Economy and commerce

Prince Finance Plc is moving to support the efforts of the National Bank of Cambodia (NBC) to promote the use of the riel by using the domestic currency in all transactions, fees, loans and staff salaries, the microfinance institution’s managing director, Hon Sorachana, told a ...

One of Thailand’s leading agricultural groups and a major producer of animal feed will build a $30 million factory in the Phnom Penh Special Economic Zone, company officials announced last week. ...

When Chheung Rattana was married a few years ago, the only thing she and her new husband inherited from their families was a small plot of land to grow rice on. It was a tough start for the newlyweds, who decided that the only way ...

An India-based company is exploring investment opportunities in Cambodia’s real estate and hotel market and says it will invest $1 billion over five years. ...

Cambodia’s exports of crude palm oil have increased, though the price has declined in line with falling global prices, according to an official and a producer. ...

Thai executives are encouraging their government to build business centers in Cambodian provinces that border the country, as well as in its other ASEAN neighbors, according to Thai media reports. ...

The Kingdom exported 9,379.29 tons of sesame last year, according to a report from the Ministry of Agriculture, Forestry and Fisheries, with Vietnam buying the lion’s share. ...

Microfinance institutions (MFIs) have been expanding their financial services to include the use of mobile phones, a move aimed at boosting services for people in rural areas who find it difficult or expensive to travel to offices in towns or villages. ...

Malayan Banking Bhd (Maybank) is further strengthening its operations in Cambodia with the launch of Maybank Tower, a new 10-storey corporate office in the country. ...

Palm sugar from Kampong Speu, which has been registered for geographical indication (GI) status, is in the processing stage of being granted protected geographical indication (PGI) status in Thailand and Vietnam. This comes after Kampot pepper was recently certified as PGI in the European Union ...

New figures show that Cambodia’s sugar exports to the European Union fell by 94.8 per cent between 2013 and 2015, amid accusations of rights abuses and land grabbing in the Kingdom’s industry. ...

Prime Minister Hun Sen told a summit on micro-finance development yesterday that stricter rules needed to be applied to organizations and institutions lending money as many people were being cheated, embezzled and losing their collateral to unscrupulous lenders. ...

A campaign will be launched country-wide to educate the public about how to properly use financial services, a forum on microfinance in Phnom Penh was told yesterday. ...

Trade between Cambodia and Hong Kong is rising fast, expanding from about $1 billion in 2014 to $1.3 billion last year year, Veng Sothy, an Undersecretary of State at the Commerce Ministry, told a meeting in Siem Reap Friday. ...

Cambodia’s central bank has asked all financial institutions, especially rural lenders, to refrain from accepting personal identity cards, residential records and family books as a guarantee while giving out loans to consumers.   ...

Sok Rasmey (not his real name) works for an NGO in Phnom Penh with a salary of $350 a month. This is usually enough to cover his modest living costs, but when urgent expenses arise, he often looks to borrow to cover his costs. Ashamed ...

A former employee of a microfinance institution (MFI) was Tuesday jailed on charges of embezzling some $300,000 from the company, a court official said. ...

In its 10th year, Cambodia’s growing microfinance sector has seen stellar credit and deposit growth. But concerns remain over this speed of credit growth in the sector, as well as the rise in unlicensed lenders operating in rural areas. ...

A former employee of a microfinance institution (MFI) was Tuesday jailed on charges of embezzling some $300,000 from the company, a court official said. ...

The president of the Cambodia Rice Federation (CRF) has asked the government for an emergency loan of $20 million to $30 million, saying it is necessary to prevent the collapse of the rice sector. ...

Tag Wealth International, a subsidiary of Australian financial services company Tag Group, will establish a permanent office in Phnom Penh to provide services for expatriates living in Cambodia, its director said yesterday. ...

Malaysian conglomerate Muhibbah Engineering Bhd reported that revenue declined 7.5 per cent last year, but gross profit increased in part due to its stake in the company that operates Cambodia’s three international airports. ...

Local rice millers and exporters have responded with alarm to the rice-export target set by the Lao government of 1 million tons this year, while Cambodian rice millers and traders have yet to overcome numerous barriers hindering their competitiveness at home and abroad. ...

The Cambodia Rice Federation (CRF) will work closely with the government to curb Vietnamese rice imports flooding the domestic market and channel more lending to domestic millers so that they can compete with rivals in neighboring countries, it said yesterday in a statement. ...