Micro-lender Plans to Become Commercial Bank
Amret, one of the largest micro-finance institutions (MFIs) in the country, has announced that it is making plans to raise the capital required to become a full commercial bank by 2015, an official at the institution said yesterday. Chea Phalarin, CEO of Amret, said the decision to expand ...
Casinos protect border line and sovereignty
Samdech Prime Minister Hun Sen on Thursday said: Cambodia has permitted the construction and opening of casinos at the border areas with neighboring countries for “secret strategy” to protect the country’s territory. He replied to opposition party who said gambling dens were harmful to the ...
Meters mean 'money down drain'
The sole provider of water and electricity in Koh Kong province’s Khemerak Phumin town, LYP group, was demanding that all rental buildings install water meters at exorbitant rates for the region, residents said yesterday. Building managers sent intervention papers to provincial governor Bun Leut on July ...
Gov't and Donors Set New Reform Targets
The new list of reforms approved by the government at a high-level meeting with its foreign donors on Wednesday offer a mixed bag of targets, with some sectors, such as education, given more ambitious goals than before, while others had their ambitions scaled back and old goals ...
Cambodia set to produce halal food
Cambodia is being considered as a site for halal food production and rice milling by the United Arab Emirates, according to the UAE’s Foreign Trade Minister Sheikha Lubna Bint Khalid Al Qasimi yesterday. Speaking during an official meeting with Prime Minister Hun Sen at the Peace ...
Hun Sen vows to intervene as dollar plunges to 3,888 riel
Cambodian Prime Minister Hun Sen said Wednesday that the government would intervene to stem the riel’s sharp rise against the US dollar in recent days. “The Cambodian riel has been rising for several days,” he told a land-distribution ceremony in Oral district in Kampong Speu province, ...
New life insurance product launched
Cambodia’s nascent life insurance market grew slightly after Manulife Cambodia launched the Manulife Savings Protector yesterday. Combining savings and protection, it will provide life protection for 10 or 15 years to create an estate for relatives in case of untimely death and offer benefits from ...
Cambodian sugar plant leaves villagers bitter
Though the mood was congratulatory yesterday at the inauguration of ruling party Senator Ly Yong Phat’s sugar company – a gleaming, new facility nestled in between two hills in Kampong Speu province’s Omlaing commune – the mood just a few kilometres away bordered on desperation. Sitting ...
Loans and deposits climb
Loans and deposits at Cambodia’s 32 micro-finance institutions and four NGOs, as well as small loans from Acleda Bank, rose sharply last year compared with a year earlier. Industry players say this is a result of the Kingdom’s rapid economic improvement and political stability. Official data from ...
http://www.phnompenhpost.com/2013020461166/Business/loans-and-deposits-climb.html
Less palm sugar due to production delay
Kampong Speu palm sugar production is projected to decrease slightly this year due to a late start, though prices are expected to rise thanks to the sugar’s growing popularity following its geographical indication certification. Despite the drop in production, Hong Hoeung, director of Kampong Speu Palm ...
http://www.phnompenhpost.com/Business/less-palm-sugar-due-to-production-delay.html
Acleda HQ Expansion to Start in Three Months
Acleda Bank will break ground on a 20-story tower directly behind its current headquarters on Monivong Boulevard in September to become the third bank in the country to push ahead with a high-rise property in the capital, officials at the bank said yesterday. John Brinsden, Acleda’s ...
Union Bashes Wage Hike, Ponders National Strike
The Free Trade Union (FTU) is unhappy with the size of the raise agreed to this week by manufacturers for garment workers and said it would meet next week to decide whether to hold a nationwide strike in August for a larger increase, said FTU ...
Villagers Restart Prey Long Forest Patrol for Illicit Activity
About 100 villagers in Kompong Thom province set out yesterday on a three-day patrol of Prey Long forest in search of illegal logging, their second since the April 26 shooting death of conservationist Chut Wutty. who was the organizer of the first patrols. Soem Sean, a ...
Drought Affecting 145,000 Hectares of Paddy
A lack of rain across the country is affecting more than 145,000 hectares of rice paddy and parts of the nation’s crop have already been completely destroyed, according to data released yesterday by the Ministry of Agriculture. Hem Sophal, director of the statistics department at the ...
UN Secretary General will visit Cambodia in November
UN Secretary-General Ban Ki-moon will visit Cambodia in November to attend the 21st ASEAN Summit and East Asia Summit, a senior UN official said here Thursday. Noeleen Heyzer, UN Under Secretary-General and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP), ...
Vietnamese bank to extend operation
Vietnamese Bank Sacombak (Cambodia) Plc, a wholly-owned subsidiary of Sacombank in Vietnam, will extend its operation in the Cambodian financial market, according to a bank official. Nguyen Nhi Thanh, CEO and President of Sacombank in Cambodia, said during the first anniversary celebration after the bank’s transformation ...
Mittapheap Hotel on track
The five-star, 17-story Mittapheap Hotel in Sihanoukville province, being constructed by Khouch Asia Company, is on track to be completed in 2014 as planned, according to the project manager. The company is aggressively developing the project and the first floor has just been completed. The numbers of ...
http://www.phnompenhpost.com/index.php/Real-Estate/mittapheap-hotel-on-track-in-sihanoukville.html
Four People Injured After Two Buses Collide
Three Vietnamese nationals and one Cambodian were hospitalized Saturday after two commercial buses driving between Phnom Penh and Ho Chi Minh City collided in Svay Rieng province, police said yesterday. Ouch Sarun, provincial traffic police chief, said that the two buses [belonging to Van Rec. Co. Ltd., and ...
FedEx opens new air freight hub
FedEx has officially opened its new South Pacific Regional Hub in Singapore, the largest consolidated facility in the Asia-Pacific region. The $97 million hub is the first and only express transportation facility in Singapore. The 282,700-square-foot integrated facility houses air, ground and clearance operations under one roof ...
http://www.supplychainreview.com.au/news/articleid/81499.aspx
Xayaboury dam simulation model unveiled
Scientists and international experts fine-tuning the design of the Xayaboury dam have unveiled a scale model of the planned run-of-river structure to ensure the most efficient level of sediment flushing. The 1:120 scale model simulates actual hydrologic flows and water velocities in the Mekong River at ...