Economy and commerce
SECC targets investor scams
The Securities and Exchange Commission of Cambodia (SECC) is investigating a rise in fraudulent get-rich-quick schemes that prey on Cambodian investors, the market watchdog said yesterday. Unlicensed investment schemes operating inside Cambodia will go under the SECC’s microscope, while multilevel marketing firms that appeal to vulnerable ...
Kimsay Hor and Daniel de Carteret
http://www.phnompenhpost.com/business/secc-targets-investor-scams
Factories mostly skip minimum wage meeting
Government officials and union representatives met behind closed doors Thursday to start hashing out a better way to set the minimum wage for the country’s all-important but troubled garment sector at a workshop brokered by the International Labor Organization (ILO). But what was supposed to be ...
Aun Pheap and Zsombor Peter
http://www.cambodiadaily.com/news/factories-mostly-skip-minimum-wage-meeting-57337/
Thousands expected at municipal court in support of 23
Union leaders say they expect upwards of 1,000 people to jam the streets around Phnom Penh Municipal Court on Friday in a show of support for 23 unionists, workers and bystanders who are on trial for their alleged part in violent protests in Pur Senchey ...
Mech Dara
http://www.cambodiadaily.com/news/thousands-expected-at-municipal-court-in-support-of-23-57342/
Riel trust needed for stability
As much as $320 million is being lost annually as a result of Cambodia’s reliance on the US dollar, while a longstanding mistrust in the riel means there is less of the local currency in circulation, restricting the national bank’s ability to respond in times ...
Eddie Morton
http://www.phnompenhpost.com/business/riel-trust-needed-stability
Garment maker to list at $2.41 per share
Grand Twins International, Cambodia’s second stock exchange listing, will list at the lower end of its expected buy-in range, an announcement on the Phnom Penh Securities (PPS) website said yesterday. GTI is to begin trading on May 29 with nine million shares at $2.41 each, according ...
Daniel de Carteret
http://www.phnompenhpost.com/business/garment-maker-list-241-share
Belarus to consider technology transfers to Cambodia for big strategic projects
Belarus is ready to transfer technology to Cambodia to implement big strategic projects, Belarusian Prime Minister Mikhail Myasnikovich was quoted as saying Wednesday. In a report from Minsk, the Belarusian Telegraph Agency said Myasnikovich made the remarks during a meeting with Prime Minister Hun Sen who ...
The Cambodia Herald News Staff
http://www.thecambodiaherald.com/cambodia/detail/1?page=13&token=MzZhNzU5NTdkZTc
Factory owners boycott wage talks for Cambodian garment workers
Garment factory owners failed to turn up for what was supposed to have been a tripartite meeting with the government and worker unions on Thursday to help break an impasse in negotiations to increase the minimum wage for workers, officials said. The International Labor Organization (ILO) ...
Radio Free Asia News Staff
http://www.rfa.org/english/news/cambodia/talks-04242014182701.html
Cambodia has 960 garment, footwear factories: labor minister
Garment and footwear industry, Cambodia’s largest foreign exchange earner, currently consists of 960 factories, employing some 620,000 workers, labor minister Ith Samheng said Thursday. The sector made a revenue of 5.5 billion U.S. dollars last year, accounting for around 80 percent of the country’s total exports, ...
Asean - China Centre News Staff
http://www.asean-china-center.org/english/2014-04/24/c_133287164.htm
More funding of media a good investment, experts say
The genocides in Cambodia and Rwanda were both aided by local media and propaganda, and the role of foreign media covering them is often criticized as insufficient. In interviews with VOA Khmer, media experts said more funding of that sector could help prevent such errors ...
Sok Khemara
http://www.voacambodia.com/content/more-funding-of-media-a-good-investment-experts-say/1900410.html
Bus strike, part deux
Striking Phnom Penh Sorya Transportation bus service workers demonstrated with fired employees outside a company garage in Russey Keo district yesterday and threatened to lead others off the job again if a deal on contracts can’t be brokered by the Ministry of Labour and company ...
Mom Kunthear
http://www.phnompenhpost.com/national/bus-strike-part-deux
21 labor activists moved to Phnom Penh ahead of trial
Twenty-one labor activists who have been detained in Kampong Cham province since their arrests in January were moved to the main prison outside Phnom Penh on Wednesday. Supporters say the 21 are being detained as a lesson to other would-be demonstrators, after a brutal crackdown ...
Heng Reaksmey
http://www.voacambodia.com/content/labor-activists-moved-to-phnom-penh-ahead-of-trial/1899445.html
Cambodia asks for help in oil and gas industry
Cambodia has invited resource-rich Azerbaijan to help develop Cambodia’s prospective oil and gas industry, Commerce Minister Sun Chanthol announced during a high-level visit to the Caucasian country on Tuesday, according to Azerbaijani media reports. Mr. Chanthol laid out a goal to achieve an overall trade ...
