Canadia finally set to relocate to new tower

After repeated delays, Canadia Bank’s vice president says the lender will move into the Kingdom’s tallest building next week

ANADIA Bank will begin offering banking services from its new tower – the tallest in the country at 29 storeys – on November 5 after the Water Festival, a vice president of the bank said Monday.

Dieter Billmeier said the bank would use the annual holiday period to move its head office into Cambodia’s first skyscraper, which has yet to be officially opened.

“The whole head office will be moved, and we will be ready for full-scale operations after the Water Festival,” he said.

The bank’s retail operations will be housed on the ground and first floors, taking up half of the available space there, while head office staff will be housed over five storeys between levels six and 10.

Mobitel-Beeline case goes to next stage as PM warns telcos

Deputy prosecutor says all evidence has been submitted and remains under review, while Hun Sen warns call-blocking could result in revoked licences

LEGAL experts have begun evaluating evidence in Mobitel’s legal action against mobile competitor Beeline, a deputy prosecutor said Tuesday, taking the case to the next stage as Prime Minister Hun Sen issued a warning to the sector on call-blocking and price-dumping.

Phnom Penh Municipal Court Deputy Prosecutor Sok Roeun said that no date had yet been set for the case filed in early August alleging price-dumping and illegal use of Mobitel’s prefixes, but that both sides had introduced their lawyers to the court.

The court had appointed experts to evaluate evidence submitted by the rival parties, he added. “When the experts have uncovered the facts, the hearing will follow.”

In Brief: ASUS hits Cambodia

ASUS Technology Private Ltd, the Taiwanese computer manufacturer, officially launched its products in the Kingdom for the first time Wednesday. The company introduced its Lamborghini VX5 laptop at an event at Phnom Penh’s Naga World, the first stage in the company’s plan to expand within Cambodia, said Leroy Liu, director of ASUS Technology (Vietnam) Co Ltd, a division of its Asia Pacific group. “We think that Cambodia is a good potential market for us to do business … because Cambodia has been growing fast in IT,” he said.

India Vows US$15 Million Loan for Cambodia

The Indian Government has vowed to provide US$15 million in loans to Cambodia in order to promote social and economic development, according to a high-ranking official on Sunday.

The Indian came following Cam- bodian Prime Minister Hun Sen’s bilateral talks with Indian Prime Minister, Manmohan Singh at the 15th ASEAN summit in Hua Hin, Cha-am, Thailand.

“During talks between the Hun Sen and Indian prime minister, India promised to provide US$15 million in loans to the Cambodian Governm- ent,” Deputy Prime Minister and Foreign Affairs Minister Hor Namhong told reporters at a press conference on Sunday at the Phnom Penh International Air Port following his return from the ASEAN summit with the premier.

Cambodian Reporter Wins International Award

A Cambodian journalist, Sithav An, who works for Economics Today magazine, has won a 2009 Developing Asia Journalism Award.

Sithav An was awarded with the first prize in the poverty impact of the global financial crisis category at the awards ceremony held in the evening of Oct 23 at the Foreign Correspond- ents’ Club of Japan in Tokyo.
Sithav said he was surprised to hear his story, ‘Not Working’, the lead story of the June Issue 40 of Econo-mics Today, was worthy of a place among the finalists.

“I was very pleased that I was selected as a finalist of 2009 Develo- ping Asia Journalist Award, and then as the winner of poverty impact of the Global Financial Crisis among the journalists of the Asia Pacific region,” he said. “I did not believe I could be recognized internationally with two years experience as journalist, but now I am a representative of Cambodia who won first place.”

Construction Investment over US$1.6 Billion for First 9 Months

Cambodia’s Ministry of Land Management, Urbanization and Construction announced on Monday that investment in construction and real estate in country totalled nearly US$1.679 billion for the nine months of this year.

“We have checked and provided permission to construct the buildings with 83 projects that were worth about US$1.459 billion covering 4,882,773 square meters,” the ministry said. “If we compare with the same period with last year, investment decreased 26.42 percent.”

Phnom Penh has 1,722 projects, including 620 illegal construction projects, that cover 776,189 square meters and are worth over US$219 million. This represents a decrease of 22 percent compared to the same period of last year.

In Brief: Camko houses ready

CAMKO City has already accommodated 73 families at its first phase of the satellite city on the outskirts of Phnom Penh, an employee said Tuesday.

Kheng Ser, assistant to contractor World City Co Ltd Vice President Duk-kon Kim, said 85 percent of phase one had been sold, adding that the downturn had not negatively affected sales. World City had built and sold 164 townhouses and 18 villas, he added.

South Korea’s Shinhan Bank, which also operates local subsidiary Shinhan Khmer Bank, has backed the project with US$2 billion.

In Brief: Maybank opens branch

KUALA Lumpur-based Maybank opened its sixth Cambodia branch Monday which it hopes will help boost loan and deposit growth by 38 percent and 15 percent respectively by June next year, according to a press release. The branch was opened near Phnom Penh’s Olympic Stadium, it added.

“The new branch will tap the growing opportunities in Cambodia,” Abdul Farid Alias, Maybank’s senior executive vice president, said in the announcement, adding that deposits and total assets for Cambodia operations grew by 27 percent over the past three years.

In Brief: Telecoms meet Friday

A TELECOMS meeting between Ministry of Posts and Telecommunications officials and the private sector originally scheduled for last Friday will now be held this Friday morning, a manager in the industry said.

The meeting was postponed because Minister So Khun and ministry Director General Mao Chakrya were in Laos last week attending the launch of a Viettel mobile-phone network in the country.

The meeting was originally scheduled to discuss September 29 circular warning firms in the sector over “free” and low tariffs as well as tax obligations. However, the manager said “all known topics” were now on the table.

Still no rice exports to Philippines despite high demand after storms

THE head of the National Rice Millers Association of Cambodia (NRMAC) said Tuesday that Cambodia would not be selling rice this year to the Philippines, the world’s biggest importer, despite the country’s high demand for the crop following recent storms, because Vietnam had already sewn up agreements with Manila.

Phou Puy told the Post on Tuesday that he had contacted the Philippine government regarding the issue in an attempt to persuade the country to buy rice from Cambodia.

“We really want to sell rice to the Philippines, but we will be able to do so next year … not this year,” he said, adding that Cambodia was looking to supply 500,000 tonnes per year in future to its fellow ASEAN member.


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We have been trying to export ... but we have still not succeeded.

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Bloomberg reported Tuesday that Hanoi expected to start signing rice-export contracts with Manila from the end of this month, earlier than usual this year due to storms and flooding that have hit the archipelago in recent weeks. Vietnam was due to export about 250,000 tonnes to the Philippines, the report added.

Govt forecasts growth to hit 2.1pc in Cambodia this year

While rejecting alternative forecasts, Minister of Finance Keat Chhon says agriculture will drive economy this year and next.

CAMBODIA’S economy will expand 2.1 percent this year on the back of strong growth in the agriculture sector, Finance Minister Keat Chhon said Tuesday.

