Binance & Royal Group solidify partnership to introduce Web3 to Cambodia

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Stock Market

CSX market index retreates slightly for second trading day straight On November 14th, 2022, the CSX market retreat slightly by 1.24pts or 0.26% to 478.70pts, posting a daily loss for the second trading day straight. PPSP, PEPC and JSL share rose 1.28%, 0.64% and 0.81% respectively. Meanwhile, PWSA, PAS and ABC shares edged down 0.27%, 0.30% and 0.37% each. GTI, PPAP and DBDE shares were unchanged. PPSP stock posted huge trading volume and value, with share pricing reaching KHR 2,440 during the market open, but recovering to KHR 2,380 at the end of the market close. (Source: Yuanta Securities)

Economy and Industry

Cambodia exports surge almost 20% to $18 billion in ten months Cambodia exported $18.74 billion worth of goods in the January-October period of 2022, an increase of almost 20 percent compared to the same period in 2021, according to the General Department of Customs and Excise report on Saturday. The US remains the biggest market for Cambodia-made products, importing $7.6 billion worth of products from the country, accounting for 40.6 percent of its total export amount, a 25.4 percent increase year-on-year, the report said. The apparel, footwear, and travel goods sectors make up most of US imports from Cambodia and employ over one million Cambodians, mostly women. Top US exports to Cambodia include vehicles, animal feed and digital services, it added. Cambodia's main export products are garments, machinery and electrical appliances, footwear products, leather goods, grain, furniture, rubber, fruits, vegetables and other textiles. Trade preferences under the RCEP, Cambodia-China FTA, and other trade preferences-- EBA and GSP-- have given impetus to Cambodia's export growth, attracting more investments to the Kingdom. (Source: Khmer Times)

ASEAN summits achieve fruitful results for economic cooperation The 40th and 41st ASEAN Summits and Related Summits concluded in Cambodia on Sunday, achieving fruitful results for greater regional cooperation toward the post-COVID-19 pandemic socio-economic recovery. A total of 70 outcome documents and declarations covering the three pillars of ASEAN communities were adopted and noted at the summits, with various cooperation frameworks with dialogue partners endorsed, said the prime minister. For the ASEAN community building, the summits had adopted the ASEAN Leaders' Statement on the 55th Anniversary of ASEAN, the ASEAN Leaders' Vision Statement on ASEAN A.C.T: Addressing Challenges Together, and the ASEAN Leaders' Statement on ASEAN Connectivity Post-2025 Agenda, he added. On Friday, the ASEAN leaders agreed in principle to admit Timor-Leste as the 11th ASEAN member, according to an ASEAN leaders' statement. He said fostering solidarity and unity will remain ASEAN's top priority in the coming years. At the closing ceremony, Hun Sen handed over the gavel of the ASEAN Chair to Indonesian President Joko Widodo as the next ASEAN Chair. Widodo said as the chair of ASEAN in 2023, Indonesia will make "ASEAN Matters: Epicentrum of Growth" and that the bloc must become a peaceful region and anchor for global stability, "not be a proxy to any powers." ASEAN must also be a region with robust, inclusive, sustainable economic growth, and economic growth has and will always be the story of ASEAN, Widodo said. (Source: Khmer Times)

IMF Chief says ASEAN is "a relatively bright spot on a dark horizon" The head of the International Monetary Fund (IMF) expects the outlook for the world economy to get even gloomier next year with increased poverty and less security. IMF Chief Georgieva said supply-chain interruptions and the rapid increase of energy and food prices this year had created "stubbornly high inflation", leading to tighter financial conditions and a slowdown in global growth from 6 percent in 2021 to 3.2 percent in 2022. The IMF chief said Southeast Asia was a "relative bright spot on a dark horizon" with ASEAN's growth projected at 5 percent this year and 4.7 percent next year, "well above the global average" with progress in reforms and the integration of regional economies. Georgieva identified "potentially huge opportunities" for ASEAN amid the current global economic turmoil. (Source: Khmer Times)

Corporate News

Binance & Royal Group solidify partnership to introduce Web3 to Cambodia During the ASEAN Business and Investment Summit 2022, Binance, the world's leading blockchain ecosystem provider, and Royal Group of Companies (Royal Group) entered into a Joint Venture Agreement to solidify its partnership in Cambodia to propel the nation into an era of Web3 solutions --on the back of the MOU which was signed earlier this year -- subject to regulatory approvals. The Agreement signing ceremony today in Cambodian Capital, Phnom Penh, was presided over by H.E. SOU Socheat, Delegate of the Royal Government in charge as Director General of Securities and Exchange Regulator of Cambodia. In the Joint Venture Agreement signed today, both parties have agreed to explore possibilities of creating solutions and platforms based on Web3 applications and use the technological know-how and blockchain platform capability of Binance to help nurture economic growth targeted at specific segments of society. Today, with the help of technology, the world has shrunk into mobile phones users hold in their palms while expanding the horizons for trade, inclusive growth, and an open economy. The Royal Group of Companies and Binance share a common vision of using technology to drive inclusive growth for everybody -- irrespective of their socio-economic status, gender, geography or age -- and are expecting this Joint Venture to lead that change in Cambodia. (Source: Khmer Times)

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