DAP: The breaking news in Cambodia: “1st LD-Writethru-China Exclusive: Cambodia eyes Chinese investment to boost economy” plus 9 more

BEIJING, Sept. 16 (Xinhua) -- Relations between China and Cambodia have grown closer in recent years, with China investing billions of dollars in the southeast Asian nation to help boost its economy, an official said Friday.

China has become Cambodia's biggest source of foreign direct investment, said Mao Tianyu, division chief of the International Department of the Ministry of Commerce.

Chinese companies invested 395 million U.S. dollars in non-financial sectors in Cambodia last year, an increase of 83 percent year-on-year. By the end of July 2011, China's outbound direct investment in non-financial sectors in Cambodia amounted to 1.2 billion U.S. dollars, Mao said.

Cambodia's economy has been growing rapidly but is still weak compared with other countries in the region.

The country's gross domestic product (GDP) rose 5.9 percent year-on-year to reach 11.44 billion U.S. dollars in 2010, a growth rate slower than Thailand's 7.8-percent increase and also below the 6.8-percent rise seen in Vietnam, said Xu Ningning, executive vice secretary-general of the China-ASEAN Business Council.

Cambodia's per capita GDP stood at 792 U.S. dollars last year with an annual inflation rate of 3.1 percent.

Most rural households in Cambodia depend on agriculture and related sub-sectors. Agriculture, apparel, real estate and tourism are the country's four pillar industries.

As a country endeavoring to integrate itself into the global economy, Cambodia has shown great enthusiasm for foreign investment.

The country approved 5.5 billion U.S. dollars in foreign investment during the first seven months of this year, up 301 percent from last year, Xu said.

The Asian Development Bank on Wednesday raised Cambodia's growth forecast to 6.8 percent for the year, up from its April projection of 6.5 percent, due to rising agricultural production.

Khek Caimealy Sysoda, Cambodia's ambassador to China, said she hopes to see more Chinese investment in her home country.

"Cambodia enjoys political and macro-economic stability as well as a transparent legal framework. It has a lot of potential for investment," she said.

For many Chinese entrepreneurs, Cambodia is attractive due to low labor costs and its status as a least-developed country (LDC).

Cambodia's LDC status entitles it to preferential trade policies. For example, Japan has reduced its tariffs on imports of 4,800 items from Cambodia, including apparel and footwear.

Cambodia has also signed free-trade agreements (FTAs) with other Asian countries, including India and the Republic of Korea (ROK), under which export duties on many of its manufactured goods are cut. China has not signed FTAs with India or the ROK.

"Cambodia provides Chinese investors with access to key international markets through preferential trade policies," said Khek Caimealy Sysoda.

Cambodia's natural resources are still relatively untouched, offering numerous investment opportunities. The country has two billion barrels of offshore oil ready to be tapped; however, a lack of funds and technology has prevented the country from exploring its own oil resources. The country imports virtually all of its oil-derived products.

Cambodia has ambitions to become one of the world's major rice suppliers, aiming to export 1 million metric tons of rice in 2015. However, its rice exports hit just 45,000 metric tons last year due to low processing capacity.

"This gap presents opportunities for Chinese companies," Xu said.

Cambodia will continue to give equal treatment to both local and foreign investors, improve its methods of governance and reduce the cost of doing business in order to attract more investment, Khek Caimealy Sysoda noted.

MANILA, Sept. 16 (Xinhua) -- Five people died while another one was injured when a delivery truck rammed into a top-down tricycle in Victorias City in the central Philippine province of Negros Occidental late Thursday, police said Friday.

The accident occurred around 11:55 p.m. Thursday when a fast- moving top-down tricycle bumped another tricycle, City police chief Alexander Munoz said, adding the impact forced the topdown motorcycle to encroach on the other side of the lane where a truck used by a company in hauling construction materials was cruising.

Three people died on the spot while two others died upon arrival at a hospital, Munoz said, adding a sixth passenger of the topdown motorcycle was injured.