The agriculture sector was expected to expand 5 percent this year despite the recent destruction wrought by Typhoon Ketsana, he said.

Economic growth would accelerate next year to 3 percent, he added, led again by agriculture but boosted by a slight recovery in tourism.

However, he expected the garment sector to continue to struggle in 2010.

Authorities Discover Cause of Factory Fainting

Cambodian local authorities found that chemicals to keep insects away from cloth had caused nearly 500 garment workers at the WILLBES Cambodia Co. Ltd factory to faint, a local source reported on Tuesday.

Experts and local authority officials were searched and found the case of the fainting which struck hundreds of garment workers on Monday afternoon at the factory in Chaum Chao commune, Dangkau district of Phnom Penh.

Experts said that the vomiting and headaches suffered by around 500 workers was caused by parts of the cloth covered with by anti-flea chemicals.

South Korean President to Visit Cambodia

South Korean President Lee Myung-bak will make a two-day official visit to the Cambodia October 22-23, according a Tuesday press release from the Ministry of Foreign Affairs (MFAIC).

“President Myung-bak will have a warm talk with King Norodom Sihamoni, Senate President, Chea Sim, National Assembly President, Heng Samrin, and bilateral talks with Cambodian Prime Minister Hun Sen,” the press release added.

During the formal visit, two documents will be jointly signed by Hor Namhong, Deputy Prime Minister and MFAIC Minister, and You Myung-wan, the Korean Foreign Minister, including an extradition agreement, and a financial grant loan framework agreement.

Cambodia to Host Int’l Disaster Management Conference

The Cambodian Government and the National Disaster Management Committee will work with the Asian Disaster Preparedness Centre (ADPC) to organize an international disaster management conference in Phnom Penh in near future, Eang Sophalleth, assistant to Prime Minister Hun Sen said on Tuesday.

The conference will focus on the general disaster management of such calamities as flooding and drought, problems increasingly affecting both Asia and the world, Eang Sophalleth told reporters after talks between Premier Hun Sen and the visiting Prof. Krasae Chanawongse, ADPC chairman and director of the Board of Trustees.

Prime Minister Hun Sen said that he welcomes and fully supports hosting the event in Phnom Penh, and requested Krasae work with Nhim Vanda, first deputy president of National Disaster Management Committee of Cambodia to successfully organize the event.

No Foreign Strikes From Within Cambodia, PM Warns

Prime Minister Hun Sen on Tuesday said that the Cambodian Government will not tolerate the building of military bases in Cambodia that would be used as a launch pad to strike other countries.

The PM said this policy would help ensure Cambodia’s safety and stability during a speech on the of Brigade 70’s 15th anniversary celebrations on Oct 13. He vowed to resolutely fight back against any enemies who to encroach upon Cambo-dia’s sovereign territory.

“The Gover- nment supports the Cambodia Royal Armed Forces (RCAF) to liaise and cooperate with international community against terrorism and other illegal activities both internal and external,” Hun Sen said.
Nevertheless, no nations would be allowed to military build bases with offensive capabilities, the PM stressed. “The Government absolutely does not allow directed organization or illegal army groups based in Cam- bodia to fight with other countries.”

Airport in Sihanoukville due to open in November: govt

New national carrier Cambodia Angkor Air weighs possibility of charter flights to refurbished airport, aviation officials say

CAMBODIA’S PREAH Sihanouk International Airport is now expected to open to air traffic from November, with Cambodia’s national carrier slated to begin offering chartered services to Phnom Penh and Siem Reap from some time next month.

State Secretariat of Civil Aviation (SSCA) Secretary of State Mao Havannal said Tuesday that long-awaited upgrades to the coastal resort’s sole airport had been completed by Societe Concessionnaire des Aeroports (SCA), which also operates airports in Siem Reap and Phnom Penh. “I went to check all the technical equipment last Friday,” he said. “Everything is in place and complies with international standards.”

Designing a high-end business model to survive crisis

Although many firms have cut design outsourcing, Design Group has carved out a niche market.

OVER more than a decade in Cambodia, Design Group (DG) has established itself as a leading graphic design company, creating appealing layouts and printed products for some of the country’s premier clients.

Founded in 1996 by Richard McDonough, a British national, the Phnom Penh-based mid-sized agency has developed an impressive list of customers, ranging from Metro Cafe to Foster’s beer, the FCC, the World Bank and the Khmer Rouge tribunal.

DG art director Sok Kong said the key to the company’s success was that it focused on the needs of the end user, not just the perceived needs of DG’s clients.

He said the first step in any design job was to meet the clients to discover what they were trying to say, and, most importantly, who they were trying to say it to.

ACLEDA profits up 73pc in Q3

ACLEDA Bank recorded a 72.79 percent rise in profits between June and September quarter-on-quarter, a report by the lender said Tuesday, marking a recovery after a fall of 54 percent in the second quarter.

The financial report showed profits after tax hit US$2.32 million, up from $1.34 million in the second quarter.

“In the second quarter, profit was down due to … the non-performing loan rate, but in the third quarter, the NPL rate dropped, so profit is up again,” So Phonnary, executive vice president and chief of operations officer at ACLEDA Bank, said Tuesday.

She added that the NPL ratio dropped to 1.3 percent at the end of September from 1.6 percent at the end of June.

Most Cambodians still shop at markets, survey discovers

New data show that the Kingdom’s new supermarkets and shopping centres still have a lot of work to do to entice shoppers away from traditional markets.

MODERN retail shopping centres have sprung up recently in Phnom Penh, leading to tight competition for customers at a time when discretionary spending is under pressure from the global economic crisis.

But according to the results of a survey released Tuesday by Indochina Research, the toughest battle the city’s malls are facing is in luring consumers away from traditional markets.

MARKET majority

Retail format most often used for shopping:

Traditional markets - 37pc
Local shops - 28pc
Street vendors - 18pc
Shopping centres - 7pc
Supermarkets - 8pc

Although the survey shows that almost 40 percent of Cambodia’s urbanites prefer to shop in modern-format shopping centres and supermarkets, just 15 percent cited them as the place they most often shopped. In contrast, 65 percent cited traditional markets, convenience stores and neighbourhood shops as the place they made the bulk of purchases.

S Korea's Hyundai Group to build vehicle assembling factory in Cambodia: ambassador

PHNOM PENH, Oct. 14 (Xinhua) -- Hyundai Company of South Korea will build a vehicle assembling factory in Cambodia, South Korean ambassador to Cambodia said on Wednesday.

"The vehicle assembling factory will be opened in coastal Koh Kong Province," Lee Kyung Soo, South Korean ambassador here told reporters in a news conference on the state visit of South Korea president Lee Myung Bak to Cambodian on Oct. 22-23.

The press conference is organized by the club of Cambodian Journalists.

But Lee Kyung Soo did not give the details about the amount invested by Hyundai in Cambodia. Deputy Director General of Hyundai Group already paid a visit to Cambodia a few days ago, LeeKyung Soo said.

