THE National Bank of Cambodia (NBC) has announced it will dip into its foreign reserves and buy US$6 million worth of Cambodian riels this week to hold up the value of the local currency, but an economist has warned that downward pressure will persist at least through the end of 2010.
In an announcement Friday, the central bank said it would take bids today, Wednesday and Friday at its Norodom Boulevard headquarters, putting up $2 million in US dollar holdings on each of the three days to buy riels.
Permitted bidders include commercial banks, licensed money changers and listed businesses.NBC Director General Tal Nay Im said that because Cambodia was between harvests there was low demand for riels to buy agricultural produce, putting downward pressure on the value of the riel.
That pressure has been strong since the global financial crisis kicked in last year, she added, with plummeting business activity reducing demand for riels to pay workers. Click to read more...
Monday, August 31, 2009
Planned fish hatchery to supply local farms
THE development of a saltwater fish reproduction centre in Preah Sihanouk province is scheduled to begin next year, financed by nearly US$10 million from Japan, a government official said Thursday.
Sam Nov, deputy director of the Department of Fisheries under the Ministry of Agriculture, Forestry and Fisheries, said the centre will be able to produce between 20 million and 30 million young fish per year to supply fish farmers.
"We expect that when the centre starts producing young fish that we will be able to double production to meet demand from local markets, and also increase exports," he said.The $9.93 million centre is scheduled to be opened in 2011, he said.Cambodia currently has around 40 saltwater fish-raising communities producing 40,000 tonnes of fish and shrimp per year, according to ministry figures.
However, they rely on imported species of fish, especially sea bass and grouper, which are particularly susceptible to disease, Sam Nov said. Click to read more...
Sam Nov, deputy director of the Department of Fisheries under the Ministry of Agriculture, Forestry and Fisheries, said the centre will be able to produce between 20 million and 30 million young fish per year to supply fish farmers.
"We expect that when the centre starts producing young fish that we will be able to double production to meet demand from local markets, and also increase exports," he said.The $9.93 million centre is scheduled to be opened in 2011, he said.Cambodia currently has around 40 saltwater fish-raising communities producing 40,000 tonnes of fish and shrimp per year, according to ministry figures.
However, they rely on imported species of fish, especially sea bass and grouper, which are particularly susceptible to disease, Sam Nov said. Click to read more...
Campaign to boost market for apartments
HE government kicked off a publicity campaign Thursday to promote a newly passed measure allowing co-ownership of buildings in the hope of boosting the depressed property market.
Minister of Land Management, Urban Planning and Construction Im Chhun Lim said promotion of the sub-decree, which was approved earlier this month, would give confidence to developers and investors currently constructing apartment buildings. The measure will be promoted through advertisements, he said.
The Sub-Decree on Co-ownership allows Cambodians for the first time to own apartments. Previously they could only rent or lease them. It also paves the way for a forthcoming law allowing foreign nationals to buy space on or above the first floor of a building. Click to read more...
Minister of Land Management, Urban Planning and Construction Im Chhun Lim said promotion of the sub-decree, which was approved earlier this month, would give confidence to developers and investors currently constructing apartment buildings. The measure will be promoted through advertisements, he said.
The Sub-Decree on Co-ownership allows Cambodians for the first time to own apartments. Previously they could only rent or lease them. It also paves the way for a forthcoming law allowing foreign nationals to buy space on or above the first floor of a building. Click to read more...
Govt warns Beeline on below-market pricing
Newest entrant to Cambodia’s increasingly crowded mobile phone sector told to raise tariffs after dispute with Mobitel
THE government has warned Beeline, Cambodia's newest mobile phone service, to increase its tariffs following a dispute with market leader Mobitel, according to a letter from the Ministry of Posts and Telecommunications obtained by the Post.Dated August 17, the letter says that Beeline - in a meeting with Royal Group CEO Kith Meng - agreed to raise tariffs from US$0.05 a minute to $0.06.
Royal Group is due to become the majority shareholder in Mobitel following an agreement this month to buy out Millicom International's stake. Click to read more...
NBC would widen bank use
ASENIOR central banking official said she hoped a government directive requiring civil servants to receive their salaries through a bank account will help efforts to boost the number of people in the country with deposits at commercial banks.
Despite rapid growth in deposits over the past few years, just 820,284 people, or 6 percent of the population, have deposit accounts at commercial banks, said National Bank of Cambodia Director General Tal Nay Im.
She said she was optimistic the number would increase as people became more aware of the advantages of holding money at banks."Now, thanks to wider expansion of bank branches throughout Cambodia, people prefer to transfer money through bank accounts rather than carry cash with them because cash transfers via bank accounts are fast and safe," she said. Click to read more...
Despite rapid growth in deposits over the past few years, just 820,284 people, or 6 percent of the population, have deposit accounts at commercial banks, said National Bank of Cambodia Director General Tal Nay Im.
She said she was optimistic the number would increase as people became more aware of the advantages of holding money at banks."Now, thanks to wider expansion of bank branches throughout Cambodia, people prefer to transfer money through bank accounts rather than carry cash with them because cash transfers via bank accounts are fast and safe," she said. Click to read more...
Approved investment figures from S'pore, Europe multiply
Investment by city-state increases more than 300 percent up to end of July as traditional investors China and South Korea drastically reduce capital inflow.
DESPITE an 82 percent decrease in approved investments in the first seven months of this year, as reported by the Post last week, investments by fellow ASEAN member Singapore have risen more than three-fold to US$176.37 million, according to a recently released breakdown of the figures by the Council for the Development of Cambodia (CDC). Click to read more...
Friday, August 28, 2009
Metfone, VN bank ink deal to trade services
TWO major Vietnamese companies signed a cooperation agreement in Phnom Penh Tuesday to link their telecoms and banking operations.
Under the deal, Metfone, which is operated by Viettel, a wholly owned subsidiary of the Vietnamese military, will provide communications services to the Bank for Investment and Development of Cambodia (BIDC).
In exchange, the bank, which is owned by the Hanoi-based Bank for Investment and Development of Vietnam (BIDV), has agreed to extend Metfone a US$40 million credit line for the expansion of its GSM mobile phone networks and a 3G upgrade.
The loan will be disbursed in stages - the first instalment of $14 million will be made available today, according to a media release issued at the signing ceremony.
Neither BIDC CEO Nguyen Van Hien nor Metfone Managing Director Nguyen Duy Tho, who signed on behalf of the two companies, commented after the ceremony. Click to read more...
Under the deal, Metfone, which is operated by Viettel, a wholly owned subsidiary of the Vietnamese military, will provide communications services to the Bank for Investment and Development of Cambodia (BIDC).
In exchange, the bank, which is owned by the Hanoi-based Bank for Investment and Development of Vietnam (BIDV), has agreed to extend Metfone a US$40 million credit line for the expansion of its GSM mobile phone networks and a 3G upgrade.
The loan will be disbursed in stages - the first instalment of $14 million will be made available today, according to a media release issued at the signing ceremony.
Neither BIDC CEO Nguyen Van Hien nor Metfone Managing Director Nguyen Duy Tho, who signed on behalf of the two companies, commented after the ceremony. Click to read more...
In Brief: ADB, SKorea offer loan
THE Asian Development Bank and South Korea have confirmed a combined US$41.9 million in low-interest loans to Cambodia for road and border improvements.
In a press release Tuesday, ADB said the money would be used to improve a 113-kilometre stretch of road in Banteay Meanchey and Oddar Meanchey provinces and a Thai border crossing.
"The project will [improve] connectivity between Thailand and Cambodia, thereby enhancing subregional transport and trade," said ADB transport specialist Shihiru Date. Click to original source...
In a press release Tuesday, ADB said the money would be used to improve a 113-kilometre stretch of road in Banteay Meanchey and Oddar Meanchey provinces and a Thai border crossing.
"The project will [improve] connectivity between Thailand and Cambodia, thereby enhancing subregional transport and trade," said ADB transport specialist Shihiru Date. Click to original source...
Hun Sen meets with Japanese oil firms
PRIME Minister Hun Sen met representatives of two Japanese oil companies at his Takhmao home Tuesday morning to discuss oil exploration rights in the Gulf of Cambodia, an official said.
A spokesman for Hun Sen, Eang Sophalleth, said the companies were Tokyo-listed Marubeni Corp and state-owned Impex Corp.
The companies had already submitted applications to the National Cambodian Petroleum Authority (NCPA), Marubeni Executive Officer Teruo Asada, who led the delegation, told the prime minister, according to Eang Sophalleth.Eang Sophalleth said Hun Sen welcomed the approach.
"The stance of the Cambodian government is to make applications to seek oil in Cambodia as transparent as possible through open bidding and to maximise the benefit to Cambodian people," Hun Sen reportedly told Asada.
NCPA Director General Te Duong Dara refused to comment as he "did not attend the meeting". Click to read more...
A spokesman for Hun Sen, Eang Sophalleth, said the companies were Tokyo-listed Marubeni Corp and state-owned Impex Corp.
The companies had already submitted applications to the National Cambodian Petroleum Authority (NCPA), Marubeni Executive Officer Teruo Asada, who led the delegation, told the prime minister, according to Eang Sophalleth.Eang Sophalleth said Hun Sen welcomed the approach.
"The stance of the Cambodian government is to make applications to seek oil in Cambodia as transparent as possible through open bidding and to maximise the benefit to Cambodian people," Hun Sen reportedly told Asada.
NCPA Director General Te Duong Dara refused to comment as he "did not attend the meeting". Click to read more...
Japanese food giant to invest $6m in PPSEZ
JAPANESE conglomerate Ajinomoto, which specialises in foods and seasonings, said it will invest US$6 million in a factory at the Phnom Penh Special Economic Zone (PPSEZ).
Ichiro Nishimura, president of Ajinomoto (Cambodia) Co Ltd, said the Cambodian arm of the multinational company would be established next month, with construction on a monosodium glutomate (MSG) packing factory due to start in October.
"We think Cambodia is an attractive market," Nishimura said Monday by email, citing Cambodia's high economic growth and similarities with Vietnam and Thailand, where the company already has a presence.
For the first phase, Ajinomoto will construct a 2,940 square-metre facility, Nishimura said. It is scheduled to go online in September next year with 150 employees.
PPSEZ Managing Director Hiroshi Uematsu said that Ajinomoto agreed to occupy 31,240 square metres when it signed a contract last month. Operations will expand into different products and local production in the future, he added. Click to read more...
