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South Korea’s KB Kookmin Bank, New York-listed KB Financial Group Inc’s (KB) commercial banking unit, on October 20 announced the completion of the acquisition the remaining 30 per cent interest in Prasac, Cambodia’s largest microfinance institution, as it expands its business into the Kingdom’s financial industry. In August, KB said it had paid $322 million
Chinese property giant Evergrande’s shares plunged on October 21 after resuming trading in Hong Kong, with the failure of a unit sale deal deepening fears the indebted firm will collapse and send shockwaves through the world’s second-largest economy. Evergrande had suspended trading on October 4 pending an announcement on a “major transaction” as it struggled
US semiconductor company Micron announced plans on October 20 to invest $150 billion over the next decade on manufacturing and research, including potential production capacity in its home country. The announcement comes as a global chip shortage is challenging US firms. “Memory is at the leading edge of semiconductor manufacturing and fuels everything from feature-rich
Cambodia’s economy will grow 2.4 percent this year, with gross domestic product improving to 4.8 percent in 2022, according to Phillip Bank, the only Singapore-owned commercial bank in the Kingdom. Phillip Bank Director Ong Teong Hoon said next year’s pick up will be driven by a revival in the three main sectors of the economy:
Cambodia witnessed a trade surplus with Japan in the first eight months of the year, reflecting  the fact demand for goods produced in the Kingdom for the Japanese market is increasing. Figures from the Japan External Trade Organization (JETRO) from January to August this year show Cambodia exported about $1.124 billion of goods to Japan,
The National Bank of Cambodia (NBC) has come a long way since its establishment in 1954 following independence from France. It began by printing the Kingdom’s own currency, the riel, to ensure monetary stability and establish a national identity. It ended up establishing its own digital payment system, Bakong, putting Cambodia at the forefront of
The Asian Development Bank (ADB) has approved a new energy policy to support universal access to reliable and affordable energy services. It also aims to promote the transition to low-carbon energy in the Asia-Pacific. “Energy is central to inclusive socioeconomic development, but the expansion of energy systems has come at the cost of harmful impacts
The newly established Indonesian Chamber of Commerce in Cambodia (IndoCham), which was officially inaugurated on Sept 23 this year, hosted its inaugural member’s event on Fri, Oct 15. The gathering was graced by the Ambassador of Indonesia to Cambodia Sudirman Haseng and attended by around 40 IndoCham members. The event also coincided with the introduction
Cambodia has set a minimum capital requirement for new and existing casinos. According to Sub-Decree No 166, signed by Prime Minister Hun Sen on August 26, the minimum capital for integrated commercial gambling centres is 800 billion riel ($200 million) and 400 billion for other casinos. The decree defines “capital” as the casino’s current assets,