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Tag: Cambodia

  • AirAsia Group reorganises airline units; eyes Cambodia airline venture

    AirAsia Group reorganises airline units; eyes Cambodia airline venture

    AirAsia Group has formed a new holding company for its four airline units, in a group-wide business reorganization to better distinguish its airline and digital ventures.

    The group says its four airlines — in Malaysia, Philippines, Thailand and Indonesia — will now come under the AirAsia Aviation Limited holding company.

    Current group president for airlines Bo Lingam will helm the company as its chief executive.

    AirAsia Aviation will be one of the eight “digital portfolio companies” in the group’s stable — the other companies include cargo and logistics venture Teleport, MRO unit Asia Digital Engineering, as well as its AirAsia “Super App”.

    AirAsia Group chief Tony Fernandes said in August that “a split” between the group’s core airline business and its digital ventures is inevitable “at some point”.

    The group doubled down on its digital offerings amid the coronavirus crisis, which has pummelled its airline business. It first launched AirAsia Digital in September 2020, comprising five portfolio companies in areas such as payment services, logistics, food and travel.

    In the latest announcement, Lingam says the “structural change” will help “facilitate strong projected growth” across the group’s offerings.

    “The AirAsia Aviation Limited entity holds our existing airline investments and paves the way for new airline ventures to be formed in due course,” he says.

    Lingam hinted at Cambodia as one potential market for such a venture. He says: “We will continue to review new markets to operate from in the future, like Cambodia for example, when we can connect [Southeast Asia] once again with the best value fares and lifestyle offerings.”

    AirAsia in November 2020 said it was “actively exploring” opportunities for a local airline presence in the Indochina region, though it did not elaborate further.

    Separately, AirAsia Aviation has also set up a consulting division, which Lingam says is “tasked at reviewing new airline partnerships and franchise opportunities”.

    He remains hopeful of an imminent recovery, helped by a ramp-up in vaccinations in its key operating markets. For instance, Malaysia, where the group is based, has recently eased interstate travel restrictions.

    “Pleasing progress is also underway in our other airlines in Thailand, Indonesia and the Philippines as services are resuming in line with accelerated vaccination rates and the easing of travel restrictions in our key markets,” he adds.

  • Coffee buyers face losses as Colombia farmers fail to deliver

    Coffee buyers face losses as Colombia farmers fail to deliver

    Coffee farmers in Colombia, the world’s No. 2 arabica producer, have failed to deliver up to 1 million bags of beans this year or nearly 10% of the country’s crop, leaving exporters, traders, and roasters facing steep losses, industry sources said.

    World coffee prices have soared 55% this year, mainly due to adverse weather in top producer Brazil, prompting Colombian farmers to default on sales clinched when prices were much lower in order to re-sell the coffee at higher rates.

    “Traders are getting defaulted on, it’s a mess. If the drought continues (in Brazil), 300 cents (per lb of coffee) is possible. It’s going to be mayhem,” said a dealer at a global agricultural commodities trade house.

    He said leading global roasters are planning to change the branding on their ‘single-origin Colombia’ coffees due to sourcing problems.

    Delivery defaults in a major producer like Colombia can exacerbate price spikes on world markets, although these would be temporary because the coffee ultimately exists and will weigh on markets once it is re-sold.

    Colombian farmers say they will deliver the coffee later this year or next but buyers are unconvinced.

    Many are opting to see losses now and write the purchases off as defaults rather than wait and risk even bigger losses if farmers still don’t deliver next year and prices rise further, according to a senior trader at another global trade house.

    He said several global trade houses are looking at losses of $8-10 million each on undelivered coffee, while Colombia’s coffee growers federation FNC, which represents farmers but also accounts for 20% of the country’s 12.5 million bags of annual coffee exports, faces higher losses.

    “There was easily 1 million bags of forwarding (Colombian coffee sales) done before the market started rallying mid-May,” said the senior trader. “If you work for a multinational (trade house) your boss will say come on, we have to take the hit.”

    Delivery defaults in a rallying coffee market are a huge issue for commodity exporters and traders who often hedge physical purchases by taking short positions in the futures market, causing them to sustain steep losses as prices rise.

    Usually, traders would be able to sell the physical coffee they are owed at current lofty rates in order to offset their futures market loss, but in the case of a default, they can’t.

    Defaults can also force traders to purchase supplies pre-sold to roasters at a loss in the pricey spot market.