Ichiro Nishimura, president of Ajinomoto (Cambodia) Co Ltd, said the Cambodian arm of the multinational company would be established next month, with construction on a monosodium glutomate (MSG) packing factory due to start in October.
"We think Cambodia is an attractive market," Nishimura said Monday by email, citing Cambodia's high economic growth and similarities with Vietnam and Thailand, where the company already has a presence.
For the first phase, Ajinomoto will construct a 2,940 square-metre facility, Nishimura said. It is scheduled to go online in September next year with 150 employees.
PPSEZ Managing Director Hiroshi Uematsu said that Ajinomoto agreed to occupy 31,240 square metres when it signed a contract last month. Operations will expand into different products and local production in the future, he added. Click to read more...
The long-awaited Sheraton in Siem Reap stalls indefinitely
After an earlier delay that would have seen the Four Points by Sheraton Angkor open January 1, 2011, the parent company now says the project is 'on hold'.
SIEM REAP
SHERATON'S much-vaunted entry into the Siem Reap market has now been put on hold, a company official said Wednesday, despite a notice on the parent company's Web site that still states the Four Points by Sheraton Angkor, Cambodia, will be opening on January 1, 2011.
The Web site of the parent company, Starwood Hotels & Resorts Worldwide Inc, also announces that group bookings are being accepted at the pre-opening office in Royal Orchid Sheraton Hotel & Towers in Bangkok.
But in a sudden move this week, after much speculation within the regional hotel industry, a Starwood official told the Post that plans for the Siem Reap hotel are now in doubt. Click to read more...
Excell eyes expansion of network, financiers
GT-TELL (Cambodia) Investment Company LTD said Wednesday that it is planning to expand its network coverage in the Kingdom and is looking for partners to invest in the plan.
Zarima Z Khodjaeva, assistant to the CEO of Excell, the brand name of GT-Tell in Cambodia that operates under the 018 exchange, said the mobile provider would look to expand to five provinces - Kampong Cham, Kampong Chhnang, Svay Rieng, Takeo and Siem Reap.
"We are planning to attract financing for the expansion plan ... partially," she said Wednesday.
"We have received a number of proposals.... The company is in the process of studying [them] to make [the] appropriate decision."It is too early to disclose any more information," she added. Click to read more...
Zarima Z Khodjaeva, assistant to the CEO of Excell, the brand name of GT-Tell in Cambodia that operates under the 018 exchange, said the mobile provider would look to expand to five provinces - Kampong Cham, Kampong Chhnang, Svay Rieng, Takeo and Siem Reap.
"We are planning to attract financing for the expansion plan ... partially," she said Wednesday.
"We have received a number of proposals.... The company is in the process of studying [them] to make [the] appropriate decision."It is too early to disclose any more information," she added. Click to read more...
Bad loans rising, says NBC
Nonperforming loans reached 5.2pc by June and could rise close to 10pc in the coming months, National Bank of Cambodia Director General Tal Nay Im warns.
NONPERFORMING loans at commercial banks rose to 5.2 percent by the end of May, up 1.8 percentage points from the beginning of the year, National Bank of Cambodia Director General Tal Nay Im told the Cambodian Club of Journalists on Wednesday.
The increase came as borrowers struggled with repayments amid declining cashflow in the wake of the global financial crisis, she said, adding that the central bank was not overly worried by the defaults. Click to read more...
Outlook mixed for garment sector
BETTER Factories Cambodia, a division of the International Labour Organisation (ILO), released a report Wednesday citing continued improvements in labour law compliance among hundreds of Cambodian garment factories, but experts fear these gains are overshadowed by grim overall prospects for the industry.
Though acknowledging that approximately 60,000 jobs have been lost in the Kingdom's garment sector since November of last year, the ILO reported that 99 percent of surveyed factories paid full-time workers at least minimum wage, and that 84 percent of factories had at least one union.
Just one underage worker was discovered among the 175 factories visited during the study, which was conducted from January 2008 to April 2009.Questions remain, however, about how reflective the ILO figures are of the industry as a whole. Of 280 factories covered in the study, 258 were still operating as of July, Better Factories Cambodia manager Tuomo Poutiainen said. Click to read more...
Though acknowledging that approximately 60,000 jobs have been lost in the Kingdom's garment sector since November of last year, the ILO reported that 99 percent of surveyed factories paid full-time workers at least minimum wage, and that 84 percent of factories had at least one union.
Just one underage worker was discovered among the 175 factories visited during the study, which was conducted from January 2008 to April 2009.Questions remain, however, about how reflective the ILO figures are of the industry as a whole. Of 280 factories covered in the study, 258 were still operating as of July, Better Factories Cambodia manager Tuomo Poutiainen said. Click to read more...
Tapping into Growth
ICT Industry Examines Strategy during Slowdown
Information and Communication Technology (ICT) plays a very important role in economic development. But in Cambodia, recent growth in ICT has been jeopardized by the economic downturn, leaving industry players looking for ways to cut costs.
More than just computers, ICT encompasses all communication networks, including telephone networks, the internet and consumer systems.
No country can afford to ignore ICT or move forward without it.
Cambodia has poor communication infrastructure, even for Southeast Asia, and Cambodians for the most part are hesitant about ICT. Rapid ICT growth in Cambodia is now slowing. Click to read more...
Cambodia has poor communication infrastructure, even for Southeast Asia, and Cambodians for the most part are hesitant about ICT. Rapid ICT growth in Cambodia is now slowing. Click to read more...
A Close Neighbor, Vietnam Increases Investment
By Ros Sothea, VOA Khmer
Original report from Phnom Penh
26 August 2009
Through August this year, Vietnamese companies have invested nearly half a billion dollars, a giant increase in activity that makes the country a top investor, along with China, South Korea and Russia.
Economic conditions and the strong political relationship between the two countries have led to the increase, analysts say.
“There are narrow business markets in Vietnam, with a lot of business people facing high competition,” said Chan Sophal, president of the Economists Association of Cambodia.
“Furthermore, they have no free land to make investments. So they see our country as a neighbor with huge free land. It’s a good opportunity for them to invest in.”Meanwhile, a stall in investment from other countries has given Vietnam a better chance to invest than in past years, Chan Sophal said.
In 2008, fixed investment from Vietnam was just $20 million, according to government figures. That number is just a sliver of the $534 million invested in the first eight months of this year alone. Click to read more...
Original report from Phnom Penh
26 August 2009
Through August this year, Vietnamese companies have invested nearly half a billion dollars, a giant increase in activity that makes the country a top investor, along with China, South Korea and Russia.
Economic conditions and the strong political relationship between the two countries have led to the increase, analysts say.
“There are narrow business markets in Vietnam, with a lot of business people facing high competition,” said Chan Sophal, president of the Economists Association of Cambodia.
“Furthermore, they have no free land to make investments. So they see our country as a neighbor with huge free land. It’s a good opportunity for them to invest in.”Meanwhile, a stall in investment from other countries has given Vietnam a better chance to invest than in past years, Chan Sophal said.
In 2008, fixed investment from Vietnam was just $20 million, according to government figures. That number is just a sliver of the $534 million invested in the first eight months of this year alone. Click to read more...
Cambodian banking sector could be affected by the worldwide financial crisis
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August 26, 2009By
Ly Meng HuorRadio France InternationaleTranslated from Khmer by Socheata
Mrs. Tal Nai Im, director general of the National Bank of Cambodia (NBC), expressed worries that, if the world financial crisis persists, its secondary effect will have a negative impact on the Cambodian bank sector. During the recent period of financial crisis, Cambodian banks were not directly affected. Click to read more...
Thai Gets 3-Month Sentence After Temple Insult
By Chun Sakada, VOA Khmer
Original report from Phnom Penh
27 August 2009
A Thai man accused of insulting the national symbol of Angkor Wat temple received a three-month jail sentence on Tuesday, for living in Cambodia without a visa.
Salavout Khamsan, 39, was originally arrested by local police for carving an image of Angkor Wat in concrete in front of a public toilet in the border town of Poipet.
The courts could not find a legal article under which to charge him for that, however.
“I sentenced the Thai national Salavout Khamsan to three months in prison for illegally entering Cambodia,” Tous Sam Ath, the provincial court judge, told VOA Khmer.
“I dropped charges against [him] for insulting Angkor Wat because there is no offense with which we can charge him.” Click to read more...
Original report from Phnom Penh
27 August 2009
A Thai man accused of insulting the national symbol of Angkor Wat temple received a three-month jail sentence on Tuesday, for living in Cambodia without a visa.
Salavout Khamsan, 39, was originally arrested by local police for carving an image of Angkor Wat in concrete in front of a public toilet in the border town of Poipet.
The courts could not find a legal article under which to charge him for that, however.
“I sentenced the Thai national Salavout Khamsan to three months in prison for illegally entering Cambodia,” Tous Sam Ath, the provincial court judge, told VOA Khmer.
“I dropped charges against [him] for insulting Angkor Wat because there is no offense with which we can charge him.” Click to read more...
Cambodia pulls back troops from disputed temple
PHNOM PENH, Aug 27 (Reuters) - Cambodia began a partial withdrawal of troops from its disputed border with Thailand on Thursday, a move likely to ease tensions between the two over a 900-year-old Hindu Khmer temple.
"This shows the positive position of Cambodia, that we want to live in peace, and is something the two nations will benefit from," said General Chea Dara, deputy commander in chief of Cambodia's armed forces.
"At the same time, we still have enough troops to defend our own territory," he told Reuters by telephone from the border.
The regional commander on the Thai side of the border said there were no plans to follow suit.
"There will be no withdrawal from this side," Major-General Chawalit Chunprasan told Reuters. Click to read more...
"This shows the positive position of Cambodia, that we want to live in peace, and is something the two nations will benefit from," said General Chea Dara, deputy commander in chief of Cambodia's armed forces.
"At the same time, we still have enough troops to defend our own territory," he told Reuters by telephone from the border.
The regional commander on the Thai side of the border said there were no plans to follow suit.
"There will be no withdrawal from this side," Major-General Chawalit Chunprasan told Reuters. Click to read more...
FAO to donate 12 mln euro to help Cambodia against drought [-Will it actually reach needy farmers?]
PHNOM PENH, Aug. 27 (Xinhua) -- The Food and Agriculture Organization of the United Nations will donate 12 million euro (about 17.16 million U.S. dollars) to Cambodia after the country was hit by drought, the FAO official said on Thursday.
"The budget will be signed with Cambodian partner on Sept. 2, but actually we have already helped in fighting against drought in the country," Seung Soy, program assistant for FAO told Xinhua by phone.
