Subsidiary of SinoPac Financial Holdings (2890)Bank Fung WingYesterday (4) the board of directors decided to acquire 100% of the equity of AMRET Plc., Cambodia’s largest micro-deposit financial institution, in three stages In the first stage, it will acquire 80% of the shares for US$435 million , about NT $14.1 billion. The remaining 20% of the equity will be acquired in installments over the next two years, with the total acquisition scale reaching 15.4 billion yuan.
This is the second time SinoPac Bank has established a new beachhead in the ASEAN market after converting its investment in the Vietnam branch of the US Far East National Bank (FENB) into a branch.
AMRET has a total of 150 locations in Cambodia This acquisition will significantly increase the number of SinoPac Bank overseas locations from the current ten It is also the largest acquisition of a Cambodian financial institution by the Taiwanese financial industry, and will enable Bank SinoPac to “sprint on overseas earnings” The strategic goal of “expanding overseas plan” has taken a big step forward.
Overview of SinoPac Bank’s acquisition of Cambodian AMRET/provided by Economic Daily
SinoPac Bank’s board of directors approved the acquisition yesterday,
SBS Implements New Regulations For Loan And Currency…
One of the measures established in that framework was the creation of a mandatory program for companies and people who carry out financial or currency exchange operations. The IS Banking, Insurance and AFP Supervision (SBS) who was in charge of that registry.
Last February, this supervisor issued a resolution regarding the aforementioned companies, to adapt the standard to the challenges that the digital transformation process imposes in all economic activities. Therefore, it was decided that loan and currency exchange companies, as well as a personal method, can work electronically by using technological platforms.
The new regulation also determined the reasons for canceling registration in the aforementioned program.
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When can the SBS cancel the registration of exchange and loan houses?
In this way, loan or currency exchange companies will have their registration canceled when they lose their status as subject to the obligation to report suspected money laundering operations, or when the Individual Taxpayer Registry (RUC) in a permanent state of discharge.
Their registration will also be revoked when they submit false information at the time of registration;
Rue21 Shutters Doors: Massachusetts Locations Among Those Closing…
Rue21 Closing All Stores, Including 6 in Massachusetts, Amid Latest Bankruptcy
Teen fashion retailer rue21 is shutting down all of its stores, including six in Massachusetts, following its recent bankruptcy filing. This marks the third time the brand has faced bankruptcy since its inception. With debts amounting to around $200 million, the company struggled to recover from its previous bankruptcy in 2017. The CEO attributed the company’s downfall to the severe impact of the COVID-19 pandemic. Rue21, headquartered in Pittsburgh, operated 540 stores and employed nearly 5,000 individuals across the country.
Impact of Bankruptcy on Rue21
After filing for bankruptcy, rue21 made the difficult decision to close all of its stores, affecting not only its employees but also its loyal customers. The brand’s financial struggles have been exacerbated by the ongoing pandemic, leading to this drastic measure.
Previous Bankruptcy Filings
Despite its popularity among teens, rue21 has faced financial challenges in the past, resulting in multiple bankruptcy filings. The company’s inability to overcome its debts has ultimately led to the closure of its stores.
Future Prospects for Rue21
As rue21 navigates through this latest bankruptcy, the company will need to reassess its business strategies and financial management to potentially make a comeback in the future.
269,000 Families In Jakarta Receive Second Phase Of…
DKI Jakarta residents receive rice food assistance from the government. (MI/Usman Iskandar)
Perum Bulog has again distributed the second phase of 10 kg rice food aid to 269,000 beneficiary families (KPM) in the DKI Jakarta area. This assistance comes from government rice reserves (CBP) which will begin to be distributed in May and June 2024.
“This morning, we started distributing food aid again to the Jakarta area. This is the second stage of food aid in Jakarta. “The total number of beneficiary families is 269,000, so the DKI Regional Head will distribute approximately 2,690 tons of rice per month,” said Perum Bulog Main Director Bayu Krisnamurthi during an aid distribution activity in Pela Mampang Village, Jakarta, Friday (3/5).
He explained that the target recipients of 10 kg rice food aid in DKI Jakarta were West Jakarta around 67 thousand KPM, Central Jakarta 41 thousand KPM, North Jakarta 55 thousand KPM, South Jakarta 51 thousand KPM, and the Thousand Islands around 2,000 KPM. This assistance was supposed to be distributed over 3 months and began to be implemented last April. However, due to problems with data verification, distribution was postponed and completed in just two months.
“Phase two covers April,
WATER AND ELECTRICITY The CEO Of Jirama Faces…
The new CEO of Jirama, Ron Weiss, with some of the company’s thinking heads.
Appointed by the council of ministers on Thursday to head the National Water and Electricity Company (Jirama), Ron Weiss, the new director general of Jirama, was quick to act. He met yesterday with the staff of this company to define the actions to be taken in order to turn the company around.
