners are headed down. The rotation is "very daunting for people because you're buying lesser quality and selling high quality," Jim said. 2. Club name Starbucks has been on the recovering end lately, climbing nearly 7% last week and adding modest gains in Monday's session. In its latest move to navigate the competitive Chinese market, the company is cutting prices on non-coffee beverages in the country. The latest strategy is part of the coffee chain's campaign to win customers over during the summer. "It helps the story that they're doing some discounting," Jim said. It's no secret that Starbucks has had some difficulties in the region and has been looking for a strategic partner for its operations there. "I think [a partnership] would be well received by the market," said Jeff Marks, director of portfolio analysis for the Club. 3. It's a different story for portfolio name Broadcom , which closed 5% lower Friday after reporting earnings Thursday and is taking another hit Monday. Jim reminded members that on Friday he advised to hold off on buying into the stock's sell-off. "I said today's the day you buy," he said Monday. The company reported a strong quarter with AI revenue rising 46% year over year. Marks said the only real issue was the stock came into the print red hot, so it fell victim to high expectations, leading to the drop. However, the semiconductor manufacturer did see price targets raised at several firms Monday, including at Barclays, which went to $265 a share, up from $215. 4 . Stocks covered in Monday's rapid fire at the end of the video were: Warner Bros Discovery , Tesla , General Mills , and Conagra Brands . (Jim Cramer's Charitable Trust is long AVGO, SBUX . See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store