Business

Railway-port agreement drafted

Wed, 08 Sep 2010 08:02:10 +0100

Cambodia

’s restored railway close to securing full access to Sihanoukville port. Updated.

Chief economist meets Hun Sen, praises Cambodia

Wed, 08 Sep 2010 08:02:00 +0100

THE Chief Economist of the World Bank Justin Yifu Lin praised Cambodia for its economic development at a meeting with Prime Minister Hun Sen yesterday.

CAA expands as flights fill up

Wed, 08 Sep 2010 08:01:50 +0100

THE number of passengers on Cambodia Angkor Air flights has risen this year, enabling aircraft to fly 61 percent full, reaping higher revenue for the national carrier.

Port update: Shipments rise through Phnom Penh

Wed, 08 Sep 2010 08:01:40 +0100

FREIGHT shipments through Phnom Penh Autonomous Port rose by 35 percent in August, compared to the same month last year.

World Bank chief economist visits

Tue, 07 Sep 2010 08:01:30 +0100

THE chief economist and senior vice president of World Bank, Justin Yifu Lin, began a three-day fact-finding mission in Cambodia yesterday. Updated

Slovakian delegation on the way

Tue, 07 Sep 2010 08:01:20 +0100

A SLOVAKIAN business delegation is scheduled to travel to Cambodia this week to coincide with the first state visit of President Ivan Gasparovic.

Sihanoukville shopping mall set to boost tourism

Tue, 07 Sep 2010 08:01:10 +0100

SIHANOUKVILLE’S first significant shopping complex is scheduled to open early next year, its project manager said yesterday.

New server to speed domestic internet

Tue, 07 Sep 2010 08:01:00 +0100

CAMBODIA’S first root server is expected to increase speeds for domestic internet users by conducting a vital part of internet information flow inside the Kingdom, according to Mekong Net official Meng Leang Keuk.

Tough computer launch

Tue, 07 Sep 2010 08:00:50 +0100

TE Aik Hong Ltd has launched a newly imported ‘hard and tough’ notebook computer in Cambodia.

Leading edge: Red corn for a food-secure future

Tue, 07 Sep 2010 08:00:40 +0100

Johnny Ong is chairman of HLH Agriculture (Cambodia), a Singaporean firm that has invested in red corn production in the Kingdom since 2008.

VimpelCom upbeat despite Southeast Asia net loss

Mon, 06 Sep 2010 08:01:20 +0100

A NET loss of US$20.5 million was attributed to the Southeast Asian operations of telecommunications giant VimpelCom for the second quarter ending June, despite record revenues across the region.

Kandal bridge to boost local trade, reduce congestion in Phnom Penh

Mon, 06 Sep 2010 08:01:20 +0100

A bridge linking Kandal town with the province’s Kien Svay district will cost US$30 million and is set to boost trade, officials said yesterday,
Cambodia wants to spend millions, funded by a Chinese government loan, on the construction of a bridge across the Bassac River by Ta Khmao.

Exam protest: Arbitration candidates miss test

Mon, 06 Sep 2010 08:01:20 +0100

FIFTY-FOUR prospective arbitrators boycotted professional exams yesterday, saying the tests are not a legal requirement.

Bad news beats no news

Mon, 06 Sep 2010 08:01:20 +0100

CAMBODIA recorded mixed results recently in terms of improving the quality and quantity of economic information available to investors.

Government acts to improve transparency in the labour market

Mon, 06 Sep 2010 08:01:10 +0100

THE government has approved a sub-decree on the collection and compilation of labour-market information to help investors garner more information about Cambodia.

Nexbis spared after 'challenging' results; Posco rise short-lived

Mon, 06 Sep 2010 08:01:00 +0100

THE share price of Australian telecommunications security supplier Nexbis Ltd was surprisingly spared from further depletion despite the company’s reporting a net loss for the 2010 financial year, ended June 30, of A$49.6 million (US$45.5 million).

Doubts surround Oz mining tax

Mon, 06 Sep 2010 08:00:50 +0100

BILLIONS of dollars in potential revenue from Australia’s proposed mining tax remain in doubt, analysts say, with the future of the controversial levy in the balance amid a political stalemate.

State revenues double

Mon, 06 Sep 2010 08:00:00 +0100

THE government earned the revenues of US$1.2 billion last year, and its expenses were $2 billion, Prime Minister Hun Sen said Saturday during the 2010 Asialink Dialogue in Phnom Penh.

