Archive for the ‘Financial Crisis’ Category

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អ្នក​ជំនាញ​៖ សេដ្ឋកិច្ច​កម្ពុជា​កើន​ឡើង​ប្រមាណ​៥%​ក្នុង​ឆ្នាំ​២០១០

In Economy,Financial Crisis,Inflation,News In Khmer Language on June 9, 2010 by viCheth

RFA, ដោយ វោហារ ជាតិ 2010-06-08

អ្នក​ជំនាញ​សេដ្ឋកិច្ច​កម្ពុជា​បាន​អះអាង​ថា សេដ្ឋកិច្ច​នៃ​ប្រទេស​កម្ពុជា​នៅ​ឆ្នាំ​២០០១០​នេះ កើន​ប្រមាណ ៥% ក្នុង​រយៈ​ពេល ៣​ខែ​ដើម​ឆ្នាំ​ដូច​គ្នា ប្រៀបធៀប​នឹង​ឆ្នាំ​២០០៩។

រដ្ឋ​លេខា​ធិការ​ក្រសួង​សេដ្ឋ​កិច្ច និង​ហិរញ្ញវត្ថុ​កម្ពុជា លោក ហង់ ជួនណារ៉ុន មាន​ប្រសាសន៍​កាល​ពី​ចុង​សប្ដាហ៍​នេះ​ថា សេដ្ឋកិច្ច​កម្ពុជា​បាន​កើន​ឡើង​បង្គួរ​នៅ​ឆ្នាំ​២០០១០​នេះ ហើយ​បញ្ហា​អតិផរណា​ដែល​មាន​ន័យ​ថា ទំនិញ​ឡើង​ថ្លៃ និង​ប្រាក់​ចុះ​ថោក ក៏​បាន​ធ្លាក់​ចុះ​ច្រើន​ដែរ ប្រៀបធៀប​រយៈពេល​បី​ខែ​ដើមឆ្នាំ​ដូច​គ្នា រវាង​ឆ្នាំ​២០០៩ និង​ឆ្នាំ​២០១០។

លោក ហង់ ជួនណារ៉ុន ជា​មន្ត្រី​ធ្វើ​បច្ចុប្បន្ន​ភាព​ឯកសារ​សេដ្ឋកិច្ច​កម្ពុជា​នេះ បាន​មាន​ប្រសាសន៍​ថា ៖ «កំណើន​សេដ្ឋកិច្ច​ឆ្នាំ​២០១០​ហ្នឹង យើង​រំពឹង​ទុក​ថា នឹង​កើន​ឡើង​ប្រមាណ ៥% ហើយ​អតិផរណា​វិញ​មក​ទល់​ខែ​៤​ហ្នឹង ខែ​មេសា​ហ្នឹង អតិផរណា បើ​ប្រៀបធៀប​នឹង​ខែ​៤ ឆ្នាំ​២០០៩ គឺ​មាន​ប្រមាណ​ជា ៥,៣%»

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Central Bank Moves To Stabilize Faltering Riel

In Economy,Financial Crisis,Government,Monetary on June 6, 2010 by viCheth

Ros Sothea, VOA Khmer, Thursday, 03 June 2010

The National Bank continues to buy up riel with dollar reserves in an effort to increase the value of the national currency, which has fallen more than 1 percent since April 20, its lowest level in three years.

By May 28, the US dollar was equal to 4,219 riel, an increase from 4,186 riel over two months, according to the National Bank. To increase the value of the riel, the bank used $4 million to buy riel out of circulation through a bidding process last week. And on Monday, the National Bank announced it would use $3 million more. Read More »

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Greek Crisis Holds Lessons for Cambodia

In Debt,Economy,Financial Crisis,Foreign Aid,Uncategorized on May 26, 2010 by viCheth

Ros Sothea, VOA Khmer
Phnom Penh Tuesday, 25 May 2010

While Cambodia may never experience an economic crisis like the one in Greece that rattled world markets, economists here say the experience holds valuable lessons in the importance of increased annual revenue and reduced debts and deficits.

Before a $146 billion monetary package from neighboring European countries and the International Monetary Fund last week, Greece was facing a particularly high budget deficit of 12.7 percent, in part because its national tax collection is weak and corruption there is rooted.
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New sales hint at recovery of real estate

In Business,Financial Crisis,Real Estate on April 30, 2010 by viCheth

PP Post, THURSDAY, 29 APRIL 2010 15:00 SOEUN SAY

AROUND 70 percent of units in Phnom Penh’s Borey Peng Hout housing development have been sold, company marketing manager Uk Phavy said Tuesday, as government officials said there are signs the domestic property market has continued to attract investors despite last year’s slump in the midst of the global financial crisis.

The new 260-home development in Stung Meanchey commune is currently under construction and due for completion by the end of this year, according to the Borey Peng Hout official.