Table of Comparison: Asian Countries' Inflation Rate

Resource: Asian Delvelopment Outlook 2007

Comparison Table: by Runckel & Associates

This table should be read with the Exchange Rates Over the Recent Past Table and considered as a factor in deciding on the desirability of a location for investment and to help project in the business plan for a company the likelihood of prices remaining stable for input costs, imports, export earnings, etc. Evaluating these factors makes the equation more complex but is always a good addition to the overall business plan process

Country                   2002         2003          2004         2005         2006         2007*        2008*

Cambodia                   3.3           1.2             3.9            5.8             4.7           4.2              3.5

China                         -0.8           1.2              3.9           1.8             1.5           1.8              2.2

Hong Kong                -3.0          -2.6            -0.4           1.0             2.0           1.6              2.3

Thailand                      0.6            1.8             2.8            4.5            4.6            2.5             2.5

Vietnam                      3.8            3.1             7.8            8.3            7.5            6.8             6.3

Singapore                  -0.4            0.5             1.7            0.5            1.0            1.6             1.0

Philippines                   3.0            3.5             6.0            7.6            6.2            4.8             5.0

Laos                           10.7           15.5            10.5         7.2            6.8             5.0            5.2

Malaysia                      1.8            1.1              1.4          3.0            3.6             2.7            2.7

Korea                         2.8             3.4             3.6          2.8              2.2           2.4             2.6

*Forecasted for 2007-2008

THAILAND, LAOS AND CAMBODIA: TRAVEL OFF THE BEATEN PATH

Most travelers to SE Asia rarely leave Singapore, Bangkok or the major cities. This is very much a shame as generally the cities of SE Asia, whether it be Bangkok, Ho Chi Minh City or even Phnom Penh or Singapore are not as scenic, nor is the air as clear or the people as friendly as once you step off the beaten path and enjoy Southeast Asia’s rural beauty.

In December 2007, I took a trip with my wife and son to Northeast Thailand, Southern Laos and Western Cambodia. To say the trip was memorable and scenic would be an understatement. The trip was stunning. The crowds were virtually nil; the air was clean; the temperatures relatively low; the costs very reasonable and the friendship we met at many points on the trip memorable.

Picture above: Ubon Rachathanee, Thailand

We started our trip in Bangkok by flying to Ubon Rachathanee (or Ubon) in Northeast Thailand (Issarn in Thai). Ubon sits at the convergence of several rivers and although relatively dry at many points of the year, has much more tree cover than most Thai cities. Temperatures there especially in December, the coolest point in the year, are more pleasant. Additionally, Ubon as it is called, does not have lots of high rises and breezes blow across the town in the evening helping to cool the city.

Protecting Yourself, Your Company and Your Family

John Muller, CEO of

Security Services Asia (SSA)

talks to Business-in-Asia.com

Question: For over 20 years you have been in Thailand and elsewhere in Asia, working in security and in other fields. What is in your view the major error most new companies make in terms of security in entering Asia?

Answer: Most companies don’t understand what security is; don’t hire a professional security manager or don’t outsource companies to assist. The result, security decisions are left to Human Resource Managers with no security background or skills or worse Financial Controllers who only want to reduce costs.

Question: How secure are most foreign companies in terms of their overall security?

Answer: Most foreign companies simply don’t place a high priority on security in their budget plans. Multinational companies normally place security expertise at key regional cities such as Singapore or Hong Kong and these individuals in turn cover other countries in the region. I don’t feel this coverage is sufficient. I have been surprised at the extreme lack of interest in security by most American companies operating in Thailand.

SEVEN IMPACTS ON CAMBODIA'S ACCESSION TO THE WORLD TRADE ORGANIZATION (WTO)

The experiences of other countries that have joined WTO show that the economic impact of accession can take a variety of forms. In general, however, the impact can be understood in terms of two broad headings: the impact of accession on the legal and institutional framework governing the economy, and the immediate impact of accession on imports, exports, and other key macro-economic variables, in particular government revenue.

Two categories of decision-makers will determine the impact of the WTO on the Cambodian economy. First, the public sector which will play a very important role in the process of policy adjustments to be consistent with WTO Agreements. Second, the private sector, which will directly participate in the implementation of the agreements, and will change investment, production and trade as a result of the new situation. The past experience of countries that have acceded to WTO does, however, provide a general guidance as to what these will be.

Accession to WTO will require policy action in two areas: First, steps will have to be taken to bring Cambodia’s legal and institutional framework into conformity with WTO rules. Second, Cambodia will be called upon to make commitments on market access in the areas of trade in goods and trade in services. In each of these areas, Cambodia’s economic integration into the world trading system will provide both opportunities and challenges.

Investing Countries in Cambodia

China topped the list of foreign investing countries in Cambodia in the past 14 years, with total amount reaching 5.707 billion U.S. dollars, reported Xinhua newspaper recently.

The Cambodian Investment Committee also reported that other investing countries in Cambodia are South Korea, who trailed China with 2.749 billion U.S. dollars. This is followed by Malaysia with 2.199 billion U.S. dollars.

From 1994 to October 2008, Cambodia has attracted 24.768 billion U.S. dollars of foreign investment in all, with 24 percent of the investment used for service sector, 22 percent for industry, 5 percent for agriculture and the rest for construction and others.

Cambodia is Building Transmission Lines

The Asian Development Bank (ADB) said it would provide a 7 million US$ loan without government guarantee to Cambodia for building transmission lines to import electricity from Thailand. This development will include Cambodia's tourism hub of Siem Reap - home to the famed Angkor Wat temple, and Battambang and Banteay Meanchey - an important agricultural center, where there have been power shortages. The bank also pointed out that the move would be a boost for the economy of northwest Cambodia, not just in tourism but also in agriculture, services and manufacturing. In addition to connecting the major towns, the new lines will also provide opportunities to wire rural communities along the route.

Cambodia's Economic Growth - the New Construction

Cambodia's leaders are proud to announce the country's newest and highest building as a symbol of the country's galloping economy - as Cambodia has averaged 11 percent growth over the past three years. In June 2008 the new high rise broke ground for what will be the country's highest skycraper, a 52-storey tower slated to become the "landmark" of the low-rise capital Phnom Penh. The one-billion-dollar International Finance Complex (IFC) is being backed by South Korea's GS E&C company and is expected to be completed in 2012, reported the Phnom Penh Post.

Picture: The new building under construction

Ground Area: 68,461

Project Overview:

-Business Zone: 52 Storey Office Tower, Serviced Residence (275 units), Commercial Complex etc.

