Economy and commerce

Military police shoot three farmers over land concession

Military police in Battambang province shot three villagers in the legs during a confrontation between local farmers and a private company that was granted a land concession, a police official said. Phnom Penh district police chief Song Sopheak said employees of Suon Neang Sambath company, a ...

Government begins clearing fishing lots of nets and traps

Despite recent protests by affected businessmen, the government last week began the removal of fishing nets in seven fishing lots in three provinces following alleged corruption during the bidding process for the lots. Prime Minister Hun Sen recently ordered the annulment of the results of an ...

15 foreign investments were approved in October

Fifteen foreign investments worth $344 million were approved by the government’s investment board in October, most of which were in the garment industry, according to data obtained this week ...

IMF cuts 2011 growth outlook to below 6%

Damage to Cambodia’s rice crop from widespread flooding earlier this year will likely cause economic growth to fall below 6 percent, according to the International Monetary Fund (IMF), which yesterday offered the lowest gross domestic product (GDP) prediction so far In a statement, the IMF chose ...

Kingdom sees boost in foreign reserves

Cambodia’s total foreign reserves jumped to US$3 billion in the first half of 2011, up from $2.7 billion at the end of last year, according to the National Bank of Cambodia. The reserves help to bolster the Kingdom’s financial standing, which in turn draws investor interest ...

http://www.phnompenhpost.com/index.php/2011120753192/Business/kingdom-sees-boost-in-foreign-reserves.html

Asian Development Bank keeps growth outlook at 6.8%

New policies in agriculture, real estate and finance led the Asian Development Bank (ADB) yesterday to keep its outlook on Cambodia’s economic growth this year at an estimated 6.8 percent. The announcement comes even as the World Bank and the government have reduced their expectations, projecting ...

Nation's largest hydropower dam to open

Prime Minister Hun Sen will officially open the Chinese-made Kamchay dam in Kampot province today, the largest hydropower dam to date to operate in Cambodia and capable of supplying an extra 193.2 megawatts of energy. Environmental and human rights groups yesterday criticized the dam’s builder and ...

Villagers block national road in call for land

More than 250 villagers blocked National Road 48 yesterday in Koh Kong province while protesting against their eviction from their Kiri Sakor district homes, slowing traffic for more than eight hours, officials said Prom Sann, a representative for the villagers, said the protesters represented 250 families ...

New plant a benefit for cassava crop

An ethanol plant planned for Cambodia’s Banteay Meanchey province would push local production of the crop, as well as decreased reliance on foreign markets, officials and cassava farmers said yesterday. Construction on the joint venture between a Chinese firm and Cambodia’s National Company for Development will ...

http://www.phnompenhpost.com/index.php/2011120653166/Business/new-plant-a-benefit-for-cassava-crop.html

Fishing-lot owner ignores voided bid

The owner of a fishing lot in Kampong Cham province, whose bid for his lot was cancelled more than a week ago, has been attempting to keep villagers from fishing the area he previously laid claim to by destroying their equipment and sinking their boats. On ...

http://www.phnompenhpost.com/index.php/2011120653170/National-news/fishing-lot-owner-ignores-voided-bid.html

Officials mum on proposed oil refinery

Officials were mum yesterday about the proposed construction of an oil refinery by a Chinese firm in Preah Sihanouk and Kampot provinces, and provincial authorities said the company had not yet been granted any land for the proposed project. Ter Chimnarith, deputy director of Kampot province’s ...

Senate ratifies record draft budget law

The Senate yesterday spent just 90 minutes ratifying the record $2.6 billion budget law for 2012, which will allow the government to borrow up to $1.1 billion from foreign lenders, according to a Senate statement ...

Villagers to block roads in protest

Hundreds of people whose land has been swallowed by a giant Chinese tourism project on the coast of Koh Kong province will attempt to demonstrate their grievances today by blocking national roads 4 and 48, villagers and human rights workers said Protesters have been resisting China’s ...

Railway impact reports nowhere to be seen

The Asian Development Bank (ADB) has not made public the last two quarterly reports on the impact of resettling families who are being evicted for a $142 million railway rehabilitation project. The reports, which are required under an ADM loan agreement with the government, haven’t been ...

Shipments at PP port more than expected

Shipment through the Phnom Penh Autonomous Port increased by more than 28 per cent in the first 11 months of this year, surpassing a government target for 2011. About 73,760 shipping containers passed through the port between January and November, data shows, up from 62,256 containers ...

http://www.phnompenhpost.com/index.php/2011120553134/Business/shipments-at-pp-port-more-than-expected.html

Case pleaded to prime minister

More than 100 workers from Cambo Handsome One garment factory gathered outside the home of Prime Minister Hun Sen on Friday and Saturday, after urging him on Thursday to intervene in a dispute with the factory’s Korean owners. The move followed an appeal to the Ministry ...

http://www.phnompenhpost.com/index.php/2011120553142/National-news/case-pleaded-to-pm.html

ClickNet looks to have signed off

A closed sign hung on the door of ClickNet’s Phnom Penh office during business hours yesterday, and the internet service provider’s Siem Reap office had also reportedly closed. ClickNet’s internet service has been down in Siem Reap since Monday, Thaddée Bechtold, CEO at internet technologies firm ...

http://www.phnompenhpost.com/index.php/2011120253097/Business/clicknet-looks-to-have-signed-off.html

First 10 months of year's exports up 32.9 percent

Exports from Cambodia increased 32.9 percent to $3.7 billion during the first ten months of this year compared to the same period in 2010, according to data released by the Ministry of Commerce yesterday. Milled rice exports saw the biggest increase with a 161.5 percent jump ...

Vietnamese equity fund to open in Cambodia

Dragon Capital, a Vietnam-based private equity firm, has announced that it is planning to launch a fund in Cambodia next year, the second such fund to be announced by a Vietnamese company this year. The firm’s CEO, Dominic Scriven, said that the initial fund would close ...

Moody's offers update on Kingdom's credit outlook

Improved fiscal management and preparation for a decline in foreign aid would help increase Cambodia’s credit rating, according to a quarterly credit opinion from Moody’s Investor Service, which maintained a stable outlook for the country. Reduced exposure to crisis and stagnation in Western economies, continued foreign ...

http://www.phnompenhpost.com/index.php/2011120153072/Business/moodys-offers-update-on-kingdoms-credit-outlook.html

EU crisis hurting silk sector

Europe’s continued economic troubles have weighed heavily this year on Cambodian silk producers, officials and industry insiders said yesterday. Debt woes in the euro zone, the Kingdom’s main export market for silk, have caused job losses, among other issues, according to officials. Cambodian Craft Cooperation, ...

Rann Reuy
http://www.phnompenhpost.com/index.php/2011120153074/Business/eu-crisis-hurting-silk-sector.html

Chinese bank launches branch in Phnom Penh

The Industrial and Commercial Bank of China (ICBC) launched its first branch in Cambodia yesterday, bringing the total number of commercial banks in the country to 30. Speaking at the inauguration of the branch in Phnom Penh, Finance Minister Keat Chhon made an appeal to ICBC ...

Protest over fishing lot bidding continues

Government officials sent conflicting messages yesterday over how they would handle the complaints of about 50 businessmen from Kompong Cham province who continued to protest at the Fisheries Administration over Prime Minister Hun Sen’s decision to cancel their bids to operate fishing lots. Por Try, secretary ...

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