REVENUES from ticket sales to Cambodia's main attraction Angkor Wat fell almost 20 percent in the first half compared to last year, the Apsara Authority, one of the main bodies responsible for income from the temples, said Tuesday.
Bun Narith, director general of Apsara Authority, blamed the global economic crisis, political unrest in neighbouring Thailand and bad weather for the drop.
"Almost all countries have been affected by the global economic crisis, which has fully impacted our tourism sector.... [Foreigners] have cut down on travelling," he said.The first-half decline reported by Apsara represents the latest fall in visitor revenues from Angkor Wat - in 2008, revenues declined to US$30 million from $32 million the previous year.
However, as in the past, Apsara declined to supply a detailed breakdown of ticket sales or revenues. Svay Ritthy, a representative of Sokha Hotels, declined to comment Tuesday and referred questions back to Apsara. Click to read more...
Thursday, September 10, 2009
CEDAC welcomes rate cuts by MFIs
CAMBODIA'S largest farming NGO Tuesday welcomed the recent decision by microfinance institutions (MFIs) to reduce interest rates by up to 0.5 percent per month.
"The cut will help farmers earn profits from the money they borrow from MFIs that is used to invest in farming," Yang Saing Koma, president of the Cambodian Centre for Study and Development in Agriculture, said in a press statement.
The previous monthly rate of between about 2.3 percent and 2.85 percent had proved a major challenge to agricultural profitability while limiting farmers' investment, he said, and hurting competitiveness with neighbouring countries.
Yang Saing Koma added that interest rates should by lowered further - only at below 1 percent per month would farmers be able to sustain profitability, he said.
Uon Sophal, president of another agricultural NGO, Farmer and Nature Net, said farmers had struggled to repay loans at rates above 3 percent per month. "They were forced to sell property to repay debts," he said. Click to original source...
"The cut will help farmers earn profits from the money they borrow from MFIs that is used to invest in farming," Yang Saing Koma, president of the Cambodian Centre for Study and Development in Agriculture, said in a press statement.
The previous monthly rate of between about 2.3 percent and 2.85 percent had proved a major challenge to agricultural profitability while limiting farmers' investment, he said, and hurting competitiveness with neighbouring countries.
Yang Saing Koma added that interest rates should by lowered further - only at below 1 percent per month would farmers be able to sustain profitability, he said.
Uon Sophal, president of another agricultural NGO, Farmer and Nature Net, said farmers had struggled to repay loans at rates above 3 percent per month. "They were forced to sell property to repay debts," he said. Click to original source...
Company eyes $20m oil factory
CAMBODIAN conglomerate Mong Reththy Group plans to invest US$20 million to build a factory in Preah Sihanouk province to produce cooking oil from the group's palm plantations, President Mong Reththy said Tuesday.
Construction is due to begin next year, although the location has not yet been decided, he said, adding that the plant will have capacity to produce 100 tonnes of cooking oil per day. "We hope that the plant will help meet demand for cooking oil in both local and international markets," Mong Reththy said.
The group will target China as its first export market, he said.A staff member at Chip Mong Export and Import, which imports cooking oil from Thailand and Vietnam, said there is strong domestic demand; however, the firm "must ensure their product is of a good quality and reasonable price to compete with [imported] products in the markets," said the staff member, asking not to be named.
The Mong Reththy Group has around 800 hectares planted in palm in Preah Sihanouk province producing 70 tonnes of half-completed oil per day. Mong Reththy said this would expand to 30,000 hectares. Click to original source...
Construction is due to begin next year, although the location has not yet been decided, he said, adding that the plant will have capacity to produce 100 tonnes of cooking oil per day. "We hope that the plant will help meet demand for cooking oil in both local and international markets," Mong Reththy said.
The group will target China as its first export market, he said.A staff member at Chip Mong Export and Import, which imports cooking oil from Thailand and Vietnam, said there is strong domestic demand; however, the firm "must ensure their product is of a good quality and reasonable price to compete with [imported] products in the markets," said the staff member, asking not to be named.
The Mong Reththy Group has around 800 hectares planted in palm in Preah Sihanouk province producing 70 tonnes of half-completed oil per day. Mong Reththy said this would expand to 30,000 hectares. Click to original source...
