August 30th, 2010
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Vietnamese President Nguyen Minh Triet is scheduled to make a three-day trip to Cambodia beginning Thursday to promote increasing trade between the two countries, officials said Tuesday.
“The progress of investment, trade and tourism is greatly increasing,” Foreign Ministry spokesman Koy Kuong said. “This state visit also promotes the other sectors. When we speak of the bilateral friendship and cooperation between the two countries, we have to focus on all fields.”
Nguyen is expected to meet with King Norodom Sihamoni at the Royal Palace and hold talks with Prime Minister Hun Sen, National Assembly President Heng Samrin and Senate President Chea Sim.
“The purpose of this visit is to promote the relationship between the two countries and promote trade and investment of the two countries,” Ngo Thi Hoa, deputy chief of mission for the Vietnamese Embassy in Phnom Penh, told VOA Khmer. “We want the government open for the Vietnamese investors to do business in Cambodia.”
August 30th, 2010
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A defense lawyer for one of the senior Khmer Rouge leaders preparing for trial says he does not want a trial under the principle of Joint Criminal Enterprise, which would seek to link four leaders now in detention in atrocity crimes under the regime.
“My client was only the minister of social affairs,” said Phat Povseang, who represents Ieng Thirith, the wife of foreign minister Ieng Sary, at the tribunal. Ieng Thirith did not have power or authority under the structure of the regime, he said.
Tribunal officials are now preparing for upcoming Case 002, which will try Nuon Chea, Khieu Samphan, Ieng Sary and Ieng Thirith for atrocity crimes, including genocide.
In their final submission for Case 002, tribunal prosecutors said the four should be tried under JCE, a complex legal theory that trial judges will have to consider.
July 22nd, 2010
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CAMBODIA’S Infinity Insurance has secured the world’s largest firm in the sector, Munich Re, as a reinsurer – a move one broker described yesterday as a sign of its robust performance.
Reinsurers mitigate some of the financial risk for an insurance company, essentially acting as an insurer for the firm’s policies.
“The only reason billion-dollar companies back little companies like us is because they believe our performance is sustainable. So we’ve obviously performed well over three years [since Infinity started] to be able to secure their support,” said David Carter, Infinity’s chief executive.
“Bringing Munich Re on gives us confidence because it would only get involved with a company where it sees good performance,” he added.
“It means we that have more confidence that if we have a big loss, we’re going to be able to recover those funds and pay the customer very quickly,”
July 22nd, 2010
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PHNOM PENH, Cambodia—Cambodia has delayed the opening of its proposed stock market for a second time, pushing the date back to July 2011.
In a statement Wednesday, the Finance Ministry said the delay was due to technical issues and the global economic crisis.
“The postponement of the stock market is to adapt to the evolving situation of the global economic and financial situation, which shows some positive signs of recovery but is still fragile,” the statement said.
Last December, officials said Cambodia’s stock market would open by the end of this year after initially targeting it to begin operating in 2009. After receiving the approval from Prime Minister Hun Sen, the Cambodia stock exchange is expected to kick off in July 2011, the statement said.
The Cambodian economy is small and reliant on textiles, which account for nearly 80% of exports, and hundreds of millions of dollars in international aid. Foreign investment has been deterred by the country’s reputation for endemic corruption.