"The budget will focus more on helping the training, rice seeds, fertilizers, planting other agricultural crops for local farmers," he said, adding that the finance is from the European Union (EU).
"We also have concern on the food security after it is being hit with drought this year," he added. Click to read more...
"The budget will be signed with Cambodian partner on Sept. 2, but actually we have already helped in fighting against drought in the country," Seung Soy, program assistant for FAO told Xinhua by phone.
"The budget will focus more on helping the training, rice seeds, fertilizers, planting other agricultural crops for local farmers," he said, adding that the finance is from the European Union (EU).
"We also have concern on the food security after it is being hit with drought this year," he added. Click to read more...
Exports fall 26.4pc in July as crisis in Kingdom continues [-Is there anything to worry about yet?]
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FIGURES released Tuesday by the Kingdom's import-export inspection body showed July exports plummeted an annualised 26.4 percent, a larger decrease than in June, suggesting the worst of the economic crisis is not yet over for Cambodia.
After showing a fall of 17.5 percent in June, Camcontrol figures indicated that exports fell to US$249.94 million last month from $339.43 million in the same period last year, meaning that the garment industry, which is responsible for about 90 percent of Cambodia's total exports, had not yet overcome the worst of the drop in global demand, particularly in key markets the United States and Europe.
"The decline in exports has affected Cambodia's economy since the beginning of the year and is not something new," said Chan Sophal, president of the Cambodia Economic Association. Click to read more...
Wednesday, August 26, 2009
Tourism arrivals rebounded in July, says govt
A 10 percent jump in tourism arrivals in July eroded losses over the first six months of the year, according to unofficial numbers released by Tourism Minister Thong Khon.More than 163,000 people visited the country last month, he said, bringing arrivals for the first seven months of the year to 1,284,085, a 0.3 percent rise on the 1,246,685 million visitors through to the end of July 2008.
Figures for the first six months of the year show a 1.1 percent fall in visitor arrivals, compared with a year earlier, to 1,086,518. The figures include tourists and business travellers.An increase in visitors from neighbouring Laos and Vietnam offset a huge fall in arrivals from South Korea, which was the single largest source country for foreign visitors in the early part of 2008 until the bottom fell out of the country's economy.
"The opening of tourism hubs, such as new border crossings and the new national air carrier, a lowering on tourism service prices and efforts to facilitate transport routes into Cambodia were key ways to draw tourists from the region, as well as those from European, during the [financial] crisis," Thong Khon said. Click to read more...
Figures for the first six months of the year show a 1.1 percent fall in visitor arrivals, compared with a year earlier, to 1,086,518. The figures include tourists and business travellers.An increase in visitors from neighbouring Laos and Vietnam offset a huge fall in arrivals from South Korea, which was the single largest source country for foreign visitors in the early part of 2008 until the bottom fell out of the country's economy.
"The opening of tourism hubs, such as new border crossings and the new national air carrier, a lowering on tourism service prices and efforts to facilitate transport routes into Cambodia were key ways to draw tourists from the region, as well as those from European, during the [financial] crisis," Thong Khon said. Click to read more...
Proposed credit bureau to regulate lending
National Bank of Cambodia aims to have the bureau – which it says will manage the Kingdom’s microfinance institutions and establish a national financial database – up and running by 2011Cambodia's central bank will establish a credit bureau to manage microfinance lending and avoid loan duplication by 2011, a senior official said last week.
National Bank of Cambodia Director General Tal Nay Im said the bureau would allow the country's microfinance institutions (MFIs) to submit lending details into a national financial database accessible across the sector.
It would prevent clients' using one piece of collateral, usually soft title on property, to apply for loans at more than one lender, a practice which has been linked to a rising incidence of non-performing loans in the sector.Many rural borrowers do not have [hard] land titles, so they use papers recognising their possession of land as collateral to borrow money from a financial institution," she said.
"Later, they ask the local authority to issue two or three more papers for the same land or house and use them to borrow from other microfinance institutions." Click to read more...
National Bank of Cambodia Director General Tal Nay Im said the bureau would allow the country's microfinance institutions (MFIs) to submit lending details into a national financial database accessible across the sector.
It would prevent clients' using one piece of collateral, usually soft title on property, to apply for loans at more than one lender, a practice which has been linked to a rising incidence of non-performing loans in the sector.Many rural borrowers do not have [hard] land titles, so they use papers recognising their possession of land as collateral to borrow money from a financial institution," she said.
"Later, they ask the local authority to issue two or three more papers for the same land or house and use them to borrow from other microfinance institutions." Click to read more...
South Koreans to invest in corn drier
SOUTH Korean company KOGID Cambodia Co said Sunday it will start building a US$1.2 million corn-drying plant and accommodation for workers in Battambang provinces's Rotanak Mondol district by the end of this year.
KOGID Manager Oung Savuth said the company will begin building as soon as it finishes discussions with the government and receives a licence."We hope that when construction is finished, the machine will be able to dry 500 tonnes of corn a day and will help create jobs for 50 workers," he said.
If the Rotanak Mondol plant proves to be a success, the company will build more, Oung Savuth said, identifying three sites in Battambang and one in Kampong Cham province.
The company in July announced plans to invest $150 million to buy between 70,000 and 150,000 tonnes of red corn from farmers in Battambang, Pailin, Kampong Cham and Kandal provinces to process into animal food for export. Click to read more...
KOGID Manager Oung Savuth said the company will begin building as soon as it finishes discussions with the government and receives a licence."We hope that when construction is finished, the machine will be able to dry 500 tonnes of corn a day and will help create jobs for 50 workers," he said.
If the Rotanak Mondol plant proves to be a success, the company will build more, Oung Savuth said, identifying three sites in Battambang and one in Kampong Cham province.
The company in July announced plans to invest $150 million to buy between 70,000 and 150,000 tonnes of red corn from farmers in Battambang, Pailin, Kampong Cham and Kandal provinces to process into animal food for export. Click to read more...
Annual bank report states bad loans minimal in 2008
Central Bank notes, however, that NPLs increased at a number of major lenders, including Canadia Bank, ANZ Royal and FTB
NON-PERFORMING loans (NPLs) were kept to a "considerably low" level in 2008 despite rapid credit growth, but several large banks performed significantly worse than the sector average, according to a central bank report released Friday.
The National Bank of Cambodia's (NBC) 2008 annual banking supervision report, published on its Web site, showed that non-performing loans rose from 3.4 percent of total loans at the end of 2007 to 3.7 percent as of the end of last year.
The absolute value of NPLs climbed from US$52.95 million to $87.44 million over the period as the total value of loans soared 54.7 percent from $1.51 billion to $2.35 billion. Click to read more...
Investment approvals plunge, eclipsed by huge 2008 projects
Figures show $6.86bn drop in applications to invest in first seven months, but analyst says there is still growth in key industrial, agricultural sectors
AUS$6.86 billion drop in investments approved by the Cambodian government during the first seven months of 2009, compared with the same period in 2008, can be attributed to a small number of massive projects greenlighted last year, according to official figures.
Detailed figures from the Council for the Development of Cambodia (CDC), the government's investment arm, show that the value of approved investments dropped 82 percent, from $8.34 billion to $1.48 billion. Click to read more...
Tuesday, August 25, 2009
Motor taxes spark violent protests
Motorists protest against motorbike tax enforcement as police struggle to maintain order in Poipet (left) and Siem Reap (right) on Monday.
Police and demonstrators clashed in Siem Reap on Monday over efforts by authorities to collect motor taxes.
Vor Vorn, 31, a resident of Siem Reap who claimed to represent the protesters there, said about 3,000 people had intended to demonstrate along the city's central thoroughfare Pub Street, but that police had prevented many from participating.
"Police blocked the street so we could not get through on our motorbikes," he said. "Several of us tried to crash through the barricades, but the police came and fought with us.
"Vor Vorn added that there were no injuries and no arrests made during the rioting in Siem Reap.
"We did not want to make trouble for the police. We just wanted to send a message to the government to reduce the cost of motor taxes," Vor Vorn said. Click to read more...
ANZ's new subregion seen as plus at subsidiary
THE establishment by Australia and New Zealand Banking Group Ltd (ANZ) of a new Indochina subregion is "undoubtedly a positive" for its Cambodia subsidiary, ANZ Royal, CEO Stephen Higgins said Monday.
The subregion has been set up as part of a reshuffle across the bank's Asia Pacific, Europe and America Division after the acquisition this month of selected Asian assets from Royal Bank of Scotland for US$550 million.
Higgins said ANZ was the only bank with a "meaningful presence" across Vietnam, Laos and Cambodia, and that it was therefore "natural" for the bank to bring its businesses under one umbrella.
"This provides ANZ with a unique advantage, particularly in terms of serving larger corporates," he said. "While there isn't likely to be much change on a day-to-day basis, it is undoubtedly a positive for the Cambodia business, as we will be better able to leverage off the considerable investment that ANZ is putting into Vietnam.
"The CEO of the Indochina subregion will be Thuy Dam, who will continue in her current role as CEO in Vietnam. Click to original source...
The subregion has been set up as part of a reshuffle across the bank's Asia Pacific, Europe and America Division after the acquisition this month of selected Asian assets from Royal Bank of Scotland for US$550 million.
Higgins said ANZ was the only bank with a "meaningful presence" across Vietnam, Laos and Cambodia, and that it was therefore "natural" for the bank to bring its businesses under one umbrella.
"This provides ANZ with a unique advantage, particularly in terms of serving larger corporates," he said. "While there isn't likely to be much change on a day-to-day basis, it is undoubtedly a positive for the Cambodia business, as we will be better able to leverage off the considerable investment that ANZ is putting into Vietnam.
"The CEO of the Indochina subregion will be Thuy Dam, who will continue in her current role as CEO in Vietnam. Click to original source...
Vietnam tries to gain market shares in Cambodia through cheap products
Promoting Vietnamese goods at the Cambodian border
25/08/2009VietNamNet/NLD (Hanoi)
VietNamNet Bridge – Now that demand from Western customers is depressed by the global economic crisis, Vietnamese businesses have been eyeing Cambodia, a neighbouring market to which they have paid little attention in the past.
Fifty Vietnamese businesses joined an ‘export-on-the-spot’ fair on August 23 at the newly-opened Tinh Bien Border Economic Zone (BEZ).
The new facility is at a border crossing between Vietnam’s delta province of An Giang and Cambodia’s Takeo province, south of the Cambodian capital, Phnom Penh.