Wednesday, September 9, 2009
Thais Blockade Cassava Crossing
By Chun Sakada, VOA Khmer
Original report from Phnom Penh
08 September 2009
Around 300 Thai citizens forced the closure of a border crossing on Tuesday, blocking attempts by Thai trucks to transport Cambodian cassava from the northern provinces of Banteay Meanchey and Oddar Meanchey.
An estimated 3,000 tons of cassava comes each day from the province’s Pouk district, angering Thai farmers, who used mechanical tillers to block the roadway, a Cambodian exporter said.
“The closing of the Boeung Trakuan border checkpoint destroyed our cassava export,” said Choeuv Taov, 56, a member of the Thmor Puak district council and a cassava trader.
“Cassava is a very important aspect of Cambodian’s livings in this area. The Cambodian people need to sell their cassava to support their living and to replant on time.” Click to read more...
Original report from Phnom Penh
08 September 2009
Around 300 Thai citizens forced the closure of a border crossing on Tuesday, blocking attempts by Thai trucks to transport Cambodian cassava from the northern provinces of Banteay Meanchey and Oddar Meanchey.
An estimated 3,000 tons of cassava comes each day from the province’s Pouk district, angering Thai farmers, who used mechanical tillers to block the roadway, a Cambodian exporter said.
“The closing of the Boeung Trakuan border checkpoint destroyed our cassava export,” said Choeuv Taov, 56, a member of the Thmor Puak district council and a cassava trader.
“Cassava is a very important aspect of Cambodian’s livings in this area. The Cambodian people need to sell their cassava to support their living and to replant on time.” Click to read more...
$56 million in customs revenue for August
Wednesday, September 9, 2009
Everyday.com.kh
Translated from Khmer by Socheata
The director of the Cambodian customs department indicated that the amount of revenue collected by his department for the month of August is 233 billion riels (~$56 million), this amount corresponds to the revenue for the 6th month of the 2009 fiscal year, as set in the government budget plan.
In the afternoon of 07 September 2009, Pen Siman, the government delegate in charge of the customs department, presided over a meeting to tally the customs department results.
The event also included the presence of other customs officials from all over the country. Pen Siman indicated that the August customs revenue amounts to 233 billion riels ($56 million) and that this revenue corresponds to the 6th month revenue of all the 8-month revenue collected by the customs department in 2009, as set up by the budget plan. He said that this revenue agrees with the prediction set for the 2009 fiscal year. Click to original source...
Everyday.com.kh
Translated from Khmer by Socheata
The director of the Cambodian customs department indicated that the amount of revenue collected by his department for the month of August is 233 billion riels (~$56 million), this amount corresponds to the revenue for the 6th month of the 2009 fiscal year, as set in the government budget plan.
In the afternoon of 07 September 2009, Pen Siman, the government delegate in charge of the customs department, presided over a meeting to tally the customs department results.
The event also included the presence of other customs officials from all over the country. Pen Siman indicated that the August customs revenue amounts to 233 billion riels ($56 million) and that this revenue corresponds to the 6th month revenue of all the 8-month revenue collected by the customs department in 2009, as set up by the budget plan. He said that this revenue agrees with the prediction set for the 2009 fiscal year. Click to original source...
NagaWorld's profits slide 55pc in first half
Phnom Penh's only licensed casino sees drop in revenues as VIP customer spending plummets despite slot machine gains
NAGAWORLD'S first-half profits fell 55 percent year-on-year as falling income from high-rolling gamblers dwarfed a more than 1,000 percent gain in income from slot machines, the owner of the casino and hotel operator said in a statement to the Hong Kong Stock Exchange.
First-half profits after tax fell to US$11.5 million, or $0.006 per share, in the six months to the end of June, down from $25.5 million, or US$0.012 a share last year as casino revenues slumped 41.7 percent to $63.6 million from $109.1 million, Saturday's statement said. Click to read more...
Hello says it will focus on 3G BlackBerry sales
HELLO, the mobile phone network operated by Kuala Lumpur-based Axiata, will discontinue sales of its 2G BlackBerry handsets to focus on sales of its 3G model Bold, CEO Simon Perkins said Monday.
