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Ray Kroc, who built McDonald’s into the largest fast-food franchise in the world, popularised the mantra “In business for yourself, but not by yourself”.

It’s estimated that franchises account for one-third of the world’s retail sales. It’s an alternative business model from sole proprietorships, joint ventures and partnerships that offers unique advantages, but also has its pitfalls.

Franchising is an arrangement by which the owner of the business, the franchisor, enters into a contract with the franchisee, granting the right to operate the business under prescribed specifications and methods, and includes a licence, use of trademark and brand, training, ongoing support and business promotion.

World Bank lowers GDP projection

Cambodia's gross domestic product will grow only 6 per cent this year, the World Bank said yesterday, as a result of heavy flood damage and economic turmoil in the West. The bank had previously forecast GDP growth of 6.5 per cent in March.

A slowdown in the agricultural sector – which has averaged 5.1 per cent growth since 2006 – was the primary reason for the revision, World Bank economist in Cambodia Huot Chea said yesterday.

Originally expected to grow by 4 per cent this year, agricultural growth will slow to 1.5 per cent, according to the World Bank’s East Asia and Pacific Economic Update report, which was issued yesterday.

Banks offer millions to millers

Two Cambodian banks have set aside US$200 million for loans to bolster the Kingdom’s struggling rice-milling industry, officials said yesterday.

The move comes as the Cambodian government has called on the private sector to boost loans to rice millers during the harvest season as a way to curb paddy exports to neighbouring countries.

ANZ Royal Bank and Canadia Bank said yesterday they would prioritise lending to rice millers given the government presently lacks the funds necessary to subsidise the still-developing sector.

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CamGSM deal said to be close

TELEKOMUNIKASI Indonesia’s majority-stake purchase of Cambodian mobile operator CamGSM is nearing the end of negotiations that have lasted almost a year.

“We’re in the final approval stages right now,”  Mark Hanna, chief financial officer at Royal Group, which owns CamGSM, said yesterday.

Hanna would not give a time frame for the closing of the deal, but said negotiations were certainly moving forward.

However, Indonesia’s Ministry of State Owned Enterprises has not granted approval on the Telkom purchase, according to reports yesterday. Telkom, which is majority-owned by the Indonesian government, could not be immediately reached for comment.

Angkor Wat continues to drive tourist numbers

Tourist arrivals to Siem Reap and Angkor Wat increased by almost 25 percent in the first eight months of the year compared with 2010, according to statistics obtained from the Siem Reap Tourism Department.

An increasing number of Asian tourists, especially from neighbouring Vietnam, had benefitted the Kingdom’s tourism industry, said Chhoeuy Chhorn, the department’s administrative director.

“The increasing number of direct flights from regional countries is encouraging more tourists to visit Angkor Wat,” he said.

Premier predicts high growth

Cambodia's economic growth could surpass previous estimates and hit 8.7% this year, Prime Minister Hun Sen said in a speech yesterday.

Earlier government forecasts estimated growth of 6% for 2011, though increasing garment exports and a strong recovery in the tourism sector have stimulated the economy above expectations, according to the prime minister.

“We originally projected the economic growth at 6% for the year. However, two months ago, the National Institute of Statistics predicted growth of 8.7%,” he said at a ceremony for National University of Management students at the Diamond Island Convention and Exhibition Center.

Real estate developers warned

Unlicensed real estate developers may find their projects blacklisted if they fail to register with the Ministry of Economy and Finance, a ministry official said yesterday.

The MEF published the names of three developers in a local paper last week and has promised to warn consumers of other unlicensed projects, Mey Vann, director of the Department of Industry and Finance at the MEF, said. Real estate scams have plagued the Cambodian market since 2007, he added.

Consumers put down payments on unfinished residential and commercial projects only to find developers absconding with their cash, Mey Vann said.