Flash floods hit Thai-Cambodian border markets, checkpoints

(Post by Khmer Hot news)
BANGKOK, Oct 9 (TNA) - Flash floods from the hills along Thai-Cambodian border in Thailand’s eastern provinces poured into the market at a checkpoint for border trade between the two neighbouring countries, more than 200 vendors were affected by the inundation which caused damage estimated at over Bt30 million (US$850,000).
Runoff floods from Cambodia’s Phnom Preuk hill in Battambang province and Khao Ta Ngok in Thailand's Sa Kaeo province combined with flash flooding from Khao Soi Dao in Chanthaburi which flowed into the Thai-Cambodian checkpoint for border trade at Ban Sub Taree and at Ban Suan Som in Soi Dao district of Chanthaburi.
The markets at both checkpoints were submerged, with border traders rushing to transfer their goods and products to higher ground as the water level is likely to continue to rise.
Flash floods also hit the 522th Marine Company base near the border.
There were no reports of casualties. (TNA)

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Cambodia's reserves top $2.5 bln: PM

AFP - Friday, October 9
(Post by Khmer Hot News)
PHNOM PENH (AFP) - – Cambodia's foreign currency reserves have topped the 2.5 billion dollar mark despite forecasts that the country's economy will contract this year, the premier said Thursday.
Hun Sen revealed in a speech that the country has increased its international reserves by 21.48 percent since the end of last year, when they stood at just over two billion US dollars.
"Despite receiving the impact of the global economic and financial crisis, we can ensure international reserves will continue increasing remarkably," he said.
"As of the end of August 2009, calculated international reserves had reached 2,522 million US dollars," he added, in the speech marking 30 years since Cambodia rebuilt its national bank that was destroyed under the Khmer Rouge.
After several years of double-digit growth fuelled mainly by tourism and garment exports, Cambodia was buffeted by 2008's global economic downturn.
Last month the International Monetary Fund predicted Cambodia's economy will contract 2.75 percent this year amid the slowdown, but praised the national bank for its supervision of commercial banks hit by non-performing loans.
Cambodia remains a largely cash-only economy and a high degree of mistrust keeps many people hoarding their money at home, but Hun Sen said that confidence was growing and more people were using banks.
Nearly one third of Cambodia's 14 million people survive on only 50 US cents a day or less.

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The Phnom Penh Post News in Brief

(Post by Khmer Hot News)
In Brief: Meeting on recovery
Friday, 09 October 2009 15:00 Steve Finch
ECONOMISTS and government officials are to meet in Siem Reap today for a conference on overcoming the financial and economic crises. The event, which ends Saturday, is to include a keynote address from Minister of Economy and Finance Keat Chhon and will include group discussion sessions as delegates share ideas on the economic fallout that escalated since Lehman Brothers went bankrupt in September 2008. Held annually, this year’s conference will focus on current methods for market governance, an announcement for the event says. Delegates gathered Thursday evening for a welcome reception ahead of the two-day discussions.
In Brief: Oz Minerals legal feud
Friday, 09 October 2009 15:00 POST STAFF
AUSTRALIAN miner OZ Minerals, which operates a gold concession in Mondulkiri province, has announced that a class-action suit has been filed against it at the Federal Court of Australia in Melbourne. The claim, which was launched by shareholders Wednesday, it said in a statement, was filed over allegations it had failed to disclose debts, reports said, which were due last November. The firm said in the statement it “will vigorously defend the claim”. Despite the announcement, the firm’s share price climbed 2.87 percent Thursday in Sydney to A$1.25 (US$1.13).

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TNT in fast lane despite slowdown

