DAP: The breaking news in Cambodia: “Cambodia drafts budget for 2012 expenditure” plus 9 more

DAP: The breaking news in Cambodia: “Cambodia drafts budget for 2012 expenditure” plus 9 more

Cambodia drafts budget for 2012 expenditure

Posted: 19 Jul 2011 02:13 AM PDT

PHNOM PENH, July 18 -- Cambodia on Monday unveiled a drafted budget of around 2.35 billion U.S. dollars for the country' s expenditure in 2012.

Speaking during a meeting with the members of parliament on budget draft for 2012 expenditure, the Minister of Finance Keat Chhon said the total expenditure for 2012 will be equal to 19.42 percent, or 2.35 billion U.S. dollars of the GDP growth this year.

The GDP this year is forecast to grow by 6.1 percent or 12.14 billion U.S. dollars, he said.

"It's just the drafted budget, the final one will be available in September," he said. "The expenditure is to ensure the stability of macroeconomics and the GDP growth."

Top priority sectors are national defense and security, health, education, agriculture, irrigation and infrastructure, he said.

The overall budget for 2011 was 2.4 billion U.S. dollars.​ (Xinhua)

Trade between Cambodia and Thailand sees first-ever lowest growth

Posted: 19 Jul 2011 02:12 AM PDT

PHNOM PENH, July 18 -- The bilateral trade volume between Cambodia and Thailand saw a 3 percent rise in the first five months of this year, compared to the same period a year ago, statistics showed on Monday.

The figure showed the first-ever lowest growth between the two neighboring countries' trade due to the two large-scale armed clashes over the border dispute on Feb. 4 to 7 at the 11th century Preah Vihear temple and the other clashes on April 22- May 3 at the 13th century Ta Krabei temple and Ta Mon temple in Oddar Meanchey province, some 150 kilometers west of the ancient Preah Vihear temple.

From January to May this year, the total bilateral trade amounted to 1,175 million U.S. dollars, up just 3 percent from 1, 135 million U.S. dollars at the same period last year, according to the statistics provided by the Thai embassy in Phnom Penh.

Cambodia's export to Thailand was 84 million U.S. dollars, up 115 percent from 39 million U.S. dollars, while Thailand's export to Cambodia was worth 1,091 million U.S. dollars, down 0.3 percent from 1,095 million U.S. dollars.

Thailand is Cambodia's largest trade partner. The two nations had a border conflict just a week after Cambodia's Preah Vihear temple was enlisted as a World Heritage Site on July 7, 2008.

Since then, both sides have built up military forces along the border and periodic clashes have happened, resulting in the deaths of troops and civilians on both sides. (Xinhua)

Cambodia's fish exports decline 33 pct in first 6 months

Posted: 19 Jul 2011 02:10 AM PDT

PHNOM PENH, July 19 -- Cambodia recorded 33 percent decline in fish exports in the first half of this year, compared with the same period a year ago, showed the figure from the Fisheries Administration on Tuesday.

From January to June this year, the country has exported 16,000 tons of fresh and processed fish with an estimated revenues of 45 million U.S. dollars, 33 percent decrease from 24,000 tons with the total cost of 67 million U.S. dollars at the same period last year.

The fish has been exported to its neighboring countries Vietnam and Thailand, and also to Singapore, China's Hong Kong and South Korea.

Por Try, secretary of state for the Ministry of Agriculture, Forestry and Fisheries, said the decline was due to the enforcement on fisheries law by strong crackdowns on illegal fishing.

"Currently, we have been encouraging more raising of fish and we want to cut down fish exports in order to meet increasing local demand," he said.

In the first half of this year, Cambodia has yielded 377,500 tons of fish including 292,500 tons of fresh water fish, 47,000 tons of maritime fish and 38,000 tons of raised fish.​ (Xinhua)

Cambodia unveils 10-year financial strategic plan

Posted: 19 Jul 2011 01:59 AM PDT

PHNOM PENH, July 19-- Cambodia on Tuesday unveiled the Financial Sector Development Strategy 2011-2020 aimed at developing an effective, integral and competitive financial system, said Chea Chanto, the governor of National Bank of Cambodia.

"The strategy will develop a sound, market-oriented finance sector that will enhance resource mobilization and allocation and consequently support sustainable economic growth,"he said."It will make finance more widely accessible and inclusive to overall poverty reduction."

The strategy focuses on establishment of strong cooperation framework amongst related financial authorities, revision of legal and cooperation framework, crisis preparedness through establishing a Financial Stability Unit and an effective Early Warning System within banking system.

It also sets vision for the development of microfinance institutions, non-banking sector, capital market, and payments system.

Minister of Finance Keat Chhon said the strategy is to respond to the needs of the development of the financial sector in Cambodia.

"The strategic plan will help to strengthen the capacity of the regulators and all financial operators with codes of ethics and high profession," he said. "The document will also move in tandem with the preparation of ASEAN Financial Sector Integration Roadmap."

The development of the FSDS 2011-2020 was done with the technical and financial support from the Asian Development Bank ( ADB).