The export fair was jointly organized by the Ministry of Industry and Trade and the An Giang province People’s Committee. Click to read more...
25/08/2009VietNamNet/NLD (Hanoi)
VietNamNet Bridge – Now that demand from Western customers is depressed by the global economic crisis, Vietnamese businesses have been eyeing Cambodia, a neighbouring market to which they have paid little attention in the past.
Fifty Vietnamese businesses joined an ‘export-on-the-spot’ fair on August 23 at the newly-opened Tinh Bien Border Economic Zone (BEZ).
The new facility is at a border crossing between Vietnam’s delta province of An Giang and Cambodia’s Takeo province, south of the Cambodian capital, Phnom Penh.
The export fair was jointly organized by the Ministry of Industry and Trade and the An Giang province People’s Committee. Click to read more...
Cambodia releases e-government guidelines
Tue. August 25, 2009
PHNOM PENH, Aug 25, 2009 (Xinhua) -- The agency behind the nationwide e-government released long-awaited guidelines for the first time at the end of last week detailing what ministries and other government departments needed to do to take their services online, local media reported on Tuesday.
The National Information Communications Technology Development Agency (NIDA) also released information security to ensure government information was kept secure and protected from system intruders, according to the report of the Phnom Penh Post.
NIDA Secretary General Phu Leewood was quoted as saying Monday that the e-Government Service Deployment Plan was important for building information communication technology (ICT) capacity in govenment and also for tracking progress and what remained to be done. Click to read more...
PHNOM PENH, Aug 25, 2009 (Xinhua) -- The agency behind the nationwide e-government released long-awaited guidelines for the first time at the end of last week detailing what ministries and other government departments needed to do to take their services online, local media reported on Tuesday.
The National Information Communications Technology Development Agency (NIDA) also released information security to ensure government information was kept secure and protected from system intruders, according to the report of the Phnom Penh Post.
NIDA Secretary General Phu Leewood was quoted as saying Monday that the e-Government Service Deployment Plan was important for building information communication technology (ICT) capacity in govenment and also for tracking progress and what remained to be done. Click to read more...
Preah Vihear temple hostilities over : Thai and Khmer army chiefs
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Tue, August 25, 2009
By Rasmei Kampuchea/Asia News Network, Deutsche Presse Agentur
Phnom Penh - Cambodian and Thai armed forces chiefs said 13 months of sometimes-fatal hostilities around the ancient Preah Vihear temple are at an end.Military top brass of Thailand and Cambodia meet in Phnom Penh on Monday.
After the meeting, Thai Supreme Commander Gen Songkitti Jaggabatra said the dispute would no longer be allowed to damage relations between the two kingdoms."I would like to clarify again that there will be no more problems between Thailand and Cambodia.
The border will not be the cause of any further disputes," he said. Click to read more...
Monday, August 24, 2009
Vietnam tries to speed up its border demarcation with Cambodia while its puppet is still in power?
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Legislative bodies vow to speed up border demarcationAugust 22, 2009
Nhan Dan News (Hanoi)
Vietnam and Cambodia are both determined to speed up the planting of markers along the land border between the two countries to finish by 2012 as previously agreed, said legislative officers on both sides.
The agreement was reaffirmed during a meeting in Hanoi on August 21 between Vietnam National Assembly Vice Chairman Nguyen Duc Kien and Nin Saphan, Chairman of the Cambodian NA’s Committee of Public Works, Transport, Post and Telecommunications, Industry, Mining, Energy, Commerce, Urbanisation, Land Management and Construction, who is in Vietnam for a working visit from August 16-21. Click to read more...
Vietnamese firm to build fertilizer plant in Cambodia
Saturday, August 22, 2009
Thanh Nien News (Hanoi)
The Vietnam Five Star International Group on Friday said it will start work on a joint-venture fertilizer plant in Cambodia later this year.
The group will put up 90 percent of the chartered capital in a joint venture with the Investment and Development Joint Stock Company of Cambodia (IDCC) holding the remaining 10 percent.
Construction of the plant, located in Kien Svay District’s Samrong Thom Commune, is expected to be completed within 20 months.Once completed, the US$65-million plant will produce 350,000 tons of fertilizer a year. Click to original source...
Thanh Nien News (Hanoi)
The Vietnam Five Star International Group on Friday said it will start work on a joint-venture fertilizer plant in Cambodia later this year.
The group will put up 90 percent of the chartered capital in a joint venture with the Investment and Development Joint Stock Company of Cambodia (IDCC) holding the remaining 10 percent.
Construction of the plant, located in Kien Svay District’s Samrong Thom Commune, is expected to be completed within 20 months.Once completed, the US$65-million plant will produce 350,000 tons of fertilizer a year. Click to original source...
Angkor 333-2010 model is here: Builder claims the car allows users to open its doors telepathically
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Cambodian mechanic Nhean Phaloek sits in his self-designed home-made Angkor 333-2010 car at his house in Phnom Penh on August 21, 2009.Phaloek hopes to mass-produce the petrol-powered vehicle to which he has incorporated various peculiar features, including one which he claims allows users to open its doors telepathically. (AFP PHOTO/TANG CHHIN SOTHY)
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Cambodian mechanic Nhean Phaloek sits in his self-designed homemade Angkor 333-2010 car at his house in Phnom Penh, Cambodia.
Phaloek hopes to mass-produce the petrol-powered vehicle to which he has incorporated various peculiar features, including one which he claims allows users to open its doors telepathically. (Tang Chhin Sothy-AFP/Getty Images). Click to original source...
Cambodia & Vietnam: tie that needs our measure and evaluation
The strengthening tie Cambodian government and Vietnam has created make us wonder in many aspects.
Any tie and corporation are good for mutual understanding and development, but the tie between incumbent Cambodian government and Vietnam has showed us only the self-destruction of Cambodia.
The following policies might help us to understand more the above claimed ramification: Click to read more...
Any tie and corporation are good for mutual understanding and development, but the tie between incumbent Cambodian government and Vietnam has showed us only the self-destruction of Cambodia.
The following policies might help us to understand more the above claimed ramification: Click to read more...
Border troops reduction following Hun Xen’s order
Monday, August 24, 2009Everyday.com.kh
Translated from Khmer by Socheata
Following Hun Xen’s order to cut troops at the Preah Vihear temple area, a report indicated that Cambodian troops stationed along the Preah Vihear temple border are gradually being reduced and they were sent back to their original barracks.
General Srey Doek, the Cambodian army commander defending Preah Vihear temple region, told The Phnom Penh Post on Sunday that a number of troops reduction took place as ordered by Hun Xen.
A number of soldiers are returning to their barracks in various provinces since yesterday. Srey Doek indicated that this reduction will not affect the border protection in Preah Vihear temple region because the situation there is returning back to normal. Furthermore, Srey Doek indicated that each Cambodian soldier stationed along the border can take responsibility for their bases.
Srey Doek added if the situation requires for the return of the soldiers, these soldiers will need only 20 minutes. Click to original source...
Translated from Khmer by Socheata
Following Hun Xen’s order to cut troops at the Preah Vihear temple area, a report indicated that Cambodian troops stationed along the Preah Vihear temple border are gradually being reduced and they were sent back to their original barracks.
General Srey Doek, the Cambodian army commander defending Preah Vihear temple region, told The Phnom Penh Post on Sunday that a number of troops reduction took place as ordered by Hun Xen.
A number of soldiers are returning to their barracks in various provinces since yesterday. Srey Doek indicated that this reduction will not affect the border protection in Preah Vihear temple region because the situation there is returning back to normal. Furthermore, Srey Doek indicated that each Cambodian soldier stationed along the border can take responsibility for their bases.
Srey Doek added if the situation requires for the return of the soldiers, these soldiers will need only 20 minutes. Click to original source...
Saturday, August 22, 2009
Singapore group eyes investments
Friday, 21 August 2009 15:01 Ith Sothoeuth
A delegation representing 21 companies from Singapore met government officials this week to discuss investments potentially worth hundreds of millions of dollars.
Delegation head Lawrence Leow, who is the deputy honorary secretary of the Singapore Business Federation, told the Post Thursday the group was looking at four key areas: tourism, agriculture, education and logistics.
"We see the progress, very steady progress in the country," he said. "The people are very warm, and the government is very helpful; I think it is good for foreign investments."
He said he could not speak for other investors, but that his company, the Crescendas Group, would invest between $30 million and $50 million in the tourism sector. "It depends on the project but I will invest in Cambodia.
I'm coming back very soon ... to continue my discussion," he said. An official from the Center for the Development of Cambodia, the country's key investment body, said the centre briefed the delegation Wednesday about the local investment environment.
"They wanted to know about investment in Cambodia," he said. "We gave them a briefing about our investment law and our macroeconomic situation," was all the official would say. He declined to give his name. Click to original source...
A delegation representing 21 companies from Singapore met government officials this week to discuss investments potentially worth hundreds of millions of dollars.
Delegation head Lawrence Leow, who is the deputy honorary secretary of the Singapore Business Federation, told the Post Thursday the group was looking at four key areas: tourism, agriculture, education and logistics.
"We see the progress, very steady progress in the country," he said. "The people are very warm, and the government is very helpful; I think it is good for foreign investments."
He said he could not speak for other investors, but that his company, the Crescendas Group, would invest between $30 million and $50 million in the tourism sector. "It depends on the project but I will invest in Cambodia.
I'm coming back very soon ... to continue my discussion," he said. An official from the Center for the Development of Cambodia, the country's key investment body, said the centre briefed the delegation Wednesday about the local investment environment.
"They wanted to know about investment in Cambodia," he said. "We gave them a briefing about our investment law and our macroeconomic situation," was all the official would say. He declined to give his name. Click to original source...
Exports of garments to Japan rise 98.1pc
Friday, 21 August 2009 15:01 Chun Sophal
Garment exports to Japan almost doubled in the first half of this year compared with the first six months of 2008, providing a bright spot in an otherwise gloomy year for the key sector, Ministry of Commerce figures show.
In the six months to the end of June, the country bought $9.62 million worth of garments, up 98.13 percent from the $4.73 million it sourced from Cambodia in the first half of 2008, according to the official numbers.
Exports of textiles climbed 39 percent to almost $450,000, while shoe exports edged down 10 percent from $8.76 million to $7.87 million.Officials said the uptick came as Japan reduced its dependence on garments sourced from China.