-School Zone: International School

-Residential Zone: High-rise Apartment (6 buildings, 1,064 units)

Period 45 months

Investment U$1 billion Approximately (Construction Cost : U$0.7 billion Included)

Process

-2007. 12: Land Purchase

-2008. 06. 18: IFC Construction

Project Site

-The site located between West-Sothearos Street and

East-Riverside Road

-The National Assembly Building, Royal Palace and government bodies are located near the project site

Resource: IFC Presentation, June 2008

Economic Growth

Cambodia's economic growth has been boosted in recent years by a burst of urban construction funded by foreign investment, especially from China and South Korea who are the leading countries in terms of investment.

Cambodia's Industries Update

Garment industry

Cambodia's garment exports face a huge decline, according to Cambodia’s Ministry of Commerce. Garment exports generated only US$70 million in January 2009, compared with $250 million in January 2008. Garment manufacturing, Cambodia's only significant export industry, has been the hardest hit sector in the developing country's economy during the global financial downturn, with more than 30 factories closing so far this year.

According to the Garment Manufacturers Association of Cambodia, its garment industry imported US$1 billion in raw materials last year. This led to calls for more local production to cut costs and improve access to Western markets. The association said 66% of garment compoenents were imported from China, while the rest were from Taiwan and South Korea. Despite these calls for localization, little has happened.

Update on Asia's Tourism Industry

The United Nations’ tourism organisation reported that international vacation travel could drop up to 2% in 2009 as the economic crisis worsens, said AP news. Asia faces a hard hit in its tourism industry. The World Bank also pointed out on April 7,2009, reported Xinhua News, that the region's low-income countries were expected to be among the worst affected by the economic slowdown. Here is a country-by-country report:

Cambodia

Cambodia reported a drop in the number of tourists to the country. In January 2009, tourist arrivals dropped 2.2%. Cambodia received around 2 million foreign tourist arrivals in 2008, a 5.5% rise over 2007, but slightly lower than the government's expectation according to official figures.

The Cambodia government launched a recent Tourism Branding Campaign "Cambodia -Kingdom of Wonder" aiming to widely promote the Cambodian coastal areas as a main distinct leisure attractive destination beside Angkor Wat as well as promoting Cambodian culture, tradition and civilization.

Hong Kong Investors Take Cambodia Tour

By Ros Sothea, VOA Khmer
Original report from Phnom Penh
12 October 2009

Hong Kong trade officials recently spent three days in Cambodia looking at ways the two might boost bilateral trade, though Cambodian officials remain skeptical trade could grow substantially any time soon.

The delegation of the Hong Kong Trade Development Council, a special trade agency of Hong Kong’s government, was seeking to broaden its markets in the wake of the global financial downturn.

Trade between Cambodian and Hong Kong was $618 million in 2008, with only $10 million of that coming from Cambodian exports. Cambodia is ranked as Hong Kong’s No. 42 trade partner, according to figures from the Hong Kong trade council.

Tina Phan, who is in charge of mainland Southeast Asia for the council, said the relatively small trade between Hong Kong and Cambodia meant a lot of room to improve business ties, especially as US and European markets have narrowed.

Brigade 70 Vows to Fight Ahead of 15th Anniversary

Brigade 70 soldiers on patrol at their headquarters. Cambodia’s Brigade 70 ahead of the celebration of its 15th anniversary on Oct 13 vowed to fight any enemies who dare to encroach upon Cambodia’s sovereign territory.

Cambodia’s Brigade 70 ahead of the celebration of its 15th anniversary on Oct 13 vowed to fight any enemies who dare to encroach upon Cambodia’s sovereign territory, according a High-Ranking Cambodia Royal Armed Forces (RCAF) Official on Monday.

Prime Minister Hun Sen will be over the celebrations of Brigade 70.

“Brigade 70 has the responsibility of guarding the Senate president, the National Assembly President, the Ministry of Defense top leaders, Phnom Penh Municipal officials, prevent flooding and to defend sovereignty,” Mao Sophan, Brigade 70 chief, told DAP News Cambodia.

Garment exports continue slide in August with 19pc fall

After annualised figures show improvement in July, August’s official data reveal a slight drop in exports as slump persists

CAMBODIA’S garment exports continued to drop on an annualised basis in August according to provisional figures release Monday by the Ministry of Commerce.

The 19.17 percent year-on-year fall in the value of garment exports during the month to US$263.39 million follows an 18.84 percent fall in July and a 33.06 percent fall in June.

Total garment exports for the first eight months of the year were worth $1.59 billion, 22.56 percent lower than over the eight months to the end of August 2008, figures from the ministry’s Trade Preferences System Department show.

Gold prices react to international surge

Dealers in Phnom Penh report record prices as global markets lose faith in the US dollar

GOLD prices in Cambodia have reacted to the surge on world markets with the price climbing 4.6 percent over the past fortnight, Phnom Penh-based dealers told the Post.

Cambodia’s largest gold dealer, Ly Hour Exchange in the capital, hit a recent high of nearly $1,260 a damlung, said owner Sieng Lim. A damlung is the commonly used Cambodian measure for the precious metal, equal to 37.49 grammes or 1.2 ounces. Two weeks ago the price was at $1,200, she added.

“The rise in the price of gold in Cambodia is due to the surge in gold prices on international markets as the US dollar experiences weakness,” she said, adding that in Cambodia the dollar has this month remained stable against a riel currency that has been propped up in recent months by the government, most notably in August.

Telcos meeting due over tax

Companies in the Cambodian telecoms sector say recent government warning on tax remains ambiguous ahead of meeting on Friday with ministry officials

MOBILE-phone operators say they are due to meet with the telecoms minister Friday to discuss a ministry warning last month over pricing and interconnection policies that it said were destabilising the sector and eroding government revenues.

The meeting is expected to centre on tax implications in an inter-ministerial circular on measures to “prevent unfair competition in the telecommunications sector” that many operators have deemed unworkable.

The circular, signed by Minister of Economy and Finance Keat Chhon and Minister of Posts and Telecommunications So Khun on September 29, was issued without passing through the Tax Policy Department at the Finance Ministry, the Post has learned. According to a source within the ministry, the circular was prepared at the highest level.

Cambodia's leading resorts see arrivals fall in first nine months

Data up to the end of September show an 8 percent slide in visitors to Siem Reap and more than 12 percent slide in travellers to Sihanoukville

FOREIGN visitors to Cambodia’s two key tourist centres fell over the first nine months of the year on an annualised basis, with an increase in arrivals from Vietnam failing to offset a fall from key East Asian markets.

The number of foreigners visiting Siem Reap was down 8 percent over the period compared to a year earlier to just over 700,000, figures from the Siem Reap provincial tourism department show. Visitors to the southern resort town of Sihanoukville fell 12.43 percent to 94,102, according to provincial data.

Exports of cotton set to resume

THE manager of a local agribusiness says he plans to export about 1,000 tonnes of cotton to Vietnam later this quarter or the beginning of next year, in what would be the Kingdom’s largest export order of cotton since the end of the Khmer Rouge period.

Kong Chan, managing director of Seladamex Co, said Monday he had been in negotiations with firms across the border as well as with those from South Korea and China, although no deals had yet been finalised.

