Economy and commerce

Bank Forecasts Drop in GDP Growth to 6.5%

The Asian Development Bank (ADB) yesterday revised its prediction for economic growth in Cambodia down to 6.5 percent as it warned that weakening demand from markets in the US and Europe could affect exports leaving the country. The ADB’s biannual outlook report for 2012 also said ...

Kingdom rubber exports dip

Cambodian rubber exports declined 3 per cent year-on-year during the first two months of 2012, according to figures from the Ministry of Commerce. The value of the exports fell by nearly a third. ...

http://www.phnompenhpost.com/index.php/2012041155546/Business/kingdom-rubber-exports-dip.html

Maruhan adds yuan services for customers

MARUHAN Japan Bank will be the next to join a growing list of Cambodian banks that provide cross-border remittance in Chinese yuan. The move by the Japanese-owned bank is part of a greater push to promote trade with China throughout the region, according to a statement ...

http://www.phnompenhpost.com/index.php/2012041055518/Business/maruhan-adds-yuan-services-for-customers.html

Ministry says rice exports to double

Despite a slow start for milled-rice exports in 2012 brought on by falling regional prices, officials yesterday predicted Cambodian shipments would more than double to 400,000 tonnes this year. Tax exemptions from Europe, which boosted milled-rice exports to about 173,000 tonnes last year, would continue to ...

http://www.phnompenhpost.com/index.php/2012041055519/Business/ministry-says-rice-exports-to-double.html

Port Traffic Up Eleven Percent in First Quarter

The volume of goods passing through Phnom Penh Autonomous Port increased by 11 percent in the first three months of 2012 compared to the same period last year, according to statistics released by the port yesterday. Between January and March, 17,386 containers passed through the ...

Government eyes fuel taxes

The government plans to review fuel import taxes in the wake of soaring prices at the pump over the past few weeks, an official said yesterday. Cheam Yeap, Cambodian People’s Party lawmaker and chairman of the finance and banking commission, said the government will look into ...

http://www.phnompenhpost.com/index.php/2012041055530/National-news/government-eyes-fuel-taxes.html

Hun Sen Wants Border Checkpoints Open Often

Prime Minister Hun Sen yesterday called on the Thai government to allow border checkpoints to stay open more consistently to increase trade between Thailand and Cambodia. ...

China quick to act on trade promise

An across-the-board trade and investment deal signed with China’s Yunnan province on Friday was a jump-start to Chinese President Hu Jintao’s pledge a week earlier to double bilateral trade with the Kingdom to US$5 billion by 2017. The package signing, which brought a delegation of 45 ...

http://www.phnompenhpost.com/index.php/2012040955500/Business/china-quick-to-act-on-trade-promise.html

Chinese Firm to Invest $100M in Rice Mill

A Chinese company from Yunnan province will invest $100 million to build a rice mill and processing plant in Cambodia with a local firm and export 200,000 tons of milled rice to China beginning this year, officials said yesterday. The Yunnan Pan-Asia Agricultural Cooperation and Development ...

Boycott Nike, says Mu Sochua

Opposition MP Mu Sochua yesterday called for a boycott of global sports brand Nike, following two fainting incidents at a factory that supplies it last week. She also warned that global brands and the Cambodian government were taking a huge gamble by failing to address the ...

http://www.phnompenhpost.com/index.php/2012040955513/National-news/boycott-nike-says-mu-sochua.html

Flights to Arrive From China’s Yunnan Province

An airline in China’s Yunnan province will begin offering flights from its capital, Kunming, to Phnom Penh and Siem Reap City, Council of Ministers spokesman Ek Tha said yesterday. ...

Sihanoukville port revenues up 22% on economic growth

Revenues earned by the Sihanouk Autonomous Port for the first quarter of this year jumped 22 per cent year-on-year to US$8.3 million, according to figures released yesterday by SAP. Exports of the Kingdom’s rice, garments and timber, coupled with imports of textiles, electronics and construction materials, ...

http://www.phnompenhpost.com/index.php/2012040655455/Business/sihankouville-port-revenues-up-22-on-economic-growth.html

Tourism wins in China trade deal

Unless Cambodian exporters find new routes to China, a proposed doubling of bilateral trade to US$5 billion by 2017 would mean little more than increased Chinese goods and investment flooding into the Kingdom. Chinese investments and imports dominated bilateral trade with Cambodia, which was worth about ...

http://www.phnompenhpost.com/index.php/2012040655456/Business/tourism-wins-in-china-trade-deal.html

Gov’t Launches Body in Effort to Up Rice Exports

The Ministry of Commerce is setting up a National Confederation for Rice Exporters to achieve Prime Minister Hun Sen’s target of exporting 1 million tons of milled rice by 2015. ...

Maybank steers for untapped markets

Maybank will bet on what it said was Cambodia’s low bank-penetration rate for future growth as it transitions from a branch of its Malaysian parent into a locally incorporated subsidiary. With 34 licenced banks operating in a market with US$4.07 billion in loans in 2011, analysts ...

http://www.phnompenhpost.com/index.php/2012040555439/Business/maybank-steers-for-untapped-markets.html

1,600 Tons of Cassava Stuck at Thai Border

More than 1,600 tons of cassava have been stuck at the Thai-Cambodian border in Banteay Meanchey for several days because Thai officials have banned imports of the crop in an effort to support domestic prices at home, officials and exporters said yesterday. The cassava, 800 tons ...

Maybank Cambodia aims to be in top 5 by 2015

Maybank launched yesterday its locally incorporated company in Cambodia, Maybank (Cambodia) Plc, and will also build a 10-storey corporate office with the aim of becoming one of the top five banks there by 2015. Currently ranked seventh in terms of assets among 33 banks operating ...

http://www.thesundaily.my/news/340539

Fire in Kandal Warehouse Destroys 200 Tons of Rice

Two hundred tons of unmilled rice slated for export to Vietnam was destroyed in a warehouse fire in Kandal province’s Ang Snuol district early yesterday morning ...

SEA firms to ship $2b of rubber to China

Cambodia’s Prominence Investment Enterprise and Thailand’s Panpee Group have signed an agreement to supply China’s Yunnan Rubber Co Ltd with 500,000 tonnes, or US$2 billion worth, of rubber per year, Sam Kay, general manager of the local partner, said yesterday. ...

http://www.phnompenhpost.com/index.php/2012040455411/Business/sea-firms-to-ship-2b-of-rubber-to-china.html

Maybank plans Cambodia subsidiary

Malayan Banking Bhd (Maybank), one of Malaysia’s largest banks, plans to transition its Cambodian branch into a subsidiary in a bid for larger market share in the Kingdom’s crowded Cambodian banking sector. The bank, which opened as a branch in 1993, received a local incorporation licence ...

http://www.phnompenhpost.com/index.php/2012040455412/Business/maybank-plans-cambodia-subsidiary.html

Stocks’ excellent first quarter

Preservation of capital is fast losing ground to increased risk-taking as global equity markets close the quarter with a stellar performance. Investors are concerned that they will miss the accelerating upside move. Out of the 78 major financial markets around the world, the score is 66 positive ...

http://www.phnompenhpost.com/index.php/2012040455410/Business/stocks-excellent-first-quarter.html

ASEAN hits troubled waters

Prime Minister Hun Sen pushed regional unity at the opening ceremony of the ASEAN Summit yesterday, but criticism directed at Cambodia over the South China Sea ensured the dispute remained front and centre. As heavily armed guards lined the streets outside the Peace Palace in Phnom ...

http://www.phnompenhpost.com/index.php/2012040455423/National-news/asean-hits-troubled-waters.html

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