Economy and commerce

Partly triggered by recent flood damage and an increase in road accidents, claims filed with the six general insurance companies in Cambodia spiked more than 160 per cent in the nine months through to September compared with the same time last year, the latest data ...

Clothing giant H&M is testing the garment production waters by entering into exclusivity agreements with factories in Cambodia and Bangladesh, according to a report from Bloomberg News yesterday. This means that Sweden-based H&M would buy all of the factory’s output. H&M, it seems, would still be ...

Cambodia’s Koh Russey Resort development project is aiming to attract large foreign investment by exhibiting in Hong Kong. The resort will showcase its properties and facilities at an exhibition from November 29 until December 1, according to the real estate company CBRE. Expert staff of all departments ...

Cambodia’s customs officials on Wednesday called on all importers to pay”tax fees as stated by law, not pay bribe”to customs officers. The appeal came after some Chinese importers have complained that Cambodian customs officers have increased tariffs for their imported products, or not allowed their ...

Cambodia’s export has seen a 30 percent rise in the first 10 months of 2013 thanks to the surges in the exports of garment, milled rice, and rubber, trade data showed Wednesday. The Southeast Asian nation has exported goods in a total value of 5.87 billion ...

Cambodia is benefiting from a steadily growing service sector, but it needs to clear a number of obstacles to harness the sector’s potential, said a new Asian Development Bank (ADB) report released on Tuesday. The report, entitled Developing the Service Sector as an Engine of Growth ...

Cambodia’s insurance industry recorded a total premium of 31 million U.S. dollars in the first nine months of the year, up 20 percent compared with the same period last year, figures showed Tuesday. It said during January-September period this year, the total amount of claims paid ...

The assets of bankrupt mobile operator Mfone, which owes creditors more than $160 million, have been sold to a single buyer for the bargain price of $10 million, a lawyer involved with the case said Monday. Khan Sereyvuthy, a legal adviser to the government-appointed administrator handling ...

The Council of Ministers has approved a draft law aimed at protecting the patent rights of traditional Cambodian products, which if violated could be met with a fine of up to $5,000 and a five-year jail term. The law on geographical indication (G.I.), a status given ...

ACLEDA officially launched its first credit card on Friday as Cambodia’s largest bank eyes the country’s rising middle income bracket, president and CEO In Channy said yesterday. “This is the right time for us to start this Visa credit card product. By 2020, Cambodia will change ...

A new local airline is applying to fly in Cambodia, according to aviation officials, at a time when the market is monopolised by national flag carrier Cambodia Angkor Air and a handful of carriers offering chartered routes. Royal Spirit Airlines last Friday met with the State ...

Only 3.7 percent of Cambodia’s 14 million people have bank accounts with a financial institution, while less than 1 percent of those with an account are actually using them to save money, according to a World Bank report released Tuesday. Though the World Bank’s Global Financial ...

Malaysian financial services group Hwang-DBS Bhd is selling its eponymous bank in Cambodia for $40 million, the company has announced on the Bursa Malaysia. The sale is to Phillip MFIs Pte Ltd, a member of the Singapore-based PhillipCapital Group. PhillipCapital has an existing presence in ...

California-based winery E. & J. Gallo has entered Cambodia and is offering four of its more economically priced brands in an effort to introduce locals to wine without breaking their budget, company representatives said Monday. “Cambodia, as well as other markets in Asia, is perfect for ...

Minister of Water Resources and Meteorology Lim Kean Hor said Monday that he would seek an investigation into a $1.5-million haul of river sand exported to India in April in spite of a ban on the export of dredged sand handed down by Prime Minister ...

Orix Corp., Japan’s top leasing company, has agreed to buy a 6% stake in Cambodia’s largest bank by assets, Acleda Bank PLC, according to people close to the matter. It would be the first investment by a major Japanese financial institution in the Southeast Asian country, ...

Koh Kong Sugar has offered to settle its yearslong dispute with Cambodian families who accuse its plantations of stealing their land, but the farmers remain wary of being able to secure a fair deal. The firm, a subsidiary of Thailand’s Khon Kaen Sugar Industry Limited (KSL), ...

Two of the leading microfinance institutions (MFIs) in Cambodia said yesterday that they have identified a relatively small fraction of borrowers who were affected by flooding and would provide relief on their repayment schedules if necessary. The comments come after both Prime Minister Hun Sen and ...

This year, the Cambodian people celebrate their 60th National Day as well as the birthday of the Cambodia Kingdom’s royal army under the bright leadership of King Norodom Sihanouk, who relentlessly struggled against the French colonialists to gain independence (09-11-1953 – 09-11-2013). In 2010, Father ...

Declaring that it has “zero tolerance” towards land grabbing, Coca-Cola has agreed to investigate a long running case in Cambodia where villagers are seeking court action against a company accused of seizing their land to make way for plantations linked to the supply of sugar ...

US Ambassador William Todd on Thursday urged the Cambodian government to strengthen the skills of its laborers, in order to meet the needs of an integrated Asean in 2015. The 10 Southeast Asian countries that comprise Asean are all moving toward an integrated economic block, which ...

Cambodia has seen a 46 percent rise in dry rubber export in the first ten months of 2013 thanks to rising global demand, said the report of the Commerce Ministry on Friday. The country exported 62,915 tons of dry rubber during the January-October period this year, ...

A huge haul of river sand dredged in Cambodia has been quarantined at the southern Indian port city of Cochin since its arrival in April despite a ban on sand exports instituted by Prime Minister Hun Sen in 2009. India’s Deccan Chronicle news­paper reported on Tuesday ...

The Phnom Penh Autonomous Port has requested that City Hall reduce the length of its daily ban forbidding container trucks from traveling on Phnom Penh roads between 5 a.m. and 9 p.m. because cargo is unable to reach the port, resulting in a decrease in ...