    FNC head Roberto Velez confirmed that Colombia is facing widespread defaults.

    “I can tell you there are few Colombian exporters not suffering (from defaults). All the major trade houses and also the federation as a major exporter, we’re all suffering (losses),” he said.

    “When a grower doesn’t deliver, the whole chain gets stuck losing money,” he added.

    Traders said the federation has given Colombian farmers at least another year to deliver the coffee – a move that could force the industry body to approach the government for bail-out funds if the farmers still don’t deliver in time.

    A senior Columbia-based coffee trader with Louis Dreyfus Company (LDC) left the company in the wake of losses, two sources with knowledge of the matter said.

    LDC said it does not comment on organizational changes except in relation to executives.

    “Companies will be in trouble with (the scale of the losses), big guys will change their team, but smaller guys will go bankrupt,” said a senior trader.

    He added major local Colombian exporter La Meseta has been hard hit by farmer defaults and is struggling to make good on its supply deals with international roasters, leaving them exposed to losses.

    Selling coffee forward in Colombia has become popular in the last few years, but up until this year, the move had mostly worked out in favour of farmers as world prices drifted lower so farmers received better prices for their coffee on delivery, not worse.

    About 550,000 Colombian families make their living growing coffee and the Andean country is the largest producer of the washed arabica grade on which benchmark futures contracts on the ICE exchange are based.

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  • Italian brand Frette opens doors in Singapore

    Italian brand Frette opens doors in Singapore

    Italian home accessories and lifestyle brand, Frette, has expanded its footprint in Singapore with its first boutique in Marina Bay Sands.

    The store also marks the brand’s first mono-brand boutique in the territory. Designed by Milan-based architecture studio Archibrando, the new Frette store features elements used in the brand’s global flagship boutique on Milan’s Via Manzoni and custom furnishings crafted from natural Afara wood, “encapsulating the luxurious ambience and timeless elegance and essence of the brand”.

    Frette Singapore occupies a 65sqm area of the shopping centre, offering crafted linens and decorative home accessories, ranging from embroidery bedding, bath towels, to men’s and women’s loungewear. The Marina Bay Sands boutique also offers custom embroidery and personalisation, bedroom styling as well as installation.

    The 160-year-old brand is known for its “chic, original designs and inimitable finish and feel”. Frette operates nine retail locations in the US and 25 in Asia. The brand has flagship stores in China, South Korea, Taiwan, Vietnam and Cambodia.

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  • Cambodia’s newest mall opens in Phnom Penh

    Cambodia’s newest mall opens in Phnom Penh

    The One Mall, a Chinese-backed three-storey shopping mall project in Phnom Penh, is expected to be completed in the second quarter of this year, after missing its scheduled December opening.

    In August, The One Mall Management (Cambodia) Co Ltd, which is a subsidiary of Chinese firm Ming Sheung International Investment Co Ltd and the developer of the project, announced that the mall would be officially opened in December.

    “It will be complete around April this year. Construction is moving along well. Workers are on the job day and night. Around 70 per cent has been completed so far,” a source close to the project told The Post on Wednesday.

    However, the source declined to comment when asked about the project’s delay.

    The project is constructed on a 12,000sqm plot at the site of the former container night market and near The Bridge building in Phnom Penh’s Tonle Bassac commune.

    The value of the firm’s investment has not been disclosed.

    In August, The One Mall Management announced that The One Mall will comprise of shops, a kid’s zone, a fitness centre, restaurants and clothing stores. The project’s construction began in June last year.

    Century 21 Mekong CEO Chrek Soknim told The Post on Wednesday that the retail market is very popular among the Kingdom’s middle-income earners.

    However, demand currently outstrips supply, he said. “Retail is currently making a strong foray into Cambodia – targeting Cambodians with good income and a need for better goods.

    “Mall construction [projects] has not yet met the demand, and it will lead to more retail construction,” he said.

    In August, The One Mall Management chairman Chris Wong said economic growth in the Kingdom prompted the company to invest in a large retail mall in the heart of Phnom Penh.

    He said The One Mall will play host to many local and international brands.

    “To date, we are heartened that The One Mall has received support from long-standing retail brands in the Kingdom.

    “The One Mall has a clear focus on offering different exposure to a social space where people spend their time experiencing, discovering and shopping,” Wong said.

    The company also announced a new mall in Sihanoukville to attract Chinese clientele there.