The company has sold nearly 1,000 Pearl 8120 and Curve 8320 2G handsets, which are made by Canada-based firm Research in Motion (RIM), since launching at the end of April, Perkins said."Sales have been strong," he said, adding that Hello would not ship any more 2G models.
Perkins said Hello imported 200 Bold handsets for the end-of-July launch of its 3G BlackBerry service, and that another 1,000 were passing through Cambodian customs following importation from Canada."This model is very popular worldwide, if not the most popular of the BlackBerry smart phone range of products," Hello Brand manager Gary Foo said Monday. Click to read more...
The company has sold nearly 1,000 Pearl 8120 and Curve 8320 2G handsets, which are made by Canada-based firm Research in Motion (RIM), since launching at the end of April, Perkins said."Sales have been strong," he said, adding that Hello would not ship any more 2G models.
Perkins said Hello imported 200 Bold handsets for the end-of-July launch of its 3G BlackBerry service, and that another 1,000 were passing through Cambodian customs following importation from Canada."This model is very popular worldwide, if not the most popular of the BlackBerry smart phone range of products," Hello Brand manager Gary Foo said Monday. Click to read more...
Crocodile exports plummet
Figures compiled for the first time estimate live-animal sales fell up to 65 percent this season amid export-licensing push
ABOUT three-quarters of Cambodian crocodile farms applied for licences this year to comply with new export requirements, but the number of live young crocodiles and skins exported plummeted during the recent hatching season, according to official figures compiled for the first time.
Cambodia exported just 35,000 young crocodiles to Vietnam and 2,000 crocodile skins to Thailand between May and July, down from an estimated 100,000 live exports last year, said Heng Sovannara, chief of the Crocodile Development Division at the Ministry of Agriculture, Forestry and Fisheries. Click to read more...
Trade body seen as key to exploring new markets
Cambodian officials are eyeing membership of a regional trade body involving China and India as part of efforts to reduce the country's reliance on traditional export markets in the United States and Europe.
Senior government minister Ly Thuch said the Ministry of Commerce was well advanced in discussions with member countries of the Asia-Pacific Trade Agreement (APTA).
"Joining APTA will help us integrate further in the Asia-Pacific region as well as give us more access to the most dynamic markets in Asia," he said, referring specifically to India, China and South Korea.
APTA, previously known as the Bangkok Agreement, is a preferential tariff arrangement signed in 1975 as an initiative of the UN's Economic and Social Commission for Asia and the Pacific (ESCAP) to promote intra-regional trade through concessions between member countries. Click to read more...
Senior government minister Ly Thuch said the Ministry of Commerce was well advanced in discussions with member countries of the Asia-Pacific Trade Agreement (APTA).
"Joining APTA will help us integrate further in the Asia-Pacific region as well as give us more access to the most dynamic markets in Asia," he said, referring specifically to India, China and South Korea.
APTA, previously known as the Bangkok Agreement, is a preferential tariff arrangement signed in 1975 as an initiative of the UN's Economic and Social Commission for Asia and the Pacific (ESCAP) to promote intra-regional trade through concessions between member countries. Click to read more...
Tuesday, September 8, 2009
Cambodia seeks to attract more foreign investments
07 September 2009
By Channel NewsAsia's IndoChina Bureau Chief Anasuya Sanyal
PHNOM PENH: Cambodia is open for business, despite global economic uncertainty and a negative growth forecast.
For foreign investors in the country, the downturn could be a moment of opportunity.Cambodia has not been spared by the economic crisis - exports have dropped by 23 per cent and the construction industry has slowed almost to a standstill.
But it will take another quarter to determine any negative long-term economic effects.The country's Commerce Minister, Cham Prasidh, is confident that demand will pick up again, especially in the hard-hit garment sector. He explained why the country is a perfect springboard to foreign markets. Click to read more...
By Channel NewsAsia's IndoChina Bureau Chief Anasuya Sanyal
PHNOM PENH: Cambodia is open for business, despite global economic uncertainty and a negative growth forecast.
