Economy and commerce
Trade
Locked-out toy makers left in lurch over wages
Employees at the First & Main cuddly-toy company arrived at work yesterday expecting to be paid outstanding wages – instead, a notice on the gates told them all equipment inside the Phnom Penh factory would be auctioned off, because the company was closing for good. The ...
China is promoting the yuan for settling trade deals with the Kingdom
Due to the expansion of economic and business activities between Cambodia and China, since early August the Bank of China has been negotiation with National Bank of Cambodia (NBC) on the promotion of business transactions in Chinese yuan. It is part of a larger but quiet ...
More R'kiri Journalists Threatened Amid Illegal Timber Trade
Just two weeks after a journalist’s bludgeoned corpse was discovered in Ratanakkiri province, a human rights group yesterday identified two more recent cases of violence or intimidation against reporters in the northeastern province. The report from Adhoc said the pressure from local journalists has occurred alongside an increase ...
LG looks to introduce Optimus G soon
One of the top three manufacturers of mobile phones for the Cambodian market, LG, is likely to roll out its new flagship product, the Optimus G, by the end of the year. Success in the smartphone market would signal a successful turnaround for LG. Prior ...
http://www.phnompenhpost.com/index.php/2012092758949/Business/lg-optimus-g-coming-soon.html
First certified organic rice heads for Europe
Five metric tonnes of certified organic rice — the first such shipment from Cambodia — will depart for the European Union this Friday. The shipment, exported from Cambodia by an entity called Green Trade, comprises three tonnes of brown rice and two tonnes of white jasmine ...
Protests call for workers to be rehired
Nearly 100 workers held a strike inside Phnom Penh’s Conpress Holdings jeans factory yesterday to demand the company allow four fired workers to return to work. The Seak Meanchey district factory, which employs more than 1,000 workers, fired the four in August because they attempted to ...
The Bottom Line
Clashes between garment workers and the local manufacturing industry came to a head in February when three women were shot while protesting for increased bonuses outside their workplace. It was almost five more months before manufacturers and governing bodies agreed to raise the earning potential ...
Global financial crisis threatens progress of least developed countries - UN report
The ongoing financial crisis and weak global economic growth have hampered development in the world’s poorest nations, a U.N. report has warned, adding that half of the world’s least developed countries now risked missing their development goals. The Enabling the Graduation of LDCs report, produced ...
http://app.com.pk/en_/index.php?option=com_content&task=view&id=209427&Itemid=2
Companies aim to be socially minded
Four companies in Cambodia — EZECOM, Manulife Cambodia, Angkor Gold and Unilever — have demonstrated their commitment to corporate social responsibility this month by giving support to schools, a hospital and sustainable living. CSR Asia, the leading provider of information, training, research and consultancy services on ...
Rain delays Kampot port construction
Construction of the US$100 million Kampot sea port had been further delayed by rain, materials not being available and incomplete preparations, a local investor revealed yesterday. Vinh Huor, president of the Kampot Special Economic Zone, (KSEZ) said of the delay: “We are preparing to be better, ...
Rubber up $100 a tonne in a week
The price of rubber jumped to $2,500 per tonne last week after months of the commodity steadily dropping, industry analysts reported. The jump of $100 a tonne, or 4.2 per cent, comes after the price for rubber dropped in June from above $3,000 per tonne, according ...
http://www.phnompenhpost.com/index.php/2012092558889/Business/rubber-up-100-a-tonne-in-a-week.html
Police Say RCAF Trying to Bury Fatal Crash With Cash
Military officials are attempting to squelch a potential lawsuit from relatives of three people killed Friday when Royal Cambodian Armed Forces (RCAF) soldiers smuggling wood through Siem Reap province drove a military truck, donated by the U.S. government, into the family’s motorbike, police officials said. ...
