Economy and Finance
Tesla’s Cybertruck Hits the Roads: Deliveries Commence End November After 2-Year Wait
In a much-anticipated move, Tesla initiated deliveries of its groundbreaking Cybertruck on Thursday 30 November, officially venturing into the competitive pickup market in Austin, Texas, according to The Guardian on 1 December 2023. Priced between US$60,990 and US$99,990 for its three variants, Elon Musk, Tesla’s CEO, confidently asserted that the Cybertruck offers “more utility than […]
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Chinese bankrupt Evergrande sells 30% stake to state-owned company to pay off debt
In response to the complex dynamics in China’s property sector, Evergrande, the globally renowned real estate developer, has taken a strategic step by selling its 30% stake in the Shanghai North Bund Project to state-owned China Everbright Group. The move, disclosed in a statement to the Hong Kong Exchange, is valued at 663.15 million yuan […]
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Cambodia’s Exports Surge to Over US$20bn, Marking a Resilient 1.2% Growth in 2023
Cambodia has recorded a noteworthy surge in exports, surpassing the US$20 billion mark in the first 11 months of 2023. The General Department of Customs and Excise of Cambodia reports a commendable 1.2% increase compared to the corresponding period in 2022, showcasing the nation’s steadfast position in the global trade landscape. From January to November […]
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Cambodia Inks Concessional Loans Worth US$1 Billion With Development Partners Amidst a 17% Dip
In the initial nine months of 2023, the Royal Government of Cambodia demonstrated strategic financial prowess by securing new concessional loan agreements with development partners, totaling a significant US$1 billion. This accomplishment, outlined in the Cambodian Public Debt Statistics Bulletin by the Ministry of Economy and Finance, reflects a tactical utilization of financial resources, constituting […]
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SAP Surges Ahead with 20.14% Increase, Notching Profit of US$28 Million in First Nine Months of 2023
In a robust financial performance, Sihanoukville Autonomous Port (SAP) proudly reported a stellar net profit of 117,933,270,000 riels, equivalent to over US$28 million, marking an impressive surge of 20.14% during the initial nine months of 2023 compared to the same period in 2022. Delving into the financial details, SAP’s total revenue collection for this period […]
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Chinese Police Initiates Probe into Zhongzhi Bankruptcy with US$60m Debt
In a significant turn of events, Beijing police have officially launched an investigation into Zhongzhi, a colossal financial conglomerate, following its recent descent into debt and subsequent bankruptcy. This is according to the publication of Hong Kong media The Standard published on 26 November 2023. Despite its low profile, Zhongzhi has played a pivotal role […]
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While ASEAN Neighbours Grow in EV Industries, What Can Cambodia Do Beyond a Consumer Role?
While neighboring countries such as Thailand, Indonesia, and Vietnam are making significant strides in the electric vehicle (EV) industry, Cambodia’s participation in this emerging market has been relatively subdued. The country’s limited activity in EV products can be attributed to several barriers that hinder the development of the EV market. Understanding these challenges and identifying […]
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Results of Biden-Xi Summit Promise a Pivotal Turn for Global Economic Harmony
In a historic face-to-face encounter, U.S. President Joe Biden and Chinese President Xi Jinping convened on 15 November 2023, on the sidelines of the Asia-Pacific Economic Cooperation conference near San Francisco. This landmark meeting, their first in a year, carried significant implications for the global economy. “We have to ensure that competition does not veer […]
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WB Warns: Limited transportation and logistics and unreliable power supply slowed Cambodia’s economic recovery
The World Bank warns that Cambodia’s economic growth may be further affected by weak global demand or rising food prices for the future as domestic issues face rising household debt and domestic credit. Real estate remains a risk, according to WB’s press release on 22 November 2023. External Challenges: A Global Tapestry Impacting Local Prosperity: […]
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Japan to Propose New Legislation to Unlock Loans for Businesses Based on Growth Potential Without Property Collateral
The Japanese government is set to introduce groundbreaking legislation aimed at enabling emerging startups and small to midsize enterprises (SMEs) to secure loans based on their growth potential, rather than traditional collateral like real estate, according to The Japan News published on 16 October 2023. This strategic move is part of a comprehensive economic stimulus […]
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