"The strategy is the update one from the first FSDS 2006-2015, it revised opportunity, constraints, challenges and gaps in the development of the country's financial sector," Putu Kamayana, country director of ADB. "It focuses on providing regulatory measures to ensure sound management of the country's financial sector in the next ten years." (Xinhua)

2nd Ld-Writethru: Two former Chinese vice mayors executed for bribery

Posted: 18 Jul 2011 10:50 PM PDT

BEIJING, July 19 (Xinhua) -- Two former vice mayors of east China's cities of Hangzhou and Suzhou, Xu Maiyong and Jiang Renjie, were executed Tuesday morning for bribery, the Supreme People's Court (SPC) said.
The SPC approved the executions after reviewing both cases, Sun Jungong, a spokesman for the SPC, said during a press conference held in Beijing on Tuesday.
Xu used his official power to interfere with project contracts and to help companies and people obtain land, promotions and tax breaks while acting as chief of the Xihu District government, Party secretary of the district and mayor of Zhejiang Province's city of Hangzhou, Sun said.
Xu sought and accepted a total of 145 million yuan (about 22.2 million U.S. dollars) in bribes and embezzled another 53.59 million yuan from a state-owned property development firm.
In addition, Xu arranged the illegal return of 71.7 million yuan in land purchase payments to a property development firm in which he had a stake, Sun added.
Jiang took advantage of his position as deputy mayor of Jiangsu Province's city of Suzhou to obtain benefits from real estate development projects for five companies, Sun said.
In return, Jiang took bribes, including more than 108 million yuan in cash, from property developers.
Xu was convicted of bribery, embezzlement and abuse of power and sentenced to death by the Intermediate People's Court of the city of Ningbo on May 12.
Jiang was convicted of bribery and sentenced to death by the Intermediate People's Court of the city of Nanjing in April 2008.
Both Xu and Jiang appealed the courts' decisions after their trials. Their appeals were rejected by higher courts.

2nd Ld: At least three injured in fireworks factory explosion in SW China

Posted: 18 Jul 2011 10:49 PM PDT

CHENGDU, July 19 (Xinhua) -- At least three people have been confirmed injured after an explosion occurred at a fireworks factory in Suining City, southwest China's Sichuan Province, Tuesday morning.
A spokesman with the city's fire department said one who was seriously injured had been sent to the central hospital of Suining City.
Burning fire caused by the explosion was put off at around 10:00 a.m.
The explosion happened at around 7 a.m. in the fireworks workshop in Huima Township of the city.
The exact number of casualties has yet been confirmed.
Residential houses in the nearby area within a radius of several kilometers from the explosion site had some of their glass fragmented by the shockwave of the blast. A dozen or so villagers are receiving medical treatment at a local clinic for their wounds caused by glass fragments.
Some netizens left microblog messages on the Internet Tuesday morning saying the explosions at the fireworks plant caused such severe tremors that local people feared it was an earthquake. They suspected there might be more casualties.
Cause of the explosion is being investigated.

1st Ld-writethru: China's Xi vows to fight Dalai group's separatist activities

Posted: 18 Jul 2011 10:49 PM PDT

LHASA, July 19 (Xinhua) -- Chinese Vice President Xi Jinping on Tuesday vowed to fight separatist activities of the Dalai group as he addressed a rally in Lhasa marking the 60th anniversary of the peaceful liberation of Tibet.
"We should fight against separatist activities by the Dalai group, rely on cadres and people of all ethnic groups, seek long-term policies and take measures that address the root cause, and completely destroy any attempt to undermine stability in Tibet and national unity of the motherland," Xi said.
Social stability provides the very basis for leapfrog development and a prosperous life for people of all ethnic groups in Tibet, he said.
Xi said people of all ethnic groups in Tibet have stood firm in the fight against separatism.
"They have forestalled separatist and sabotage activities staged by the Dalai group and foreign hostile forces, and firmly safeguarded ethnic unity, social stability and national unification," Xi said.
"Working in unity with their fellow countrymen, cadres and people of all ethnic groups in Tibet are fully confident and capable of upholding and strengthening social stability and unity in Tibet," he said.

1st Ld: At least three injured in fireworks factory explosion in SW China

Posted: 18 Jul 2011 10:49 PM PDT

CHENGDU, July 19 (Xinhua) -- At least three people have been confirmed injured after an explosion occurred at a fireworks factory in Suining City, southwest China's Sichuan Province, Tuesday morning.
A spokesman with the city's fire department said the explosion happened at around 7 a.m. in the fireworks workshop in Huima Township. The fire department has sent 13 fire engines to the site.
The exact number of casualties has yet been confirmed.
Some netizens left microblog messages on the Internet Tuesday morning saying the explosions at the fireworks plant caused such severe tremors that local people feared it was an earthquake. They suspected there might be more casualties.

China stocks end lower at midday Tuesday

Posted: 18 Jul 2011 10:48 PM PDT

BEIJING, July 19 (Xinhua) -- Chinese shares ended lower at midday Tuesday with the benchmark Shanghai Composite Index down 0.47 percent to 2,803.53.
The Shenzhen Component Index fell 0.64 percent to finish at 12,411.2.

1st LD: Two former Chinese vice mayors executed for bribery

Posted: 18 Jul 2011 10:48 PM PDT

BEIJING, July 19 (Xinhua) -- Two former vice mayors of east China's cities of Hangzhou and Suzhou were executed Tuesday morning for bribery, the Supreme People's Court (SPC) said.
The SPC approved the execution after reviewing both cases, the SPC said during a press conference held in Beijing.
Xu Maiyong, a former vice mayor of the city of Hangzhou in Zhejiang Province, was convicted of bribery, embezzlement and abuse of power and sentenced to death by the Intermediate People's Court of the city of Ningbo on May 12.
Jiang Renjie, a former vice mayor of the city of Suzhou in Jiangsu Province, was convicted of bribery and sentenced to death by the Intermediate People's Court of the city of Nanjing in April 2008.
Both Xu and Jiang appealed the courts' decisions after their trials. Their appeals were rejected by higher courts.

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