Cambodia garment sector reels as orders collapse
T shirts skirts and shorts pile up in Phnom Penh factories as brands including Gap and Old Navy cancel orders. Workers face furloughs and pay cuts while factories struggle with zero cash flow and loans. The industry employs over 800000 people, supplies Nike Target and H M, and accounts for about 40 percent of Cambodia’s economy. safety measures reduce but cannot fully prevent virus spread.
MENTIONED IN THIS ARTICLE
Singapore
Phnom Penh
U.S
Gap
Old Navy
Ken Loo
Garment Manufacturers Association
Cambodia
Leo
United States
China
Nike
Target
H&m
San Sopha
San
Walmart
Loo
Asian Development Bank
Yim Pren
Puma
Yim
Yang Sophorn
Cambodian Alliance of Trade Unions
Climate Action 100
Shell
Small business lending program hits limit and stalls
New York The governments lending program for small businesses is on hold after reaching a 349 billion dollar limit approved nearly 1.7 million loans. Congress debates extending funding with added provisions for minority businesses as thousands wait and Capitol Hill remains blocked by unanimous consent. Treasury Secretary Mnuchin and SBA head Carranza press for new funds while lawmakers split along party lines.
MENTIONED IN THIS ARTICLE
New York
Small Business Administration
Congress
Greg Corey
Corey
Porchlight
Treasury
Steven Mnuchin
SBA
Jovita Carranza
Capitol Hill
Capitol
Nancy Pelosi
California
Senate
US housing starts plunge as March COVID lockdown hits demand
U S home building fell sharply in March with construction starts down 22.3 percent from February to a seasonally adjusted annual rate of 1.2 million. Single family homes dropped 17.5 percent while permits fell 6.8 percent. Mortgage rates hovered near record lows as the economy buckles under the pandemic.
MENTIONED IN THIS ARTICLE
Washington
U.S
Commerce Department
National Association of Home Builders and Wells Fargo
Freddie Mac
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Siem Reap
Jeff Cagle
Dreamstime
TNS
Grosse Pointe Woods
Mich
Paul Sancya
Oil and Gas Giant
Berlin
Royal Dutch Shell
Zelienople
Keith Srakocic