Economy and commerce

THE supply of pharmaceutical products has outstripped demand, causing a decrease in the value of drug imports during the first half of 2011, experts say. An increase in the number of firms importing pharmaceutical products in 2010 led to this year’s drop, Medical Trust Company ...

ABA Bank has been awarded “Cambodia Retail Bank of the Year” award by this year’s Asia Banking & Finance Retail Banking Awards. With 150 bankers from across Asia on hand to congratulate the winners in Singapore, ABA Bank Deputy Chief Executive Officer Askhat Azhikhanov said ...

Cambodia’s central bank is looking to tighten monetary policy to slow an inflation rate that could hit 8 to 9 percent this year, National Bank of Cambodia Director General and Spokeswoman Nguon Sokha said yesterday. Increases in commodity prices and petroleum has led to rising prices ...

Leaning over the railing on the roof of the Khmeroyal Hotel along Phnom Penh’s Sisowath Quay, 54-year-old scholar and long-time Cambodian resident Oliver de Bernon peered across at his crumbing riverfront apartment yesterday. Residents of the block between streets 178 and 184 on Sisowath Quay ...

The number of visitors arriving in Cambodia in the first six months of this year has increased 13.4 percent to 1,385,029, compared to the same period in 2010, Kong Sophearak, director of the statistics department at the Ministry of Tourism, said yesterday. The largest influx ...

Carlsberg has said it is investigating a strike by Angkor beer promoters, who yesterday vowed to continue in their bid for fair treatment.  More than 30 beer promoters have been striking since last Monday, accusing Angkor brewer Cambrew of refusing to pay overtime despite a ...

Thousands of workers who were sacked after part of the June Textile garment factory burned down in March are finally receiving severance payments and other awards following a ruling from the Arbitration Council. Taing Kisay, an administration assistant at the factory, said yesterday that more ...

Cambodia and Vietnam have agreed to increase the number of vehicles permitted to travel through the Trapeang Sre border gate in Kratie province, aiming to boost cross-border commerce and tourism. The agreement allows 300 vehicles from each country to register to pass freely through the ...

The Kingdom’s growing agricultural sector is leading to more loans and deposits at microfinance institutions. The small-scale lenders also credit the boost in Cambodia’s agro-industry for declining non-performing loans rates. The MFI’s lending totalled $51 million to 4,900 borrowers at the end of June, whiles ...

Cambodia must further integrate with its East Asian neighbours for future economic development, said Minister of Economy and Finance Keat Chhon. The financial crisis highlighted the need to diversify production, and Asia’s markets are ripe for increased Cambodian exports, he said. Speaking at the 7th ...

SMART Mobile yesterday announced the official launch of its 3.75G data service, a key part of the company’s strategy to capture Cambodia’s burgeoning mobile internet market. The firm estimated its 3.75G would allow for data download speeds of up to 21 megabits per second and ...

Police have told beer promoters protesting outside Cambrew Ltd. offices in Phnom Penh to quiet down as their strike goes into the third day. The strikers who promote Angkor Beer are asking that the brewery honor a decision by the Arbitration Council to award them ...

Three villagers who were part of a protest over a land dispute with the Meng Keth Company have been summoned to court for questioning over alleged violence during the protest. The land dispute is over 65 contested hectares of land that was granted to the ...

Mong Reththy, former advisor to Prime Minister Hun Sen has said that investors should use local residents on their land concessions rather than evicting them and hiring outsiders. According to a US diplomatic cable released by WikiLeaks Mr. Reththy is “Hun Sen’s Money Man” and ...

Work supposedly began again at a construction site along Sisowath Quay after authorities had put a stop to it the day before due to damage being caused to surrounding buildings. 11 families have been evacuated as a result and local business have had their properties ...

The time it takes to export goods has fallen 40 percent according to the UN. Southeast Asia has seen an improvement in the average time it takes for trade procedures to be completed, dropping to 19 days, though this is still three times longer than ...

Earnings from two of Cambodia’s banks have shown growth within the sector for the first six months of 2011. Acleda Bank and Cambodian Public Bank Plc, have had their profits rise to $21.7 million and $13.4 million respectively. The banks have grown as a result ...

According to more than 30 Angkor Beer promoters who are protesting Cambrew Ltd’s failure to comply to an Arbitration Council ruling, the company has threatened them with firings. The protestors plan on continuing the strike until the company meets their demands. The Cambodian Food and ...

Villagers who were evicted by security personnel in order to make way for Tan Bien-Kompong Thom Rubber Company have missed another growing season as they have not been given land original promised by the government. They were original promised one hectare of land each before ...

According to the Asian Development Bank (ADB) the regional and national power grids are key to development, though plans for their development have come under criticism by a number of NGOs who believe that power generation should be decentralized. The ADB’s Greater Mekong Subregion program ...

Ministry of Land Management officials have said that colonial-era buildings along Phnom Penh’s riverside could collapse as a result of damage received from construction next door. The buildings along the Sisowath Quay could be in an even more perilous position as a result of the ...

Vietnam businesses are looking to invest in Cambodia but are faced with a shortage of skilled labor and high transportation costs. The Oversea Entrepreneur Forum in Phnom Penh saw over 100 firms meet to discuss potential partnerships.  It has also been said that further cooperation ...

Battambang provincial court has issued an injunction halting the sale of any part of Loran Import Export Company in a dispute over ownership of the prominent rice milling firm, according to a statement. The plaintiffs, including prominent media personality Soy Sopheap as well as Uy Ang ...

The Association of Cambodian Recruitment Agencies (ACRA) has delayed in sending 2,000 Cambodians to Qatar due to a lack of information about safety. The Ministry of Labour of Qatar has provided insufficient information regarding worker safety according to An Bunhak, the ACRA director. ACREA intends ...