Tobacco gets duty-free boost

Fri, 03 Sep 2010 08:00:40 +0100

VIETNAM will allow duty-free imports of Cambodian tobacco later this month, as part of agreement set to revive the industry and save it US$2.4 million a year.

Building news: Approvals soar in July to $76.7m

Fri, 03 Sep 2010 08:00:30 +0100

THE number and value of construction projects in the Kingdom substantially increased in July, according to the Ministry of Land Management, Urban Planning and Construction.

Vietnam agrees to supply additional power

Fri, 03 Sep 2010 08:00:30 +0100

CAMBODIAN officials said yesterday that Vietnam would supply another 30 megawatts of power to the Kingdom in response to an appeal from Prime Minister Hun Sen.

Tower could flood market

Fri, 03 Sep 2010 08:00:20 +0100

THE surprise announcement that Cambodia may construct the world’s second-tallest building may be good news for Phnom Penh’s prestige, but developer Overseas Cambodia Investment Corp would likely face a considerable financial headache in the process.

Orange People going global

Fri, 03 Sep 2010 08:00:10 +0100

PHNOM Penh-based communications agency The Orange People sees creativity as a valuable commodity, one that has the potential to thrust Cambodia into the international spotlight.

Chevrolet importer celebrates anniversary

Fri, 03 Sep 2010 08:00:00 +0100

AUTO Sales (Cambodia) Ltd, which imports Chevrolet, will celebrate two years of operation in Cambodia tomorrow, counting among its achievements a 50 percent increase in sales quarter-on-quarter this year.

Tower may not be tall order

Thu, 02 Sep 2010 08:01:00 +0100

INDUSTRY experts from around the world said yesterday that a proposed 555-metre tower on Phnom Penh’s Koh Pich was technically possible, but raised questions about the economics of the plan.

Garments: Korean investors make visit

Thu, 02 Sep 2010 08:00:50 +0100

SOUTH Korean garment industry investors are eager to leave behind higher labour costs in China, but plans to set up shop in the Kingdom are hindered by a lack of information, officials visiting Phnom Penh said yesterday.

Asset valuators sought for Cambodian bourse

Thu, 02 Sep 2010 08:00:40 +0100

REAL estate agents are being sought to provide asset valuation services for Cambodia’s new stock exchange, set to launch next year.

Kingdom's tourism up as neighbours languish

Thu, 02 Sep 2010 08:00:30 +0100

CAMBODIA has seen over 13 percent more tourists during the first seven months of this year, becoming one of five ASEAN countries to see an increase in 2010, according to a Ministry of Tourism report.

Hun Sen unveils plan for world’s second-tallest tower

Thu, 02 Sep 2010 08:00:20 +0100

PRIME Minister Hun Sen yesterday outlined plans to build a 555-metre-tall tower on Phnom Penh’s Diamond Island.

Free trade with India planned

Wed, 01 Sep 2010 08:02:10 +0100

CAMBODIA and India intend to implement a free trade agreement to reduce duties on agricultural products as soon as possible, a senior official at the Ministry of Commerce said yesterday.

Helicopter firm flies free of NZ lender crisis

Wed, 01 Sep 2010 08:02:00 +0100

HELICOPTERS Cambodia said business continued as usual at the firm yesterday after the New Zealand government launched a US$1.26 billion debt bailout of its sole investor, South Canterbury Finance.

Scheme beefs up husbandry

Wed, 01 Sep 2010 08:01:50 +0100

AN Australian aid programme designed to improve economic circumstances and prospects for subsistence farmers in Kampong Cham province has been so successful that other farmers throughout Cambodia are beginning to implement its key element: growing fodder crops to feed their cattle.

More Cambodians work in Korea

Wed, 01 Sep 2010 08:01:40 +0100

MIGRANTS travelling to work in South Korea have increased by almost 15 percent so far this year as its economy has grown, Cambodia’s Ministry of Labor and Vocational Training said yesterday.

State fees on timber rile top companies

Wed, 01 Sep 2010 08:01:30 +0100

LEADING companies holding economic land concessions claim that a government royalty could “strangle” investment and hinder the development of concession areas.

Power firms hunt for partners

Tue, 31 Aug 2010 08:00:50 +0100

A GROUP of 20 South Korean power companies are seeking domestic business partners in order to develop Cambodia’s nascent energy sector.

