Economy and commerce
Withdrawals top hundreds of millions
More than $600 million flooded out of Cambodia’s entire banking system during the third quarter of this year, as fears of post-election chaos set off panic and mass withdrawals, new figures from the National Bank of Cambodia (NBC) reveal. The figures, obtained yesterday, were the first ...
Daniel de Carteret
http://www.phnompenhpost.com/business/withdrawals-top-hundreds-millions
Ningbo Thermal to Establish JV in Cambodia
Ningbo Thermal Power (shse:600982) will invest less than USD 16.67 million in building a thermal power arm to develop a heat and power cogeneration project in Sihanoukville Special Economic Zone (SSEZ), Cambodia. The joint venture will be responsible for building the heat and power cogeneration ...
Menafn.Com News Staff
http://www.menafn.com/7e447384-ee07-4dd1-b250-d464da6e40c1/Ningbo-Thermal-to-Establish-JV-in-Cambodia?src=main
Cambodia's garment export surges 24 pct in first 10 months
Garment industry, Cambodia’s largest income maker, reported a 24 percent rise in exports in the first ten months of 2013, according to figures of the country’s Ministry of Commerce Thursday. The figures showed that the country exported garment products in equivalent to 4.76 billion U.S. dollars ...
Xinhuanet News Staff
http://news.xinhuanet.com/english/business/2013-11/07/c_132867226.htm
Muhibbah JV bags RM276m projects for Cambodia’s airports
Muhibbah Engineering (M) Bhd and its joint venture partner has secured two contracts valued at US$87mil (RM276mil) to build and expand two airports in Cambodia. Muhibbah has a 30% stake in SCA [Societe Concessionnaire de L’Aeroport]. The duration for the Phnom Penh Airport and Siem ...
The Star Online News Staff
http://www.thestar.com.my/Business/Business-News/2013/11/06/Muhibbah-JV-bags-RM276m-projects-for-Cambodia-airports.aspx
Debtors need mercy: CNRP
The opposition party has called on microfinance institutions to renegotiate payment terms with flood-affected loan holders. This year’s floods have affected 20 provinces and more than 1.7 million people, with 31,314 households evacuated, according to the Humanitarian Response Forum. The Cambodia National Rescue Party has asked that ...
Kevin Ponniah
http://www.phnompenhpost.com/national/debtors-need-mercy-cnrp
Don’t bet on elections
The house always wins, except when there’s a disputed election scaring gamblers away from the tables. That’s the message from Entertainment Gaming Asia Inc, which operates casinos in Poipet town and Pailin province as well as supplying NagaWorld casino with slot machines. According to the company, Cambodia’s ...
Daniel de Carteret and Hor Kimsay
http://www.phnompenhpost.com/business/don%E2%80%99t-bet-elections
Bank will offer loans to farmers
Chief Cambodia Specialized Bank, a subsidiary of a Hong Kong-based brokerage firm, will begin operations in Cambodia next month, its management said on Monday. Sokun Chakriya, head of marketing and sales at Chief Cambodia, said the bank aims to increase access to finance in Cambodia’s agricultural ...
Hor Kimsay
http://www.phnompenhpost.com/business/bank-will-offer-loans-farmers
Oil and gas giant Chevron rotates local personnel
After two and a half years, Chevron’s Cambodia country manager, Steve Glick, will move on from his position in what the oil and gas giant called a routine rotation, according to a statement released yesterday. Glick, who came to the job in 2011, will be “taking ...
Daniel de Carteret and May Kunmakara
http://www.phnompenhpost.com/business/oil-and-gas-giant-chevron-rotates-local-personnel
Canada's Angkor Gold completes initial exploration in Ratankiri
Canada’s Angkor Gold Corp announced Wednesday the completion of preliminary exploration on its Blue Lizard prospect in the South Oyadao exploration lease in Ratanakiri province. A statement said termite-sampling crews encountered the prospect as artisanal workings and that the company had collected and analyzed more than ...
The Cambodia Herald Staff
http://www.thecambodiaherald.com/cambodia/detail/1?page=13&token=NThkYjUwZjNmNjg
Audi to cruise into local market
German luxury car manufacturer Audi has expanded into Cambodia, joining the recent entry of higher-end automobile producers into a small but growing market. At a signing ceremony in Phnom Penh yesterday, Audi AG appointed Automotive Asia (Cambodia) Ltd as its official distributor in the country. The ...
Anne Renzenbrink
http://www.phnompenhpost.com/business/audi-cruise-local-market
Cambodia sees sharp rise in rice export in 10 months
Cambodia exported 294,150 tonnes of milled rice in the first 10 months of the year, a 101 percent rise from 146,200 tonnes over the same period last year, a government data showed Tuesday. The country’s milled rice has been sold to 57 countries and regions around ...
Xinhua
http://www.asean-china-center.org/english/2013-11/06/c_132864582.htm
Electronic banking to ‘Help fight corruption’
Civil servants living in Phnom Penh will have wages paid into Canadia Bank accounts starting this week, Moth Kiev, secretary of the Ministry of Social Affairs, said on Friday. The children of retired and disabled civil servants who have died will receive payments directly from ...
