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Cambodian PM names 3 likely listings on new bourse

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Hun Sen mentioned three candidates for a listing -- Sihanoukville Autonomous Port, the Phnom Penh Water Supply PHNOM PENH, Feb 3 (Reuters) - Prime Minister Hun Sen said on Wednesday three state firms could be among the first to list on Cambodia's new stock market, although an official involved in the project said it may not be ready until the end of the year.

"Our Cambodia is creating a stock market, its headquarters are almost finished," Hun Sen told more than 1,000 accountancy graduates in Phnom Penh. "So, in a short time, we will have a stock market, and some state firms and private enterprises will get listed there."

Hun Sen mentioned three candidates for a listing -- Sihanoukville Autonomous Port, the Phnom Penh Water Supply Authority and Electricite du Cambodge, the state power company.
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Opponents voice their fears over Cambodian land law

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Cambodian lawyers, human rights activists and opposition politicians are warning that a new law will weaken safeguards against expropriation of land in a country where evictions are already stoking discontent.

The law, passed last week, allows the government to seize land for developments that are deemed to be in the public interest. The government said the law will allow it to fast-track infrastructure and other projects.

But opponents say the definition of public interest is too vague and puts too much power into the hands of the government.

"This is a huge step backwards," said Mu Sochua, a prominent member of the opposition Sam Rainsy party, who failed to stop the passage of the bill through a house where the party of Hun Sen, the prime minister, has 90 of the 123 seats.

The law takes force against a backdrop of longstanding accusations that powerful members of the government and security forces have exploited the chaotic state of Cambodia's land title system.
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Export slump for garments softens

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A shopper walks past a store in the US. Industry figures say Christmas sales in the US are critical for Cambodia’s garment sector.GARMENT exports declined at their slowest pace this year in October, falling just 6.64 percent on an annualised basis to US$199.35 million, figures released Wednesday by the Ministry of Commerce showed. The decline is the smallest year-on-year monthly drop since last December, when exports fell 13.64 percent to $222.1 million, though industry figures said it was too soon to claim that the sector’s fortunes were changing.

Garment Manufacturers Association of Cambodia Secretary General Ken Loo said one relatively good month was not enough to predict whether the impact of the global economic recession on the sector was beginning to bottom out.
Last Updated ( Thursday, 31 December 2009 22:14 ) Read more...
 

New form of malaria threatens Thai-Cambodia border

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This Aug. 26, 2009 photo shows a merchant in Pailin, Cambodia speaking with a woman as she holds her sick child. Malaria parasites in the Thai-Cambodia area of Pailin, Cambodia have become resistant to artemisinin-based therapies according to Non Governmental Agencies working in the region. If this drug stops working, there's no good replacement to combat a disease that kills 1 million annually. As a result, earlier this year international medical leaders declared resistant malaria here a health emergencyPAILIN, Cambodia -- O'treng village doesn't look like the epicenter of anything. Just off a muddy rutted-out road, it is nothing more than a handful of Khmer-style bamboo huts perched crookedly on stilts, tucked among a tangle of cornfields once littered with deadly land mines.
Yet this spot on the Thai-Cambodian border is home to a form of malaria that keeps rendering one powerful drug after another useless. This time, scientists have confirmed the first signs of resistance to the only affordable treatment left in the global medicine cabinet for malaria: Artemisinin.
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Consumer prices fall again

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A vendor grills meat for sale at Phnom Penh’s Old Market on Wednesday. Government statistics Wednesday showed falling food prices prompted a second consecutive month of deflation in November.CAMBODIA experienced a second consecutive month of deflation in November, according to month-on-month consumer price index (CPI) statistics released Wednesday, a sign that demand for goods continues to flag, and that the economy is a long way from recovery, analysts said.
Last Updated ( Friday, 25 December 2009 01:28 ) Read more...
 
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