“However, we expect to firstly export about 1,000 tonnes to Vietnam this December or early next year,” he said.

The company, which was founded in 2007 with US$2 million in capital for a cotton-processing plant and 106-hectare plantation in Battambang province, would set a milestone should the order go ahead, said Kong Chan.

Banteay Meanchey’s Cambodia-Thailand Border Closed for Business

All businesses at Boeung Trakourn Cambodia-Thailand borders was closed after powerful Thai businesses interests conflicted with more humble vendors.

Thailand’s area border chief decided to close the gate, not the exports or the import of Cambodian goods into Thailand, the Cambodian border chief at Boeung Trakourn in Banteay Meanchey province reported on Monday.

Banteay Meanchey Vice Governor Sar Chamrong told DAP News Cambodia that “Some Thai powerful companies were jealous of the small companies exporting and importing goods between Cambodia and Thailand.” “We met local authorities at the Cambodia-Thailand border, but the Thailand side did not reply.

Beeline Offers US Calls for 5 Cents

Beeline, a leading international provider of telecommunication services in Cambodia, will continue to offer a special promotion which allows subscribers to communicate with their relatives and friends living abroad.

In order to respond to subscriber’s requests about calls to the US, Beeline has prolonged the USA (1) promotion until November 5, according to a Beeline press release on Monday.

“Since we proposed the USA call promotion with 5 cents per minute, we received outstanding feedback from our customers. They are happy with our special offer and now we have decided to prolong this offer.

Cambodia Prepares to Welcome World Figures for Bridges Program

The Cambodian Government is preparing a welcome for Nobel Prize winners and world leaders who will give speeches in Cambodia and meet students as part of the Bridges for Peace program, an official said on Monday.

The speakers will visit Cambodia from November 24 to April27, 2010, Kao Kim Hourn, secretary of state for the Foreign Ministry, told reporters after talks between Cambodian FM Hor Namhong and Uwe Morawetz, chairman of the International Peace Foundation and an organizer of the event.

“We also will show the international stage about the development of country and future goals of the country, and the program will streng- then the cooperation for peace in the future,” Kao added.

PM Urges Youths Project Participants to Promote Cambodian Culture, Civilization

Prime Minister Hun Sen on Monday urged 29 Cambodian youths to promote and contribute to awareness of Cambodia’s culture and civilization to other youth members chosen for the 36th 2009 Ship for Southeast Asian Youth Program (SSEAYP), according to an assistant of the premier.

The Ship for Southeast Asian Youth Programe (SSEAYP) is an annual program sponsored by the Japanese Government and supported by the member-countries of ASEAN. The program brings together about 300 youths from ASEAN countries and Japan, providing them with the unique opportunity to interact on board the ship Fuji Maru and at different ports-of-call for 53 days.

Hun Sen on Monday at Foreign Affair and International Cooperation Ministry allowed 14 men and 14 women accompanied by one leader to join the SSEAYP program. He invited them to have a talk and ask for any recommendations.

Around 470 Garment Factory Workers Faint

Around 470 Cambodian garment factory workers fainted on Monday at the WILLBES Garment Company in Dangkor district of Phnom Penh, a local authority reported.

A local authority source said that all the workers were sent to hospitals.

The source, from the Chaum Chao commune of Dangkor, told DAP News Cambodia that “all the Cambodian garment workers were sewing and then they started to vomit.”

At first, only “two or three” women workers fainted, but soon the sickness spread to hundreds more. The official said that many ambulances were needed to ferry the women to hospital.

Cambodia to Educate About A/H1N1 Ahead of Water Festival

Cambodia is embarking upon a large scale education campaign about A/H1N1 ahead of this year’s Water Festival, to be held November 1-3 in Phnom Penh. A/H1N1 flu infected 133 people and three people have died of the virus, health officials said on Monday.

“We will distribute 500,000 leaflets to local people who come to see this event, and other hospitals in the country,” Health Minister Mam Bun Heng told reporters at a news conference. The leaflets give simple information to help Cambodians understand the flu virus and how to prevent it, and how to treat at home, he said.

Suspected cases must relax at home, take pills and drink much water for treatment. “We are concerned about the flu during the forthcoming Water Festival but we need to educate at this time and people need to protect themselves from this flu,” he said.

Cambodia, World Bank Work to Promote Exports

The Cambodian Ministry of Commerce (MoC) and the World Bank (WB) have been working together to help promote exports of local product into international markets, an MoC press release said on Friday.

The World Bank provided US$30,000 through the MoC to help local enterprise and product associations to enhance the promotion of the Cambodian product exports to international markets, the statement added.

Companies and associations aiming at exporting their products to foreign markets may ask for technical and financial support from Export Market Access Fund (EMAF) administered by the MoC. This assistance from the MoC and the WB will help increase exports from Cambodia, the statement claimed.

Three Arrested for Counterfeit Dollars

At least three suspected counterfeiter were nabbed on Friday, the Police Implementation Verdict of Office (PIVO) of Ministry of Interior reported.

The three Cambodians Chamroeun Nun, 48, female, Phouk Map, 38, and Yean Chhunly, 30, were all arrested in Rik Reay guesthouse in Phnom Penh’s Russey Keo district with 20 sheets of counterfeit of US$10 notes, a police officer said.

‘Vanna’, the counterfeiting master criminal and buyer, was not caught, a source said.

South Korea to Expand Flights to Cambodia

Cambodian tourism businesspeople and Government officials on Saturday welcomed the expansion of flights from South Korea to Cambodia.

Korean Air plans to schedule new flights twice a week from Busan to Siem Reap, starting in January, the Korean Joon Ang Daily quoted Korean Air as saying on Friday.

Top carrier Korean Air decided to suspend temporarily its flight from Incheon to Saint Petersburg, Russia, from last Friday until the end of March next year. Since the region is located in the far north, the day is short and night is long in winter, attracting relatively fewer tourists, it added.

GRA Boosts Rice Export Potential: Economist

A new Golden Rice Association (GRA) in Cambodia on Saturday claimed it would export to France in 2010.

General Director of the Deum Ampil Media Center Soy Sopheap said that it was a valuable chance to export rice to the international market, especially as the EU will in 2010 permit Cambodia to export its products tax free.

“The GRA will aim to achieve the goals laid out by PM Hun Sen, who has repeatedly cited the potential of the agricultural sector,” Sopheap added.

The Loran Rice Machinery Company, in Battambong province’s Thmor Kol district, on October 10 saw both local and foreign traders meet and discuss exporting Cambodian rice abroad. The meeting was held under the authority of Soy Sopheap and Lim Bun Heng, a consultant of deputy PM Ben Chhin and Loran Company´s Manager.

Cambodia to Continue Rice Exports Despite Natural Disasters

Both agricultural NGOs and Cambodia Rice Mill Association (CRMA) officials both said that Cambodia still aims at increasing rice exports next year despite the recent natural disasters that have hit the kingdom.