“Some homes will be ready in July, and the whole project will be complete at the end of the year,” she said, declining to reveal the cost of the major development.

Uk Phavy said homes are selling well despite the fallout from the economic crisis, but that sales were slower for the developers than in 2008.
“Our clients are government officials and Cambodian businesspeople,” she said.

She added that flats at the complex are selling at US$75,800 per unit, with new villas priced between $120,000 and $480,000.

A government official acknowledged Wednesday that the construction sector has been impacted by the global downturn but stated that some foreign and domestic investors are continuing projects.

Lao Tip Seiha, director of the construction department of the Ministry of Land Management, Urban Planning and Construction, said: “We [at the ministry] are proud of projects that try to continue and can snap up clients even though the world financial crisis has hit Cambodia’s real estate market hard.”

He added that there are signs of recovery in the construction sector despite the crisis.

Earlier this month, businesspeople told the Post that demand for construction and decorating materials had risen in 2010 as signs of increased building activity spread through the sector. Firms selling decorating products noted that paint demand had increased between 25 and 30 percent since January, with daily paint sales reaching 3,000 to 4,000 litres a day.

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លោក គាត ឈន់ វិបត្ដិសេដ្ឋកិច្ចកំពុងបង្កហានិភ័យដល់ប្រព័ន្ធសេដ្ឋកិច្ចកម្ពុជា

In Financial Crisis on June 8, 2009 by viCheth

ភ្នំពេញ​, ដោយ : រតនា ksn-new.com ០៨ – ០៦ – ២០០៩

វិបត្ដិសេដ្ឋកិច្ចពិភពលោក បានកំពុងតែធ្វើឱ្យសេដ្ឋកិច្ចនៅក្នុងប្រទេសកម្ពុជា ជួបនូវវិបត្ដិ
យ៉ាងធ្ងន់ធ្ងរ ហើយសន្ទុះងើបឡើងវិញនៃវិស័យសេដ្ឋកិច្ចកម្ពុជា នៅពេលនេះហាក់បីដូចជាមានសន្ទុះ
យឺតខ្លាំងណាស់គឺ សេដ្ឋកិច្ចកម្ពុជា អាចនឹងមានកំណើនប្រមាណពី ១ ភាគរយ ទៅ ២ ភាគរយប៉ុណ្ណោះ
សម្រាប់ឆ្នាំ២០០៩ ដែលកំណើនសេដ្ឋកិច្ចកម្ពុជា កាលពីឆ្នាំ២០០៨ មានចំនួនប្រមាណ ៧ ភាគរយ
យោងតាមការបញ្ជាក់របស់លោកគាត ឈន់ ឧបនាយករដ្ឋមន្ដ្រី រដ្ឋក្រសួងសេដ្ឋកិច្ច និង ហិរញ្ញវត្ថុនៅ
ក្នុងឯកសារជំនួយស្មារតីរបស់លោក ។

southern_gate

ភ្ញៀវទេសចរណ៍ទស្សនាប្រាសាទអង្គរធំ

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May Day turns violent in Turkey, Germany, Greece

In Financial Crisis,World on May 3, 2009 by viCheth

By Erik Kirschbaum Fri May 1, 6:23 pm ET

BERLIN (Reuters) – May Day protesters clashed with riot police in Germany, Turkey and Greece on Friday while thousands angry at the governments’ responses to the global financial crisis took to the streets in France and Spain.

Rising unemployment across Europe and beyond has added intensity to May Day marches as last year’s market crash and banking meltdown roll into the real economy.

There were fierce clashes in Berlin on Friday evening and protests inIstanbul swiftly turned violent. Greek police clashed with anarchists.Demonstrations in France and Spain appeared largely peaceful.

In the German capital, left-wing militants pelted riot police with stones, bottles and firecrackers in the most severe May Day violence to hit the city in four years.

The attacks by about 400 militants on police accompanying a protest of about 5,000 leftists in the central district of Kreuzberg, a traditional hotbed of anarchist violence on Labor Day, was unusually fierce and began before darkness fell.

"There are people out in the streets protesting peacefully against the economic crisis and there is nothing wrong with that," said police spokesman Frank Miller. "But when people burn cars and trash containers and commit other criminal acts — that has nothing to do with political protests."

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Asian nations finalize $120 billion crisis funds

In Financial Crisis,World on May 3, 2009 by viCheth

By Yoo Choonsik

NUSA DUA, Indonesia (Reuters) – Japan, China and South Koreafinalized details of an emergency $120 billion liquidity fund for 13 Asian nations on Sunday, a key regional initiative to counter the global economic downturn.

Separately, Japan announced a scheme to supply up to 6 trillion yen ($61.54 billion) to support nations hit by economic crisis. Both announcements were made on the Indonesian island of Bali, on the sidelines of the Asian Development Bank’s annual meeting.