"We hope that as it reduces its purchases from China further, Japan will eye up more purchases of garment products from Cambodia," Garment Manufacturers Association of Cambodia External Relations Manager Kaing Monika said. Click to original source...
Garment exports to Japan almost doubled in the first half of this year compared with the first six months of 2008, providing a bright spot in an otherwise gloomy year for the key sector, Ministry of Commerce figures show.
In the six months to the end of June, the country bought $9.62 million worth of garments, up 98.13 percent from the $4.73 million it sourced from Cambodia in the first half of 2008, according to the official numbers.
Exports of textiles climbed 39 percent to almost $450,000, while shoe exports edged down 10 percent from $8.76 million to $7.87 million.Officials said the uptick came as Japan reduced its dependence on garments sourced from China.
"We hope that as it reduces its purchases from China further, Japan will eye up more purchases of garment products from Cambodia," Garment Manufacturers Association of Cambodia External Relations Manager Kaing Monika said. Click to original source...
Cambodia expects to join international rubber group
Friday, 21 August 2009 15:01 May Kunmakara
Kingdom to be officially welcomed into the key intergovernmental trade body at annual meeting in November, giving it access to more expertise and data.
Government officials hope Cambodia's impending membership in an intergovernmental rubber producers association will help the country integrate further into global markets and boost exports.
Ly Phalla, the director general of the Ministry of Agriculture, Forestry and Fisheries' rubber department, said Cambodia would have access to better information about global demand and pricing as a member of the Association of Natural Rubber Producing Countries (ANRPC).
"When we become a member, we will know more about the global rubber situation, and they will know more about our production," he said. Click to read more...
Ministry of Health officials leave for intl conference on swine flu
Friday, 21 August 2009 15:03 Mom Kunthear
A DELEGATION from the Ministry of Health left Cambodia on Thursday morning to attend a public health conference in Beijing, where experts from around the world are to discuss measures to contain outbreaks of A(H1N1), or swine flu, the ministry said.
The conference, to be held today and Saturday, is to include health officials from several countries affected by outbreaks of the deadly flu, the ministry said.
Minister of Health Mam Bunheng said Thursday that the Cambodian government had been working on H1N1 prevention even before the first reported cases within the Kingdom, having seen news of its spread in Western countries.
The Ministry of Health and the World Health Organisation reported Cambodia's first case of swine flu on June 25. Twenty-six cases have been reported so far, with no deaths. Click to read more...
A DELEGATION from the Ministry of Health left Cambodia on Thursday morning to attend a public health conference in Beijing, where experts from around the world are to discuss measures to contain outbreaks of A(H1N1), or swine flu, the ministry said.
The conference, to be held today and Saturday, is to include health officials from several countries affected by outbreaks of the deadly flu, the ministry said.
Minister of Health Mam Bunheng said Thursday that the Cambodian government had been working on H1N1 prevention even before the first reported cases within the Kingdom, having seen news of its spread in Western countries.
The Ministry of Health and the World Health Organisation reported Cambodia's first case of swine flu on June 25. Twenty-six cases have been reported so far, with no deaths. Click to read more...
Tourist arrivals, garments may lift Cambodia economy
PHNOM PENH, Aug 21 (Reuters) - Tourist arrivals in Cambodia rose in July after dipping slightly in the first half, and garment sales to Asia are picking up, officials said on Friday, suggesting a slump in the economy might be contained.
The International Monetary Fund has forecast the economy would shrink 0.5 percent this year after expanding 5.5 percent in 2008, which was a sharp slowdown from four years of double-digit growth.
The number of tourists visiting the country in the first six months of 2009 dropped 1.1 percent from last year to 1.08 million, but in July arrivals rose 13 percent from a year before to 106,528, according to tourist ministry data. Click to read more...
The International Monetary Fund has forecast the economy would shrink 0.5 percent this year after expanding 5.5 percent in 2008, which was a sharp slowdown from four years of double-digit growth.
The number of tourists visiting the country in the first six months of 2009 dropped 1.1 percent from last year to 1.08 million, but in July arrivals rose 13 percent from a year before to 106,528, according to tourist ministry data. Click to read more...
Lao Police Arrest Five Cambodians [$15,000 ransom demanded: So much for friendship with Laos!]
By Heng Reaksmey,
VOA Khmer Original report from Phnom Penh
20 August 2009
Lao border police arrested five Cambodians in Siempang district, Stung Treng province, last week, after a group of eight was found hunting animals and looking for other forest goods.
Cambodian officials say the five were arrested 1 kilometer inside the Cambodian border.
Stung Treng Governor Loy Sophat said the villagers had been tricked by the soldiers into their arrest.
Sy Soun, governor the province’s Siempang district, said he had already dispatched soldiers from the region to negotiate the release of the villagers, who remain in custody. Click to read more...
VOA Khmer Original report from Phnom Penh
20 August 2009
Lao border police arrested five Cambodians in Siempang district, Stung Treng province, last week, after a group of eight was found hunting animals and looking for other forest goods.
Cambodian officials say the five were arrested 1 kilometer inside the Cambodian border.
Stung Treng Governor Loy Sophat said the villagers had been tricked by the soldiers into their arrest.
Sy Soun, governor the province’s Siempang district, said he had already dispatched soldiers from the region to negotiate the release of the villagers, who remain in custody. Click to read more...
Another useless meeting with Thai military leaders to address border dispute?
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Thai Military Leaders Scheduled for Visit
By Chun Sakada, VOA Khmer Original report from Phnom Penh21 August 2009
High-ranking Thai military commanders are slated to meet their Cambodian counterparts later this month, in an effort to address the longstanding border dispute near Preah Vihear temple and an emerging maritime dispute, officials said Friday.
Already high military tensions escalated this week, when Thailand protested Cambodia’s push for further oil exploration in the Gulf of Thailand, especially near Kuth island. Thailand said this was an encroachment of its maritime borders, a claim Cambodia denies. Both sides have had soldiers entrenched near the Preah Vihear border for more than a year. Click to read more...
Friday, August 21, 2009
Microfinancier backs high rates
Industry representative says high interest rates reflect lenders’ borrowing costs in offshore markets plus costs incurred managing loans
A senior industry representative defended Cambodia's microfinance institutions (MFIs) Wednesday over the high interest rates charged.
Speaking on the sidelines of an industry conference, Cambodian Microfinance Association (CMA) board member Sim Senacheert said that the rates reflected the borrowing costs of the lenders.
"If the rates are too high and the market did not accept them, then we wouldn't be able to disburse the loans," he said.
Between 60 and 70 percent of all capital disbursed by microfinance lenders in Cambodia is borrowed from international partners who charge between 10 and 11 percent per annum, said Sim Senacheert, who is also the general manager of the Prasac Microfinance Institution. Click to read more...
A senior industry representative defended Cambodia's microfinance institutions (MFIs) Wednesday over the high interest rates charged.
Speaking on the sidelines of an industry conference, Cambodian Microfinance Association (CMA) board member Sim Senacheert said that the rates reflected the borrowing costs of the lenders.
"If the rates are too high and the market did not accept them, then we wouldn't be able to disburse the loans," he said.
Between 60 and 70 percent of all capital disbursed by microfinance lenders in Cambodia is borrowed from international partners who charge between 10 and 11 percent per annum, said Sim Senacheert, who is also the general manager of the Prasac Microfinance Institution. Click to read more...
Malaysian chain to raise its presence in Cambodia by multiple boutique hotels
LEADING Malaysia hotel chain Holiday Villa Hotels and Resorts expects to open two properties in Cambodia over the next eight months and is scouting locations for "four or five" boutique hotels, regional manager Charles Bain said.
The company will open a hotel in Kampot province in around six weeks, but a three-star hotel originally slated to open in Sihanoukville next month will now open next February, he said. He would not give the reason for the delay.
Construction on a second hotel in Kampot province will begin in "two to three months", he added.The company.
which currently operates one hotel in Cambodia on Phnom Penh's Monivong Boulevard, is looking to capture a growing market for boutique hotels in Cambodia. Click to read more...
The company will open a hotel in Kampot province in around six weeks, but a three-star hotel originally slated to open in Sihanoukville next month will now open next February, he said. He would not give the reason for the delay.
Construction on a second hotel in Kampot province will begin in "two to three months", he added.The company.
which currently operates one hotel in Cambodia on Phnom Penh's Monivong Boulevard, is looking to capture a growing market for boutique hotels in Cambodia. Click to read more...
Vietnam investors in talks to build cashew nut facilities
Two processing factories will each have capacity to process 5,000 tonnes a year, but owners say they will buy 60,000 tonnes and export the remainder to Vietnam
Cambodia's reliance on Vietnam for its cashew nut exports could be reduced next year if negotiations between officials from the neighbouring countries to build two cashew nut processing plants in Cambodia come to fruition.
Mao Thora, a secretary of state at the Ministry of Commerce, said Wednesday that authorities from Kampong Thom and Kampong Cham provinces were discussing the venture with counterparts from Vietnam's Binh Phuoc and Dong Nai provinces. Click to read more...
Thursday, August 20, 2009
MoneyGram, ABA tie up to offer money transfers
Advanced Bank of Asia launched global money transfer services Monday through a tie-up with New York-listed MoneyGram International, the mid-sized lender's chief marketing officer said Tuesday.
Adel Legarta said the service would be available at all of the bank's seven branches - five in Phnom Penh and one each in Battambang and Siem Reap.
An eighth branch will open in Phnom Penh this month. Click to read more...
Border zone offers tax break
Wednesday, 19 August 2009 15:01 May Kunmakara
Cambodian businesses that set up in new economic zone on Vietnam’s side of border will receive three-year holiday on import-export taxes, official says
Anew special economic zone on the Vietnam side of the border with Cambodia is offering businesses a three-year holiday on import-export duties to set up operations.
Lam Minh Chieu, chairman of the An Giang Provincial People's Committee, where the Tinh Bien Border Gate Economic Zone is situated, said Tuesday the zone was part of an effort to drive trade between the two countries to more than US$2 billion annually by the end of 2010. Click to read more...
Thai letter apologises for breach of airspace
Wednesday, 19 August 2009 15:04 Vong Sokheng and Thet Sambath
THE commander of Thailand's Chanthaburi-Trat airbase has written a letter of apology to the Cambodian government for repeated Thai violations of Cambodian airspace in Pailin province last week.
General Bun Seng, commander of Cambodian Military Region 5, told the Post that in a letter dated Friday, the Thai commander, whom he did not name, apologised for the repeated incursions of Thai aircraft, some flying as far as 30 kilometres into Cambodian territory. Click to read more...