(Post by Khmer Hot News)
Friday, 09 October 2009 15:00 Nathan Green
TNT Express Worldwide (Cambodia) Country General Manager Sjaak de Klein talks about the impact of the economic slowdown on the transport sector and TNT’s prospects for growth
CEO Talk
---------------------------------------------
By Nathan Green
The So Nguon Group has reported a 40 percent decline in freight volumes over the first nine months of the year. How is TNT doing?
We are lucky in that we have a diverse portfolio of customers, including mining, oil and telecoms. We also have imports by land and air as well as exports, while So Nguon obviously had a strong focus on connecting with the export shipping lane in Sihanoukville. Our Asia Road Network, which we extended into Cambodia this year, is also really starting to see some success because the crisis is encouraging people to look for a cheaper option than air freight. And it’s much faster than moving goods by sea from Bangkok through Sihanoukville, which can take up to 15 days. We drive overnight, so there is a tremendous opportunity for customers to get their goods shipped quickly. The garment slowdown has affected us because we import accessories and fabrics and export documents and garment samples, but we have not been as adversely affected as the freight forwarders that focus on exports of ready-made garments to the US.
What import sectors are proving resilient?
Consumer goods, especially consumer electronics and computers, are holding up as the middle class is rising and people have more spending power. There is also a lot of imports of baby stuff. The telecoms industry is very dynamic, and they are bringing in a lot of equipment to build towers. We are also seeing a pickup in garments, with many factories receiving new orders and showing interest in bringing in fabrics and accessories.
There was a Greater Mekong Sub-region (GMS) meeting in Phnom Penh recently where GMS ministers pledged to accelerate economic corridor development. Is enough being done in Cambodia?
Cambodia is lagging behind in GMS development, which is unfortunate as building a strong economic corridor will not only stimulate the economy but also provide jobs in the transport sector and increase economic productivity near those roads. Some countries are picking it up faster than others. For example, Laos realised very quickly that as a landlocked country they had to do something, much like Switzerland did in Europe. They got proper funding to build a bridge across the Mekong and built some extremely good roads across the southern part of Laos. They also have incentives for companies to register trucks there. In Cambodia, the government doesn’t have special incentives for the transport industry, which is a pity.
What incentives are needed?
What the industry most urgently needs is incentives to bring in proper equipment instead of having all these local companies with secondhand trucks that are 10, 15, 20 years old. If you import a truck now, you pay a 40 percent import tariff, including duty, special tax and VAT. We would like to become a showpiece for the transport industry, but at the moment its is expensive to bring in a good fleet.
ASYCUDA (Automated SYstem for CUstoms Data) is being rolled out and TNT has introduced e-invoicing. What impact will electronic data interchange have on the sector?
ASYCUDA is only used at the port in Sihanoukville. They are still trying to roll it out at the international airport, but I have heard nothing about a rollout plan at land border crossings. But in general, we are embracing IT technology and like to exchange data with customs electronically. It will speed up our clearance processes as long as the government starts using electronic data interchange and applies risk management profiling to that data. For our express products, that’s important. Electronic data exchange also benefits our customers, and the bigger customers are definitely interested in that.
The economy is expected to contract this year and begin expanding again next. What’s your growth projection for TNT?
We haven’t really seen that contraction and are still growing year on year. And we are optimistic about the future. There is still an opportunity to develop a domestic network, and I am convinced that special economic zones (SEZs) will be successful in attracting new investments like Ajinomoto, which is setting up in the Phnom Penh SEZ. I’ve been here three years and I fell pretty comfortable about the buzz here. The economy has perhaps not been affected quite so much by the global economic crisis as believed because it is cash-based, and we still predict to grow our revenue by a substantial percentage.

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Forex reserves up to $2.52bn

(Post byKhmer Hot News)
Friday, 09 October 2009 15:01 Nguon Sovan
Prime Minister Hun Sen says National Bank of Cambodia, which celebrated 30 years in operation Thursday, has weathered the global financial crisis
PRIME Minister Hun Sen said Thursday that Cambodia continued to increase its foreign exchange reserves to the end of August reaching a near-record high of US$2.522 billion, while beating analysts’ forecasts of a sharp drop for 2009.
Speaking at the 30th anniversary ceremony for the National Bank of Cambodia (NBC), which was re-established after the end of the Khmer Rouge regime, Hun Sen said forex reserves had climbed 21.48 percent so far this year.
“Despite Cambodia suffering from the global financial crisis, we have still been able to ensure international reserves,” the prime minister said during the event at Chaktomuk Theatre in Phnom Penh.
International Monetary Fund (IMF) data shows that reserves reached a record high of $2.594 billion in May after climbing steadily at the beginning of the year from $2.076 billion at the end of 2008, a figure quoted by Hun Sen Thursday.
“Today, the banking industry is growing both in scope and operations, attracting large foreign banks to open, and the amount of deposits and loans have consistently increased – this reflects confidence from the public in this industry,” he said, encouraging banks to list on the long-awaited Cambodian stock exchange.
The IMF’s country representative, John Nelmes, told the Australian Business Association of Cambodia in Phnom Penh last week that the Kingdom in August was allocated $108 million in Special Drawing Rights, an IMF international reserve asset. The NBC used the facility to increase forex reserves, Nelmes added.
The latest figures represent strong growth in forex reserves for 2009 contrary to forecasts made by international analysts, including the Economist Intelligence Unit (EIU) which as recently as June was predicting a steady decline this year to just over $2 billion by the end of December through to about $1.5 billion by the end of 2010. It based the assessment on falling foreign investment and repeated intervention by the government to strengthen the riel.
However, the EIU has since revised its forecast, predicting in September that forex reserves would reach $2.951 billion by year’s end with a slight decrease to $2.861 billion by the end of 2010. In its October outlook, the London-based organisation said reserves would climb again to $2.983 in 2011.
“But [the NBC’s] international reserves position remains precarious, and the [riel] has … resumed its depreciating trend,” the EIU said in its September outlook, referring to “heavy dollar selling” in August.
Following a consultation with the government last month, the IMF recommended in a statement that the government limit intervention in the riel rate – namely, selling US dollars for local currency, adding that such moves would limit volatility in the exchange rate.
This “would help protect international reserves, deepen the foreign exchange market, and allow the exchange rate to play a greater role in facilitating external adjustment”, the IMF statement said.
Meanwhile, in his speech Thursday, the prime minister rounded on international agencies, including the IMF, for what he termed an overly controlling approach to assistance to the Kingdom.
“It is said I was Vietnam’s puppet, but when Vietnam was in Cambodia, I was more independent,” he said referring to international agencies such as the World Bank and IMF.
“We welcome your assistance, but do not intervene or put pressure on us, or there is no need to help.”
ADDITIONAL REPORTING BY NATHAN GREEN

