Oil climbed from a low of $95.2 per barrel to Tuesday’s high of $102.70 as Chinese Covid-19 cases dropped to a three-week low and with assurances from China’s central bank of economic support easing fears that a new round of lockdowns will slash demand for crude, reported Bloomberg. Covid-19 cases in China fell to their lowest level in three weeks as Beijing rolled out testing to stamp out the virus before it results in the kind of lockdowns that have forced manufacturing to shut down in Shanghai, reported The Wall Street Journal. The resurgence of Covid-19 has hammered fuel consumption…
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Cashew nuts are consistently in high demand in both the domestic and overseas markets. According to figures from the Ministry of Agriculture, Forestry and Fisheries, in the first five months of last year, Cambodia exported 801,732 tonnes of cashew nuts to foreign markets including Vietnam, Thailand, China, India, Japan and the UAE. Sensing an opportunity as well as seeing increasing demand, 28-year-old Him Sideoun, the owner of a cashew farm in Kampong Thom province, shared her experiences on what it is like to own and run a cashew nut business. Tell us about yourself and describe your business? I have…
The stock market has continued to fall due to geopolitical pressures and uncertainty surrounding a raising of interest rates. As a result, on Tuesday the S&P500 was down 0.02 per cent and the Nasdaq dropped 0.14 per cent, while the Dow Jones Industrial Average dipped 0.11 per cent. The Russia-Ukraine war that started in late February is clearly taking a toll on global stock values. According to the US Bureau of Labor Statistics, the Consumer Price Index for March was 1.2 per cent as expected and left the annual inflation rate at 8.5 per cent, the highest since 1981. This…
Wing Bank (Cambodia) PLC, on the 12th of April,signed a memorandum of understanding with Samdech Techo Volunteer Youth Doctor Association (TYDA) in a bid to provide further support to its noble cause of free health provisions to needy communities across Cambodia. The MoU agreement was inked by H.E. Hun Manet, Chairman of the Board of Directors of TYDA, and Neak Oknha Kith Meng, Chairman of Wing Bank, with the esteemed presence of H.E. Pich Chanmony, Vice Chairwoman of the board of Directors, TYDA and other distinguished guests. H.E. Hun Manet said that, “All we have so far is because of…
CEO Chea Sothea explains how Golden FX Link Capital (G-Link) – a licensed brokerage company recognised by the Securities and Exchange Regulator of Cambodia (SERC) – is rolling out exciting training programmes to guide potential investors and create awareness about the sector. Q. How is the derivatives market performing in Cambodia? Even though the Kingdom, as well as global markets, has been affected by the Covid-19 outbreak, the derivatives market in Cambodia continues to grow significantly in terms of trading volume and the number of market players, which are positive signs of sustainable development. Cambodia’s derivatives market is becoming an…
Prince Bank Plc invested an additional $35 million – totalling $50 million – in the Techo International Airport (TIA) Guaranteed Bond on Thursday. Prince Bank said it is “an honour” to be part of such an important transportation infrastructure development, one that “bodes well” for the Kingdom for decades to come. Prince Bank is the first and now largest subscriber in the TIA bond issue. Together with Cambodia Airport Investment Co, Ltd (CAIC) and Overseas Cambodian Investment Corporation (OCIC), a signing ceremony was held for the additional$35 million investment in the Guaranteed Bond Agreement. The agreement was signed by Honn…
Across Cambodia, those seeking public services from the One Window Service Office can now use Wing Bank’s convenient service. Wing Bank (Cambodia) Plc and KESS Innovation Plc have signed a memorandum of understanding (MoU) to provide a convenient, instant and secure payment service nationwide to those requiring public services at the One Window Service Office (OWSO). The MoU was signed by Han Peng Kwang, the CEO of Wing Bank, and Pes Kimsrean, the CEO of KESS Innovation. The agreement aims to integrate the cutting-edge digital payment service of Wing Bank into the KESS Innovation payment platform to provide more payment…
Gold prices are trading slightly higher than $1,920 on an intraday basis, with all industry players’ eyes on the Russia-Ukraine war. Russian president Vladimir Putin’s insistence that “unfriendly” nations pay in roubles for natural gas is just the beginning of a Russian export policy that could see fewer US dollars being used in transactions for goods, especially for energy. The US dollar index, meanwhile, has reclaimed 99.00 on the backdrop of Tuesday’s good US Services PMI, in contrast to the preliminary estimate of the market indicator at 58 – up from 56.5. Interest rate hikes have accelerated following the positive…
The price of oil has fallen around 12 per cent from its prior high of $111.82 a barrel to Tuesday’s low of $98.48. The dip in price was largely influenced by the ongoing negotiations to end the Russia-Ukraine war and increasing Covid lockdowns in China – which weakened global oil demand in March. The trend is likely to continue through April and May. Reuters reported that Shanghai on Wednesday extended the city’s shutdown to some western parts earlier than planned following 5,982 new local Covid cases. Shanghai’s two week long intermittent lockdown launched on Sunday will be among the most…
A combination of grit, ambition and a long held desire to succeed has made Am Veasna an outstanding businesswoman in the IT sector. Her success even grabbed Facebook’s attention last year when she was one of the 11 Cambodian businesswomen selected for the Facebook “Boost Leader Network” – another accomplishment for the single mother. As a young student, Veasna, inspired by CNN’s Anderson Cooper, wanted to become a journalist, but the passing of her father when she was only seven derailed those dreams. Nevertheless, she went on to overcome early adversity to a build a rewarding career by establishing in…