Police have taken into custody the truck driver for possible filing of appropriate charges, said Munoz.

As to who was at fault, Munoz said, "On the surface, it's the fault of the (top down) tricycle, but it was rammed by the truck, it (truck) was the hitting vehicle."

Bad roads, poorly maintained vehicles and reckless driving are among the common causes for traffic accidents that kill hundreds of people on Philippine highways every year.

BANGKOK, Sept. 16 (Xinhua) -- Prime Minister Yingluck Shinawatra expressed satisfaction with her official visit to Cambodia, the Thai National News Bureau reported on Friday.

After returning from Cambodia on Thursday, Prime Minister Yingluck stated that she was very content with her one-day introductory visit to the neighboring country. She believed it would help restore the good relationship between Thailand and Cambodia and pave the way for closer cooperation in many aspects for the benefits of the peoples.

Citing her discussion with Cambodian Prime Minister Hun Sen, Yingluck said they agreed to address the border dispute by resorting to negotiations under the General Border Committee (GBC) framework in compliance with the ruling of the International Court of Justice. The negotiation framework will be presented to the Cabinet for approval soon.

The two leaders also conferred about the promotion of trade along the border through the opening of the Aranyaprathet Checkpoint in Thai northeastern province of Sa Kaeo, the implementation of the single visa program to attract more tourists as well as the eradication of transnational crimes, narcotic drugs and illegal logging. The governors of border provinces in both countries have been assigned to coordinate closely with one another on the issues.

In regard to the release of two Thai nationalistic activists, who have been detained in Phnom Penh for spying, Yingluck said she was informed by her Cambodian counterpart that the two must first receive two-thirds of their punishment before amnesty could be granted. However, she was assured that efforts would be gradually made to reduce their time in jail.

On this occasion, the Thai premier also had a chance to pay a courtesy call to Cambodian King Norodom Sihamoni prior to her departure.

Yingluck had launched her introductory visit at Brunei last week and visited Indonesia on Monday.

She has left Bangkok to visit the Lao PDR Friday afternoon and scheduled to be back to Bangkok around 6 p.m. local time.

COTABATO CITY, Philippines, Sept. 16 (Xinhua) -- Suspected leftist rebels killed a miner on Friday in the southern Philippines, police said.

The victim, Cris Bual, an offsite land acquisition superintendent for Sagittarius Mines Inc., was attacked and killed by suspected members of New People's Army (NPA) at the Central Park subdivision of the southern city of Davao, said local police commander Senior Superintendent Rene Aspera, adding police were investigating if the incident was work-related.

The Tampakan mine, which SMI has been developing, is considered one of Southeast Asia's largest copper mine with an estimated yield of 11.6 million tons of copper and 14.6 million ounces of gold.

BEIJING, Sept. 16 (Xinhua) -- Relations between China and Cambodia have grown closer in recent years, with Beijing investing billions of dollars in the southeast Asian nation to help boost its economy, an official said Friday.

China has become Cambodia's biggest source of foreign direct investment, said Mao Tianyu, division chief of the International Department of the Ministry of Commerce.

Chinese companies invested 395 million U.S. dollars in non-financial sectors in Cambodia last year, an increase of 83 percent year-on-year. By the end of July 2011, China's outbound direct investment in non-financial sectors in Cambodia amounted to 1.2 billion U.S. dollars, Mao said.

Cambodia's economy has been growing rapidly but is still weak compared with other countries in the region.

Its gross domestic product (GDP) rose 5.9 percent year-on-year to reach 11.44 billion U.S. dollars in 2010, a growth rate slower than Thailand's 7.8-percent increase and also below the 6.8-percent rise seen in Vietnam, said Xu Ningning, executive vice secretary-general of the China-ASEAN Business Council.

Cambodia's per capita GDP stood at 792 U.S. dollars last year with an annual inflation rate of 3.1 percent.

