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Monthly Archives: June 2012

World Bank Ups Cambodia’s Ranking Over Better Logistics

Cambodia has moved up 27 places on a biennial World Bank list that ranks the ease of importing, exporting and transporting goods in different countries. Cambodia was ranked 101 out of the 155 countries included in the World Bank’s report titled Trade Logistics in the Global Economy, released today, which ranks countries based on the

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UN Sees Cambodian Economic Growth in 2012

Economic growth in Cambodia is estimated to reach 6.7 percent this year, a 0.2 percent drop compared with 2011, the U.N said in a report released on Friday, citing a modest slowdown in exports from Cambodia to the U.S and Europe. In its Economic and Social Survey of Asia and the Pacific reports for 2012,

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Work on 32-storey De Castle Royal in Central Phnom Penh Speeds-up

Work on Phnom Penh’s landmark 32-storey apartment development project De Castle Royal has been “actively accelerated”, with the project now scheduled to complete as early as next March. Manager of De Castle Royal’s Marketing Department Sokun Monica said that the construction has now completed on 30 storeys, with only two more floors left. “We speeded

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Rose City Condominiums, Phnom Penh to be ready by July 2012

The four Towers that make up the Rose City Condominiums, located along the Tonle Bassac river, are now new slated to complete in late June, following more than two years of construction. Work on the $70 million, 29 storeys Rose City began in 2008. The project, located near the new Sofitel Phnom Penh in the

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Future of Gold Tower 42 in Arbitration Court

The owner of the $240 million Gold Tower 42 project in Phnom Penh has entered into arbitration with the project’s builder, in a bid to get work started again after construction halted on the project in September 2010 due to poor unit sales and cost overruns, official involved in the process said yesterday. Lee Sun-hum,

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Cambodian Q1 (Quarter 1, 2012) Exports to Thailand Soar

Cambodia’s exports to Thailand jumped 55 percent year on year in the first quarter of 2012 on what experts and official said was a smoother political relationship between the countries, as well as an easing of Thai border regulations. The kingdom shipped US$85.4 million in agricultural products, recycled metal and fish to the western neighbor,

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Credit in Cambodian Banking Sector Surpasses $4B in 2011

Loan disbursals in Cambodia’s baking sector increased by 33 percent to more than $4 billion last year, as the credit to the housing market and agricultural sector saw the largest amount of growth, the National Bank of Cambodia (NBC) said in its annual report, released yesterday. While bankers said growth in the market was justified

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Chinese telecomms company gears up for an August 4G launch

XINWEI Cambodia, China’s first step into the Kingdom’s telecoms market, planned to launch fourth-generation mobile services in August, according to officials and a company statement. The Beijing-based firm will deploy its homegrown network technology, McWiLL, and was expected to launch top-to-bottom operations that, according to the statement, would be backed by China Development Bank. Minister

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Cambodia’s First Life Insurance Firm Opens

The state-owned Cambodian Life Insurance Company opened its doors yesterday, becoming the first insurer to offer life insurance in Cambodia. In Meatra, director-general of Cambodian Life, said his firm would offer both fixed-term and full life coverage, with policies starting at $5,000. “The establishment of life insurance in Cambodia is a creation to diversify financial

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Beeline Weighs Future Options in Cambodia

VimpelCom Ltd., the Russian mobile telephone operator that runs the Beeline brand in Cambodia, is reviewing its assets in Cambodia to decide whether it should stop doing business here or merge with another firm in the country, an official at the company said yesterday. “We will conduct a thorough review of each of the company’s

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Cambodia – Phnom Penh Property Prices See First Rise Since 2009

Property price in Phnom Penh are rising for the first time since 2009, growing by as much as 10 percent in some areas of the capital during the first quarter of the year, real estate experts said yesterday. After years of stagnation in the property sector due to weak demand following the global financial crisis,

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Business News -Telecomms – Mfone Profits Cut in Half in First Quarter

Thaicom Public Company Ltd., which owns a majority stake in local phone operator Mfone, announced on Friday that they have devalued the company by about $1.31 million as profits in the first quarter dropped by half. “In an effort to reflect the fair value of its business operations and holdings, the company also reviewed all

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Gaming Company Announces Casino in Poipet

Entertainment Gaming Asia Inc. (EGA), announced Monday that it will break ground Thursday on a new $ 7.5million Slot Hall casino in Poipet province along the Thai border, EGA said in a statement. The casino will open by the end of the year with 300 gaming machines spread over 1,100 square meters of space, according

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