For foreign investors in the country, the downturn could be a moment of opportunity.Cambodia has not been spared by the economic crisis - exports have dropped by 23 per cent and the construction industry has slowed almost to a standstill.
But it will take another quarter to determine any negative long-term economic effects.The country's Commerce Minister, Cham Prasidh, is confident that demand will pick up again, especially in the hard-hit garment sector. He explained why the country is a perfect springboard to foreign markets. Click to read more...
Cambodian PM asks U.S. to cancel Cambodian debts
PHNOM PENH, Sept. 7 (Xinhua) -- Cambodian Prime Minister Hun Sen on Monday asked the United States to remit Cambodia's debts which the country has owed since 1970s by Lon Nol's regime.
"The U.S. should cancel the debts for Cambodia because the U.S. dropped large amount of bombs on Cambodia and many people suffered from it," he said at a ceremony of releasing final result of 2008 Population census at Chuktumok Theater Hall in Phnom Penh.Hun Sen put forwards the requirement directly to Carol A. Rodley, U.S. ambassador to Cambodia who also attended the ceremony.
"The U.S. should pay compensation for Cambodians but the U.S. side has always asked us to pay debt back," he said. Cheam Yeap, a lawmaker and chairman of the committee of finance, banking, economy and audition of Cambodian National Assembly, said that "we have been urging U.S. side to cancel debts for several times but they said they need decision from top level."He added that Cambodia has owed the United State in a total of over 300 million U.S. dollars by Lon Nol regime.
"The U.S. should cancel the debts for Cambodia because the U.S. dropped large amount of bombs on Cambodia and many people suffered from it," he said at a ceremony of releasing final result of 2008 Population census at Chuktumok Theater Hall in Phnom Penh.Hun Sen put forwards the requirement directly to Carol A. Rodley, U.S. ambassador to Cambodia who also attended the ceremony.
"The U.S. should pay compensation for Cambodians but the U.S. side has always asked us to pay debt back," he said. Cheam Yeap, a lawmaker and chairman of the committee of finance, banking, economy and audition of Cambodian National Assembly, said that "we have been urging U.S. side to cancel debts for several times but they said they need decision from top level."He added that Cambodia has owed the United State in a total of over 300 million U.S. dollars by Lon Nol regime.
Bad Loans on the Rise, Central Bank Warns
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By Ros Sothea, VOA Khmer
Original report from Phnom Penh
07 September 2009
Cambodia’s banking sector will not be able to avoid further consequences from the global economic downturn, with non-performing loans increasing, the National Bank’s director- told a workshop last week.
“For us, the economic crisis affected garment export, tourism, construction and real estate,” said Director-General Tal Nay Im said at a workshop on the nation’s banking system.
“So the banks’ borrowers are facing a hard time paying back [loans] when they can’t earn from their businesses. That will cause [non-performing loans] to increase, and that’s a second-round affect that the national bank is worried about.”The National Bank reported in June bad loans in 24 commercial banks had risen to 3.7 percent, about $2.4 billion, in 2008, up from 3.4 percent the year before. Click to read more...
No Sign of Recovery in Construction Sector
By Ros Sothea, VOA Khmer
Original report from Phnom Penh
07 September 2009
One year after an economic crisis swept across the globe, experts say Cambodia’s key construction sector—which had been booming—is showing no signs of recovery.
The crisis, which spread in August last year and eventually engulfed world markets and economies, shuttered several major construction projects in Cambodia, while delaying others.
A $400-million Korean project to build a mini-city on four hectares of land was dashed. Another project, to build a 53-story building, never got off the ground.
Other projects, big and small followed, as the price of land tumbled as much as 50 percent. Click to read more...
Original report from Phnom Penh
07 September 2009
One year after an economic crisis swept across the globe, experts say Cambodia’s key construction sector—which had been booming—is showing no signs of recovery.
The crisis, which spread in August last year and eventually engulfed world markets and economies, shuttered several major construction projects in Cambodia, while delaying others.
A $400-million Korean project to build a mini-city on four hectares of land was dashed. Another project, to build a 53-story building, never got off the ground.