Lay Seang Hong, enterprise director of the Cambodian Center for Study and Development in Agricult- ure (CEDAC), on Wednesday told DAP News Cambodia that his organization plans to export 100 tons more organic rice in 2010, with exports planned to the US, Germany and Malaysia.

“In 2009, our organization exported rice to the US and Malaysia only 50 tons, but next year, we have a plan to export more than this,” said Lay Seang Hong. “Right now in Cambo-dia, many private companies invest and install high standard machines as both the Government and companies are interested in exporting.”

Price rises slow again, according to CPI data

CAMBODIA’S inflation showed further signs of slowing in September, official figures showed Wednesday, as Consumer Price Index (CPI) inflation grew just 0.5 percent month-on-month, the lowest rate since February.

The figures from the National Institute of Statistics (NIS) showed a 2.3 percent overall reduction in CPI last month compared to September last year, which represented less-severe deflation year-on-year than in August due to the high level of inflation recorded in July and August 2008.

The September rise in prices on the previous months was mainly due to increases in the cost of seafood and vegetables, the NIS said in its CPI report. Restaurants increased in price by 0.7 percent last month, it added. San Sy Than, director general of the statistics office, was unavailable for comment Wednesday.

Car sales bottom out in Q3

Dealers in the capital say new-vehicle sales stabilised from June to September compared to the second quarter, but that overall 2009 has been a tough year

DEALERS of new cars in Phnom Penh, including Toyota and Ford, said Wednesday that there were signs the market had bottomed out in the third quarter after what has been a hard year for the industry – with sales decline of about 50 percent compared to the first three quarters of last year.

Kong Nuon, president of TTHK Co Ltd, which imports vehicles built by Toyota, the largest manufacturer in the world by sales, said he sold about 150 new vehicles during the third quarter, about the same as the previous three months.

“We did not yet see a recovery in auto sales in the third quarter … over the second quarter, but it’s stable: It did not drop further,” he said, adding that sales had dropped by about half compared to the first ninth months of 2008.

He added that TTHK expected to sell between 550 and 600 new Toyotas in 2009, blaming the economic crisis for what is shaping up to be a huge decline in sales on last year.

New Kazakh cable TV service barred by govt from launch

DTV Star told it cannot run new broadband cable television service in capital with disclosure that PPCTV has been granted exclusive government licence.

THE Ministry of Information has barred new broadband service provider DTV Star from launching a cable television service over its fibre-optic network in a dispute that goes all the way up to Prime Minister Hun Sen, the Post has learned.

San Putheary, director of the ministry’s Broadcasting Department, said Wednesday that Phnom Penh Cable Television (PPCTV) had an exclusive license to provide Internet protocol television (IPTV) via fibre to the home (FTTH) technology in Phnom Penh, thereby excluding new entrant DTV Star.

“The market in Cambodia is too small” to support other providers, he said when asked why the ministry had granted the monopoly licence.
He refused to answer further questions, referring the issue to PPCTV.

TNT in fast lane despite slowdown

TNT Express Worldwide (Cambodia) Country General Manager Sjaak de Klein talks about the impact of the economic slowdown on the transport sector and TNT’s prospects for growth

The So Nguon Group has reported a 40 percent decline in freight volumes over the first nine months of the year. How is TNT doing?

We are lucky in that we have a diverse portfolio of customers, including mining, oil and telecoms. We also have imports by land and air as well as exports, while So Nguon obviously had a strong focus on connecting with the export shipping lane in Sihanoukville. Our Asia Road Network, which we extended into Cambodia this year, is also really starting to see some success because the crisis is encouraging people to look for a cheaper option than air freight. And it’s much faster than moving goods by sea from Bangkok through Sihanoukville, which can take up to 15 days. We drive overnight, so there is a tremendous opportunity for customers to get their goods shipped quickly. The garment slowdown has affected us because we import accessories and fabrics and export documents and garment samples, but we have not been as adversely affected as the freight forwarders that focus on exports of ready-made garments to the US.

Rubber prices rise on back of more demand

CAMBODIA’s rubber price, which fell sharply at the beginning of the year, is now rebounding with producers and analysts predicting stronger growth for the sector.

Cambodia’s Directorate of Rubber Plantation said on Wednesday that prices climbed 37.4 percent in October from the beginning of the year, when rubber had fallen to a low of just US$1,419 per tonne.

Ly Phalla, director general of the General Department of Rubber Plantation, said Wednesday that rubber prices will likely continue to rise as global demand begins to recover.

“We do not know the cause of the increase in rubber prices, but I presume it may be because of a recovery in the US economy resulting in an increase in demand,” he said.

Rubber climbed to the highest price in three weeks on international markets Thursday, with futures up 2.1 percent on the back of record gold prices, Bloomberg reported.

March-delivery rubber climbed as high as 212.6 yen per kilogram ($2,408 a tonne) on the Tokyo Commodity Exchange before closing at 211.6 yen.

Jatropha oil refinery ready to go

Japan-Cambodia joint venture to start production after ministry approval

NCT Jacam Energy Co is set to begin producing jatropha oil this month once approval from the Ministry of Industry, Mines and Energy is received, according to company President Chheuy Sophors.

The Japan-Cambodia joint venture plans to produce 100 litres of the oil, which can be converted into biodiesel, daily when the plant opens. It will raise capacity to 5,000 litres a day within a year, he said.

The company planned to present documents to the ministry Thursday, having already received permission from the Ministry of Commerce.

Permission appeared to be a formality, with ministry Secretary of State Sath Samy telling the Post Thursday that he welcomed all entrants to the sector. “I haven’t seen the permission letter yet, but I will support them if they can produce jatrapha oil in our country and reduce our need to import oil from outside,” he said.

Forex reserves up to $2.52bn

Prime Minister Hun Sen says National Bank of Cambodia, which celebrated 30 years in operation Thursday, has weathered the global financial crisis

PRIME Minister Hun Sen said Thursday that Cambodia continued to increase its foreign exchange reserves to the end of August reaching a near-record high of US$2.522 billion, while beating analysts’ forecasts of a sharp drop for 2009.

Speaking at the 30th anniversary ceremony for the National Bank of Cambodia (NBC), which was re-established after the end of the Khmer Rouge regime, Hun Sen said forex reserves had climbed 21.48 percent so far this year.

“Despite Cambodia suffering from the global financial crisis, we have still been able to ensure international reserves,” the prime minister said during the event at Chaktomuk Theatre in Phnom Penh.

International Monetary Fund (IMF) data shows that reserves reached a record high of $2.594 billion in May after climbing steadily at the beginning of the year from $2.076 billion at the end of 2008, a figure quoted by Hun Sen Thursday.

Lenovo officially launches in Cambodia

THE world’s fourth-largest computer manufacturer, China’s Lenovo Group Ltd, officially launched its personal computers in the Kingdom on Thursday, announcing partnerships with two local resellers for its Think and Idea range.