Sen David
http://www.phnompenhpost.com/national/electronic-banking-%E2%80%98help-fight-corruption%E2%80%99
GL to buy Cambodian firm
SET-listed Group Lease Plc (GL) plans to acquire a microfinance company in Cambodia as part of its effort to boost overseas revenue to more than 50% by 2015. GL’s chief executive Mitsuji Konoshita said negotiations are nearly finalised and the acquisition will be made through ...
Bangkok Post News Staff
http://www.bangkokpost.com/news/asia/378183/gl-to-buy-cambodian-firm
Sales of Korean energy drink explode in Cambodia
Cambodia last year accounted for 24 percent of the overseas sales of Bacchus, an energy drink marketed by South Korea’s Dong-A ST, Korea IT Times reported Monday. “By the year’s end, the company expects it would sell 100 million cans of Bacchus, about eight cans per ...
The Cambodia Herald Staff
http://www.thecambodiaherald.com/cambodia/detail/1?page=13&token=ZWU4YTU1NzlhMTM
Cambodian, U.S. senior officials meet to promote bilateral ties
Cambodian and U.S. senior officials met here on Monday to further promote bilateral ties and cooperation. The meeting was made between Ouch Borith, secretary of state at the Cambodian Ministry of Foreign Affairs, and Scot Marciel, visiting principal deputy assistant to the United States Secretary of ...
Xinhuanet News Staff
http://news.xinhuanet.com/english/world/2013-11/04/c_132858319.htm
Cambodia's micro-lenders report 33 pct loan growth in 9 months
Cambodia’s 35 microfinance institutions had lent $1.18 billion to their customers by the end of September this year, a 33 percent rise from $890 million at the end of last year, a report of the Cambodia Microfinance Association (CMA) said Friday. On the deposit side, the ...
Global Times News Staff
http://www.globaltimes.cn/content/821933.shtml#.UnZCOflgd8E
Cambodia sees slowdown in new business numbers in 9 months
The Cambodian Ministry of Commerce said Friday that it had granted operating licenses to 2, 223 new companies in the first nine months of 2013, down 14.6 percent compared with 2,606 new firms over the same period last year. From January to September this year, the ...
Global Times News Staff
http://www.globaltimes.cn/content/821915.shtml#.UnZHp_lgd8E
Plans to Reform Economy for Asean Integration
Cambodia’s newly appointed minister of commerce said Thursday that he plans to reform the country’s economy ahead of Cambodia’s entrance into the Asean Economic Community (AEC) 2015, though he and other officials did not say how they plan to accomplish that goal. Speaking to reporters on ...
Hul Reaksmey and Joshua Wilwohl
http://www.cambodiadaily.com/business/plans-to-reform-economy-for-asean-integration-46469/
New provider CooTel launches in Kingdom
Telecommunications company Xinwei (Cambodia) Telecom Co Ltd, operating under the CooTel brand, officially launched in Cambodia yesterday, being the first operator to offer 4G technology in the country, a company statement released yesterday said. “CooTel strongly believes it will be successful in entering the Cambodian market ...
Post Staff, P.8
http://www.phnompenhpost.com
CAMBODIA: H&M calls for annual minimum wage review
The Cambodian government should construct an effective annual review system for the minimum wage to ease worker unrest, according to clothing retail giant H&M. The Swedish company’s comments came after CEO Karl-Johan Persson visited the country in mid-October, meeting Cambodia Prime Minister Hun Sen and other ...
Richard Woodard
http://www.just-style.com/news/hm-calls-for-annual-minimum-wage-review_id119576.aspx
Maybank Cambodia Optimistic Over Cambodia's Medium-to-long-term Prospects With Four New Branches
Maybank Cambodia Plc, with 12 branches in the Indo-Chinese country, is optimistic over Cambodia’s medium-to-long-term prospects with its four additional branches opened today, bringing its total network there to 16 branches. With the opening of the branches, the bank expects them to boost its total deposits ...
Bernama News Staff
http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=990183
Herbalife to operate in capital
Herbalife Ltd, a global nutrition company whose business practices are being challenged in a US court and whose marketing strategies have been the subject of public criticism, will officially open a six-storey distribution centre in Phnom Penh today, according to the New York Stock Exchange-listed ...
Daniel de Carteret
http://www.phnompenhpost.com/business/herbalife-operate-capital
National brokerage opens first overseas office
National insurance broking firm MGA Insurance Brokers is opening a new office in the developing market of Cambodia. The Cambodian operation was being set up as a joint venture with two local brokers, Chantol Seng and Sophat Meas, who had extensive international experience. “Cambodia has a ...
Insurance Business News Staff
http://www.insurancebusinessonline.com.au/news/national-brokerage-opens-first-overseas-office-181017.aspx
PTT keeps Cambodia jet fuel gig
PTT Plc, Thailand’s giant oil and gas conglomerate, has renewed its concession with the Cambodian government to provide jet fuel services for another five years at airports in Phnom Penh and Siem Reap. Senior executive vice-president Auttapol Rerkpiboon said PTT will provide jet fuel service at ...
Bangkok Post News Staff
http://www.bangkokpost.com/business/news/377274/ptt-keeps-cambodia-jet-fuel-gig