THE commander of Thailand's Chanthaburi-Trat airbase has written a letter of apology to the Cambodian government for repeated Thai violations of Cambodian airspace in Pailin province last week.
General Bun Seng, commander of Cambodian Military Region 5, told the Post that in a letter dated Friday, the Thai commander, whom he did not name, apologised for the repeated incursions of Thai aircraft, some flying as far as 30 kilometres into Cambodian territory. Click to read more...
US senator meets with Hun Sen, opposition
After meeting with junta leaders in Myanmar, Jim Webb comes to Cambodia to talk about free trade with Hun Sen and free speech with opposition leaders.
US Senator Jim Webb said he "listened in great detail to the concerns of the opposition leaders" during a visit to Cambodia on Tuesday, but stopped short of condemning the government's ongoing crackdown on political speech.
Fresh from negotiating the release of an American prisoner with Myanmar's ruling military junta on Saturday, Webb met with opposition leaders Sam Rainsy and Kem Sokha, as well as Prime Minister Hun Sen, during his brief stopover in the Kingdom. Click to read more...
Wednesday, August 19, 2009
Tourism sector big investment winner
Tuesday, 18 August 2009 15:01 Soeun Say
The tourism sector attracted the highest value of investment applications in the first half of the year, according to figures from the Council for the Development of Cambodia (CDC).
The government's investment arm approved seven tourism-related projects worth a combined $354 million over the period, or a little more than a quarter of all projects approved by value.
It also approved 12 agriculture-related projects, worth $323 million out of a total approval package worth $1.22 billion, involving 53 projects.Approvals were way down on the same period last year, when 49 projects worth $4.42 billion were approved, according to CDC figures.
Yun Heng, deputy director of the Evaluation and Incentive Department at the Cambodian Investment Board, an arm of the CDC, blamed the global financial crisis for the smaller average size of project approvals.
Opposition lawmaker Son Chhay, who used to head parliament's finance committee, said the government should develop policies to attract more local investors. Click to original source...
The tourism sector attracted the highest value of investment applications in the first half of the year, according to figures from the Council for the Development of Cambodia (CDC).
The government's investment arm approved seven tourism-related projects worth a combined $354 million over the period, or a little more than a quarter of all projects approved by value.
It also approved 12 agriculture-related projects, worth $323 million out of a total approval package worth $1.22 billion, involving 53 projects.Approvals were way down on the same period last year, when 49 projects worth $4.42 billion were approved, according to CDC figures.
Yun Heng, deputy director of the Evaluation and Incentive Department at the Cambodian Investment Board, an arm of the CDC, blamed the global financial crisis for the smaller average size of project approvals.
Opposition lawmaker Son Chhay, who used to head parliament's finance committee, said the government should develop policies to attract more local investors. Click to original source...
Mobitel users blast promotion after network hobbled by load
Tuesday, 18 August 2009 15:00
Ith Sothoeuth
Cellcard customers say they couldn’t make outgoing calls on Friday during free call offer; company says it’s adding servers to handle traffic.
Cellcard customers say they couldn’t make outgoing calls on Friday during free call offer; company says it’s adding servers to handle traffic.
A special Mobitel calling promotion last week drew the ire of customers when the increased traffic clogged the network.
The Cellcard Surprise special allowed users to make free phone calls to up to 10 pre-registered numbers all day Friday.
Tith Chandara, a year-four English communications major at Norton University, said free calls were pointless when he could not even get through to his friends. Click to read more...
Dell Inc gives certification to Anana, First Cambodia
Technology giant Dell Inc announced last week it has accredited Anana Computer and First Cambodia Co Ltd as Dell Enterprise Architecture (EA) Certified Partners.
Dell's director and general manager for Emerging Markets Asia, Valerie Lim, said the certificate showed the partners had the product knowledge and skills required to provide quality support to potential customers, she said.
"We expect our partners to be trained and to be able to provide solutions for all our customers." Click to read more...
Chea Vichea case reopened
Tuesday, 18 August 2009 15:04
Chrann Chamroeun
THE Appeal Court has ordered further investigations into the 2004 killing of trade union leader Chea Vichea, following requests from the defence lawyers of Born Samnang and Sok Sam Oeun, the two men accused of the killing.
"This case is still not clear, which requires us to conduct further investigations involving some police in relation to the [slaying]," presiding Judge Chuon Sunleng said after the two-hour hearing.
He ordered that suspects Born Samnang, 28, and Sok Sam Oeun, 41, remain free until the investigation is closed and a verdict handed down. Click to read more...
Thaksin Supporters Gather to Present Pardon Petition to Thai King
By Ron Corben,
VOABangkok17 August 2009
Thousands of people have gathered in Bangkok to present a petition seeking a royal pardon for former Prime Minister Thaksin Shinawatra.
The government has warned the crowd against violence and considers the petition illegal.
Supporters of Thaksin Shinawatra say more than four million people have signed the petition asking King Bhumipol Adulyadej to pardon the former prime minister.
The petition is to be presented to the Royal Palace Monday, after a rally of thousands of Mr. Thaksin's supporters, known as red shirts.
Last year, he was convicted of abuse of power and sentenced to two years in jail, but he fled the country.
The charge stemmed from a land deal involving his former wife. Click to read more...
Lightning strikes kill 113 in Cambodia in 2009
Aug 19, 2009
DPA
Phnom Penh - Lightning has killed 113 people so far this year in Cambodia, making 2009 the worst in recent years for deaths attributable to the natural phenomenon, national media reported.
Four more people have been struck and killed by lightning since Saturday, the Cambodia Daily newspaper reported, including a 16-year-old youth walking two cows across a rice field on Tuesday.
The government's National Committee for Disaster Management (NCDM) said 93 people died last year from lightning strikes, more than double the 45 who were killed in 2007.
The deputy head of the NCDM, Nhim Vanda, said it was unclear why numbers are rising year on year, but said climate change could in part be to blame.
'This year lightning has killed more than 100 people, but it is more usual for lightning to kill around 40 people per year,' Nhim Vanda told the newspaper.
He said the government is making efforts to educate Cambodians about the dangers of lightning, and how to protect themselves in the event of a storm.
'Everyone should turn off TVs, radios and telephones, and refrain from touching metal objects during rainstorms,' he said.
The government will hold a series of workshops next year to educate people about the dangers of lightning.
DPA
Phnom Penh - Lightning has killed 113 people so far this year in Cambodia, making 2009 the worst in recent years for deaths attributable to the natural phenomenon, national media reported.
Four more people have been struck and killed by lightning since Saturday, the Cambodia Daily newspaper reported, including a 16-year-old youth walking two cows across a rice field on Tuesday.
The government's National Committee for Disaster Management (NCDM) said 93 people died last year from lightning strikes, more than double the 45 who were killed in 2007.
The deputy head of the NCDM, Nhim Vanda, said it was unclear why numbers are rising year on year, but said climate change could in part be to blame.
'This year lightning has killed more than 100 people, but it is more usual for lightning to kill around 40 people per year,' Nhim Vanda told the newspaper.
He said the government is making efforts to educate Cambodians about the dangers of lightning, and how to protect themselves in the event of a storm.
'Everyone should turn off TVs, radios and telephones, and refrain from touching metal objects during rainstorms,' he said.
The government will hold a series of workshops next year to educate people about the dangers of lightning.
Thailand apologizes for repeated incursions into Cambodian airspace
Aug 19, 2009
DPA
Phnom Penh - Cambodia has received a letter of apology from the commander of a Thai airbase apologizing for a series of Thai air force flights that crossed into Cambodian territory in the past week, local media reported.
A Cambodian general told the Phnom Penh Post newspaper that the commander of Thailand's Chantaburi-Trat airbase, whom he did not name, had written that the incidents were due to bad weather affecting the navigation systems of the aircraft.
'We accepted the letter of apology by the Thai military but we have warned Thailand's airbase that we will not take responsibility for a second repeated airspace violation,' General Bun Seng said . Click to read more...
DPA
Phnom Penh - Cambodia has received a letter of apology from the commander of a Thai airbase apologizing for a series of Thai air force flights that crossed into Cambodian territory in the past week, local media reported.
A Cambodian general told the Phnom Penh Post newspaper that the commander of Thailand's Chantaburi-Trat airbase, whom he did not name, had written that the incidents were due to bad weather affecting the navigation systems of the aircraft.
'We accepted the letter of apology by the Thai military but we have warned Thailand's airbase that we will not take responsibility for a second repeated airspace violation,' General Bun Seng said . Click to read more...
Malaria deaths up in Cambodia jobs crisis
Aug 19, 2009Matt Conway
ABC Radio Australia
Malaria deaths are up by more than half in Cambodia, and the global economic crisis is getting some of the blame.
The Cambodian health ministry says fatal malaria cases rose by 58 percent in the first six months of the year compared to the same period in 2008.
Authorities cite possible contributing factors as early rains, and late arrival of mosquito nets from the government for the wet season.
Dr Duong Socheat, director of the national centre of parasitology and malaria, told Radio Australia's Connect Asia: "This year the rains started in April but the nets came out in June, so it was a bit late to protect the people." Click to read more...
ABC Radio Australia
Malaria deaths are up by more than half in Cambodia, and the global economic crisis is getting some of the blame.
The Cambodian health ministry says fatal malaria cases rose by 58 percent in the first six months of the year compared to the same period in 2008.
Authorities cite possible contributing factors as early rains, and late arrival of mosquito nets from the government for the wet season.
Dr Duong Socheat, director of the national centre of parasitology and malaria, told Radio Australia's Connect Asia: "This year the rains started in April but the nets came out in June, so it was a bit late to protect the people." Click to read more...
Monday, August 17, 2009
China, ASEAN sign investment agreement
August 17, 2009
Source: China Daily
BANGKOK: China has signed a pact to protect foreign direct and portfolio investment, as well as to offer compensation for damage caused during riots and political disturbances.
It is the third free trade agreement (FTA) the country has signed with the 10-member Association of South East Asian Nations (ASEAN) and could prove a major step towards broader economic cooperation. Click to read more...
Source: China Daily
BANGKOK: China has signed a pact to protect foreign direct and portfolio investment, as well as to offer compensation for damage caused during riots and political disturbances.
It is the third free trade agreement (FTA) the country has signed with the 10-member Association of South East Asian Nations (ASEAN) and could prove a major step towards broader economic cooperation. Click to read more...
Vietnamese companies to control rice price in Cambodia?
