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Geregistreerd op: 08 Mei 2018
Berichten: 186
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 Geplaatst: 31-08-2018 07:16:08 Onderwerp: Violence broke out |
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PHNOM PENH， Nov. 4 (Xinhua) -- The International Monetary Fund (IMF) on Friday maintained its forecast for Cambodia's economic growth at 7 percent in 2016， driven by garment exports， real estate and construction.
"Growth is projected to remain robust at around 7 percent for 2016 and 2017， supported by strong garment exports， real estate and construction activity， notwithstanding weaker agricultural and tourism growth，" the lender said in a press release.
The Southeast Asian nation's economy relies mainly on garment exports， real estate， construction， agriculture and tourism.
According to the government's latest figures， the country exported garment and footwear products worth 3.46 billion U.S. dollars during the first six months of this year， up 4 percent over the same period last year， while construction received a total investment of 7.2 billion U.S. dollars in the first eight months of the year， up 404 percent over the same period last year.
On the tourism side， the sector attracted some 3.16 million foreign tourists during the first eight months of 2016， a 4.3-percent rise over the same period last year.
The press release noted that while the growth outlook remains strong， the economy faces downside risks stemming from rapid credit growth， along with growing concentration in real estate， and possible spillovers from an uncertain external environment.
A former high-end restaurant company that switched its focus to the technology sector could become the first Chinese company to fail to repay principal on the public bond market.
Cloud Live Technology Group Co formerly known as XE Flavor Group Co Matthew Dellavedova Jersey , has said it is unable to raise the 240.6 million yuan ($39 million) needed to make note and interest payments due on Tuesday.
If a solution cannot be found before the deadline, it will become the first company to fail to repay principal to local bond investors.
Shanghai Chaori Solar Energy Science & Technology Co became the first Chinese company to default on interest payments in March last year.
XE Flavor, which served spicy food such as steamed fish head with diced hot peppers, had expanded rapidly up to 2013, opening chains nationwide.
But its fortunes changed when the Chinese authorities curbs on luxury spending hit the high-end catering industry, with the company's revenue and profit plunging.
In March last year, the company's chairman, Meng Kai, entered the entertainment business by acquiring a movie and TV company.
In July last year, Meng switched to Internet services and cloud technology, changing the company name. But in December, to repay the 480 million yuan principal on the bonds it issued in 2012, it had to sell all its XE Flavor trademarks for 230 million yuan. The price was cut by the buyer to 100 million yuan three months later.
In December, regulators said they were investigating whether Meng had violated securities laws. He resigned in early January, the company said. Meng had moved abroad in early October.
Cloud Live first raised major doubts over the deadline in February. Since then, many analysts have warned that a default is likely.
A statement issued by the company last week said it had raised 161.4 million yuan, or less than one-third of the debt. "To all bond holders, we extend our most sincere apologies," it said.
Analysts said a potential default risk had been revealed much earlier than last week's statement, so any negative sentiment has been absorbed over time.
The government is much more willing to tolerate individual default cases while remaining vigilant toward cases that would trigger "systematic or regional risk".
Premier Li Keqiang said in March that the government would prevent any systematic fallout while tolerating individual cases of financial risk.
Last week, Sunry Group, a construction company in Erdos, Inner Mongolia autonomous region, said it might fail to honor its redemption obligation on a bond due on April 18.
This was because its guarantor, Erdos Dongsheng City Construction Development Investment Group, had refused to meet its obligations, Caixin news magazine reported.
PHNOM PENH, June 4 (Xinhua) -- Cambodian Free Trade Union of Workers (FTU) warned Tuesday to stage a protest if the authority does not release its eight members who were arrested by police on Monday during a demonstration at a Taiwanese-owned garment factory, a union leader said.
"Three FTU officials and 5 workers at Sabrina (Cambodia) Garment factory in Kampong Speu province were arrested during a pay rise protest on Monday," FTU's president Chea Mony said in a press briefing on Tuesday.
"They did not incite or trigger violence during the demonstration, but police arrested them."
"We urge the authority to free them, or we will hold a non- violence protest to demand their release," said Chea Mony, whose trade union represents about 90,000 garment workers.
Violence broke out on Monday at the factory when garment workers from rival unions clashed with each other, and with riot police.
Since May 21, striking workers at the factory, which makes clothing for U.S. sports brand Nike and employs more than 5,000 people, had held protests The first violence occurred on May 27 and resulted in some injuries to police and workers.
The clashes on Monday led to the arrest of eight union members and several injuries on all sides, the spokesman for the National Military Police Kheng Tito confirmed with Xinhua on Tuesday, adding that the eight people were being detained and questioned at the National Police.
"The trade union should seek legal ways to help them, rather than warning to hold a protest," he said.
"The country has its law. They were arrested for inciting workers to trigger violence and destruction to properties in the factory during the demonstration, we have video clips and photogr. |
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