Other projects, big and small followed, as the price of land tumbled as much as 50 percent. Click to read more...
Stung Treng Farmers Choosing Rubber
By Chiep Mony,
VOA Khmer
Original report from Phnom Penh
07 September 2009
Farmers in the eastern province of Stung Treng have begun replacing fruits and nuts, once thought profitable, with old-fashioned rubber. The trees grow well, and government aid is available for their cultivation.
Koh Muon, a 57-year-old farmer in Sre Krasaing commune, said he began planting rubber trees on four hectares of land last year after he was told by Kampong Cham province farmers the trees could earn him more money and the resin could be tapped nearly every day.
He spent about $500 for a hectare of rubber saplings bought from nurseries in Kampong Cham.Ly Phalla, director-general of the Ministry of Agriculture’s rubber department, said rubber trees were planted only in Kampong Cham, Kratie and Rattanakiri provinces in until recently, but they are appearing now Stung Treng, Mondulkiri, Kampong Thom and Preah Vihear. Click to read more...
VOA Khmer
Original report from Phnom Penh
07 September 2009
Farmers in the eastern province of Stung Treng have begun replacing fruits and nuts, once thought profitable, with old-fashioned rubber. The trees grow well, and government aid is available for their cultivation.
Koh Muon, a 57-year-old farmer in Sre Krasaing commune, said he began planting rubber trees on four hectares of land last year after he was told by Kampong Cham province farmers the trees could earn him more money and the resin could be tapped nearly every day.
He spent about $500 for a hectare of rubber saplings bought from nurseries in Kampong Cham.Ly Phalla, director-general of the Ministry of Agriculture’s rubber department, said rubber trees were planted only in Kampong Cham, Kratie and Rattanakiri provinces in until recently, but they are appearing now Stung Treng, Mondulkiri, Kampong Thom and Preah Vihear. Click to read more...
U.S. provides $34.8 mln for Cambodian health, education
PHNOM PENH, Sept. 8 (Xinhua) -- The United States on Tuesday signed amendments to two agreements with Cambodia to provide 34.8 million U.S. dollars in 2009 to support Cambodian priorities in health and education.
Hor Namhong, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, and Flynn Fuller, USAID (U.S. Agency fro International Development) Mission Director, signed on behalf of their respective governments with U.S. Ambassador to Cambodia Carol A. Rodley as a witness.
The new funding brings to over 250 million U.S. dollars that the United States has provided in support of health and education in Cambodia since 1999, according to the press release from U.S. Embassy. Click to read more...
Hor Namhong, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, and Flynn Fuller, USAID (U.S. Agency fro International Development) Mission Director, signed on behalf of their respective governments with U.S. Ambassador to Cambodia Carol A. Rodley as a witness.
The new funding brings to over 250 million U.S. dollars that the United States has provided in support of health and education in Cambodia since 1999, according to the press release from U.S. Embassy. Click to read more...
Kampot city and parts of National Road No. 4 flooded by rainfall
Tuesday, September 08, 2009
Everyday.com.kh
Translated from Khmer by Socheata
The consecutive rainfalls in the last few days led to flooding in a number of areas in Kampot and Preah Sihanouk provinces.
In Kampot province, the rainfall caused the flooding of 10 communes in Teuk Chhou district, as well as 5 communes in Kampot city as of the morning of 07 September 2009. Ouk Lay, the Teuk Chhou district governor, said that 10 communes in his district were flooded and this situation seriously affects fruit crops and rice crops, but the exact amount of damage is not known yet.
He indicated that the flooding cut the Spean Yaul Teuk Chhou bridge and a 35-year-old man disappeared after he was dragged by the water while he was traveling.
Up to now, the body of this man has not been found yet. In Kampot city, Neak Sovannary, the Kampot city governor, indicated that 5 communes in his city are completely flooded. As of 07 September morning, the flood water cut off National Road No. 4 in two spots: at the Stung Chhay bridge, and at the Samrong bridge located in O’Bak Rotess commune, Kampong Seila district.
At the Stung Chhay bridge, 50 houses were also flooded. At the Samrong bridge, 20 houses are under flood water.