    A CBRE Cambodia report said there were a total of 19 buildings in Phnom Penh providing 314,000sqm of retail space as of the end of last year.

    At the end of 2018, there were 14 buildings in the capital providing 282,580sqm of retail space, it said.

    This year, CBRE Cambodia expects an additional 261,746sqm in retail space supply, bringing the total in Phnom Penh to 575,700sqm.

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  • Vietnam biggest buyer of Cambodia’s mangoes

    Vietnam biggest buyer of Cambodia’s mangoes

    Cambodia exported 140,000 tons of fresh mangos, or 86.8 percent of its total exports of the fruit, to Vietnam in the first seven months of this year.

    Citing data from the Cambodian Ministry of Agriculture, Forestry and Fisheries, the Vietnam Trade Office said the nation exported 161,228 tons of mangos between January and July, a year-on-year surge of 248 percent.

    Besides fresh mangos, Cambodia exported nearly 13,525 tons of mango jam, including 77 tons to Vietnam, 1,000 tons to Thailand and 11,000 tons to China in the seven-month period.

    Cambodia, which cultivates mangoes on 126,668 hectares at present, exported 845,274 tons of mangos worth over $473.2 million last year, mostly to Vietnam, Thailand, China, South Korea, Singapore, Russia and France.

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  • H&M to open first store in Cambodia next year

    H&M to open first store in Cambodia next year

    Swedish multinational clothing retail company Hennes & Mauritz AB (H&M) has announced the opening of its first store in Cambodia next year, according to a press release issued in early July.

    The firm, however, did not disclose the specific date and location of this first store.

    H&M already has a large presence in the region with 11 stores in Vietnam and 43 in Thailand.

    The decision to expand its stores to Cambodia was made after the company assessed the potential of Cambodia given the gradual increase of local purchasing power.

    The firm has been manufacturing its products in Cambodia since the 1990s.

  • Paris Baguette enters Cambodia

    Paris Baguette enters Cambodia

    SPC Group is launching the Paris Baguette bakery franchise in Cambodia, opening the first branch in the country‘s capital city, the company said Wednesday.

    According to SPC Group, the Korean firm behind bakery brand Paris Baguette, it forged ties with Cambodia’s HSC Group to open the first Paris Baguette store in Phnom Penh.

    Cambodia is the sixth country in which Paris Baguette has launched, and it is the first time the bakery operator has formed a joint venture for its overseas business, SPC Group said.

    For the business partnership, Paris Baguette’s affiliate in Singapore established a joint venture, dubbed H.SPC, with HSC Food&Beverages, an affiliate of the Cambodian conglomerate, SPC Group said.

    With the launch of Paris Baguette in Cambodia, SPC Group aims to penetrate into the Southeast Asian market.

    “SPC Group is committed to expanding business in Southeast Asia,” an SPC Group official said.

    “We recently met with a Malaysian senior minister to discuss establishing a halal-certified food factory there, and we are reviewing plans to tap into Indonesia, which has the biggest market in the region. We also plan to enter the Middle East market in the future.”

    The first Paris Baguette store in Cambodia is located in the central area of Boeung Keng Kang in the capital city, occupying the entire space of a three-story building.

    SPC Group operates about 430 Paris Baguette stores overseas in six countries — China, the United States, France, Vietnam, Singapore and Cambodia.

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  • Mobile World sets sights on significant 2021 improvements

    Mobile World sets sights on significant 2021 improvements

    The Mobile World Investment Joint Stock Co. targets VND125 trillion ($5.4 billion) in net revenues and VND4,750 billion ($206.6 million) in after-tax profits this year. The targets are respectively 15 and 21 percent higher than the company’s 2020 figures.

    The company has said in a statement that while the market still carries risks amidst the Covid-19 pandemic, it is determined to return to double-digit growth. This is the tenth consecutive year that it has set growth goals with increased revenue and profit targets.

    The firm plans to establish the Dien May Xanh Supermini chain with more than 1,000 stores by the end of this year. Their Bach Hoa Xanh chain that sells vegetables, seafood, meat and fast-moving consumer goods (FMCG) will be expanded with large stores with areas of more than 500 square meters in major metropolises.The company’s backbone business is retailing of smartphones and electronics, and this is expected to contribute around 75 percent of sales, with the rest coming from food and consumer goods.