Cambodian king visits Vietnam to cement bilateral ties
Cambodian King Norodom Sihamoni began a 3-day state visit to Vietnam starting on Monday at the invitation of Vietnamese President Truong Tan Sang, local media reported. The visit, the fourth made by Cambodian king since he came to the throne in 2004, will likely elevate further ...
http://news.xinhuanet.com/english/world/2012-09/24/c_131869525.htm
Future of E-Business linked to skills
The future of e-business in Cambodia depends on gaining better skills, a group of students heard yesterday at the University of Puthisastra. In a panel discussion on the future of e-business as part of BarCamp Phnom Penh, T.O. Software president Heng Chamroeun offered advice to the ...
Malaysia - Cambodia trade increases
More than 24,000 Cambodians visited Malaysia during the first half of 2012, while Malaysian arrivals to Cambodia numbered 54,000, an increase of 11.1 per cent compared with the same period in 2011. Ambassador Hussein’s remarks came during the the first three-day Malaysia Travel and Shopping ...
http://www.phnompenhpost.com/index.php/2012092458862/Business/malaysia-cambodia-trade-increases.html
Army Truck Carrying Illegal Timber Kills Family
A family of three, including an 18-year old girl, died when the driver of a military truck carrying illegally cut wood slammed into their motorbike in Siem Reap province, officials said yesterday. The family died at the scene while the occupants of the military truck, seen ...
Record Bad Medicine Haul
Police seized more than two tonnes of dangerous counterfeit medication on Saturday and arrested a Phnom Penh pharmacy owner in a sting officials say has netted the largest-ever haul of illegal medication in Cambodia. After nine days of surveillance, the Ministry of Interior’s Economic Police unit swooped ...
Protesters Stage EU faint-ins
In a year in which more than a thousand Cambodian garment factory workers have fainted on the job, activists across Europe are demonstrating for higher wages and better working conditions in the Kingdom’s factories. Throughout the past week, demonstrators mimicked faintings by collapsing on the floors ...
Thailand's Khon Kaen sees double-digit revenue growth next year
Khon Kaen Sugar Industry KSL.BK, Thailand’s fourth largest sugar producer, expects revenue could grow as much as a fifth next year, fuelled by expansion and a bumper sugarcane crop in 2012/13, the company’s chief executive said on Monday Chalush said sugar production from factories in Laos ...
http://www.reuters.com/article/2012/09/24/us-thailand-sugar-idUSBRE88N05S20120924
Fair facilitates economic ties with Cambodia
A trade fair to boost ties between Viet Nam and Cambodia opened in Cambodia’s capital Phnom Penh yesterday.. Themed ‘Friendship, Cooperation and Development’, the 2012 Viet Nam-Cambodia International Trade Fair is co-organised by the Ministry of Defence and the Ministry of Industry and Trade. The six-day ...
http://vietnamnews.vnagency.com.vn/Economy/230445/fair-facilitates-economic-ties-with-cambodia.html
CP Group plans more investment in Indochina
Charoen Pokphand Group is leaning towards investing more in Indochinese countries in light of their growing economies and regional trade liberalisation through the Asean Economic Community in 2015. Cambodia, Laos, Myanmar and Vietnam have a wealth of natural resources that could support the group’s products from ...
http://www.nationmultimedia.com/business/CP-Group-plans-more-investment-in-Indochina--30190834.html
Phnom Penh sees rise in shipments in 2012
Container traffic through the Phnom Penh Autonomous Port increased by 7.5 percent in the first eight months of this year compared to the sme period last year, according to port figures. In the January through August period, the port received 57,000 twenty-foot-equivalent units, or TEUs, up ...
Union boss adds another strike to plate
With a court date hanging over his head for his involvement in the Tai Yang factories strike in Kandal province, Cambodian Confederation of Unions president Rong Chhun yesterday intervened in another garment dispute, this time in Kampong Speu province. About 1,000 workers entered day five of ...
China ASEN Expo starts on Friday
Minister of Commerce Cham Prasidh and 100 Cambodian companies are set to represent the Kingdom at the 9th China-ASEAN Expo in Nanning, China, which starts tomorrow, according to officials. The expo will include representatives from all 10 ASEAN countries and China itself. Cambodian officials will seek ...