Economists See Growth Potential in Stock Exchange
Cambodia has officially opened a stock exchange, which economists say will provide a chance for the development of the country and job creation. However, they warn that mismanagement of the bourse could also lead to economic woes. “When this stock market goes well, it will ...
Temple visits slow after clash
Tourists are still wary about travelling to Preah Vihear temple following border clashes in the area earlier this year, according to provincial officials. Visitor numbers had declined 15.5 per cent during the first seven months compared year on year, but had slowly begun rising in ...
http://www.phnompenhpost.com/index.php/2011082651273/Business/temple-visits-slow-after-clash.html
Moody’s Downgrades Acleda, Cites Risk
Ratings agency Moody’s changed its outlook on Acleda Bank’s financial strength yesterday to “negative” from “stable” and downgraded its rating of the bank’s local currency deposits to Ba2 from Ba1. The rating downgrade was applied due to changes in shareholders at the bank over the ...
Minister wants e-trade by end of year
Cambodian government officials have called on the US-ASEAN Business Council to help finalise implementation of the Kingdom’s first e-commerce law by year’s end. However, US-ASEAN Business Council councillor Frances Zwening said Google did not provide an “in-depth response” to the request for assistance, but added ...
Cassava exports jump 94%
The Kingdom’s cassava exports soared 94 per cent year-on-year in the first nine months of 2011, despite the recent flood devastation the agriculture sector has experienced, according to Ministry of Commerce figures. The statistics showed that Cambodia’s export of dry and fresh cassava hit about 22,652 ...
http://www.phnompenhpost.com/index.php/2011101952198/Business/cassava-exports-jump-94.html
Regional bank meets with evicted railway families
The Asian Development Bank (ADB) met yesterday with the representatives of families evicted or facing eviction to make way for an ADB-funded railway project, and defended itself against complaints that the project was pushing some of them deeper into poverty. The ADB has billed the $142 ...
Railway impact reports nowhere to be seen
The Asian Development Bank (ADB) has not made public the last two quarterly reports on the impact of resettling families who are being evicted for a $142 million railway rehabilitation project. The reports, which are required under an ADM loan agreement with the government, haven’t been ...
Tax revenues from casinos climb 25 per cent in 2011
The Kingdom’s 27 casinos are set to generate about US$20 million in tax revenue for the government in 2011, a 25 per cent year-on-year increase, according to the Ministry of Economy and Finance. At least one government official, however, said the lack of a regulatory regime ...
Company backtracks, says villagers will now get land
The director of TTY rubber company, whose guards shot four land protestors in Kratie province last week, said he will give land back to the protesting villagers, backtracking on his vow Friday not to give up any of the land granted to him by the ...
ILO program pushes dialogue
In the wake of several violent garment-factory protests last week, the International Labour Office yesterday launched a five-year, US$5 million Decent Work Country Program in Cambodia to focus on improving industrial relations. “[This] marks the beginning of a new body of work for the ILO in ...
http://www.phnompenhpost.com/index.php/2012030254818/National-news/ilo-program-pushes-dialogue.html
New Mosquito Infection Detected in 98 People
An outbreak of a mosquito-borne virus new to Cambodia with similar symptoms to dengue fever has been detected in Kompong Speu’s Kong Pisei district, a Health Ministry official said yesterday. Director of the Ministry of Health’s communicable disease control department Dr. Sok Touch said that 98 ...
Koh Kong king halted
Ly Yong Phat and his company LYP Group have been ordered to cease all dredging operations on the Tatai river pending a review of the effects by the Ministry of Water Resources and Meteorology. LYP Group currently has a permit to dredge seven areas of ...
http://www.phnompenhpost.com/index.php/2011072250582/National-news/koh-kong-king-halted.html
Beer girls brew Angkor strike
60 some Angkor beer promoters are going to hold a strike outside of the company’s Phnom Penh offices in order to draw attention to the labor violations and discrimination they’ve suffered. The strike is planned to be loud and colorful according to Cham Rong, the ...
Vattanac in damage denial
A top executive from Cambodian company Vattanac yesterday denied the firm had damaged colonial-era buildings along the capital’s riverfront, as one local business owner sought a new home. Construction at a Vattanac building site – situated on Phnom Penh’s Sisowath Quay – has been at ...
http://www.phnompenhpost.com/index.php/2011080350834/National-news/vattanac-in-damage-denial.html
B’bang Protesters Seek Help in Land Dispute
About 60 villagers from Battambang province’s Sampov Loun district gathered in Phnom Penh’s Wat Botum Park yesterday to prtotested against a 4,065-hectare land concession granted to a company for agriculture development. Korng Sokheng, a representative for 1,850 families, said villagers submitted a petition to Prime ...
Current accounts in control
Cambodia’s current accounts deficit has increased in recent years, but is not yet a cause for concern, according to experts. The Asian Development Bank’s July update showed Cambodia’s current accounts deficit stood at 11 percent of GDP in 2010, and statistics show the trade gap ...
http://www.phnompenhpost.com/index.php/2011080450869/Business/current-accounts-in-control.html
Vietnam top destination for Cambodians
Cambodian outbound tourist departures rose 29 per cent year-on-year through July, with the bulk of the travellers going to Vietnam and Thailand, according to Ministry of Tourism statistics. Nearly 358,000 Cambodian tourists left the Kingdom in the first seven months of 2011, up from about ...
Arbitration council orders an end to strike
The Arbitration Council has ordered more than 700 workers at the Wei Xin garment factory to end a week-long strike they have staged in protest against a spate of issues they have with the company over contracts and payment. A decision handed down on Saturday by ...
Shanghai firm leads the way
Shanghai Construction Group has announced it will complete US$700 million in projects in Cambodia over the next five years, highlighting China’s dominant and still-growing presence in the Kingdom. The company presently oversees nine bridge and road construction projects in the Kingdom, according to government relations officer ...
http://www.phnompenhpost.com/index.php/2011092051749/Business/shanghai-firm-lead-the-way.html
ADB can't confirm authenticity of letter
The Asian Development Bank yesterday said it had never authenticated a June 17 letter from Finance Minister Keat Chhon that claimed an ADB consultant urged the government to target advocacy groups critical of an ADB-funded railway project. In a copy of the letter obtained earlier this ...