Garment exports: So Nguon trucking sees growth

Tue, 31 Aug 2010 08:00:40 +0100

CAMBODIA’S largest trucking company So Nguon Group claims its revenues over the first eight months this year have nearly reached total revenues for all of 2009, as business from garments picks up.

AsiaInfo-Linkage inks contract with Mfone

Tue, 31 Aug 2010 08:00:30 +0100

NASDAQ-listed AsiaInfo-Linkage has signed its first contract outside China with Cambodia’s mobile-phone service provider Mfone, according to an official.

New SECC deadline

Tue, 31 Aug 2010 08:00:00 +0100

THE Security and Exchange Commission of Cambodia has announced the deadline for receiving applications for securities registrars, securities transfer agents, and paying agents on the Kingdom’s stock exchange to be September 15.

World Bank expansion

Tue, 31 Aug 2010 08:00:00 +0100

WORLD Bank’s sovereign risk insurance arm, Multilateral Investment Guarantee Agency, opened its first Asia-based offices yesterday, saying it signalled “a strong emphasis on inbound and outbound Asian investment”. It has expanded to Hong Kong and Singapore.

Beeline scratches up new top-up method

Tue, 31 Aug 2010 08:00:00 +0100

MOBILE operator Beeline has introduced “Easy Fill” mobile top-up service that does not require scratch cards to thousands of points of sale, according to a press release.

NBC plans to boost riel purchases to $48 million

Mon, 30 Aug 2010 08:00:50 +0100

THE National Bank of Cambodia plans to purchase a further US$5 million worth of riels to shore up the currency, bringing total purchases to $48 million for the year.

Reality check for Beeline

Mon, 30 Aug 2010 08:00:40 +0100

WHEN Vimpelcom’s new chief financial officer, Henk Van Dalen, officially starts work this week a look at the company’s expenses versus performance in Southeast Asia is likely to come as a shock.

Millers plan meeting in Siem Reap

Mon, 30 Aug 2010 08:00:30 +0100

CAMBODIA’S rice millers aim to collectively export 200,000 tonnes of rice next year, after Prime Minister Hun Sen announced policies earlier this month aimed at boosting production and exports to 1 million tonnes by 2015.

ADB legend dies at 104

Mon, 30 Aug 2010 08:00:00 +0100

THE Asia Development Bank’s first president has died in Japan at the age of 104.Takeshi Watanabe was elected as head of the development institution at its 1966, the year Cambodia became a member.

Sweets to lure tourists

Mon, 30 Aug 2010 08:00:00 +0100

AN exhibition of Khmer cakes and desserts is hoped to spread awareness of traditional sweets among tourists and prepare Cambodia for 2011’s ASEAN Tourist Forum, according to a press release from the Ministry of Culture and Fine Arts and Phnom Penh City Hall.

Ford Thailand to target customers in ASEAN

Mon, 30 Aug 2010 08:00:00 +0100

FORD plans to begin sales of its made-in-Thailand Fiesta vehicles to ASEAN customers as early as next month, according to a press release yesterday.

Nestlé farm scheme boosts shares again

Mon, 30 Aug 2010 08:00:00 +0100

NESTLÉ, the company behind leading coffee brand Nescafé, released plans on Friday to double the amount of coffee bought directly from farmers in the next five years.

Cambodian economy earns ‘mini-tiger’ recognition

Fri, 27 Aug 2010 08:03:00 +0100

CAMBODIA’S economy has emerged as a “mini-tiger” in terms of textile processing, despite a lack of attention from international investors, according to a report drawn up by Swiss banking giant UBS.

Freight train imports planned

Fri, 27 Aug 2010 08:01:50 +0100

TOLL Royal Railway is planning to spend up to US$81 million to import new trains as part of the multi-million-dollar railway upgrade of the Kingdom’s major freight routes, according to the Ministry of Public Works and Transportation.

Yamaha plant put on hold

Fri, 27 Aug 2010 08:01:40 +0100

CONSTRUCTION of a US$11.5 million Yamaha motorcycle- assembly plant in Phnom Penh’s Special Economic Zone will not begin until next year at the earliest, according to the project’s Cambodian investor.

Mekong action plan wins official approval

Fri, 27 Aug 2010 08:01:30 +0100

ESSENTIAL Cambodian road projects could be kick-started by the signing of a US$5.9 billion action plan for countries in the Mekong Delta.