Most rural households in Cambodia depend on agriculture and related sub-sectors. Agriculture, apparel, real estate and tourism are the country's four pillar industries.

As a country endeavoring to integrate itself into the global economy, Cambodia has shown great enthusiasm for foreign investment.

The country approved 5.5 billion U.S. dollars in foreign investment during the first seven months of this year, up 301 percent from last year, Xu said.

Khek Caimealy Sysoda, Cambodia's ambassador to China, said she hopes to see more Chinese investment in her home country.

"Cambodia enjoys political and macro-economic stability as well as a transparent legal framework. It has a lot of potential for investment," she said.

MANILA, Sept. 16 (Xinhua) -- Two New People's Army (NPA) rebels were killed on Friday following a clash with government forces in Masbate province, more than a month after the NPA attacked a police station there, the military said.

Col. Generoso Bolina, spokesman of the military's Southern Luzon Command, said the clash occurred around 6:20 a.m. in Quintana village, San Pascual town.

The operation was prompted by the Aug. 14 rebel attack of the Mobo police station that resulted in the death of a soldier and wounding of 10 others, Bolina said.

"After weeks of hot pursuit operations, Army soldiers encountered about 15 NPA rebels," Bolina said, adding the fighting lasted for 15 minutes, after which the rebels withdrew, leaving behind their two dead comrades.

Found at the encounter scene were a cal. 30 machine gun with ammunition, an M16 rifle, an M653 rifle, three cal. 38 revolvers, 21 improvised explosive devices, a bandolier, two backpacks and rebel documents, said Bolina.

Meanwhile, four government soldiers were wounded in another clash Thursday afternoon in Labo town, Camarines Norte province, said Maj. Angelo Guzman, spokesman of the military's 10th Infantry Division.

Guzman said forces of the 92nd Division Reconnaissance Company were on their way to a coordinating conference for an upcoming civic action mission when they spotted about 30 rebels, ensuing a 30-minute firefight.

Quoting one of the soldiers who figured in the clash, Guzman said: "It's good we were able to spot them first. That's why despite their superiority in number and advantage in position, we were able to fight back and make them withdraw."

The NPA, armed wing of the Communist Party of the Philippines, has been waging a guerrilla campaign in the countryside for more than four decades. The Philippine military estimates that there are over 4,000 NPA guerrilla fighters scattered in more than 60 provinces throughout the country.

MANILA, Sept. 16 (Xinhua) -- Philippine President Benigno Aquino III will pay an official working visit to Japan from Sept. 25 to 28, Department of Foreign Affairs (DFA) announced Friday.

Emperor Akihito will be hosting a court luncheon in honor of Aquino, the department said in a statement.

Aquino will hold a summit meeting with Japanese Prime Minister Yoshihiko Noda to "discuss the advancement of bilateral relations and exchange views on issues of mutual interest," the DFA said, adding Aquino will be the first official visitor of Prime Minister Noda.

Aquino will attend a business forum and a round table discussion with key Japanese businessmen.

Aquino will meet the Filipino community in Tokyo, as well as in Miyagi, one of the prefectures in northeastern Japan most severely affected by the March 11 earthquake and tsunami.

"Both Governments are also looking at the visit as an opportunity to further cement the strategic partnership between the Philippines and Japan," said the statement.

WELLINGTON, Sept. 16 (Xinhua) -- The captain of the United States rugby team has been cited for dangerous play in a match against Russia at the Rugby World Cup in New Zealand.

Todd Clever was cited for a dangerous tackle and dangerous charge during his team's 13-6 win against Russia in their Rugby World Cup pool C match in New Plymouth Thursday.

The openside flanker appeared to make a late tackle without his arms on replacement Victor Gresev late in the match, Radio New Zealand reported on Friday.

The disciplinary hearing will take place in Auckland before independent English judge Jeff Blackett at a date to be confirmed.

WELLINGTON, Sept. 16 (Xinhua) -- New Zealand businesses saw their first drop in income for more than a decade as economic activity contracted due to reduced domestic and external demand in the 2010 financial year, the government statistics agency said Friday.