Everyday.com.kh
Translated from Khmer by Socheata
The consecutive rainfalls in the last few days led to flooding in a number of areas in Kampot and Preah Sihanouk provinces.
In Kampot province, the rainfall caused the flooding of 10 communes in Teuk Chhou district, as well as 5 communes in Kampot city as of the morning of 07 September 2009. Ouk Lay, the Teuk Chhou district governor, said that 10 communes in his district were flooded and this situation seriously affects fruit crops and rice crops, but the exact amount of damage is not known yet.
He indicated that the flooding cut the Spean Yaul Teuk Chhou bridge and a 35-year-old man disappeared after he was dragged by the water while he was traveling.
Up to now, the body of this man has not been found yet. In Kampot city, Neak Sovannary, the Kampot city governor, indicated that 5 communes in his city are completely flooded. As of 07 September morning, the flood water cut off National Road No. 4 in two spots: at the Stung Chhay bridge, and at the Samrong bridge located in O’Bak Rotess commune, Kampong Seila district.
At the Stung Chhay bridge, 50 houses were also flooded. At the Samrong bridge, 20 houses are under flood water.
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Untangling the information about getting cable television
Why do some people get channels you don’t? How come your landlord insists on a provider, and could you get both? And what’s the skinny on widescreen?
AFTER years of crackly static, lines through the picture and complaints about the programming, Cambodian television is slowly coming of age.
In the last six months, new channels have sprung up regularly, as digital television makes inroads into Phnom Penh.
All over the world, broadcasters are changing from analogue to digital signals, providing noise-free pictures and superior sound quality, with the added bonus of Electronic Programme Guides (EPGs) showing daily information.
With the recent launch of a digital cable television service, we've put together the answers to all your questions about cable TV in Phnom Penh. Click to read more...
Investing means sounding out markets
THE market sentiment is accompanied by a distinct sound, according to one particular American financial expert, and lately that sound might just be laid-back ballads.
According to Phil Maymin, an assistant professor of finance and risk engineering at the Polytechnic Institute of New York University, there is a direct correlation between the volatility of the stock markets and the type of music people like.
Surprisingly enough, at times of high volatility (as has been the case since the start of the downturn), people tend to like soothing music. During periods of low volatility, they prefer heavier music with a more frenetic beat. Click to read more...
Microfinanciers slash rates
Micro-lending institutions have been forced to cut their rates to attract customers amid tight competition across the sector
Microfinance lenders have cut interest rates by between 0.2 and 0.5 percent in a bid to attract customers amid an intensely competitive market, the chairman of the Cambodian Microfinance Association (CMA) said Friday.
The cut follows heavy criticism of the Microfinance Institutions (MFIs) in recent months over high rates, which sector representatives claimed were necessary to cover costs.
But Hout Ieng Thong said the rate cut would neither threaten profitability nor expose the sector to bankruptcies, as lenders had streamlined operations in recent months."Earlier this year we felt that we could not reduce rates because we had some difficulties in terms of operational costs, but we have improved our operations," he said.
"We have also taken some measures to improve risk management."Hout Ieng Thong said Hattha Kaksekar Limited, of which he is chief executive officer, has reduced rates from around 3 percent per month to 2.5 percent. The lender had disbursed $28 million to 44,000 customers, he said. Click to read more...
Microfinance lenders have cut interest rates by between 0.2 and 0.5 percent in a bid to attract customers amid an intensely competitive market, the chairman of the Cambodian Microfinance Association (CMA) said Friday.
The cut follows heavy criticism of the Microfinance Institutions (MFIs) in recent months over high rates, which sector representatives claimed were necessary to cover costs.
But Hout Ieng Thong said the rate cut would neither threaten profitability nor expose the sector to bankruptcies, as lenders had streamlined operations in recent months."Earlier this year we felt that we could not reduce rates because we had some difficulties in terms of operational costs, but we have improved our operations," he said.
"We have also taken some measures to improve risk management."Hout Ieng Thong said Hattha Kaksekar Limited, of which he is chief executive officer, has reduced rates from around 3 percent per month to 2.5 percent. The lender had disbursed $28 million to 44,000 customers, he said. Click to read more...
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