Economy and commerce
Banking on technology in capital
The Cambodian finance industry is to celebrate the sixth Banking and Finance Conference a week from today, at a meeting that will focus on developing technology in the country’s financial sector. ...
Hor Kimsay
http://www.phnompenhpost.com/business/banking-technology-capital
Violence ‘cost economy $1.5B’
The consequences and containment of violence cost the Cambodian economy over $1.5 billion in 2013, just under 10 per cent of its estimated GDP for the period, according to the Institute for Economics & Peace’s Global Peace Index released yesterday. According to IEP executive chairman ...
Stuart White
http://www.phnompenhpost.com/national/violence-%E2%80%98cost-economy-15b%E2%80%99
Activists put blame on local police
Activists working in Prey Lang forest have accused military and police officers of being behind two illegal timber hauls they have intercepted. In the first case, an estimated 50 cubic metres of timber being transported through Kampong Thom’s Sandan district on homemade tractors was found last ...
Phak Seangly
http://www.phnompenhpost.com/national/activists-put-blame-local-police
Feed plant in Pailin to aid farmers’ stockpiles
Pailin province’s $5 million animal-feed processing plant and warehouse is to finish construction in the next three months and it is a welcomed development for the local farming community. The plant’s owner, Chea Kea, who also owns Diamond Crown casino on the border with Thailand in ...
Chan Muyhong
http://www.phnompenhpost.com/business/feed-plant-pailin-aid-farmers%E2%80%99-stockpiles
MyEvents International plans expansion to Cambodia
Event management firm, MyEvents International, is eyeing Cambodia as the next lucrative market after strengthening its foothold in India and the Middle East, group chief executive officer, Shahul Hameed Dawood said. “Cambodia is a growing market and we see a lots of potential there for an ...
M. Saraswathi
http://www.bernama.com.my/bernama/v7/bu/newsbusiness.php?id=1046873
Ad spending sees hike in budget for tourism
The Cambodian government has budgeted $3.5 million for tourism-related advertising and promotions in 2014, Minister of Tourism Thong Khon said yesterday. “This year the budget has reached $3.5 million dollars, half of the total budget for the ministry as we will host PATA Travel Mart 2014,” ...
Chan Muyhong
http://www.phnompenhpost.com/business/ad-spending-sees-hike-budget-tourism
Acleda sets aside $39M for branch expansion
Acleda Bank has reinvested $39 million of profits back into its operations instead of paying out dividends to shareholders, an announcement on its website states. It is the 11th time Alceda has opted to increase registered capital, with the latest top-up taking the bank’s total capital ...
May Kunmakara
http://www.phnompenhpost.com/business/acleda-sets-aside-39m-branch-expansion
Rice piles up as exports slow
Lagging demand from foreign buyers has led to Cambodian rice being stockpiled at the country’s mills, according to the head of the country’s peak rice body. Sok Puthyvuth, president of the Cambodia Rice Federation (CRF), said that with exporters receiving fewer orders, the country’s larger rice ...
Hor Kimsay
http://www.phnompenhpost.com/business/rice-piles-exports-slow
Bank pays out after factory boss ‘flees’
Workers at a garment factory that closed without warning last week received payment yesterday for nearly a month and a half of work, but some are still waiting for bonuses owed to them. More than 400 workers lined up at the Canadia Industrial Park gates, behind ...
Mom Kunthear
http://www.phnompenhpost.com/national/bank-pays-out-after-factory-boss-%E2%80%98flees%E2%80%99
Cambodia: Garment and textile exports grow in Q1
Despite lapses in factory safety and ongoing labour unrest, Cambodian exports of garments and textiles grew 9% in the first three months of the year. According to data from the Garment Manufacturers Association in Cambodia (GMAC), Cambodia exported US$1.17bn worth of garments and textiles between January ...
Katie Smith
http://www.just-style.com/news/garment-and-textile-exports-grow-in-q1_id122051.aspx
Gov’t continues to seek new markets
The Ministry of Commerce has vowed to uncover more markets for Cambodian products to help buffer against price fluctuations caused by the Kingdom’s dependency on neighboring countries. In a response to concerns raised on social media, Commerce Minister Sun Chanthol wrote on the ministry’s official Facebook ...
Chan Muyhong
http://www.phnompenhpost.com/business/gov%E2%80%99t-continues-seek-new-markets
Living on a dwindling trade
In Samrong Leu village, a picturesque community nestled deep in the verdant fields of Kors Kralor district, the acrid smell of smoke fills the air. Outside almost every house in this community, billows of smoke continuously emerge from the domes of homemade mud kilns, drifting around ...