    Mobile World will also focus on online sales, develop its Bluetronics chain in Cambodia, its high-tech agricultural project named 4KFarm and pharmacy chain An Khang.

    Last year, Mobile World earned VND108,546 billion ($4.72 million), up 6.2 percent year on year. Its after-tax profit was VND3,920 billion ($170.5 million).

    Mobile World has over 4,000 outlets in Vietnam and 37 in Cambodia. It opened nearly three new outlets a day on average last year. The company plans to become the top retailer in Southeast Asia by 2030.

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  • Papa John’s launches in Cambodia

    Papa John’s launches in Cambodia

    US pizza chain Papa John’s is launching in Cambodia with 15 restaurants scheduled to open during the next three years. The company opened its flagship store in Phnom Penh last month.

    “Papa John’s Cambodia team is truly passionate about pizza,” said Peter Xu, Papa John’s Cambodia franchisee.

    “With our ‘Better ingredients – Better pizza’ promise, we look forward to providing local pizza lovers with quality products and outstanding services.”

    Xu also owns a Papa John’s franchise in New York and other business ventures in Cambodia.

    Jack Swaysland, Papa John’s COO, international, said that following a record year of sales and growth, Papa John’s is well-positioned to accelerate international development, a key pillar for the brand’s long-term growth.

    Papa John’s has restaurants in 48 countries, with the latest new openings in France, Spain, Tunisia, Iraq, the Netherlands, Morocco, Kazakhstan, Kyrgyzstan, Poland, the Bahamas, Pakistan, and Portugal. The company is eyeing expansion in Brazil, Japan, and Southeast Asia.

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  • Foodpanda to drive Covid-19 vaccination awareness campaign across Asia

    Foodpanda to drive Covid-19 vaccination awareness campaign across Asia

    Food and grocery delivery service Foodpanda has launched a Covid-19 vaccination awareness campaign across Asia in the lead-up to WHO’s World Immunisation Week. The campaign, which aims to reach more than 10 million people across Asia, will include a series of content across digital and social media channels, providing information and resources on local vaccination programs.

    It will be rolled out in phases across Singapore, Malaysia, Thailand, Hong Kong, Cambodia, Japan, Bangladesh, Pakistan, and the Philippines.

    “The region’s battle with Covid-19 is ongoing, and we have to stay vigilant on keeping our ecosystem safe,” said Jakob Angele, CEO of Foodpanda. “Leveraging existing channels with our network of riders, merchants, employees and customers, we can raise greater awareness around fighting misinformation and share information around local vaccination programs so that our entire delivery ecosystem can be informed and mobilized.”

    Besides its social media campaign, Foodpanda will also join hands with local authorities to support vaccination programs in Singapore, Cambodia, and the Philippines.

    “We will continuously explore ways to play a part in the fight against Covid-19.”

  • Maserati Grows Presence In APAC and Enters Cambodia

    Maserati Grows Presence In APAC and Enters Cambodia

    Maserati has announced the opening of a new market in Asia Pacific as the brand enters Cambodia. Maserati is represented in Cambodia by HGB Group. The showroom is situated in Cambodia’s capital Phnom Penh. The facility includes a showroom of 610 sqm displaying the Maserati product line-up and a workshop of 1.760 sqm equipped with 3 work bays.

    Bernard Loire, Chief Commercial Officer Maserati, said, “Selecting the right partner and having great products are the foundations for success across the region. Maserati is entering in a period of intense changes with revolutionary new cars, innovations, and projects. Now for us, the focus is strongly on the future, including hybrid and electric models.”

    Maserati’s complete range will now be available in Cambodia in addition to more than seventy markets internationally. The company already has partners in Singapore, Malaysia, Thailand, Vietnam, and Indonesia in the South Asian market.

    Cambodia is a very promising market for Maserati as the luxury car market is estimated to grow at a Compound Annual Growth Rate of 14 percent from 2017 to 2020.

  • US chain The Habit Burger Grill launches in Cambodia

    US chain The Habit Burger Grill launches in Cambodia

    Over 50 years ago, America’s best tasting burger was born in Santa Barbara, California, and now the award-winning taste of The Habt Burger Grill will be opening its newest international location in Cambodia on October 21st! The California-based restaurant company renowned for its award-winning Charburgers grilled over an open flame, signature sandwiches, fresh-cut salads, and more announces the highly anticipated opening in the center of Phnom Penh, the capital of Cambodia, at the Tela Toul Kork Station.

