A few hurdles still block path to joining global value chains
The government needs to urgently amend its industrial development policy to spur the inclusive growth of small- and medium-size enterprises (SMEs) and develop a national logistics platform to cut onerous shipping costs if Cambodia is to find a place in global value chains, panellists at ...
ANZ to remain in local market?
The chief executive of ANZ Royal Bank has denied media reports that the Australian and New Zealand Bank Group (ANZ) is considering pulling the plug on its Cambodian operations amid a planned retreat from the region’s markets. ...
Listed firms lax on fiscal reports
Six weeks since the close of the fiscal first half, none of the four listed companies on Cambodia’s stock exchange have issued their required half-year financial statements, and one firm has not disclosed any financial data since 2014 – casting doubts on the tiny bourse’s ...
Complaint against sugar company withdrawn
More than 150 residents from Kampong Speu’s Oral district gathered at the Equitable Cambodia (EC) headquarters and the National Assembly on Friday to withdraw their complaints over land against the Phnom Penh Sugar Company, which is owned by magnate Ly Yong Phat. ...
Banks to shift from growth to efficiency
Since its launch in 2005, ANZ Royal Bank has grown to become one of the top-end banks in Cambodia, and has increased its focus on core areas of e-banking, corporate clients and introducing efficiencies in its operations. ...
Central bank moves to spark Interbank lending
The National Bank of Cambodia has decreased the minimum value of negotiable certificates of deposit (NCDs) in a bid to promote interbank lending in the Kingdom’s crowded financial industry. ...
Preah Sihanouk at center of new industrial plan
The Council of Ministers released a new policy on Friday aimed at boosting Cambodia’s industrial development beyond the garment and food sectors, placing Preah Sihanouk province at the center of plans to modernize the country’s economy. ...
Body notes ‘significant’ anti-laundering strides
An inter-governmental anti-money laundering group has stopped monitoring Cambodia after it said the Kingdom had made “significant progress” toward fighting financial crimes. ...
Businesses upbeat but are ready to see reforms in action
A return to political stability means business confidence in the Cambodian economy remains buoyant, but ongoing government reforms are now needed to give companies greater assurance of future growth prospects, according to the latest business confidence survey from ANZ Royal Bank. The ANZ Royal Business Confidence ...
Daniel de Carteret and Hor Kimsay
Evictees lobby bank for payment
More than 200 villagers from Kampong Speu protested in front of ANZ Royal Bank’s headquarters in Phnom Penh yesterday, demanding the bank pay them compensation. ...
Cambodia bond a possibility
The launch of an unrated Laotian government bond on Thailand’s bond market could pave the way for Cambodia to issue its own government bond denominated in Thai baht. The Bangkok Post reported yesterday that Thailand’s Finance Ministry and Public Debt Management Office had allowed Cambodia, Vietnam ...
ANZ says no to evicted Cambodian farmers
ANZ has ruled out helping hundreds of poor Cambodian families forcibly evicted from their land to make way for sugar-cane plantations that involved child labour and led to food shortages. Fairfax Media this year revealed confidential audits that disclosed that ANZ’s Cambodian subsidiary, ANZ Royal Bank, ...
Richard Baker and Nick McKenzie
ANZ refuses to help evictees of senator’s sugarcane farm
About 100 villagers who lost land to a sugarcane plantation, which was until recently financed by ANZ Royal Bank, traveled to Phnom Penh to protest in front of the bank’s headquarters Thursday, but failed to convince the bank to help them. Several hundred families in Kompong ...
Aun Pheap and Zsombor Peter
Farmers threaten ANZ with protest, demand help
Farmers from Kompong Speu province handed ANZ Royal Bank a petition on Friday insisting it still had a responsibility to help mend the damage done by a sugar plantation in has helped finance, even though the bank and plantation recently parted ways. They threatened to start ...
Aun Pheap and Zsombor Peter
ANZ Bank accused of abandoning farmers after splitting with sugar firm
Early this month, in what looks like a failed attempt to save its reputation, Australia‘s ANZ Bank severed its ties with Phnom Penh Sugar, a company accused of a range of human rights abuses linked to its plantations in Kampong Speu province, Cambodia. The move ...
ANZ ends relationship with Phnom Penh Sugar: report
The commercial relationship between Australia and New Zealand Banking Group Ltd and Cambodia’s Phnom Penh Sugar has come to an end, The Australian reported Saturday. ...
The Cambodia Herald News Staff
ANZ, MFI partner to bridge financial sectors
ANZ Royal Bank and local microfinance institution Hattha Kaksekar Limited (HKL) on Monday entered into the first partnership of its kind in Cambodia in a bid to bring together clients from either side of the financial spectrum. Following the signing of a Memorandum of Understanding at ...
Report shows workforce still lacks skills
Cambodia lacks the skilled labor force necessary to advance the economy and the government must find ways to create more valuable work as it faces fierce regional and international competition, according to a new report released Thursday by the World Bank. The report, “East Asia Pacific ...
Royal Group affirms its commitment to ANZ
Local conglomerate Royal Group said Tuesday that while it is committed to its partnership with Australia-based ANZ bank, it would entertain selling its stake in ANZ Royal Bank for “a very high offer.” “The Royal Group would like to clarify that it is a strong and ...
For Royal Group, sale not desired
Executives from Australia and New Zealand Banking Group Limited (ANZ) and local partner Royal Group of Companies (RGC) both went into damage control yesterday after comments by ANZ chief executive officer Mike Smith suggesting the joint banking venture between the two was on the rocks. Royal ...
Daniel de Carteret