Kevin Ponniah and Phak Seangly
http://www.phnompenhpost.com/national/living-dwindling-trade
Wage group agrees on January 1 raises
The group in charge of determining the national minimum wage for the garment sector yesterday agreed to increase salaries annually on January 1, determined by discussions that are to take place in the final quarter of each preceding year, officials said. The agreement was signed during ...
Mom Kunthear
http://www.phnompenhpost.com/national/wage-group-agrees-january-1-raises
Mfone staff paid final wages
Bankrupt telecommunications company Mfone yesterday handed out the final instalments of unpaid wages to former employees. More than 1,000 former Mfone staffers received the remaining 30 per cent of their unpaid wages after the telecommunications firm filed for bankruptcy in February 2013. Since then, workers have ...
May Kunmakara
http://www.phnompenhpost.com/business/mfone-staff-paid-final-wages
GTI price drops on day one
After a five-month IPO process steeped in anticipation, Grand Twins International ended its first day on the Cambodia Securities Exchange (CSX) with results many observers found disappointing. GTI shares opened yesterday’s session at 9,700 riel ($2.41), with a ceremonial bell ringing at the CSX’s head office. ...
Eddie Morton
http://www.phnompenhpost.com/business/gti-price-drops-day-one
Ly Yong Phat wants TV station
Prominent tycoon and ruling party senator Ly Yong Phat has now set his sights on the media landscape. Phat, the head of LYP Group, on Friday confirmed plans that he is seeking to set up a television station. The entry of an LYP channel, proposed as part ...
May Kunmakara
http://www.phnompenhpost.com/business/ly-yong-phat-wants-tv-station
Two’s company at CSX
It may not have all the glitter, adrenaline or the iconic tolling bell of Wall Street, but today, the usually deserted Cambodian Stock Exchange (CSX) will be a hive of activity. After first hinting at an initial public offering more than two years ago, garment manufacturer ...
Eddie Morton
http://www.phnompenhpost.com/business/two%E2%80%99s-company-csx
Despite Employer’s Concessions, Workers Vow to Continue Protest
Workers at the Beautiful Spring Footwear factory in Takeo province refused to end a two-day protest on Saturday after management ceded to most of their demands but refused to raise their good-attendance bonus. The factory’s roughly 1,000 workers started protesting outside the building on Friday, two ...
Monks Protest Developer’s Construction on Disputed Grounds
About 400 monks and villagers protested Sunday outside Wat Koh Puthivong pagoda in Phnom Penh’s Sen Sok district to protest what they say is a real estate company’s encroachment onto the pagoda’s land, including an island that monks consider sacred. During the protest, dozens of young ...
H&M, ILO Form New Industrial Relations Initiative
In an effort to bring stability back to the country’s embattled but crucial garment industry, the Ministry of Labor has joined forces with the International Labor Organization (ILO) and Swedish clothing giant H&M in a campaign for unions and factories to sign direct agreements to ...
Lauren Crothers
http://www.cambodiadaily.com/news/hm-ilo-form-new-industrial-relations-initiative-61424/
Thai capital market should cater to Cambodia, Laos, Myanmar
Thailand’s capital market should aim to be a funding base for Cambodia, Laos and Myanmar to gain the full benefit from high growth in the Greater Mekong Subregion and a more integrated region through the Asean Economic Community (AEC), panellists at a Euromoney Conferences forum ...
The Cambodia Herald News Staff
http://thecambodiaherald.com/cambodia/detail/1?page=13&token=MTc2MDk3YzQ2ZTI
Residents left in dark again
Residents in the vicinity of Kab Ko market in Phnom Penh’s Chamkarmon district found themselves fumbling in the dark yet again yesterday on the second consecutive day of hours-long power outages. According to locals, electricity to the street failed around noon on Wednesday and was restored ...
Sen David and Stuart White
http://www.phnompenhpost.com/national/residents-left-dark-again
Gov’t calls on jewellers to improve
Cambodian government officials yesterday appealed to gem and jewellery industry representatives to improve design quality at the opening of the 6th Gem and Jewellery Fair on Koh Pich. Seun Sotha, director of the trade promotion department at the Ministry of Commerce, said while Cambodia’s gemstones are ...
Chan Muyhong
http://www.phnompenhpost.com/business/gov%E2%80%99t-calls-jewellers-improve
Canadia investigating fake $100 ‘hell notes’
Canadia Bank said on Thursday it was investigating how two fake $100 notes were allegedly given to a customer who cashed a check. The customer, Eam Sopheap, a human resources manager at The Cambodia Daily newspaper, said he received two fake $100 notes from a teller ...
Oshua Wilwohl and Ben Sokhean
http://www.cambodiadaily.com/news/canadia-investigating-fake-100-hell-notes-61311/