China pledges $548 million in aid to ally Cambodia
April 10th, 2013, Reuters, Economics, Foreign Aid, Infrastructure, International Relations
China has pledged another $548 million in aid to Cambodia for infrastructure and irrigation systems, extending assistance that some critics say has bought it Cambodia’s diplomatic support. …
Agreements covering $500 million in soft loans and $48 million in grants were signed when Prime Minister Hun Sen visited China and met Premier Li Keqiang over the weekend, Commerce Minister Cham Prasidh told a briefing on Wednesday. …
Chinese investment in Cambodia has totaled $9.1 billion since 1994, including almost $1.2 billion in 2011, eight times more than the United States, according to the Cambodia Investment Board.
Reuters Staff
http://www.reuters.com/article/2013/04/10/us-cambodia-china-idUSBRE93909D20130410
Insight: Cambodia’s $11 billion mystery
February 14th, 2013, Reuters, Construction, Infrastructure, News Source
The remote district of Rovieng was once a battleground between Cambodian government troops and Pol Pot’s genocidal Khmer Rouge. Unexploded bombs still lurk in its fields and forests.
So does something more desirable – iron ore – and supposedly in such huge quantities two Chinese companies have an $11-billion plan to extract it.
Their proposal – a steel plant and seaport linked by a 404-km (251-mile) railroad – has alarmed environmentalists, mystified mining and transport experts, and bolstered Cambodia’s reputation as an agent for Chinese expansionism in a region where the United States is increasingly competing for influence. …
Speaking at the signing ceremony, Cambodia Iron and Steel general manager Zhang Chuan You said work would begin in July and be finished within four years. But Cambodia’s transport minister Tram Iv Tek, who also attended the ceremony, professed to know almost nothing about it. The conspicuous absence of authoritarian Prime Minister Hun Sen also left many wondering whether China’s mystery train was going anywhere. …
Andrew R.C. Marshall and Prak Chan Thul
http://www.reuters.com/article/2013/02/13/us-cambodia-china-idUSBRE91C1N320130213
Southeast Asia calls for talks with China on sea dispute
November 18th, 2012, Reuters, International Relations, News Source
Southeast Asian nations displayed a rare show of unity on Sunday against China’s sweeping maritime claims, calling for the first formal talks with Beijing over a sea dispute that has raised tensions and exposed deep divisions in the region.
As Chinese Premier Wen Jiabao arrived in Cambodia for meetings with Southeast Asian leaders, the 10-member Association of Southeast Asian Nations (ASEAN) appeared determined to avoid a repeat of an embarrassing breakdown of talks in July over competing claims in the mineral-rich South China Sea, its biggest security challenge.
Cambodia’s Prime Minister Hun Sen will tell Wen that ASEAN wants to begin talks on a binding Code of Conduct, aimed at reducing the chance of naval flashpoints, as soon as possible, ASEAN Secretary General Surin Pitsuwan told reporters. …
Manuel Mogato and Stuart Grudgings
http://www.reuters.com/article/2012/11/18/asia-summit-southchinasea-upd-idUSL3E8MI0BU20121118
Insight: Land conflict, impunity dims Cambodia’s awakening
November 12th, 2012, Reuters, Business & Commercial Development, Construction, Disputed Land, Economic Land Concessions, Economics, Environment & Natural Resources, Environmental change, Exports, Foreign Investment, Infrastructure, International Relations, Land Tenure, Social Concerns, Trade
Cambodia’s transformation from war-torn basket-case to one of Asia’s most promising emerging economies is being overshadowed by a backwards lurch in human rights and land policies that critics say are entrenching poverty. …
Stuart Grudgings and Prak Chan Thul
http://www.reuters.com/article/2012/11/12/us-cambodia-protests-idUSBRE8AB17J20121112
Laos holds “groundbreaking” ceremony for contentious Mekong dam
November 7th, 2012, Reuters, Construction, Electricity, Energy, Environment & Natural Resources, Environmental change, Hydroelectricity, Infrastructure, International Relations, Lakes/Rivers, Water
Laos held a “groundbreaking” ceremony on Wednesday for a $3.5 billion hydropower dam on the Mekong River that is opposed by environmentalists and some neighbouring countries because of the possible impact on livelihoods, fisheries and agriculture.