South Korean Finance Minister Yoon Jeung-hyun told reporters after a meeting with counterparts from China and Japan that Beijing andTokyo would each contribute 32 percent to the regional fund, known as the Chiang Mai Initiative.

South Korea would provide 16 percent while the rest would come from the 10-member Association of South East Asian Nations (ASEAN). The fund will give emergency balance of payments support in case any of the countries experienced the kind of capital flight that marked the Asian financial crisis of 1997/98.

"The three countries have reached an agreement today, recognizing the importance of our cooperation in the region," Yoon said.

The agreement between the key players of what would be the region’s first anti-crisis fund, now makes it likely that all 13 countries involved will conclude negotiations on the initiative by the end of the day.

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Garment exports fall 20pc, say new figures

In Financial Crisis,Tourism on May 1, 2009 by viCheth

Written by Nathan Green

THURSDAY, 30 APRIL 2009

The Ministry of Commerce says January-February garment exports tumbled nearly $100 million from last year on softer demand from key importer US

090430_13.jpg

Photo by: Heng Chivoan

A garment factory in Phnom Penh. Government officials say exports have fallen sharply.

GARMENT, textile  and footwear exports fell a combined 20 percent in the first two months of the year compared with 2008, Commerce Ministry figures released exclusively to the Post Wednesday show.
Exports during January and February were worth US$401.06 million, down 19.77 percent year-on-year from $499.88 million for the same period in 2008. Individually, garment exports were down 21.78 percent to $360.86 million, textile exports fell 47.5 percent to $3.92 million, while "other" exports increased 0.39 percent to $16.49 million.
Shoe exports bucked the trend, up 35.17 percent to $19.78 million on 3.92 million pairs of shoes exported.
The figures are for exports under the generalised system of preferences (GSP) and most favoured nation (MFN) schemes Cambodia has access to as a least developed nation, accounting for almost all of Cambodia’s garment, textile and footwear exports.
The official figures bring to an end a series of contradictory announcements on the value of garment exports in recent months.
In March, Minister of Commerce Cham Prasidh told the Post that garment exports fell to $70 million in January this year from $250 million in January 2008. A Commerce Ministry official told Bloomberg the same month that exports in January plunged 25 percent from a year earlier to $185 million. Both figures have been shown to be incorrect.

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Feeling the effects of the economic crisis

In Agriculture,Financial Crisis,Real Estate,Textile,Tourism on May 1, 2009 by viCheth

PP Post, Written by George McLeod

FRIDAY, 01 MAY 2009

Cambodia’s days as the region’s economic success story may be over as three of the country’s four growth pillars suffer under the impact of the global economic slowdown

090501_14.jpg

Photo by: STEVE FINCH

Cambodia’s traditional economy has sheltered it from some, but not all, of the effects of the global economic crisis, but with three of the country’s four key economic pillars in trouble it is not yet out of the woods.

WHEN investment banking giant Lehman Brothers collapsed last year, it kicked off a financial tsunami that threatened institutions around the world, sinking many and leaving the rest heavily traumatised.
In Cambodia, government officials congratulated the country’s financial institutions as if it were foresight rather than backwardness that shielded them from the toxic US sub-prime market largely responsible for the global financial fiasco. Prime Minister Hun Sen even went so far as to applaud the country on its lack of a stock exchange or complex financial products.
There were strong grounds for optimism. With the banks largely untouched, there was no immediate cause for concern about the health of the country’s economy. After all, it was one of the world’s most robust, leading the Asian region at nearly 10 percent GDP growth per year over the past decade. Foreign investment was driving record property price gains, leading to a generation of nouveau riche Cambodians eager to exchange the security of land for SUVs and new villas in the city.

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As Losses Mount, Plans To Help Economy Emerge

In Agriculture,Economy,Financial Crisis,Real Estate,Textile,Tourism on April 29, 2009 by viCheth

By VOA Khmer, Reporters
Reports from Phnom Penh & Washington
28 April 2009

Kong Chandararoth, president of the Cambodian Institute of Economic Study and Development. <br />

Kong Chandararoth, president of the Cambodian Institute of Economic Study and Development

Cambodia’s four main economic drivers have sustained multi-million dollar losses so far this year, despite insulation from the financial markets, a leading economist said Monday.

A report released by the International Labor Organization released Monday shows losses of $280 million in garments, $260 million in tourism, $180 million in agriculture and $45 million in construction. 

Despite those losses, Cambodia remains somewhat insulated from the global financial crisis, said Kong Chandararoth, president of the Cambodian Institute of Economic Study and Development.

“Our country is not close to the financial market, so that does not have an impact as serious as other countries,” he said, as a guest on “Hello VOA.”

Cambodia’s agriculture has also made the global financial downturn easier that industrialized countries, he said. 

Organizations like the International Monetary Fund and Asian Development Bank have warned that Cambodia’s economy will shrink this year, thanks to the financial crisis.

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