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Lenovo officially launches in Cambodia

(Post by Khmer Hot News)
Friday, 09 October 2009 15:01 JEREMY MULLINS
THE world’s fourth-largest computer manufacturer, China’s Lenovo Group Ltd, officially launched its personal computers in the Kingdom on Thursday, announcing partnerships with two local resellers for its Think and Idea range.
The firm, which took over IBM’s personal computer division in 2005, will retail its desktops and laptops in Cambodia through Anana Computer Co and PTC Computer Technologies, Howie Sin, general manager of Lenovo ASEAN, said at the launch. The companies would offer Lenovo customers sales and support, he added.
“We strongly believe in partnering with local business because they understand the local market, so we can grow that market,” Sin said.
Commenting on Lenovo’s unusual strategy of starting out in the Kingdom with two partners, Sreang Tito of Anana said: “We’re going to compete in the areas of capacity and service.”
“We’ll develop the practice of fair competition. That’ll bring a better opportunity for the customers,” he added.
Tapping into local demand
Though acknowledging the challenges caused by the global financial crisis, Sin said he was taking a positive long-term view on the Cambodian computer market.
“The way we look at it is there’s lots of potential in the market as a whole. There are lots of young people [in Cambodia] who are very proficient with mobile phones and who are drawn to the Internet. What about notebooks?” He said, adding that Lenovo would aim to add Khmer-language solutions in the longer term.

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Cambodian refugee among 10 Americans chosen to receive national award

Robert Wood Johnson Foundation to present Sonith Peou with the 2009 Community Health Leaders Award for providing health services to the Southeast Asian immigrants
(Post by Khmer Hot News)
PRINCETON, N.J. (October 8, 2009) —

The Robert Wood Johnson Foundation (RWJF) today announced its selection of Sonith Peou, program director of the Metta Health Center in Lowell, Mass., to receive a Community Health Leaders Award. He is one of 10 extraordinary Americans who will receive the RWJF honor for 2009 at a ceremony this evening at the Mayflower Hotel in Washington, D.C.
Peou is being honored for his work to provide culturally competent services for Southeast Asian immigrants in Lowell, Mass., helping them to become healthy, economically independent citizens. "Sonith Peou has triumphed over tragedy in order to provide health care services to disadvantaged immigrants in the United States, many of whom were persecuted in their home countries," said Janice Ford Griffin, national program director for the award.
Peou helped to establish the Metta Health Center, an initiative of the Lowell Community Health Center, and he designed the facility to look like a clinic in Cambodia. He staffed it with native speakers and incorporated elements of Eastern medicine that are more traditional in Asian countries. Today, the Metta Health Center provides culturally competent health care services to thousands of Cambodians, Laotians and Vietnamese. Like other community clinics, the center focuses on preventive care and tries to keep members of the community out of the emergency room.
"I am very grateful for this award, but it would not have been possible without the strong and supportive leadership of the Lowell Community Health Center, whose leaders believed in this project," said Peou, who emigrated from Cambodia in 1981. "I hope this award will bring attention to the importance of providing quality health care to immigrants, as good health is the cornerstone to healing and making a better life."
The chief executive officer of the Lowell Community Health Center, Dorcas Grigg-Saito, said of Peou that he is a "born leader" who has risen to become one of the most respected Cambodian-American leaders in the Greater Lowell area, as well as nationally. "Throughout his work, Sonith displays a level of loving kindness and compassion (the definition of 'metta' in Khmer) that has created a welcoming atmosphere that engages a truly underserved population in ongoing primary and preventive care and ultimately better health outcomes," Grigg-Saito said.
The Community Health Leaders Award honors exceptional men and women from all over the country who overcome significant obstacles to tackle some of the most challenging health and health care problems facing their communities and the nation. The award elevates the work of the leaders by raising awareness of their extraordinary contributions through national visibility, a $125,000 award and networking opportunities. This year the Foundation received 532 nominations from across the United States and selected 10 outstanding individuals who have worked to improve health conditions in their communities with exceptional creativity, courage and commitment.
There are nine other 2009 Community Health Leaders in addition to Peou. Their work includes oral health services for remote communities; self-directed care for persons with physical disabilities; a marriage between health care and legal aid; a mentoring program to help disadvantaged youth pursue health careers; care for victims of torture; an innovative approach to combat obesity; quality health services for Native American elders; family planning and health services for women, men and teens; and mental health services for the underserved.
Since 1993 the program has honored more than 160 Community Health Leaders in nearly every state, the District of Columbia and Puerto Rico. Nominations can be submitted for the 2010 Community Health Leaders Award through October 15, 2009. For details on how to submit a nomination, including eligibility requirements and selection criteria, visit www.communityhealthleaders.org.

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