But it was unclear when actual construction of the contentious Xayaburi dam would start, with preliminary work on access roads and the riverbank already under way, and Laos’ prime minister saying plans were still being considered. …
Cambodia and Vietnam have opposed the project but Thailand has refrained from criticising Laos. It will buy about 95 percent of the power generated by the dam and three Thai firms have a stake in the project. …
Martin Petty, Editing by Alan Raybould and Michael Perry
http://www.reuters.com/article/2012/11/07/laos-dam-idUSL3E8M77GG20121107
Telecom Group Vimpelcom Hires Adviser to Help Sell Beeline
November 7th, 2012, Reuters, The Cambodia Daily, Business & Commercial Development, Economics, Foreign Investment, Labor, News Source, Trade
United Arab Emirates-telecoms group Vimpelcom has hired Standard Chartered to advice it on the sale of its business in Cambodia, Laos, Burundi, Zimbabwe and the Central African Republic, two people familiar with the matter said.
New York-listed Vimpelcom wants to focus on its largest markets of Russia and Italy, while reducing its debt, the people said. …
Vimpelcom operates in Cambodia under the brand name Beeline. …
RPT-World Bank cuts East Asia GDP outlook, flags China risks
October 7th, 2012, Reuters, Agriculture & Agri-business, Business & Commercial Development, Economics, International Relations, Rice, Trade
The World Bank cut its economic growth forecasts for the East Asia and Pacific region on Monday and said there was a risk the slowdown in China could get worse and last longer than expected…
“Economic projections for EAP (East Asia and Pacific) are surrounded by considerable uncertainties, and a variety of risks continue to loom over the global and regional economy,” the World Bank said..
The World Bank added the recent spikes in global food prices were less of a risk to the East Asia and Pacific region as rice markets had not been affected.
“Rice prices have been relatively stable, with most of the price risks on the downside as stocks in Thailand continue to build as a result of the new floor price policy, and good crops in Cambodia, Vietnam and the Philippines,” it said…
Reuters Staff
http://www.reuters.com/article/2012/10/08/worldbank-asia-outlook-idUSL3E8L81IN20121008
Oxfam urges freeze of land investments
October 3rd, 2012, Reuters, Disputed Land, Economic Land Concessions, Economics, Foreign Aid, International Relations, Land Tenure, News Source, Social Concerns, Social Land Concessions, Technical Assistance
Global development group Oxfam on Wednesday called on the World Bank to suspend financing for large-scale land acquisitions to ensure that its practices do not encourage foreign land grabs in developing countries.
Oxfam urged Jim Yong Kim, the lender’s new president, to announce a six-month moratorium on land investments by the bank at meetings of the International Monetary Fund and World Bank in Tokyo next week. …
Oxfam said the World Bank was in a unique position as both a financier, through its private-sector lending arm the International Finance Corp, and adviser to developing countries to ensure land deals are transparent and not forcing local communities off land they have farmed for generations. …
Oxfam said, however, a moratorium would give the World Bank time to “put its own house in order” and send a clear signal to governments and investors it would not tolerate land grabbing.
By Lesley Wroughton
http://www.reuters.com/article/2012/10/04/worldbank-oxfam-land-idUSL1E8L2LKF20121004
Thailand’s Khon Kaen sees double-digit revenue growth next year
September 24th, 2012, Reuters, Agriculture & Agri-business, Disputed Land, Exports, Farming, Imports, International Relations, Land Tenure, Trade
Khon Kaen Sugar Industry KSL.BK, Thailand’s fourth largest sugar producer, expects revenue could grow as much as a fifth next year, fuelled by expansion and a bumper sugarcane crop in 2012/13, the company’s chief executive said on Monday…
Chalush said sugar production from factories in Laos and Cambodia, in which the company had invested a few years ago, would also rise to 30,000 metric tons next year, from 27,000 metric tons now, because of good crops.
“All of the production from Laos and Cambodia will be for export to Europe under the EBA import tariff privilege,” Chalush said.
The European Union’s EBA, or “Everything But Arms”, initiative permits imports without tariff from 49 poor countries, including Laos and Cambodia…
Wilawan Pongpitak and Apornrath Phoonphongphiphat
http://www.reuters.com/article/2012/09/24/us-thailand-sugar-idUSBRE88N05S20120924
Vinci sees more airport opportunities
September 20th, 2012, Reuters, Business & Commercial Development, Construction, Infrastructure, International Relations
French construction and concessions group Vinci expects to see considerably more opportunities to acquire airport concessions in the next two years, its chief executive said on Thursday…
Vinci’s concessions unit, the operator of nine regional airports in France and Cambodia’s three main airports, is keen on acquisitions to grow its small airport business, but has lost out in recent auctions for airport concession assets….