RDB funds to receive $7 billion expansion

Fri, 27 Aug 2010 08:01:20 +0100

THE Cambodian government plans to increase funding to the Rural Development Bank by US$7 million at the end of 2010, according to bank general director Sun Kunthor.

Thaksin's advisory role caused economic woes

Fri, 27 Aug 2010 08:01:10 +0100

ANALYSTS this week have rightly focused on the political damage that followed Thaksin Shinawatra’s controversial appointment as economic advisor to Prime Minister Hun Sen in October. Ironically though, the resulting economic fallout was in many ways equally severe.

South Korean tech standard adopted

Fri, 27 Aug 2010 08:01:00 +0100

CAMBODIA has adopted South Korean technology as the domestic standard for broadcasting, covering the spectrum from television to mobile phones, according to Minister of Information Khieu Kanharith.

High poultry prices peck at KFC bottom line

Thu, 26 Aug 2010 08:02:00 +0100

HIGH poultry prices have cut into the bottom line of Cambodia’s KFC fast-food restaurants, according to Malaysia-based franchise majority owner QSR Brands Bhd.

Crowded market hurts Hello

Thu, 26 Aug 2010 08:01:50 +0100

MALAYSIA-based Axiata Group saw revenue at Cambodian mobile subsidiary Hello decline 14 percent compared to the second quarter of last year, even as the firm’s global revenue rose 19 percent.

Kingdom strives to fulfil goals in region

Thu, 26 Aug 2010 08:01:50 +0100

CAMBODIA is striving hard towards ASEAN’s goal of establishing a single market by 2015, but a number of steps must still be taken, according to Minister of Commerce Cham Prasidh.

Skyscraper nearly finished

Thu, 26 Aug 2010 08:01:40 +0100

STRUCTURAL work on the US$60 million Phnom Penh Tower will be completed next week, according to an official.

Thai rapprochement may boost business

Thu, 26 Aug 2010 08:01:30 +0100

TRADE officials welcomed the resumption of diplomatic ties between Cambodia and Thailand yesterday, saying it would potentially boost business and investment.

Visa change Naga’s gain

Thu, 26 Aug 2010 08:00:05 +0100

NAGAWORLD’S parent company Nagacorp is expected to benefit from tightening visa rules facing Vietnamese visitors to Macau beginning July 1

Raffles Education profits

Thu, 26 Aug 2010 08:00:05 +0100

RAFFLES Education Corporation saw profits increase 8.2 percent to S$55.8 million (US$41 million) during the first half of the year

OZ reports turnaround after loss last year

Thu, 26 Aug 2010 08:00:05 +0100

AUSTRALIAN miner OZ Minerals – which is exploring mining concessions in northeast Cambodia – reported a A$405.7 million (US$359.6 million) profit for the first half of 2010

Bavet crossings up 27pc

Thu, 26 Aug 2010 08:00:05 +0100

SOME 404,508 foreigners crossed into the Kingdom through Bavet International Border Checkpoint in the first seven months, up 27 percent from the 318,667 visitors who used the gateway to Vietnam during the same period 2009.

Competition law deferred

Wed, 25 Aug 2010 08:01:20 +0100

CAMBODIA will wait to introduce new competition laws that could result in legal action being launched against domestic companies, Minister of Commerce Cham Prasidh said yesterday.

Intertek expands to target extractive, farming sectors

Wed, 25 Aug 2010 08:01:10 +0100

LONDON-based Intertek Testing Services has expanded its Cambodian business to better target the Kingdom’s growing oil, mining and agriculture sectors.

Naga bets on mass market

Wed, 25 Aug 2010 08:01:00 +0100

PHNOM Penh’s only casino, NagaWorld, has refocused strategy away from targeting high rollers towards concentrating on mass market gamblers, officials from parent company NagaCorp said yesterday.

Export barriers must go down, experts say

Wed, 25 Aug 2010 08:00:50 +0100

CAMBODIA’S exporters still face barriers that reduce shipments of its goods abroad – particularly its poor infrastructure and high costs of transportation, experts say.

KOGID rice mill construction starts

Wed, 25 Aug 2010 08:00:40 +0100

THE South Korean company KOGID has started construction on a US$2.6 million rice-processing mill in Battambang province, company officials said yesterday.

High temperatures cut crocodile births by 50 percent

Tue, 24 Aug 2010 08:00:50 +0100

TEMPERATURE increases have caused a 50 percent decline in the number of young crocodiles born on Cambodia’s crocodile farms, according to a report from the General Department of the Fisheries Administration.

