News
Factory bows but strike continues
Workers striking for a second day at a garment factory in suburban Phnom Penh succeeded yesterday in having one of their eight demands met, as Taiwanese-owned Meroson Cambodia Co Ltd agreed to reinstate three employees allegedly fired for joining a union, a union official said ...
Recruiting firm told to close
The Ministry of Labour has been ordered to permanently close the labour recruitment firm T&P following the discovery of more under-age trainees in its Kampong Chhnang centre. The move marks the first time the ministry has shut a labour reruitment firm, and follows intense criticism of ...
Cambodia post delivers 40% revenue gain
Revenue at Cambodia’s postal service rose 40 percent in the first nine months of this year compared to the same period last year, an official at Cambodia Post said yesterday, attributing the rise to the postal service gaining complete independence from the Ministry of Posts ...
Trade with China to hit $2 billion this year
Bilateral trade between China and Cambodia is on track to reach $2 billion by the end of this year, its highest level ever, an official at the Chinese Embassy in Phnom Penh said. Jin Yuan, economic and commercial counselor at the Chinese Embassy, said during a ...
K Chhnang court suspends 15 from M&V Factory
Kompong Chhnang Provincial Court on Tuesday gave permission to M&V International Manufacturing garment factory to suspend two Free Trade Union representatives and 13 other workers after they allegedly instigated an illegal protest earlier this month, a court official said Wednesday. Penh Vibol, provincial chief prosecutor, said ...
Chinese 'no-strings' loans come at a cost
As government borrowing from China continues to increase, a new study released yesterday showed that Chinese concessional loans carry higher interest than any others. According to the study, released by the NGO Forum on Cambodia at a workshop in Phnom Penh, China’s average interest rate on ...
EU organizes a seminar on food security
The Delegation of the European Union to Cambodia in collaboration with the Council for Agricultural and rural Development, Ministry of Agriculture, Forestry and Fisheries and three of the EU-funded projects (CEDAC, HKI, WHH) on October 6 organized a Food Security Project Workshop “Improving Food Security—Lessons ...
IBM eyes on Cambodia market again
IBM reaffirmed its commitment to the Cambodian market through a two-day event from 5 to 6 October in Phnom Penh which it demonstrated technology solutions for companies and governments of all sizes. With the potential market in Cambodia, IBM targets to set up its full ...
Cargo growth for Phnom Penh Port reaches 30% in September of 2011
“Cargo transferred to and from the Phnom Penh Autonomous Port (PPAP) is at 121,654.116 tones in September of 2011, increasing 30 percent if comparing to September 2010 with 92,648.796 tones,” according to the report from the PPAP obtained by SEAW on October 3rd. This September report ...
Cambodia urges Singapore to invest Rice Mills and Agro-Industry
“Singapore will boost Singaporean companies to seek opportunities to invest in Cambodia, especially in the agro-industry,” H.E. Hor Namhong, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, announced on Wednesday morning after bilateral talks with his Singaporean counterpart Excellency Mr. K. Shanmugam, ...
Cambodia establishes Constructors Association
The Constructors Association (C.A.) was officially formed on October 7th with an aim to develop the country’s construction and real estate sector. The C.A. launching ceremony was presided over by Senior Minister and Minister of Land Management, Urban Planning and Construction H.E. Im Chhun Lim. ...
Serbian Foreign Minister strengthen bilateral ties
“Minister of Foreign Affairs of the Republic of Serbia, H.E. Vuk Jeremic will pay an official visit to Cambodia early next week to strengthen bilateral cooperation between the two countries,” the media release from the foreign ministry said on October 7. “Serbian Foreign Minister H.E. Vuk ...
Cambodia hosts 3rd World Eco-Tourism Forum
Cambodia hosted the 3rd World Ecotourism Conference on October 3rd at the famous costal province—Preah Sihanouk—in an aim at developing the Asia Pacific region as a leading ecotourism destination. To celebrate the acceptance of the Cambodia costal zone (Preah Sihanouk Ville, Koh Kong, Kep and Kampot) ...
Vietnamese bank upgrades business form to boost investment in Cambodia
The increasing number of Vietnamese investors gives more potential to the Cambodia market. Saigon Though Tin Commercial Bank (Sacombank), on October 5, opened fully its operation as a foreign bank in Cambodia where before it was just a branch in Phnom Penh after the business ...
Mfone CEO to resign, company says still open to merger talks
MFONE CEO Yap Wai Khee will resign at the end of the month, officials said yesterday, fuelling questions about the future of the company. Yap Wai Khee, who held the position for about a year, will leave for family-related reasons, according to Atip Rittaporn, managing director ...
Strikers used as ‘slave labour’
About 500 of the 600 garment makers at Meroson Cambodia Co Ltd went on strike yesterday, accusing the Taiwanese-owned firm which exports T-shirts to North America of using them as “slave labour” Chey Sovan, vice-president of the Cambodian National Confederation for Labourers’ Protection, said that the main reason ...
Firms question SECC prakas
The Kingdom’s securities firms have raised concerns about an impending regulation that they said may stunt growth in the country’s fledgling financial markets. The Securities and Exchange Commission of Cambodia is considering a regulation, or prakas, that will require all market participants to maintain a certain ...
http://www.phnompenhpost.com/index.php/2011101352105/Business/firms-question-secc-prakas.html
Angkor Air to start flights to Sihanoukville in December
The national carrier Angkor Air will launch a regular flight service on December 14 between Siem Reap and Sihanoukville, said Quang Dinh, assistant to the CEO of Cambodia Angkor Air, yesterday This will be the first time that Sihanoukville, the nation’s main coastal destination, will receive ...
Hongkong Land plans to break ground in 2012
Hongkong Land, one of Asia’s largest property investment companies, plans to have excavators move in on one of its four properties in Phnom Penh’s Daun Penh district that it bought earlier this year, according to an official at the company. John Brinsden, country adviser for Jardine ...
FDI soars 250% over last year
Foreign direct investment in the Kingdom soared 250 per cent year-on-year through August even despite the West’s economic woes, Deputy Prime Minister Sok An said yesterday. A total of 87 projects worth US$5.6 billion were approved by the Council for the Development of Cambodia during the ...
http://www.phnompenhpost.com/index.php/2011101352107/Business/fdi-soars-250-over-last-year.html
Education overhaul needed to grow economy
Cambodia’s education sector needs a complete overhaul in order to reduce unemployment and successfully diversify the economy beyond garment manufacturing, according to a World Bank report released today. The report’s release came after investors and economists said at a trade and investment conference in Phnom Penh ...
Banking sector shows growth in 3rd quarter
Taking advantage of strong economic growth this year, two of the country’s largest banks have posted strong third-quarter earnings. Acleda Bank yesterday reported a net profit of $32.68 million in the first three quarters of the year, almost double the amount over the same period last ...
Floods force GDP revision
Cambodia has lowered its economic growth projection from 7 to 6 per cent for 2011 after more than a month of flood devastation in the Kingdom and continued economic turmoil in the United States and Europe, Deputy Prime Minister Keat Chhon said yesterday. The full impact ...
http://www.phnompenhpost.com/index.php/2011101252083/Business/floods-force-gdp-revision.html
Rare giant ibis loses habitat
The latest in a series of land concessions granted in protected forests has cut nearly 10,000 hectares from Cambodia’s largest wildlife sanctuary – home to the Kingdom’s critically endangered national bird, the Giant Ibis. A September 7 sub-decree, released on Monday evening, reclassified 9,237 hectares of ...