Elena Berton and Gilles Guillaume
http://www.reuters.com/article/2012/09/20/vinci-acquisitions-idUSL5E8KK43020120920
Heineken nears Tiger beer deal after truce with rival
September 19th, 2012, Reuters, Business & Commercial Development, Industry, International Relations
Dutch brewer Heineken NV took a major step towards winning control of the Tiger beer brand and an Asian brewing network on Wednesday after a Thai rival accepted the deal…
When F&N’s board accepted Heineken’s improved offer of S$53 per APB share, the deal included a clause that, for a period of two years after the APB deal is completed, F&N will not make, distribute or sell brewery products and brewery-related products in Singapore, Cambodia, Papua New Guinea and Vietnam…
For Heineken’s part, it agreed not to make, distribute or sell soft drinks in Singapore, Papua New Guinea, Cambodia and Vietnam for two years….
Reuters
http://www.reuters.com/article/2012/09/19/asiapacificbreweries-offer-heineken-idUSL4E8KI5D320120919
China gives Cambodia aid and thanks for ASEAN help
September 4th, 2012, Reuters, Banking & Finance, Borrowing, Foreign Aid, Foreign Investment, International Relations
China has pledged more than $500 million in soft loans and grants to Cambodia and Prime Minister Wen Jiabao thanked it for helping Beijing maintain good relations with the regional grouping ASEAN, a Cambodian junior minister said.
A summit of the 10 members of the Association of Southeast Asian Nations (ASEAN) in July failed to issue a joint communique for the first time in the group’s 45-year history after disagreement over the wording of a section on territorial claims in the South China Sea.
Cambodia, which chairs ASEAN meetings this year, was accused by some countries in the group of stonewalling in support of its ally, China…
Reuters
http://www.reuters.com/article/2012/09/04/cambodia-china-idUSL4E8K41I320120904
PTT offers $960 mln to buy out Sakari to increase coal assets
August 27th, 2012, Reuters, Extractive Industries, International Relations, Mining
Thailand’s top energy company, has offered to buy out Singapore-listed Sakari Resources Ltd for $960 million as the oil and gas firm expands into coal to meet rising regional demand for the fuel…
On Aug. 13, Sakari announced a joint venture with the Royal Group of Cambodia to explore coal opportunities in Cambodia, its first move outside Indonesia and into one of Southeast Asia’s new mining frontiers. …
Reuters Staff
http://www.reuters.com/article/2012/08/27/sakari-ptt-idUSL3E8JR02420120827
Work restarts at Xayaburi dam in Laos -project leader
August 16th, 2012, Reuters, Energy, Environment & Natural Resources, Environmental change, Hydroelectricity, Lakes/Rivers, Water
Work has resumed on a controversial $3.5 billion dam across the Mekong River in Laos, its Thai developer said on Thursday, contradicting Laotian assurances it had been suspended following protests over its environmental impact.
Laos agreed in December to suspend the Xayaburi dam project and said on July 13 work had stopped after neighbours Cambodia and Vietnam repeatedly expressed concern that the 1,285 megawatt dam would harm migratory fish and the livelihood of downstream villages…
Pisit Changplayngam and Khettiya Jittapong
http://uk.reuters.com/article/2012/08/16/thailand-laos-xayaburi-idUKL4E8JG0Y420120816
ANZ may sell Asia bank stakes due to stringent capital rules
August 15th, 2012, Reuters, Banking & Finance
Australia and New Zealand Banking Group (ANZ.AX) would consider selling some of its stakes in Asian banks if Australia does not ease stringent capital requirements, chief executive Mike Smith said on Wednesday.