Vietnam, Cambodia mull rice venture to steady prices
17/08/2009VietNamNet/Thanh Nien/ Bloomberg
VietNamNet Bridge – Vietnamese and Cambodian officials met this week to discuss setting up a state-owned joint rice mill project to control prices, a local association said. Click to read more...
17/08/2009VietNamNet/Thanh Nien/ Bloomberg
VietNamNet Bridge – Vietnamese and Cambodian officials met this week to discuss setting up a state-owned joint rice mill project to control prices, a local association said. Click to read more...
Vietnam, Cambodia vow to increase the one-sided trade to $2 bln in 2010 ... to the benefit of Vietnam
Vietnam, Cambodia vow to reach two-way trade of $2 bln in 2010
HANOI, Aug. 17 (Xinhua) -- Vietnam and Cambodia expressed their strong will in reaching the bilateral trade of two billion U.S. dollars in 2010, the local newspaper Vietnam Investment Times reported Monday.
The target was made at a conference on opportunities for Vietnam to do business in Cambodia. The conference, which was recently-ended in Ho Chi Minh City of Vietnam, drew participation of relevant agencies of both Vietnam and Cambodia. Click to read more...
HANOI, Aug. 17 (Xinhua) -- Vietnam and Cambodia expressed their strong will in reaching the bilateral trade of two billion U.S. dollars in 2010, the local newspaper Vietnam Investment Times reported Monday.
The target was made at a conference on opportunities for Vietnam to do business in Cambodia. The conference, which was recently-ended in Ho Chi Minh City of Vietnam, drew participation of relevant agencies of both Vietnam and Cambodia. Click to read more...
Viet firms ordered by Hanoi to focus on Cambodia market ... most likely due to Cambodia's dispute with Thailand
Firms advised to focus on Cambodia market
17-08-2009VNS (Hanoi)
Economic deals sealed during Phnom Penh talksPhnom Penh — Vietnamese and Cambodian businesses signed a host of economic deals and investment agreements worth more than US$400 million during talks in Phnom Penh on Friday.
The talks brought officials from Cambodian ministries, sectors and localities where Vietnamese invested projects are located together with the leaders of 20 Vietnamese groups and corporations which were interested in investing in Cambodia.
Cambodian Permanent Deputy Prime Minister Men Sam On was present at the talks, which were jointly held by the Council for Development of Cambodia (CDC) and the Bank for Investment and Development of Viet Nam (BIDV).CDC Secretary General Sok Chenda pledged that the Cambodian Government would do its best to provide assistance to Vietnamese businesses when they invest in Cambodia. – VNS
Click to read more...
17-08-2009VNS (Hanoi)
Economic deals sealed during Phnom Penh talksPhnom Penh — Vietnamese and Cambodian businesses signed a host of economic deals and investment agreements worth more than US$400 million during talks in Phnom Penh on Friday.
The talks brought officials from Cambodian ministries, sectors and localities where Vietnamese invested projects are located together with the leaders of 20 Vietnamese groups and corporations which were interested in investing in Cambodia.
Cambodian Permanent Deputy Prime Minister Men Sam On was present at the talks, which were jointly held by the Council for Development of Cambodia (CDC) and the Bank for Investment and Development of Viet Nam (BIDV).CDC Secretary General Sok Chenda pledged that the Cambodian Government would do its best to provide assistance to Vietnamese businesses when they invest in Cambodia. – VNS
Click to read more...
Hong Kong movie star [Jackie Chan] to visit Cambodia
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PHNOM PENH, Aug. 14 (Xinhua) -- A famous Hong Kong movie star, Jackie Chan, will visit Cambodia and give a lecture in the university here later this year, the official news agency AKP reported on Friday.If the schedule will not be changed, Chan will arrive in Cambodia on November 10 and will stay here for three days, according to AKP. Read more...
Friday, August 14, 2009
Saigon Trading Group signs deal for red corn
Wednesday, 12 August 2009 15:01Chun Sophal
Farmers in Battambang and Kampong Cham provinces will have a new market for little-produced crop with $1-million export agreement to deliver 5,000 tonnes.
Tauch Tepich Import Export company said Tuesday that it had inked its first agreement with Saigon Trading Group (SATRA) to supply 5,000 tonnes of red corn, worth US$1million, to the Vietnam-based company this year.
Tauch Tepich, director of the import-export company, said he hoped the deal would open more doors. Read more...
Thai, VN fixed-asset investment increases
FIXED asset investment in Cambodia from Thailand and Vietnam increased 87.2 percent and 85.3 percent respectively in the first half of this year compared with the first half of last year, according to a report from the Council for the Development of Cambodia (CDC) released earlier this month.
CDC data from the first half of 2009 showed that Thai investment in the Kingdom rose to US$178 million from $22.7 million in the same period last year. Read more...
CDC data from the first half of 2009 showed that Thai investment in the Kingdom rose to US$178 million from $22.7 million in the same period last year. Read more...
Singapore allots $15m for corn in K Speu
HLH Agriculture Co Ltd said Wednesday that Singaporean investors have provided US$15 million for corn production in Kampong Speu province to boost exports to Asian and European markets.
Rort Veasna, a purchasing officer for HLH, said an agreement was reached last year for investment in corn plantations on 450 hectares of land in the Thpong district of Kampong Speu, and an additional 10,000 hectares in Oral district have been added this year.
"We have purchased five German planting machines and two Chinese drying machines, which are capable of processing 300 tonnes of corn per day," Rort Veasna said.
HLH purchases corn from local farmers for export, and the $15 million investment would be devoted largely to expanding production in Cambodia, Rort Veasna said.
Mao Thora, a secretary of state at the Ministry of Commerce, was unavailable for comment on Thursday, but he said earlier this month that the government was looking for additional corn markets in Vietnam. Click to original source...
Rort Veasna, a purchasing officer for HLH, said an agreement was reached last year for investment in corn plantations on 450 hectares of land in the Thpong district of Kampong Speu, and an additional 10,000 hectares in Oral district have been added this year.
"We have purchased five German planting machines and two Chinese drying machines, which are capable of processing 300 tonnes of corn per day," Rort Veasna said.
HLH purchases corn from local farmers for export, and the $15 million investment would be devoted largely to expanding production in Cambodia, Rort Veasna said.
Mao Thora, a secretary of state at the Ministry of Commerce, was unavailable for comment on Thursday, but he said earlier this month that the government was looking for additional corn markets in Vietnam. Click to original source...
Microsoft and Nokia announce close cooperation, Office Mobile comes to Nokia smartphones
This rumor has been circulating around for a while but now it is as official as it gets: Microsoft Office Mobile is coming to Nokia smartphones.This and other mobile productivity and connectivity solutions are the direct result of the global alliance between the two giants, which was announced today. Read more...
Thursday, August 13, 2009
Millicom To Sell Cambodian Operations For $346M
AUGUST 11, 2009
STOCKHOLM (Dow Jones)--Telecom operator Millicom International Cellular SA (MICC) said Tuesday it has agreed to sell its Cambodian operations for $346 million in cash to The Royal Group, its partner in the country.
The transaction, which is expected to be completed before the end of 2009, comprises Millicom's 58.4% holdings in each of CamGSM, Royal Telecam International and Cambodia Broadcasting Services. Read more...
STOCKHOLM (Dow Jones)--Telecom operator Millicom International Cellular SA (MICC) said Tuesday it has agreed to sell its Cambodian operations for $346 million in cash to The Royal Group, its partner in the country.
The transaction, which is expected to be completed before the end of 2009, comprises Millicom's 58.4% holdings in each of CamGSM, Royal Telecam International and Cambodia Broadcasting Services. Read more...
Investment in Cambodian tourism reaches $354 mln in half year [-Another cooked up economic number?]
PHNOM PENH, Aug. 11 (Xinhua) -- The investment in Cambodia's tourism reached to about 354 million U.S. dollars in the first six months of this year and is a leading field that got the most investment, the local media said on Tuesday.
"Council for Development of Cambodia (CDC) approved about 1.22 billion U.S. dollars investment projects totally from private companies and 354 million U.S. dollars of the total is on tourism investment project," the khmer language newspaper Rasmei Kampuchea quoted the document from CDC as saying.
Agricultural field stands second row after tourism with 323 million U.S. dollars and next field is industry with 303 million U.S. dollars. Read more...
"Council for Development of Cambodia (CDC) approved about 1.22 billion U.S. dollars investment projects totally from private companies and 354 million U.S. dollars of the total is on tourism investment project," the khmer language newspaper Rasmei Kampuchea quoted the document from CDC as saying.
Agricultural field stands second row after tourism with 323 million U.S. dollars and next field is industry with 303 million U.S. dollars. Read more...
Cambodia Rice Sales to Vietnam Ahead of Forecasts
Hanoi, Aug 12 - Cambodia has sold more than 1 million tonnes of rice to neighbouring Vietnam in the first half of this year, beating Vietnamese industry forecasts for the whole of 2009, a Vietnamese newspaper reported.
The increased sales from Cambodia, plus a bumper summer-autumn crop, will help Vietnam reach a record export volume of 6 million tonnes this year, Vietnam Food Association Deputy Chairman Nguyen Tho Tri told the Saigon Economic Times newspaper. Read more...
The increased sales from Cambodia, plus a bumper summer-autumn crop, will help Vietnam reach a record export volume of 6 million tonnes this year, Vietnam Food Association Deputy Chairman Nguyen Tho Tri told the Saigon Economic Times newspaper. Read more...
Brunei buys 1,500 tons of rice from Cambodia
12 August 2009Everyday.com.kh
Translated from Khmer by Socheata
Brunei confirmed that it will buy 1,500 tons of rice from Cambodia for the first time. The Brunei ambassador in Cambodia claimed that Cambodian rice taste good and fruits are also tasty, such as durians and mangoes.
During a meeting with Sok An, the minister of the Council of Ministers, on 11 August 2009, Pengiran Haji Ismail, the Brunei ambassador to Cambodia, told Sok An that Brunei has decided to buy 1,500 tons of rice yearly from Cambodia, and there are other agricultural products that Brunei can also import form Cambodia, in particular fruits, such as durians and mangoes, that are in good quality and can replace those from Thailand.
At the same time, Sok An and the Brunei ambassador also discussed about cooperation in trade, oil and gas and direct flights from Brunei.
Translated from Khmer by Socheata
Brunei confirmed that it will buy 1,500 tons of rice from Cambodia for the first time. The Brunei ambassador in Cambodia claimed that Cambodian rice taste good and fruits are also tasty, such as durians and mangoes.