Recovery. This will surely be the leitmotif within the National Water and Electricity Company. The new general director of Jirama, Ron Weiss, indicated that the revival of this company will be focused on the energy transition. The challenges that now await Jirama number one are numerous; nevertheless, the information given during this meeting between Ron Weiss, the Minister of Energy and Jirama staff suggests the extent of the work that awaits.
It intends to contribute to the energy transition, in particular by participating in the various projects currently underway in the energy field. Among these are the construction of the Volobe and Sahofika hydroelectric dams, currently on standby. For the moment, the appropriate solution defined as “priority” by the State remains the establishment of thirty-six solar parks across forty-seven districts.
The Libyan Minister Of Economy Participates In The…
The Minister of Economy and Trade in the Libyan unity government, Muhammad Al-Hawaij, participated in the opening of the 13th Ministerial Conference of the World Trade Organization in the United Arab Emirates in the city of Abu Dhabi, with the participation of trade ministers and senior officials from more than 164 countries from around the world.
The media office of the Ministry of Economy said that attendees at the conference discussed the regulations and laws regulating the global trade sector, and initiatives were put forward that would facilitate trade movement between member states to reduce risk and ensure comprehensive access to the global trade system.
The media office stated that the Minister of Economy and Trade met on the sidelines of the conference with the Minister of Commerce of the People’s Republic of China and discussed ways of economic and trade cooperation between the two countries.
The conference was attended by the Undersecretary for Court and Commercial Affairs, Dr. Suhail Abu Shiha, the Director of the Department of Foreign Trade and International Cooperation, Issam Al-Malhouf, the Head of the Ministry’s International Cooperation Department, Faraj Al-Bey, and Minister Plenipotentiary at the Libyan Mission to the United Nations in Geneva,
I Dont Have Money To Live On. Gen…
#dont #money #live #Gen #full #financial #anguish #inherited #golden #job #market
Generation Z is entering the job market and – in one of the great traditions of what Millennials call “adulting” – they are complaining that older generations have had it much easier.
Before all the Boomers and Slackers throw their tablets across the room, let me mention that Generation Z – people born between the late 1990s and early 2010s – is entering adulthood during one of the strongest labor markets in U.S. history. Compared to Millennials in particular, who entered the workforce during the Dark Ages known as the Great Recession, the Gen Z experience is a dream.
“This is the best economy we’ve seen for younger workers in living memory,” Brendan Duke, senior director of economic policy at the Center for American Progress, tells me. Their wages have increased faster than general inflation and faster than any other age group, he added.
Look here: Last year, the unemployment rate for young people aged 16 to 24 was 7.9% – the lowest since 1953, and much better than the 18.4% unemployment rate recorded in 2010, following the recession.
But Gen Z isn’t having an easy life either.
The Dollar Weakened After The Federal Reserves Decision
Mexico City. As expected by global economic agents, the United States Federal Reserve (Fed) kept its reference rates unchanged and continued to delay the long-awaited first rate cut.
Given this scenario, the dollar weakened globally, depreciating 0.55 percent, to 105,520 units, according to its DXY weighted index, which measures the behavior of the US currency against a basket of six international currencies.
Given this, the Mexican peso strengthened in international operations, given that the Mexican financial markets were closed this Wednesday for Labor Day, at levels of 16.99 units per dollar.
U.S. stocks were mixed on Wednesday as investors digested comments from Federal Reserve Chair Jerome Powell after the central bank held interest rates steady at its latest policy meeting.
The S&P 500 and the Nasdaq fell 0.34 and 0.33 percent, respectively, to 5 thousand 18.39 points and 15 thousand 605.48 points; while the Dow Jones rose 0.23 percent, to 37,903.29 units. All three indices lost significant gains at the end of the volatile session.
But stocks rose noticeably after Powell said “the next policy move is unlikely to be a rate hike,” but those gains faltered in the final hour of trading.
Nokia And Vodafone Complete The Open Ran Test…
Nokia and Vodafone have successfully completed an end-to-end Open Ran trial on Vodafone Italia’s standalone 5G network. This technology represents a key element for 5G, symbolizing a trend towards technological innovation based on the openness of mobile network infrastructures.
The pilot test, which began months ago, aimed to develop a platform that would allow more independent software vendors, startups and local companies to compete through the use of open APIs. The implementation of this test highlights the robustness of Nokia’s anyRan approach, designed to give mobile network operators and enterprises greater flexibility in configuring their networks.
Nokia supports Open Fronthaul capabilities, as well as offering high-performance Ran software that ensures performance consistency with existing Ran networks. The company has integrated five open radio unit suppliers, demonstrating the effectiveness and cutting edge of its AirScale O-Ran DU/CU solutions. This innovation provides operators with greater flexibility, efficiency and scalability in mobile networks.
By integrating the solution with Red Hat OpenShift, service providers also have the opportunity to expand their presence in the world of 5G and launch new services quickly and efficiently.