Siem Reap looks to the big city

Tue, 24 Aug 2010 08:00:40 +0100

The peaks of Siem Reap’s tourist-packed high season bode well for many food and shopping boutiques, but the troughs of low season have some businesses moving down National Road 6 to the capital, in the hope of tapping a more predictable customer base.

Ghosts to drive up pork price

Tue, 24 Aug 2010 08:00:30 +0100

PORK vendors say they expect sales to surge ahead of the ethnic Chinese “Hungry Ghost” festival, during which relatives make offerings to their departed ancesters.

Kingdom tenders for new bridge

Tue, 24 Aug 2010 08:00:20 +0100

A CAMBODIAN delegation will travel to Japan in November to select a construction company to build the Neak Loeung Bridge, on which work is to begin early next year, according to a government official.

Trade deficit widens on increased imports

Tue, 24 Aug 2010 08:00:10 +0100

CAMBODIA’S trade deficit has widened to nearly US$800 million during the first seven months of the year, and Ministry of Commerce data show imports are increasing faster than the country’s exports.

Vimpelcom merger scheme set to create $25bn company

Mon, 23 Aug 2010 08:02:30 +0100

Egyptian billionaire Naguib Sawiris is in talks to merge the bulk of his telecommunications assets with Russian mobile-phone company
VimpelCom Ltd in a transaction that could create a company valued at more than US$25 billion, insiders said yesterday.

Hard asset: Gold prices close in on local record

Mon, 23 Aug 2010 08:02:20 +0100

CAMBODIA’S gold prices increased 2 percent last week in line with global prices, nearing record highs, Phnom Penh dealers said yesterday.

Kingdom’s Angkor Air accredited

Mon, 23 Aug 2010 08:02:20 +0100

CAMBODIA Angkor Air has received Cambodian accreditation to operate after a previous audit revealed it had not been approved as an operator under domestic law.

Warning of shortfall in rice crop

Mon, 23 Aug 2010 08:02:10 +0100

LACK of rains and unusually high temperatures in June could create a “sharp retrenchment” in Cambodia’s rice harvest this year to levels unseen since 2006, according to the latest United Nations Food and Agricultural Organisation rice report.

Cambodia needs a sensible energy plan

Mon, 23 Aug 2010 08:02:00 +0100

NEWS that the government plans to introduce nuclear power plants to the Kingdom should be welcomed as a long-term boost for economic activity in the country, even if concerns over safety always plague the production of nuclear energy.

ASEAN focuses on logistics

Mon, 23 Aug 2010 08:01:50 +0100

ASEAN officials have vowed to cooperate more closely on logistics integration in the region, as officials estimate that government barriers account for 30 percent of the cost of moving goods between the 10 member states, including Cambodia.

Trade with Thailand reaches fresh heights

Mon, 23 Aug 2010 08:01:40 +0100

Trade between Cambodia and Thailand surged 76 percent in the first seven months through July this year compared with the same period last year, rising to levels almost surpassing the total trade for 2009.

Hotel wins five stars, raises rates

Mon, 23 Aug 2010 08:01:30 +0100

BOREI Angkor Resort and Spa in Siem Reap plans to raise its room rates by as much as 37 percent after receiving an official five-star designation by the Ministry of Tourism.

Philippine rice market beckons

Fri, 20 Aug 2010 08:02:10 +0100

Cambodia will send an informal trade delegation to the Philippines next month to secure deals for rice exports.

Mong Reththy pig sales hold steady during blue-ear scare

Fri, 20 Aug 2010 08:02:00 +0100

Mong Reththy Group has sold more than US$1.3 million worth of pigs to local markets and farmers during the first seven months of the year, according to the company, while Cambodia imposed a ban on pig imports this month to stop the spread of blue-ear disease.

Free-trade pact signed by China and ASEAN may spur local growth

Fri, 20 Aug 2010 08:01:50 +0100

CAMBODIA has increasing opportunities to draw on foreign investment as it sits in an advantageous position in the China-ASEAN Free Trade Agreement, according to many at the Cambodia Investment and Business Fair 2010 yesterday.

Rail is key to getting the economy back on the right track

Fri, 20 Aug 2010 08:01:40 +0100

WHEN commerce ministers representing the Mekong Subregion meet today in Hanoi to discuss transport and trade links in the region, most will likely be frustrated with Cambodia over its lack of progress on the inter-Asia rail project. And with good reason.