News

Cambodia Stock Exchange to Push Transparency

When the Cambodia Securities Exchange (CSX) was officially launched on Jul. 11 there were no companies listed because of a drive to ensure that everything was above board. “We want to assure full transparency,” says Huot Pum, the deputy director-general of the Securities and Exchange ...

Marwaan Macan-Markar
http://www.ipsnews.net/2011/07/cambodia-stock-exchange-to-push-transparency/

Chinese firm seeks rice from the Kingdom

Sino Grain, a Chinese agriculture company, has come to Cambodia seeking to import milled rice to China. Minister of Commerce Cham Prasidh has encouraged the company to invest in Cambodia by building a rice processing plant in the country and not merely exporting grain. A ...

http://www.phnompenhpost.com/index.php/2011071450369/Business/chinese-firm-seeks-rice-from-the-kingdom.html

The ‘King of Koh Kong’ speaks out

Senator Ly Yong Phat, owner of the Phnom Penh Palm Sugar and Kampong Speu Sugar companies, has released a statement as a result of US diplomatic cables released by Wikileaks that describe him as “The King of Koh Kong”. He answers such questions as why ...

http://www.phnompenhpost.com/index.php/2011071450378/National-news/the-king-of-koh-kong-speaks-out.html

Third worker killed at hydrodam

Ouch Nob, an electrician, was killed while working at the Russei Chrum Kraom river hydropower construction site. Last week two Chinese nationals also working at the site died. China Huadian Hong Kong Limited has agreed to pay the victim’s family $4,700 in compensation. ...

Khouth Sophak Chakrya
http://www.phnompenhpost.com/national/third-worker-killed-hydrodam

‘Encouraging’ gold prospects in Kratie

Initial yields from deposits in Kratie province have prompted Indochine Mining Limited to announce that they were ‘encouraging.’ Results from the drilling will be released in two weeks. The drilling was focused on two target sites within Kratie province. ...

Taiwanese bank eyes Kingdom

Mega International Commercial Bank, a Taiwanese bank, has been in talks with the National Bank of Cambodia (NBC) about setting up operations in Cambodia. The kingdom is said to be an emerging financial sector. The initial branch will be in Phnom Penh in order to ...

http://www.phnompenhpost.com/index.php/2011071350354/Business/taiwanese-bank-eyes-kingdom.html

Thaksin oil deal interrupted

A Cambodian and Thai dispute over oil nearly reached a resolution when then prime minister of Thailand Thaksin Shinawatra was ousted was revealed in diplomatic cables released by Wikileaks. The cable details a meeting between the US-ASEAN Business council in Phnom Penh on May 15, ...

http://www.phnompenhpost.com/index.php/2011071350344/National-news/thaksin-oil-deal-interrupted.html

June Textile Workers Continue Protests

Factory workers from the burnt down June Textile Company have returned to the streets in protest after due to an objection by the factory officials. Last month the Arbitration Council ruled in favor of the workers providing them with a favorable severance payment, which the ...

Company Illegally Cleared Land, Villagers Say

So Chanthou Company has been accused of illegally clearing 290 hectares and removing 84 families in Banteay Meanchey province. The families who are predominately rice farmers are said to have been on the land since 1996 and have complained about So Chanthou Company to the ...

Nation’s first sea bridge opens

A bridge crossing the sea between Sihanoukville and the island of Koh Puos in Cambodia has officially been opened by Prime Minister Hun Sen. Koh Pous owned by the Russian company Koh Pous (Cambodia) Investment Group is turning the island into a resort known as ...

http://www.phnompenhpost.com/index.php/2011071350355/Business/nations-first-sea-bridge-opens.htm

Expand Property Law for Foreigners, Premier Says

Prime Minister Hun Sen has called for the current law only allowing Cambodians to own property from the ground floor up to be scrapped. Currently foreigners can only buy apartments from the second floor and above. The purpose of the move is to increase foreign ...

Land in wildlife sanctuary awarded to private firms

More than 17,000 hectares of land inside the Phnom Oral Wildlife Sanctuary have been awarded by Prime Minister Hun Sen to companies for for agroindustrial development. Two concessions were made of 9,059 hectares and 8,591 hectares in the Trapaing Chor and the Omlaing communes. The ...

http://www.phnompenhpost.com/index.php/2011071350362/National-news/land-in-wildlife-sanctuary-awarded-to-private-firms.html

Shipments increase at Sihanoukville Port

Shipments of freight through Sihanoukville Autonomous Port have seen a 14 percent growth in the second quarter of the year. The number of units passing through the port has risen by 8.6 percent compared to the same period last year. The majority of the shipments ...

http://www.phnompenhpost.com/index.php/2011071350353/Business/shipments-increase-at-sihanoukville-port.html

Laos, Vietnam indicate the way

Stock exchanges in Laos and Vietnam are being used for comparison when trying to determine the model that the Cambodia Securities Exchange (CSX) will take. The CSX has opened officially but no trading has begun. Cambodia’s stock exchange is expected to be more successful than ...

http://www.phnompenhpost.com/index.php/2011071250327/Business/laos-vietnam-indicate-the-way.html

Premier orders review of marine dredging

Prime Minister Hun Sen has order a review of dredging operations and the impacts that they have on Cambodia’s islands and beaches. Freshwater dredging has also been ordered to go under review, with the Prime Minister calling for the Minister of Water Resources and Meteorology ...

http://www.phnompenhpost.com/index.php/2011071250319/National-news/premier-orders-review-of-marine-dredging.html

Minister’s appeal to listed companies

The opening of the Cambodia Securities Exchange (CSX) was marked by a speech from Minister of Finance Keat Chhon, who urged three state-owned companies to speed up their initial public offerings. No companies, state-owned or otherwise are currently trading on the new market. Telecom Cambodia, ...

http://www.phnompenhpost.com/index.php/Business/lets-get-the-ball-rolling.html

Cables reveal US positivity

US diplomatic cables released by WikiLeaks have shown a positive light towards two high-profile court cases in Cambodia. One case concerns the trafficking and physical abuse of an 11 year old girl and was Cambodia’s first case of human trafficking to be prosecuted. The cables ...

http://www.phnompenhpost.com/index.php/2011071250326/National-news/cables-reveal-us-positivity.html

Canadia Bank Nominates Lor as New CEO

Michael Lor of Malaysian-based EON Bank has been nominated to replace Pung Kheav Se, the current CEO of Canadia Bank. The information has been passed to the National Bank of Cambodia and is awaiting approval following a board meeting on June 30, 2011. The move ...

Leopard Spots More Investment Opportunities

Approximately US $75 million will be invested in Cambodia and Laos by Leopard Capital. The company will focus on financial service, agriculture and power. The 10 year fund is targeting annual returns of 25 percent and will favor renewable energy sources. ...

World Bank No Longer Funding State-Run Radio

The World Bank has ceased funding Radio National Kampuchea (RNK) as of last month due to a failure to comply to the bank’s Demand for Good Governance Project agreement. The funding ended on June 30. The World Bank granted RNK US $20 million with a ...

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