Total business income was down 4.2 percent to 549.6 billion NZ dollars (454.13 billion U.S. dollars) -- the first drop since 1999 -- following a small rise the previous year, according to the Statistics New Zealand annual enterprise survey.

"These results show how the challenging economic climate in 2010 affected the financial performance of New Zealand businesses, " said Statistics New Zealand industry and labor statistics manager Neil Kelly.

"The finance industry bore the brunt, but manufacturing and distribution industries were also affected by flat household spending and falling exports."

The financial and insurance services industry group showed the largest decrease in total income, down 13.8 percent or 10.3 billion NZ dollars to 64.2 billion NZ dollars, mostly due to falls in interest and dividends received.

The health care and social assistance industry group had the largest rise in total income, rising 1.3 billion NZ dollars or 5.7 percent to 24.5 billion NZ dollars.

Total expenditure by New Zealand businesses fell to 497.7 billion NZ dollars, down 7.2 percent.

Purchases and other operating expenses, which formed the largest component of total expenditure, fell by 3.8 percent, following a 2-percent increase in the previous financial year.

Although income and expenditure fell, surplus before income tax increased 12.2 billion NZ dollars or 31.8 percent from the 2009 financial year, to 50.8 billion NZ dollars, primarily because non- operating expenditure fell 14.4 billion NZ dollars.

The annual enterprise survey provides annual financial performance and financial position information about businesses operating in New Zealand. The industries covered in the survey contribute about 90 percent of the country's gross domestic product.

HANOI, Sept. 16 (Xinhua) -- Vietnam's average gold price closed at 46.82 million Vietnamese dong (VND) (2,247 U.S. dollars) a tael, equivalent to 1.2 ounces on Friday, a decrease of 500,000 VND (24 U.S. dollars) a tael against the previous trading session.

In the capital city Hanoi, the Bao Tin Minh Chau gold trading company quoted buying gold price at 46.60 million VND (2,237 U.S. dollars) a tael on Friday and selling gold price at 46.82 million VND (2,247 U.S. dollars) a tael, a decrease of 400,000 VND (19.20 U.S. dollars) and 600,000 VND (28.80 U.S. dollars) respectively against the previous day.

Meanwhile, most gold shops in the country's southern Ho Chi Minh City quoted buying gold price at 46.25 million VND (2,220 U.S. dollars) a tael and selling gold price at 46.55 million VND (2,234 U.S. dollars) a tael on Friday, a decrease of around 500,000 VND ( 24 U.S. dollars) against previous trading session.

During the week, domestic gold prices fell down along with global gold prices, but in a slower speed, thus maintaining a large gap of around 1 million VND (48 U.S. dollars) per tael higher than global price.

Global gold price fell down on Friday at a point to 1,775 U.S. dollars per ounce, the lowest level since August 26, however still posted an increase of 25 percent so far this year. It made a high record of 1,923.7 U.S. dollars per ounce on September 6. Insiders said that global gold prices were falling down because investors sold gold out and rushed to the rising stock market.

The State Bank of Vietnam (SBV) said it would try to narrow the gap between domestic gold price and global gold price at around 400,000 VND (19.20 U.S. dollars) per tael. It also plans to mobilize gold from citizens, who currently kept around 500 tons of gold, worth about 25-30 billion U.S. dollars. Recently, SBV sold 1. 5 billion U.S. dollars to commercial banks for purposes of increasing foreign currency reserves.

Meanwhile, the State Bank of Vietnam has maintained the inter- bank rate at 20,628 VND/USD since August 24. The USD price at commercial banks on Friday is listed at 20,830 VND per one dollar on buying price, and 20,834 VND on selling price, the same since August 24.

But in the black market, the USD is rising to 21,020  21,050 VND for one buying and selling dollar on Friday, an increase of 40 VND and 20 VND respectively over Thursday.