    The Habit Burger Grill is California’s best-kept secret, as it’s been awarded various food-focused awards in the United States. At the center of The Habit’s menu is the signature Charburger, made with a fresh 100% ground beef patty, chargrilled over an open flame for a unique smoky flavor, and topped with cheese, caramelized onions, pickles, fresh tomato slices, crisp lettuce, and mayo served on a toasted bun. The Habit has been serving the best tasting burger in America in exactly this way since 1969.

    “We are excited to continue The Habit Burger Grill’s international expansion by joining forces with our new franchise partner Kampuchea Tela Company, LTD to open our first location in Cambodia. We look forward to creating new Habit fans by inviting them to enjoy our handcrafted chargrilled food delivered with best-in-class hospitality and in a welcoming Southern California environment,” said Iwona Alter, Chief Brand Officer at The Habit Burger Grill.

    This marks as The Habit’s second international expansion with eight restaurants open in China today. This is just the beginning, The Habit is partnering with Kampuchea Tela Company, LTD to develop and operate restaurants throughout the Kingdom of Cambodia.

    In anticipation of The Habit’s grand opening, local guests are invited for an exclusive sneak peek of the menu. The first 200 guests per event on October 16 and 17th between 11:30a.m. – 1:30p.m. and 5 p.m. – 7p.m will receive a complimentary Charburger, French fries, and drink. Upon opening, this two-story location will offer dine-in and takeout.

    With its cooked-to-order mantra and creative culinary culture, The Habit Burger Grill’s open flame sears a distinctive smoky flavor into their already famous Charburgers, fresh marinated chicken, sushi-grade Ahi tuna, and USDA Choice tri-tip steaks. The Habit also has an incredible selection of sides to choose from as well as delicious hand-spun frozen treats. Guests at The Habit Burger Grill can always count on freshly-made, the handcrafted quality served up with genuine hospitality.

  • 7-Eleven warns of bogus ‘franchisor’ in Cambodia

    7-Eleven warns of bogus ‘franchisor’ in Cambodia

    Convenience-store chain 7-Eleven has warned of a bogus ‘franchisor’ in Cambodia. The company said it received reports that there is an unauthorized party representing itself as 7-Eleven’s master franchisee in the country and attempting to sell outlets.

    The reports promoted the company to issue an announcement confirming that Thailand’s CP All is the sole master franchisee in the market, having the exclusive right to open and operate 7-Eleven stores there.

    Last May, Thailand’s CP Group signed a master franchise agreement to operate the chain in Cambodia. The first store is scheduled to launch in Phnom Penh next year.

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  • Thailand’s CP wins 7-Eleven rights to operate in Cambodia

    Thailand’s CP wins 7-Eleven rights to operate in Cambodia

    Thailand’s CP Group will launch 7 Eleven Cambodia next year after winning the franchise rights for the country.

    CP Group, which operates 7-Eleven in Thailand, will run the business via its local subsidiary. The first outlet is expected to open in Phnom Penh.

    According to reporting in Nikkei, CP will be responsible for all business strategy and distribution activities of 7-Eleven Cambodia, and will bear the right to use the brand logo and signage.

    The operation will also include grocery sales along with some banking and delivery services.

    With 12,000 outlets, Thailand is the second-largest market for 7-Eleven after Japan.

    Founded in 1927 in Dallas, Texas, 7-Eleven is now owned by Japanese retail group Seven & I Holdings.

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  • Cambodia Readies Digital Currency

    Cambodia Readies Digital Currency

    Cambodia is set to roll out Project Bakong, the country’s blockchain-based payment network that features a central bank digital currency (CBDC) payment system.

    The platform, trialed in July 2019 and set to go live this quarter, already has the backing of 11 banks, with others to join soon, Serey Chea, National Bank of Cambodia (NBC) assistant governor and director-general of central banking said.

    NBC will maintain centralized control of the proposed CBDC with a closed system that will include participants like banks and other financial institutions in the country, the report said.

    Serey called the currency the national payment gateway for Cambodia. Bakong will play a central role in bringing all players in the payment space in Cambodia under the same platform, making it easy for end-users to pay each other regardless of the institutions they bank with.

    Cambodia’s launch of the CBDC comes amid the launch of other state-backed digital currency projects, as central banks come under pressure from private digital currency projects like Facebook’s Libra.

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