Simon Henderson
http://www.cambodiadaily.com/business/cambodia-asks-for-help-in-oil-and-gas-industry-57237/
Trade deficit prompts call to diversify exports
Cambodia’s trade deficit expanded to almost half a billion dollars during the first three months of the year, according to the latest figures from the Ministry of Commerce. Between January and March, Cambodia’s exports reached $1.99 billion, up 19 per cent compared to the same period ...
May Kunmakara
http://www.phnompenhpost.com/business/trade-deficit-prompts-call-diversify-exports
Local and foreign business interests form luxury property joint venture
A mid strong demand growth in the Grade A office sector, a joint-venture agreement signing event was held at the Sofitel Phokeethra last week, establishing an investment company, provisionally called Kingdom Luxury Development Co, which aims to build a Grade-A office tower Phnom Penh. The joint-venture ...
Economist Says Asean Likely To Miss Key Deadlines for Integration
Southeast Asian countries are likely to miss a deadline for the economic integration of Asean in 2015, a leading economist says. Jayat Menon, an economist for the Asian Development Bank, told reporters in Phnom Penh Wednesday that Asean countries are behind on key targets for integration ...
Suy Heimkhemra
http://www.voacambodia.com/content/economist-says-asean-likely-to-miss-key-deadlines-for-integration-/1899474.html
Foreign tourists to Cambodia's Angkor heritage site up 12 pct in Q1
Cambodia’s Angkor Wat temple, a world heritage site, had attracted 778,740 foreign visitors in the first quarter of 2014, up 12 percent compared to the same period last year, official data showed Wednesday. The top five countries visiting the site are South Korea, China, Vietnam, Japan ...
Asean - China Centre News Staff
http://www.asean-china-center.org/english/2014-04/24/c_133286754.htm
De Castle Royal launches leaseback program
In a first for Phnom Penh, South Korean condominium developer Nury D&C has teamed up with SBI Royal Securities to offer condominium buyers a leaseback arrangement on the remaining condo-miniums and condo-minium blocks for sale at De Castle Royal. The 32-storey De Castle Royal has a ...
Post Staff
http://www.phnompenhpost.com/real-estate/de-castle-royal-launches-leaseback-program
Battambang Rice Investment gets international certification
Battambang Rice Investment Co Ltd says it has been certified as the first rice mill in Cambodia with Good Manufacturing Practices (GMP) and Hazard Analysis and Critical Control Points (HACCP). In a statement, the company said it received confirmation of GMP and HACCP certification in a ...
The Cambodia Herald News Staff
http://www.thecambodiaherald.com/cambodia/detail/1?page=13&token=YjA4ZDZhYTFmOTJ
US broker partners with Korea's Tongyang Securities in Cambodia
US-based broker Decker and Co has announced a partnership with the Cambodian unit of South Korea’s Tongyang Securities Inc, one of only seven underwriters licensed by the Cambodia Securities Exchange. In a statement late Tuesday, Decker said partnerships with Tong Yang in Cambodia and BPI Securities ...
The Cambodia Herald News Staff
http://www.thecambodiaherald.com/cambodia/detail/1?page=13&token=YjM5ZDFmOTBkOTM
Fishermen allege lot sold to businessman
One hundred fishermen in Banteay Meanchey province’s Sisophon town filed a complaint with local authorities yesterday, accusing a provincial fisheries administration official in Phniet commune of selling their subsistence fishing lot to a businessman. ...
Sen David
http://www.phnompenhpost.com/national/fishermen-allege-lot-sold-businessman
Harsh restrictions imposed on union leader
The Phnom Penh Municipal Court on Tuesday ordered embattled union leader Ath Thorn to stay away from the SL garment factory and its workers and to avoid any public gatherings that could “damage public order,” drawing a tight circle around one of the country’s most ...
Mech Dara and Zsombor Peter
http://www.cambodiadaily.com/news/harsh-restrictions-imposed-on-union-leader-57067/
Minister calls for old car ban
Imports of older cars and vans should be banned to help reduce pollution, Minister of Industry and Handicrafts Cham Prasidh said on Monday. Speaking to Cambodia’s business community at a Green Industry workshop in Phnom Penh on Monday, Prasidh said all countries had a role to ...
Chan Muyhong
http://www.phnompenhpost.com/business/minister-calls-old-car-ban
IFC investigates over ‘land-grabbing link’
The International Finance Corporation (IFC) has launched an internal investigation into a complaint lodged against the institution for investing in a Vietnamese rubber firm accused of illegal logging and land grabbing in Ratanakkiri, an NGO and villager said yesterday. Earlier this month, representatives of the IFC’s ...
Amelia Woodside
http://www.phnompenhpost.com/national/ifc-investigates-over-%E2%80%98land-grabbing-link%E2%80%99
Cambodia's foreign trade up 15% amid ongoing political row
Cambodia’s trade volume with foreign countries has increased by 15 percent in the first quarter of 2014 even though the internal conflict between the ruling and opposition parties over July election results remains unsolved. The figures of the Commerce Ministry showed Tuesday that the Southeast Asian ...
Shanghai Daily News Staff
http://www.shanghaidaily.com/article/article_xinhua.aspx?id=213997