The firm, which took over IBM’s personal computer division in 2005, will retail its desktops and laptops in Cambodia through Anana Computer Co and PTC Computer Technologies, Howie Sin, general manager of Lenovo ASEAN, said at the launch. The companies would offer Lenovo customers sales and support, he added.

“We strongly believe in partnering with local business because they understand the local market, so we can grow that market,” Sin said.
Commenting on Lenovo’s unusual strategy of starting out in the Kingdom with two partners, Sreang Tito of Anana said: “We’re going to compete in the areas of capacity and service.”

Ministry passes prakas on telecom connections

Edict marks first step taken by MPTC to introduce legislation following sector disagreement between Mobitel and Beeline.

THE government signed into force a new prakas, or edict, regulating interconnectivity between mobile phone operators Monday as part of efforts to resolve a dispute over alleged call-blocking between market leader Mobitel and new entrant Beeline.

Ministry of Posts and Telecommunications Director General Mao Chakrya said the prakas replaced interconnection regulations dating from 2003 that had grown obsolete in the face of intensifying competition in the sector as new players entered the market.

The ministry was also preparing a second prakas on industry tariffs in response to accusations against Beeline of unfair competition and price dumping, but its timing would depend on consultations with the sector over the issue, Mao Chakrya said.

South Korean President to Visit Cambodia Soon

The president of South Korea will visit Cambodia October 22-23 to strengthen the bilateral cooperation between the two countries, an official said on Monday.

Eang Sophallet, assistant to Prime Minister Hun Sen, told reporters at the Foreign Ministry that Hun Sen met visiting Shin Jae Hyun, ambassador in charge of cooperation, natural resources and energy affairs to the South Korean President about cooperation between both sides.

Cambodia and South Korea will sign an MoU on oil and energy cooperation during the visit of South Korean President Lee Myung-bak, Eang said. “Both sides will sign the contract on seeking mines, oil, gas, and energy cooperation to push the economic development in the country,” he said. “The bilateral cooperation will provide the mutual benefits.”

US$10 Million for Promotion of Cambodian Companies: KHTDC

Cambodian Companies will get benefit from funds of US$10.3 million allocated to promote the kingdom’s business potential, Hong Kong Trade Decorated Council (KHTDC) said at a Tuesday press conference at Intercontinental Hotel.

KHTDC said its goal was to extend trade in Cambodia through a promotion to be held through October and November 2009.

Johnny Wan, senior manager of KHTDC, called Hong Kong “a core or heart as many free market of the potential trades all over the world, Cambodia whose is the fortieth member in the project, in 2008, KHTDC cooperated as two parties in trading.”

Wan said he will hold a meeting with a Cambodian delegation related to trading, especially Cambodian Government officials in Hong Kong, to discus how best to enhance Cambodia’s economy.

Agriculture Key to Overcoming Crisis: Expert

By Sok Khemara, VOA Khmer
Original report from Washington
06 October 2009

Of Cambodia’s main economic earners, it is not tourism or garments that will help it through the economic crisis, but rather agriculture, a leading Cambodian economist said Monday.

“What we have seen and learned from the world crisis is that the agricultural sector should be focused on as an economic target,” said Kang Chandararoth, head of the Cambodia Institute of Development Study, as a guest on “Hello VOA.”

A policy to set up a reserve fund for agriculture is the “pressing issue,” he said. Agriculture was Cambodia’s “gateway to growth.”

Tourism, garment export and construction have all been hard hit by the global economic downturn, with orders for clothing down, number of visitors diminishing and a depressed real estate market.

Cambodia's trade with Hong Kong down 24 pct to end July

PHNOM PENH, Oct. 7 (Xinhua) -- Bilateral trade between Cambodia and China's Hong Kong dropped 24.39 percent in the first seven months year-on-year, local media reported Wednesday.

Citing the data released by the Hong Kong Trade Development Council, the reports said trade between the two sides fell to 288 million U.S. dollars from 380.94 million dollars last year.

Hong Kong's total exports to Cambodia fell to 279 million dollars from 375.5 million dollars, while Cambodia's shipments in return increased to 9 million dollars from 5.44 million dollars during the year up to the end of July.

The figures were released Tuesday at a press conference to attract Cambodian companies to hold trade exhibitions in Hong Kong.

New taxi firm launches

CAMBODIA’S second taxi company began operations in the capital Monday with a fleet of 20 vehicles. South Korean-owned Trans Choice Cambodia Co has earmarked US$3 million to set up the company and has already spent $500,000 to buy its starting fleet and employ and train 60 drivers, company spokesman Din Radeth said.

The company, which is operating under a 20-year licence from the government, will go head-to-head with Global Trade Development (Cambodia) of China, the Kingdom’s first metred taxi service – and the city's tuk-tuks and motodops – for passengers.

Ministry warns telcos

Letter on pricing and interconnectivity 'crisis' in mobile industry sent to prime minister's office

THE Ministry of Posts and Telecommunications (MPTC) and the Ministry of Economy and Finance have attempted to bring a dispute in the mobile-phone sector under control through an inter-ministerial circular released last week promising to crack down on “unfair competition”.

In the September 29 circular, a copy of which was sent to the prime minister’s office and all mobile-phone operators, MPTC Minister So Khun and Finance Minister Keat Chhon called on companies to “cease immediately any advertising, programmes and strategies for market competition, any blocking of interconnection between networks, which have caused the telecom crisis in Cambodia”.

Although the letter doesn’t specify the “crisis”, it is almost certainly referring to a feud between Mobitel and Beeline that led the former to launch legal action against its Russian-based rival in August over alleged price-dumping, an accusation most operators in Cambodia have backed. Meanwhile, Beeline says Mobitel has blocked interconnectivity, thereby undermining consumers’ interests, and has in turn been accused of using Mobitel’s prefixes to circumvent the blocks.

South Korea to sign energy, mining deal

CAMBODIA is set to sign an agreement on energy and mining exploration with South Korea when the country’s President Lee Myung-bak makes a state visit to the Kingdom late this month, a government spokesman said Monday.

Shin Jae-hyun, South Korea’s visiting ambassador in charge of energy and natural resources cooperation, held a meeting with Prime Minister Hun Sen on Monday to discuss plans for joint study agreements in Cambodia, said Eang Sophalleth, the prime minister’s spokesman.

But further details of the proposed deal were not immediately available, including whether the energy deal would apply to offshore or onshore exploration.

Capital's freight rises again

Phnom Penh Autonomous Port saw freight volumes increase last month, showing good Q3 results as Sihanoukville suffers.

FREIGHT exports through the Phnom Penh Autonomous Port continued to increase in September after gains in both July and August followed year-on-year losses in the first six months of 2009.

Official figures obtained by the Post Monday show the port handled 4,484 outbound 20-foot-equivalent units (TEUs) in September, up 22.7 percent on the same month last year, when 3,654 TEUs were handled.

The increase follows a 22.65 percent rise in outbound cargo in August, which saw 5,063 TEUs shipped down the Mekong, compared with just 4,128 TEUs a year earlier. July exports through the port were up 0.84 percent year-on-year to 4,191 TEUs.

