Recent remarks by Federal Reserve regional bank presidents following the recent Federal Open Market Committee (FOMC) meeting were generally dovish, putting short-term pressure on the US dollar-Japanese yen (USD/JPY) currency pair. At the FOMC press conference on November 2, Fed chairman Jerome Powell expressed caution, saying he was not yet confident that overall financial conditions were sufficiently restrictive to bring inflation down to the two per cent target. However, he also recognised that the long-term rise in interest rates was having a tightening effect, and that the market had reacted to his dovish stance with a weaker dollar. Federal Reserve…
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CP Cambodia, the leading agro-industrial and food conglomerate, hosted the “CP Marketing Summit 2023”aimed at developing the Kingdom’s agro-industry and food sectors. The event, held at the Hyatt Regency Phnom Penh on October 26, 2023, was comprised of two sessions – a business review and a seminar. For the business review, there were 10 topics, with 10 speakers delivering informative presentations on topics such as the animal feed, farming and food businesses, and marketing. Dr. Poohrich Sinwat, CP Cambodia’s Deputy General Manager of Strategic Development and Marketing, said information and human resources were essential in achieving business success. “The CP…
Sovannaphum Life, a leading life insurance company in Cambodia, has partnered with Hattha Bank, one of the largest banks in the Kingdom, to launch a new life insurance product called “SMILE Extra Care Rider”. “SMILE Extra Care Rider” provides comprehensive coverage to customers, covering up to 80 different types of critical illness from minor stage to major stage. These include cancer, acute heart attack, end stage kidney and liver failure, major stage lung disease, fulminant hepatitis and others, as well as surgery. The product covers the insured person from the age of 18 to 65 with a minimum sum assured…
The first “Cambodia-Guangdong-HK-Macao Greater Bay Area Promotion Summit” was held in Guangzhou on October 30, with the Cambodian government sending secretaries and undersecretaries of state to unveil a new chapter of deepening cooperation. The event – attended by more than 300 participants both online and offline – was hosted by the Guangdong-HK-Macao Greater Bay Area Entrepreneurs Alliance and themed “Collaboration on Technology, Innovation and Traditional Industries”. The summit also celebrated the 65th anniversary of the establishment of diplomatic relations between China and Cambodia and the sixth anniversary of the creation of the Guangdong-HK-Macao Greater Bay Area Entrepreneurs Alliance. Guangdong province,…
Gold surged to $2,009.42 per ounce – the highest price in the past 23 weeks – on October 27, before falling to around $1,979 on November 1. The rise came with Israel launching a ground offensive inside the Gaza Strip in the war with Hamas, while the current fall in demand for the safe-haven asset follows determined calls for a de-escalation in the conflict, with the UN passing a resolution calling for “humanitarian truce”. “The UN General Assembly approved a nonbinding resolution on Friday calling for a ‘humanitarian truce’ in Gaza leading to a cessation of hostilities between Israel and…
Sovannaphum Life Assurance Plc – Cambodia’s leading life insurance company – is proud to announce that its annual “Family Fun Bike 2023” charity event on Phnom Penh’s Koh Pich on October 29 was a massive success. The charity bike ride aimed at raising funds for Cambodian children in need was hugely popular, with more than 300 cyclists participating. Sovannaphum Life is grateful to its main sponsors – including Overseas Cambodian Investment Corporation (OCIC), Koh Pich Phnom Penh, InterCare Medical Center, Canadia Bank, Sorya Center Point, Dara Hotels, The Olympia Mall, Ratana Plaza, Canadian International School of Phnom Penh, Watch Empire and Datasafe…
Gold prices rebounded from a sharp nine-consecutive-day drop ending October 5 to surpass the third daily-range resistance level of around $1,987 per ounce recorded on July 20. Impacted by the current armed conflict between Israel and Palestinian Islamist movement Hamas, this created a U-shaped price movement. The daily price bull run started on October 6, with a new day high of $1,834.83 per ounce, closing higher than the previous day’s levels. And by October 25, the gold price was indicating a retracement at around $1,976 per ounce. The trend has been present since the breakout of the $1,915 to $1,929…
The dollar-yen USD/JPY currency pair rebounded from the low of 147.38 recorded on October 3, before rising to 149.88 temporarily on October 12. It is still in the mid-149 yen range, and is in a position to aim for a year-to-date high of 150.18. The daily candlestick is above all the major technical points – the 21-day, 50-day, 90-day and 200-day lines, Bollinger mid-band, Ichimoku conversion line, base line and cloud upper limit – with the “Ichimoku three-role reversal”, “bullish perfect order” and “Dow theory uptrend” also suggesting a continuation of strong buy signals. From this it can be judged…
With the geopolitical crisis of the Israel-Hamas war and a slipping dollar following a sharp dip in Treasury yields driven by dovish comments from the US Federal Reserve, gold demonstrated its ability to retain demand. The gold price met the market’s bullish expectations on Monday, quickly testing $1863.46 per ounce, an almost $40 gain on its closing price last week. “Whenever there is a major conflict, investors move from risky assets like stocks to traditional safe-haven assets like gold, which typically results in the precious metal increasing in value,” said PP Link Securities (PPLS) business manager Chhea Chhayheng. After a…
Hanuman Beverages Co, Ltd is pleased to announce that Khieu Sarvorneat has been appointed as the new CEO of the leading Cambodian drinks company, effective as of September 15, 2023. Khieu Sarvorneat has held prominent roles in local business operations, and has a wealth of management knowledge in both the food and beverage and real estate industries. He is also the CEO of Hanuman Estate, with its The Anajak residential development project situated on more than 300 hectares along National Road 5. With the appointment of a new CEO, Hanuman Beverages is looking forward to the further development of its…