It is a regular occurrence: In the space of a few seconds an entire section of Phnom Penh will turn black and residents wait patiently in flickering candlelight. Minutes, or sometimes hours later the power comes back, pumping new life into the city—until the next time.
When Vietnamese and Cambodian forces ousted Pol Pot’s Khmer Rouge regime in 1979, Cambodia had no national currency. It spent the next decade trading with socialist states like the former Soviet Union, leaving a patchwork of currencies flowing through the country’s re-emerging economy.
A report released by the influential business magazine Forbes on Friday has placed Cambodia in the top 10 of the world’s most corrupt nations; more bad news for the country’s reputation following last week’s assessment by The Econ-omist magazine’s Intelligence Unit that rated Cambodia as a country at “very high” risk of social unrest due to factors related to the global economic crisis.
Pich Chea wakes up every morning before rush hour and parks his tuk-tuk among the long line of fellow drivers who wait patiently for customers outside the FCC restaurant in Phnom Penh.
Representatives from the Ministry of Agriculture and rubber plantations will head to Singapore on Monday to discuss Cambodia’s possible entry into the International Rubber Association, which would provide a boost to the country’s rubber exports, officials said Thursday.
The National Bank of Cambodia has selected CitiBank to provide global custodian services for its offshore investments.
The deal, which is the first time Citi has established a presence in Cambodia, will aim at securing the Cambodian central bank’s foreign assets as well as putting in place services in outsourcing, investment administration and accounting.
Running down the middle of Mak Sitha’s newly renovated fashion boutique in Phnom Penh is a crack that is splitting her floor tiles in two. Yesterday, part of that floor at Lady Penh Designs began to cave into the ground.