Hun Sen tells King Buddhist Institute’s land not for sale

October 11th, 2014 , The Cambodia Daily

Government denials over the rumored development of the Buddhist Institute have reached the highest levels, with the prime minister penning a letter to the king to assure him the land is not for sale.

In a letter addressed to King Norodom Sihamoni dated October 6 and obtained Friday, Mr. Hun Sen blames “incitement by uneducated people” for the swirling rumors that the institute—which is being hemmed in on all sides by NagaWorld’s growing casino empire—would be sold or rented to NagaCorp. …

Khuon Narim

Chinese squeeze out tour groups in Siem Reap

October 10th, 2014 , The Cambodia Daily

Japanese and Korean tourists are being turned away from hotels in Siem Reap City due to an increase in bookings by Chinese visitors, Tourism Minister Thong Khon said on Wednesday.

Speaking at the tourism industry’s three-day expo on Phnom Penh’s Koh Pich island on Wednesday, Mr. Khon appealed to investors to build more hotels in Siem Reap City to accommodate Japanese and Korean tourists, who often book rooms in large groups and are struggling to find accommodation during the high season. …

Kang Sothear and George Styllis

World Bank in spotlight

October 9th, 2014 , The Phnom Penh Post

As the World Bank considers supplying fresh loans to Cambodia, a new study uses the country as exhibit A for how the financier effectively sponsors corporate land grabs at the expense of the rural poor it purportedly helps.

Three years ago, the bank’s own inspectors found it complicit in one of the largest forced evictions in Cambodia: More than 20,000 people were ousted from their homes at Boeung Kak lake after a bank-supported program denied the families land titles. …

Laignee Barron

NagaCorp reassures investors over Cambodia licence

October 7th, 2014 , GGRAsia

Cambodian casino operator NagaCorp Ltd has taken the step of reassuring investors about its casino licence rights in the country. …

It stated that the deal includes an exclusive right to operate a casino (NagaWorld, pictured) in the capital Phnom Penh, and the area within a radius of 200 kilometres (124 miles) of the city, “except the Cambodia-Vietnam border area, Bokor, Kirirom Mountains and Sihanoukville”. The company added that the exclusivity right lasts until the end of 2035.

NagaCorp said it was issuing the filing because it had “noted, whether with an intention to cause trouble or not, some questions on the company’s exclusivity rights”. …

GGRAsia News Staff

US retailers express support for Cambodian living wage

October 2nd, 2014 , VOA Khmer

As a new round of Cambodian wage negotiations approaches this month, major U.S. and European retailers who source from the country say they will be watching the talks carefully and want to see fair pay for workers.

Representatives of the brands like Gap, Levi Strauss, and Columbia say they want a proper wage that affords Cambodian workers adequate food, housing, clothing, medical care and social services. …

Union leaders, factory representatives and government officials met Sept. 26 to negotiate a wage increase, but talks failed after factories said they could only increase wages to $110 per month, a slight increase over the current $100 per month. …

Kimseng Men

KrisEnergy formally takes over as operator of Cambodia’s offshore Block A

October 2nd, 2014 , Rigzone

Singapore-based KrisEnergy Ltd. (KrisEnergy or the Company), an independent upstream oil and gas company, referred to the announcement dated Aug. 11 in relation to the acquisition of the entire issued and paid up share capital of Chevron Overseas Petroleum (Cambodia) Limited (COPCL) and announces the completion of the acquisition on Oct. 1, following receipt Sept. 17 of acknowledgement from the Royal Government of the Kingdom of Cambodia for the change of control. …

Rigzone News Staff

Lack of construction regulations a concern

October 2nd, 2014 , The Cambodia Daily

Cambodia is experiencing a runaway property boom that must be constrained by laws and regulations in order to draw investment from European developers, which are largely absent in the country, experts said at an industry conference in Phnom Penh on Wednesday.

Simon Griffiths, senior manager at real estate firm CB Richard Ellis, said Cambodia’s property sector has experienced a major transformation over the past five years as favorable laws on foreign ownership were established and the economy prospered. …

Kang Sothear and George Styllis

Resintech to tap into rubber plantation with joint venture in Cambodia

September 30th, 2014 , The Malaysian Reserve

Resintech Bhd, a local Polyethylene and poly vinyl chloride (PVC) pipe manufacturer, will tap into the rubber plantation sector in a bid to diversify its business segment given the healthy outlook on the rubber industry.

Resintech’s managing director Datuk Teh Kim Poo said that according to his sources, rubber is a commodity that has high growth potential given the fact that not many countries produce it, this enables natural rubber to be controlled and as a result, prices of rubber will continue to rise. Unlike palm oil which has various substitutes. …

K Vinotharan

Cambodia needs more investments and global integration – Moody’s

September 29th, 2014 , International Business Times UK

Cambodia needs increased investments, and for that, deeper regional as well as global integration is crucial, Moody’s Investors Service has said.

The B2 sovereign bond rating is constrained by the small size of the economy, low per capita income and high level of dollarization while robust growth record balances it to some extent.

The budget and balance of payment gaps are bridged by external concessional aid.

Moody’s has assessed Cambodia’s economic strength as low (-); institutional strength very low (-); fiscal strength medium (-); and susceptibility to event risk medium (-). …

Boby Michael

Asia Pacific travel trade show kicks off in Cambodian capital

September 17th, 2014 , Shanghai Daily

The Asia Pacific region’s largest travel trade show–PATA Travel Mart 2014–kicked off at Diamond Island here on Wednesday evening, aiming to promote tourism industry.

The 3-day PATA (Pacific Asia Travel Association) Travel Mart 2014 brought together more than 1,000 delegates from over 60 countries and regions around the world. …

Shanghai Daily News Staff