Falling exports in the first six months of the year mean outbound throughput volumes still fell 11 percent year-on-year across the first nine months of 2009 from 36,079 TEUs to 32,087 TEUs.

Possible caps on investment by foreigners concern telcos

Companies describe parts of draft telecoms law, including relicensing issue, as vague in final meeting before formally submitting feedback to government.

MOBILE phone executives were due to finalise a joint private-sector submission Monday afternoon on a forthcoming telecoms law that contains a provision that some have said appears to limit foreign ownership within the sector.

In a meeting with Australian law firm Allens Arthur Robinson, company heads from the Kingdom’s mobile providers were due to put the finishing touches to a response that is due to be passed on to the government.

Marae Ciantar, head of Allens Arthur Robinson in Cambodia and Thailand, said late last week that a provisional nine-page response earlier obtained by the Post could be revised during the meeting.

Two more Viet companies to operate in Cambodia

Vietnam, Cambodia enterprises jointly establish food, fertilizer companies

10/06/2009
VNA/VOVNews (Hanoi)

Four Vietnamese and Cambodian companies signed official contracts on the establishment of the Cambodia-Vietnam Foods Company and the Cambodia Five-stars International Fertiliser Company in the Cambodian capital of Phnom Penh on October 5.

These companies include the Investment and Development Company of Cambodia (IDCC) and its partners, the Vietnam Southern Food Corporation (Vinafood II), the Green Trade Company and the Five-stars International Group Company (Five-stars).

The signing ceremony was attended by Cambodian Senior Minister of Commerce Cham Prasidh, Senior Minister cum Secretary General of the Council of Development of Cambodia Sok Chanda and representatives from the Vietnamese embassy.

Almost 3,000 hectares of rice crop destroyed by flood in Stung Treng

05 October 2009
By Ratha Visal
Radio Free Asia
Translated from Khmer by Socheata

The Stung Treng provincial authority indicated that almost 3,000 hectares of rice crops are flooded. The flood also affects 3 inhabited villages and communes along main rivers.

Loy Sophat, Stung Treng provincial governor, indicated on Monday 05 October that 95% of the flooded [rice crop fields] were completely destroyed and more than 300 families were evacuated to safety: “The flood is rising fast in the past few days….”

Rising water along the Sesan and Sre Pok rivers flooded numerous villages and communes along the rivers in Ratanakiri province. The flooding started on 28 September 2009, and it is taking place along 3 major rivers in Stung Treng province: the Sekong, Sesan and Mekong rivers. The flooding overcame houses where more 3,000 families are living in.

A number of real estate developments in Cambodia could face foreclosure

06 October 2009
Everyday.com.kh
Translated from Khmer by Socheata

Seung Bunna, chairman of the Cambodian association of real estate valuators, warned that by the end of this year, foreclosures and auction sales could take place for a number of communities and row house developments under construction because of the collapse of the Cambodian real estate market.

Seung Bunna claimed that, up to now, all over Cambodia, there are many development projects that received the green light for construction, but these developments could not be sold, therefore this could lead to bank foreclosures because of the rising amount of debt and interest owed.

Seung Bunna did not reveal the names of these developments, nor how many there are. He indicated that his association cannot reveal such secret information belonging to the developers.

Fixing nails, fixing lives

THE Senhoa Nail Spa Centre, due to open in downtown Siem Reap early in September, is the front for a groovy all-female-run Washington-based NGO, Voice.

Voice’s cool New Age overtones are revealed in its full de-acronymised title, Vietnamese Overseas Initiative for Conscience Empowerment, and its aim in Siem Reap is to give mostly Vietnamese sex industry workers a shot at a new life, with new skills and newly-raised consciousnesses.

Research shows that a significant portion of sex workers in Cambodia are Vietnamese, and this ethnic grouping is estimated to represent 30 percent of Cambodia’s total number of commercial sex providers.

The gals who run Voice, ethnic Vietnamese from California, Washington and Sydney, are hip, switched on operators who certainly establish an affinity with the girls they are hoping to empower.

Siem Reap’s a five-star role model

Sarah Moya is at home in the environment she has created at the five star hotel in Siem Reap which she manages. She’s dynamic, but the setting she has created at the hotel is serene. Tranquil music mingles with the splashes from an expansive water feature that encircles the main courtyard. Lustrous Indo-Chinese teak and floors of luxurious white Italian tiles enhance the “grand Khmer villa” feel.

But it is the discreet, subtle and elegant touches – the small rice seedlings growing in vases on each of the breakfast tables and a myriad of little feminine touches – that are the hallmarks of the 35-year-old Filipino expat Ms Moya’s style, at The Sothea Courtyard, Siem Reap’s newest five-star boutique hotel, where she is the resident general manager.

As a woman general manager, Sarah Moya is a rarity not only in Siem Reap, but in the entire Southeast Asian region. But being a woman in what has traditionally been perceived as a man’s job is not an aspect Moya is comfortable discussing.

“It’s just that I feel that to work as a general manager is not really gender related,” she said.

“You become a general manager, whether you’re male or female, because the things that you have done prior to becoming one that is what’s important. It’s all about the experience, it’s all about the skills that you acquire along the way.”

Tourism campaign for Cambodia suspended

Television advertising not ready to go on air, says Ministry of Tourism, as analysts warn travel industry remains sluggish

THE Ministry of Tourism has suspended plans to air television advertising spots in key Asian markets next month, saying it had not given itself enough time to produce the advertisements.

Tourism Minister Thong Khon said the campaign would instead be launched “some time next year”.

“We cannot run them on time this year because we need more time to be well-prepared for the campaign,” he said.

The spots were due to air in China, South Korea and Japan, three of Cambodia’s most important tourist source countries. Arrivals from all three countries have plummeted since late last year in the wake of the global economic slowdown.

The ministry was talking to television networks in all three countries to persuade them to run travel programmes focused on Cambodia in the interim, Thong Khon said.

ACLEDA Q3 lending up 9.6pc

Second-largest bank sees recovery in loan disbursements over previous three months, but signs of sluggish lending growth continue among rest of sector

CAMBODIA’S second-largest bank by loans reported a near 10 percent rise in new lending over the third quarter, but ACLEDA Bank President In Channy warned Friday the trend did not likely extend to the rest of the sector amid signs from other domestic banks that lending growth remained sluggish.

ACLEDA figures showing a 9.64 percent quarter-on-quarter increase in total disbursements to US$482.9 million at the end of September, up from $440.44 million at the end of June, followed a warning from the International Monetary Fund (IMF) that profitability in the sector remained at risk unless banks could begin to reintroduce a rapidly growing deposit base back into the economy through new lending.

In Channy said the increase – which followed a 2.16 percent drop in outstanding loans in the second quarter – was due to the bank’s extensive reach into the provinces through regional branches and borrowing growth ahead of the upcoming harvest season.