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Cambodia and China have signed a $1.2 billion deal to finance an ambitious canal project that aims to boost trade efficiency by linking a branch of the Mekong River near Phnom Penh to a port on the Gulf of Thailand, the Cambodian government agency heading the project announced Friday. The deal to fund the Funan Techo Canal was signed Thursday during the state visit to Cambodia of Chinese President Xi Jinping, the agency said in a news release. Xi returned home Friday after a three-nation Southeast Asian tour that also included Vietnam and Malaysia. Construction of the 151.6-kilometer (94-mile) canal began last year but was halted shortly after the Aug. 5 groundbreaking ceremony for reasons that were not made clear. Cambodian Prime Minister Hun Manet said at the time that the canal will be built no matter what the cost, emphasizing that the project promotes national prestige, the territorial integrity and the development of Cambodia. Described as a public-private partnership contract, the deal was signed by Deputy Prime Minister Sun Chanthol on behalf of Cambodias government, and by Ieng Sunly of the Funan Techo Coastal-Inland Waterways Company Ltd., the private sector partner. The project is being developed on a build-operate-transfer basis, with Cambodian investors holding a 51% stake, and Chinese investors holding 49%. The canal will create a new inland waterway-maritime corridor capable of handling vessels up to 3,000 deadweight tons, according to Fridays announcement. It will encompass canal excavation and the construction of ship locks, navigation and logistics infrastructure. As an inland waterway and important transport infrastructure in Cambodia, the FTC Project will become a new engine driving national economic growth,” said Wang Tongzhou, chairman of China Communications Construction Company, in the announcement. He added that “after completion, it will significantly reduce the comprehensive logistics costs in Cambodia, and promote Cambodias industry to the middle-to-high end of the value chain. China Communications Construction Company is the parent company of China Road and Bridge Corporation, the contractor for the project’s construction from the Bassac River to the coastal province of Kep. The massive state-owned firm has faced scrutiny for its alleged involvement in financial scandals. It is also blacklisted by the United States for its role in helping the Chinese military construct and militarize artificial islands in the South China Sea. According to Friday’s announcement, the canal is expected to create “up to 50,000 direct and indirect jobs in Cambodia. Critics have raised concerns that the canal could severely disrupt the Mekong Rivers natural flood patterns. These disruptions could lead to worsening droughts and a reduction in the nutrient-rich silt essential for Vietnams vital rice production in the Mekong Delta, a region that sustains millions and is a major global rice exporter. The signing announcement, however, stated that, A rigorous Environmental Impact Assessment, conducted by 48 specialists, confirmed minimal environmental impact. It added that the Cambodian government has led efforts to minimize resettlement with a route designed to avoid dense communities and cultural sites” and that “a responsible compensation and consultation process is underway. Sopheng Cheang, Associated Press
Category:
E-Commerce
If youve been thinking about skipping that Target run this weekend, you’re not alone. A grassroots group called The Peoples Union USA is asking shoppers to sit out spending money at major retailers, restaurants, and banks from midnight on Good Friday through Easter Sunday. No shopping, no spending, no fueling the corporate machine that has been bleeding us dry, organizer John Schwarz said in a video posted to Instagram. The goal? Hit big brands where it hurtstheir bottom line. The boycott follows weeks of frustration over corporate DEI rollbacks and rising political tension, especially with companies such as Target, which has been the focus of a separate 40-day boycott led by faith leaders during Lent. As a result of its DEI policy changes, Target has been the target of a boycott organized by faith leaders for the last 40 days, coinciding with Lent. On January 24, Target announced that it was getting rid of policies concerning hiring goals for minority employees, an executive committee focused on racial justice, and other changes to its diversity initiative. According to a report from Numerator, more than one in 10 customers surveyed on April 16 plan to participate in the boycott, though this move is less well-known than the widespread “economic blackout” that took place on February 28. Furthermore, not all participants are planning to fully stop their spending for the weekend, though many plan on avoiding large corporations, including the brands Target, Walmart, Amazon, McDonalds, and Starbucks. Half of all participants are shifting their dollars to local, small businesses instead. Users on X and Bluesky sounded off, reposting The Peoples Unions post and reminding users to take stock of what matters. Money anxiety is on everyones mind this week between taxes and tariffs, the CataLIST posted. Take back control by consciously choosing how and where you spend your money. This Blackout is the second widespread boycott organized by The Peoples Union. The first occurred on February 28, and the same report from Numerator said that although sales and trips were down across retailers, Amazon, Target, and Walmart saw declines beyond standard weekly variation. Black and LGBTQ+ consumers showed the most significant participation in the February 28 blackout. Many of these boycotts cite brands DEI pullbacks and policy changes at the behest of the new administration. Though blackouts and boycotts already have scheduled dates in the future, Target is attempting to fix its relationship with its consumer base as the 40-day “Lent” spending fast comes to a close. On April 17, Target CEO Brian Cornell met with Rev. Al Sharpton, head of the civil rights organization National Action Network, to discuss DEI and racial justice. Sharpton called the meeting constructive and candid, and plans to meet with some members of the National Action Network board of directors to determine next steps with Target. Whether or not the boycott makes a measurable dent in sales this weekend, organizers say its about more than just the moneyits about sending a message.
Category:
E-Commerce
The pending merger between Capital One and Discover Financial services received approval from several regulators Friday, bringing the $35 billion tie-up closer to completion. The Federal Reserve and the Office of the Comptroller of the Currency signed off on the deal, which was first announced in February 2024. The Federal Reserve Board said it entered into a consent order with Discover and assessed a fine of $100 million for overcharging certain interchange fees from 2007 through 2023. Discover has since terminated these practices and is repaying those fees to affected customers, according to the Federal Reserve. The boards action is being taken in coordination with the Federal Deposit Insurance Corp. It said Capital One has committed that it will comply with the Boards action against Discover of Riverwoods, Illinois, including remediation requirement, as a condition of approval. The OCC said its approval reflects its careful analysis of the effect of the merger on communities, the banking industry, and the U.S. financial system. Capital One, based in McLean, Virginia, said it expects to complete the acquisition on May 18 now that it’s received all required regulatory approvals. Shareholders of both companies approved the deal i n February. The deal joins two of the largest credit card companies that arent banks first, like JPMorgan Chase and Citigroup, with the notable exception of American Express. It also brings together two companies whose customers are largely similar: often Americans who are looking for cash back or modest travel rewards, compared to the premium credit cards dominated by AmEx, Citi and Chase. It also will give Discovers payment network a major credit card partner in a way that could make the payment network a major competitor once again. The U.S. credit card industry is dominated by the Visa-Mastercard duopoly with AmEx being a distant third place and Discover an even more distant fourth place.
Category:
E-Commerce
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