During a meeting with Sok An, the minister of the Council of Ministers, on 11 August 2009, Pengiran Haji Ismail, the Brunei ambassador to Cambodia, told Sok An that Brunei has decided to buy 1,500 tons of rice yearly from Cambodia, and there are other agricultural products that Brunei can also import form Cambodia, in particular fruits, such as durians and mangoes, that are in good quality and can replace those from Thailand.
At the same time, Sok An and the Brunei ambassador also discussed about cooperation in trade, oil and gas and direct flights from Brunei.
Cambodia trade with S Korea drops 22% in first 5 months
PHNOM PENH, Aug. 12 (Xinhua) -- Trade volume between Cambodia and South Korea dropped 22.6 percent in the first five months of this year, a sign that the global economic crisis continues to grip both countries, local media reported on Wednesday.
Total volume through May reached 114 million U.S. dollars, down from 147.27 million U.S. dollars over the same period last year, the Phnom Penh Post quoted Lee Hyoung-seok, deputy director general of the South Korea Trade-Investment Promotion Agency, as saying. Read more...
Total volume through May reached 114 million U.S. dollars, down from 147.27 million U.S. dollars over the same period last year, the Phnom Penh Post quoted Lee Hyoung-seok, deputy director general of the South Korea Trade-Investment Promotion Agency, as saying. Read more...
Micro-Lenders Drop Rates, Seek Borrowers
By Ros Sothea, VOA Khmer
Original report from Phnom Penh11 August 2009
Cambodia’s microfinance institutions are competing with each other with various strategies to extend growth, following a decline in their number of borrowers in the wake of the economic downturn.
The Prasac Microfinance Institution has implemented three strategies over the past two months in order to bring in more borrowers, said Sim Senacheert, general manager of the lender. These include the reduction of interest rates, of up to 0.6 percent, a loosening of credit requirements and promotions through the mass media. Read more...
Original report from Phnom Penh11 August 2009
Cambodia’s microfinance institutions are competing with each other with various strategies to extend growth, following a decline in their number of borrowers in the wake of the economic downturn.
The Prasac Microfinance Institution has implemented three strategies over the past two months in order to bring in more borrowers, said Sim Senacheert, general manager of the lender. These include the reduction of interest rates, of up to 0.6 percent, a loosening of credit requirements and promotions through the mass media. Read more...
China's investment in Cambodia fixed assets dives amid downturn
Tuesday, 11 August 2009
Nguon SovanThe Phnom Penh Post
The Kingdom eyes more diversified involvement from Japan, whose investment grew from zero last year to just under $5 million so far in 2009.
FIXED-asset investment in Cambodia by China and South Korea plunged in the first half of 2009, while Japan's fixed assets spiked during the same period, according to a report from the Council for the Development of Cambodia released earlier this month. Read more...
Nguon SovanThe Phnom Penh Post
The Kingdom eyes more diversified involvement from Japan, whose investment grew from zero last year to just under $5 million so far in 2009.
FIXED-asset investment in Cambodia by China and South Korea plunged in the first half of 2009, while Japan's fixed assets spiked during the same period, according to a report from the Council for the Development of Cambodia released earlier this month. Read more...
Friday, August 7, 2009
'Oil baron' has heart for children'
You can take the Texan out of Texas, but you can't take the oil out of a Texan, as Dr Eugene Tragus attests.
The 75-year-young former Dallas open-heart surgery pioneer and long-term volunteer at the Angkor Hospital for Children declares, "Yeah, I am now the oil baron of Siem Reap". Read more...
Prime minister calls on petrol companies to stop raising prices
PRIME Minister Hun Sen delivered brickbats and bouquets to petrol retailers on Wednesday as he asked them to either lower pump prices or hold them steady.
Speaking at a university graduation ceremony in Phnom Penh, Hun Sen praised two local fuel companies and criticised two international firms for their different approaches. Read more...
'Planthoppers' ravage rice
PESTS have ravaged about 4.500 hectares of rice crops in four provinces near the Cambodian-Vietnamese border, agriculture officials said on Wednesday. Read more...
Thursday, August 6, 2009
Cambodia to lift entry visa restrictions
6/08/2009
Writer: THANIDA TANSUBHAPOL Bangkok Post
Thailand and Cambodia have agreed to waive visa requirements for each other's citizens starting next year to mark 60 years of diplomatic relations.
The agreement was reached yesterday at the Thai-Cambodian Joint Commission meeting led by Foreign Minister Kasit Piromya and Cambodian Deputy Prime Minister and Foreign Minister Hor Namhong. The meeting was the first by the commission since talks were suspended three years ago. Read more...
Writer: THANIDA TANSUBHAPOL Bangkok Post
Thailand and Cambodia have agreed to waive visa requirements for each other's citizens starting next year to mark 60 years of diplomatic relations.
The agreement was reached yesterday at the Thai-Cambodian Joint Commission meeting led by Foreign Minister Kasit Piromya and Cambodian Deputy Prime Minister and Foreign Minister Hor Namhong. The meeting was the first by the commission since talks were suspended three years ago. Read more...
Thailand and Cambodia Sign Prisoner Exchange Agreement
6 August 2009 Thai ASEAN News Network
The foreign ministers of Cambodia and Thailand have signed a prisoner transfer agreement and joined a Thai-Cambodian Joint Committee meeting to reinforce cooperation between the two countries after the meeting had been suspended for more than three years..
Thai Foreign Minister Kasit Piromya and Cambodian Foreign Minister and Deputy Premier Hor Namhong have signed a prisoner transfer agreement between the two countries to set measures for convicts, after serving minimum period of imprisonment, to be transferred to serve their remaining sentences in their home countries. The agreement will enhance the collaboration in law enforcement of the two countries.
Moreover, the two representatives have joined the sixth Thai-Cambodian Joint Committee meeting to discuss further bilateral cooperation in various aspects such as education, culture, society, sciences, economics, tourism, and security after the meetings had been suspended for more than three years.
The foreign ministers of Cambodia and Thailand have signed a prisoner transfer agreement and joined a Thai-Cambodian Joint Committee meeting to reinforce cooperation between the two countries after the meeting had been suspended for more than three years..
Thai Foreign Minister Kasit Piromya and Cambodian Foreign Minister and Deputy Premier Hor Namhong have signed a prisoner transfer agreement between the two countries to set measures for convicts, after serving minimum period of imprisonment, to be transferred to serve their remaining sentences in their home countries. The agreement will enhance the collaboration in law enforcement of the two countries.
Moreover, the two representatives have joined the sixth Thai-Cambodian Joint Committee meeting to discuss further bilateral cooperation in various aspects such as education, culture, society, sciences, economics, tourism, and security after the meetings had been suspended for more than three years.
Tuesday, August 4, 2009
Wedding's Party With Old Friend
We toke the picture together at the wedding party of our friend Mr. Ros Soty in PP on Jan 09, 2009......
Cambodia A/H1N1 flu cases rise to 21
PHNOM PENH, Aug. 3 (Xinhua) -- Cambodia's confirmed A/H1N1 flu cases have increased to 21 on Monday, a health official said here Monday.
The latest cases were two Khmers who traveled from Hong Kong, but so far, nobody died of the virus in Cambodia, Sok Touch, director of Communicable Disease Control Department of Cambodian Health Ministry, told Xinhua. The two persons are receiving treatment in hospital and in a stable condition, according to Sok Touch. Read more...
The latest cases were two Khmers who traveled from Hong Kong, but so far, nobody died of the virus in Cambodia, Sok Touch, director of Communicable Disease Control Department of Cambodian Health Ministry, told Xinhua. The two persons are receiving treatment in hospital and in a stable condition, according to Sok Touch. Read more...
Former teacher invents solar-energy car
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Kong Pharith, a former math and physics teacher from Kampong Chhnang province, uses his knowledge to successfully come up with a solar-energy-powered car.
Gasoline price to continue to rise
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The price of oil should continue to rise slightly in the upcoming months, Hang Chuon Naron told CTN on Friday 31 July.
When asked on the reason why the retail price of gasoline in Cambodia remains high while the price of oil dropped on the international market, Hang Chuon Naron indicated that the shipping delay and the gasoline stock quantity [in Cambodia] made it impossible for a faster change in gasoline price. Read more...
Four Soldiers Poisoned by Mushroom Soup
By Heng Reaksmey, VOA Khmer
Original report from Phnom Penh
03 August 2009
Three soldiers died and one became seriously ill after eating potentially poisonous mushrooms picked near the temple of Preah Vihear, where a border dispute with Thailand continues, military officials said Monday.The first death took place on July 27, followed by one on July 29 and one on July 30. The fourth soldier remains hospitalized in Siem Reap.Chea Mon, commander of Division 4, said the men cooked and ate unknown mushrooms in a soup a few days prior to the deaths. “We tried to cure them, but we couldn’t help, because they ate a lot of poisonous mushrooms,” he said.The deceased soldiers were identified as Ros Mao, 30, So Rim, 32, and Sing Roeun, 34. Yoeun Be, 30, remains in the hospital.The soldiers were stationed near Preah Vihear temple, where an ongoing border dispute has meant the mobilization of thousands of soldiers over the past year.Srey Douk, commander of the armed forces in the Preah Vihear operation, said his soldiers had plenty of food to eat, thanks to donations, and he warned other soldiers against eating unknown mushrooms scavenged from the forest.
Original report from Phnom Penh
03 August 2009
Three soldiers died and one became seriously ill after eating potentially poisonous mushrooms picked near the temple of Preah Vihear, where a border dispute with Thailand continues, military officials said Monday.The first death took place on July 27, followed by one on July 29 and one on July 30. The fourth soldier remains hospitalized in Siem Reap.Chea Mon, commander of Division 4, said the men cooked and ate unknown mushrooms in a soup a few days prior to the deaths. “We tried to cure them, but we couldn’t help, because they ate a lot of poisonous mushrooms,” he said.The deceased soldiers were identified as Ros Mao, 30, So Rim, 32, and Sing Roeun, 34. Yoeun Be, 30, remains in the hospital.The soldiers were stationed near Preah Vihear temple, where an ongoing border dispute has meant the mobilization of thousands of soldiers over the past year.Srey Douk, commander of the armed forces in the Preah Vihear operation, said his soldiers had plenty of food to eat, thanks to donations, and he warned other soldiers against eating unknown mushrooms scavenged from the forest.
Monday, August 3, 2009
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