The plan raises questions about how Australia’s smallest ‘Big Four’ bank will meet the profit targets it has set for offshore operations…
Due to capital rules proposed by Australia’s banking regulator for minority stakes, ANZ’s holdings in Asian banks are expected to drag down its return on equity. ANZ has urged the regulator to ease the requirements which it says are tougher than proposed global industry standards…
Reuters
http://uk.reuters.com/article/2012/08/15/us-anz-asia-idUKBRE87E04L20120815
Global insurers expanding in Southeast Asia turn to Cambodia
July 5th, 2012, Reuters, Financial Services, Foreign Investment, Industry, International Relations, Technical Assistance
Two global life insurers are opening offices in Cambodia, one of Southeast Asia’s few untapped insurance markets, as they strengthen their foothold in a region that could eventually be a key driver of revenue growth.
Britain’s No. 1 insurer Prudential said on Monday it won in-principle approval from the Cambodian government to open a wholly foreign-owned life insurance operation. The announcement came within a week of Canada’s top insurer Manulife saying it would set up its country office in Phnom Penh.
Manulife, which once leaned on Canada and the United States for the bulk of its revenue, now derives a third of its sales from Asia. For Prudential, the region became the largest contributor to its operating profit last year. …
Clare Baldwin, P. 23
http://uk.reuters.com/article/2012/07/04/cambodia-insurance-pru-manulife-idUKL3E8I32H220120704
Cambodian villagers protest controversial Laos dam
June 29th, 2012, Reuters, Construction, Disasters & Disaster Management, Hydroelectricity, Lakes/Rivers, Social Concerns
Cambodian villagers demonstrated on Friday against a controversial Lao hydropower dam that activists say is being built in defiance of an agreement to assess its potentially damaging impact on millions of people first.
About 200 villagers whose livelihoods depend on the Mekong River urged a halt to the Thai-led construction of the $3.5 billion Xayaburi dam, which has angered Cambodia’s government and triggered a rare rebuke by Laos’s biggest ally, Vietnam. …
Prak Chan Thul
http://www.reuters.com/article/2012/06/29/us-cambodia-laos-idUSBRE85S0FX20120629
Manulife targets Cambodia’s growing middle class
June 28th, 2012, Reuters, Financial Services, International Relations
Manulife Financial Corp, Canada’s largest life insurer, has set up shop in Cambodia, hoping to tap into an emerging middle class in the southeast Asian country.
The move is part of the Toronto-based company’s strategy of targeting profit growth in Asia as part of its plan to reach net profit to C$4 billion ($3.90 billion) by 2015. …
Cambodia approves land concessions, despite ban
June 26th, 2012, Reuters, Agriculture & Agri-business, Disputed Land, Economic Land Concessions, Land Tenure, Protected Areas, Timber/Wood
Cambodia’s government has ignored a suspension on new land concessions to private companies, announcements in an official publication showed, despite ordering a freeze after growing discontent over forced evictions and illegal logging.
Prime Minister Hun Sen signed off on 12 sub-decrees on June 7 and 12 granting a total of 44,052 hectares (108,855 acres) and privatizing 35,461 hectares set aside for wildlife sanctuaries and a national park to various companies for agro-businesses.
The details were announced in three editions this month of the Royal Gazette, which publishes all official decrees. …
Martin Petty and Robert Birsel
http://www.reuters.com/article/2012/06/26/us-cambodia-land-idUSBRE85P0G520120626
Southeast Asia’s solid economic growth rides over global woes
June 1st, 2012, Reuters, Banking & Finance, Business & Commercial Development, Domestic Investment, Economics, Environment & Natural Resources, Exports, Foreign Investment, Industry, International Relations
Southeast Asia is showing stronger signs of resilience to global turbulence than the rest of Asia as buoyant domestic spending offsets struggling exports, while low debt levels give governments more room than their cash-strapped counterparts in the West to deliver stimulus.
On Thursday, the Philippines became the latest economy in the region to post impressive first-quarter numbers, growing at its strongest in two years at 2.5 percent in January-March, although some analysts questioned whether the pace can be maintained as
The region of about 600 million people, rich in natural resources, is benefiting from a commodity boom, greater foreign investment and increased trade with China that have lifted consumer spending by a rapidly expanding middle class. …
The Franco-American company saw strong growth potential in Cambodia, Laos and Vietnam, where mobile phone penetration rates remain low, Rajeev Singh-Molares, its president for the Asia-Pacific region, told Reuters. Asia already contributes about 20 percent of the firm’s revenue. …
Neil Chatterjee
http://uk.reuters.com/article/2012/06/01/uk-seasia-economy-idUKBRE85009U20120601