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Business

ADB Expects Cambodian Economy to Pick Up

The Asian Development Bank is predicting a steady uptick in Cambodia’s economic growth to 7.3 percent and 7.5 percent in 2015 and 2016, respectively, on the strength of improved performance in the country’s trade partners and a tempered political environment at home.

March 25, 2015

Taxes From Casinos Rise 15 Percent in 2014

Cambodia’s casinos paid out a total of $25 million in taxes from gaming revenue in 2014, a 15 percent jump from the previous year, an official at the Ministry of Finance said Tuesday.

March 25, 2015

Gas Stations Worried Over New Safety Standards

Gas station owners on Monday voiced their concerns about conflicting rules on fire safety that will soon come into effect, pointing out that they will be expected to receive approval for the layout of their gas stations from three different ministries.

March 24, 2015

Vietnam’s Metfone to Absorb Struggling Beeline

Metfone, Cambodia’s largest mobile phone provider by subscribers, will absorb Beeline, which has struggled to gain a foothold in the country’s fiercely competitive telecoms market, Beeline announced Thursday in a statement posted to its Facebook page.

March 20, 2015

Wing Signs Deal for Cheaper Cash Transfers

Local mobile payment company Wing has signed an agreement with Thailand’s Kasikornbank to provide cross-border cash transfer services to some 700,000 Cambodian workers with jobs in Thailand, the companies announced in a statement Thursday.

March 20, 2015

Sacked Employees Demand Severance Pay

Nineteen former employees of British American Tobacco protested in front of the company’s Phnom Penh offices on Tuesday demanding severance pay after being fired in late December, a union leader said.

March 18, 2015

Turkey Sets High Hopes for Trade With Cambodia

Turkey’s Foreign Minister announced a bold plan Monday to boost trade with Cambodia by more than 400 percent over the next five years, aiming to reach $500 million in bilateral trade by 2020, up from about $124 million last year.

March 17, 2015

Japanese Investment Drops, But Trade Spikes

Cambodia saw a 2 percent drop in investment from Japan between 2013 and 2014, yet trade between the two countries in the same period rose sharply, according to the Japanese External Trade Organization.

March 13, 2015

Takeover of Star Vegas Casino Closer After $100M Loan Secured

Donaco International on Wednesday moved a step closer to taking over the Star Vegas Resort and Club in Poipet City after it added $100 million to a similar amount already raised since the $360million acquisition agreement was announced six weeks ago, according to a statement released by Donaco.

March 12, 2015

Workers Protest After Factory Owner Disappears

More than 30 workers from a bankrupt Chinese-owned garment factory in Phnom Penh’s Chbar Ampov district protested Tuesday outside the municipal court calling for the issuance of an injunction to ensure the factory’s 300 former employees receive their severance pay.

March 11, 2015
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