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Vietnam NewsBusiness Briefs September 3 * Electronics Communication Technology Investment Development Joint Stock Co (Elcom) announced Sep 10 would be the registration deadline to close the shareholders list for offering 7.175 million shares. Five-star hotel to start operations in mid Oct The five-star Sea Links Beach Hotel is expected to be officially put into operation in mid October. The five-star hotel spread in an area of an area of 170 hectares has 188 rooms. Leather and shoe export in August increases by 19pct Vietnam Leather & Footwear Association (Lefaso) reported that the country's total leather and shoe export turnover in August continued maintaining high growth rate at over $450 million, raising the accumulative export turnover in the whole industry to $3.221 billion, a year-on-year increase of 19 percent. DIC Dong Tien JSC estimates to achieve pre-tax profit of 10.5b dong in Jan-Aug The northern bourse-listed DIC Dong Tien Joint Stock Co (coded DID) announced that in the first eight months of this year, the company estimated to gain pre-tax profit of 10.5 billion dong, surpassing 140 percent against the year plan. Elcom offers over 7.17m shares to raise chartered capital Electronics Communication Technology Investment Development Joint Stock Co (Elcom) announced Sep 10 would be the registration deadline to close the shareholders list for offering 7.175 million shares. Foreign investors buys 826.221b dong in Aug Foreign investors suddenly increased their buying on both bourses with total net value of 212.02 billion dong, accounting for over 25 percent of month's net value in only the last trading session of last month. VSH boosts Kon Tum plant project construction Vinh Son – Song Hinh Hydropower JSC (VSH) would seek approval in the period of Sep 10 to 25 for designing and building package of Kon Tum hydropower's energy system invested by the firm, said Nguyen Van Thanh, chair of management board. SDU plans to raise chartered capital to 400b dong Song Da Urban Investment and Development Joint Stock Co (coded SDU) said the firm would issue 20 million additional shares priced 15,000 dong each to raise its chartered capital from 200 billion dong to 400 billion dong. WSS to offer 56.7m shares Wall Street Securities JSC (WSS) has got in principle approval for offering 56.7 million shares at par to the existing shareholders and the company's employees at 1:1.5 ratio Pythis starts new project Vietnam Pyramid New Technology Joint Stock Corporation (Pythis) jointed with Genpacific Information Technology Co to start ERP project establishment, use Oracle E-Business Suite solution to help enterprises' leaders collect information of their firms' operation, as well as enhance management effort and international competition. Lending to real estate investment should be tightened: Experts Economic experts have recommended to the government to tighten up the lending activities for real estate investment. Increasing capital adequacy ratio logical, easy to achieve If the meaning of capital adequacy ratio (CAR) and its current level in commercial banks of Vietnam were properly understood, the decision to increase CAR from eight percent to nine percent from October 1, 2010 would be proved to be reasonable and necessary. Japanese investors evince interest in Vietnman Apart from three large groups of Itochu, MOL and NYK, many other Japanese investors have evinced interest in investing in Vietnam. Vietnam consumes 33,000 tonnes of cement in Jan-Aug In the first eight months of 2010, Vietnam's cement consumption reached 32.5 million tonnes, fulfilling 65 percent of the year plan. Duc Long Gia Lai Group to upgrade National Highway No 14 On Sep 11, the southern bourse-listed Duc Long Gia Lai Group Joint Stock Co (coded DLG) would kick off the upgrading project of National Highway No 14, from Bridge 20 (Km 817) to Cay Chanh (Km 887), Dak Nong province at a total investment capital of about 1.4 trillion dong. GP Bank unveils new programme Global Petroleum Commercial Joint Stock Bank (GP Bank) has unveiled a programme "Mo the nhan qua – Thay loi tri an" since September 3 and would last within four months. Hydropower firm meets 48.23pct of capacity plan Thac Ba Hydropower JSC (TBC) announced gaining 135 million kilowatts, meeting 48.23 percent of the year plan after nearly first eight months of this year. Work on Thaco auto-supermarket starts Truong Hai Auto Joint Stock Company (Thaco) has started work on auto supermarket in Can Tho. Vietnam's deposits soar, interest rates fall till August 17 By mid-August, deposit interest rates in dong at commercial banks have fallen 0.3 percent, while loan interest rates was down by 0.4 percent against June 30, 2010, the Vietnam Financial Times quoted the State Bank of Vietnam's Governor Nguyen Van Giau as saying in his report yesterday September 2. Banks should be cautious in lending dollars: Economists Outstanding loans in US dollars at commercial banks in HCM City reached 172.5 trillion dong, making up 28.2 percent of total outstanding loans, up 44.2 percent compared to the same period last year, while outstanding loans in dong rose 20.5 percent, according to the HCM City Statistics Office. Telpher firm targets to obtain whole-year profit of 33b dong The HNX-listed Nui Ba Tay Ninh Car Cable Joint Stock Co (coded TCT) has approved the company's resolution in the annual shareholders meeting about the 2010 business plan. Housing developer gets approval in new tourism area in Con Dao Island Ba Ria-Vung Tau province people's committee has lately approved in principle for Ba Ria-Vung Tau Housing Development Joint Stock Co (coded HDC) to make investment in Mui Lo Voi tourism complex, Con Dao Island. Thai court favors industry in pollution case A Thai court issued a ruling on Thursday that could allow 74 projects at an industrial estate to resume operation, effectively lifting an injunction on all but two companies accused of activities that harm the environment. AirAsia on verge of signing deal to provide fans affordable options Basketball fans around the region can look forward to cheaper travel and accommodation to follow the fortunes of their respective clubs in the 2010/11 Air Asia Asean Basketball League (ABL). Spill firm says Indon claim lacks proof The company behind Australia's worst offshore oil spill has rebuffed a multi-billion-dollar compensation claim from Indonesia, saying it lacks scientific evidence. BP Offloads Malaysian Stakes BP plc (BP - Analyst Report) is well on track to complete its $30 billion assets sale by end-2011 in order to meet the Gulf of Mexico (GoM) spill costs. SapuraCrest wins RM420m oil jobs SapuraCrest Petroleum Bhd has been awarded RM420.35mil worth of contracts by Carigali Hess Operating Co Sdn Bhd, Carigali PTTEPI Operating Co Sdn Bhd and Seadrill UK Ltd. Manila to probe Hong Kong hostage coffin 'mix-up' The Philippines says it will investigate claims that coffins of three of Hong Kong's eight victims of a bus hijacking were wrongly labelled. Communist nations rank high in workers' rights violations —report Communist-run nations around the world have been striking down workers’ rights and repressing labor unions, an international human rights watchdog revealed. BP sells Malaysia assets to Petronas for $363m BP Plc, seeking cash to help pay for the worst U.S. oil spill, agreed to sell its Malaysian chemical assets to Petroliam Nasional Bhd. to focus on projects in China and India. Kangaroo Resources says Essar makes bid for Indonesian energy coal mine Essar Group, controlled by Indian billionaire brothers Shashi and Ravi Ruia, is among the bidders for a coal mine in Indonesia, said Kangaroo Resources Ltd. Philex Mining studies Tampakan, other investments Philex Mining Corp., controlled by Manuel Pangilinan, is studying an investment into the $5.2 billion Tampakan project in the Philippines two months after a Chinese proposal was pulled. Philex rose to its highest in two months. US data boost stock exchanges Forecast-busting manufacturing data in the US boosted Asian stocks yesterday September 3, with the figures easing concerns over the state of the world's biggest economy. HK lawmakers demand apology for Manila hostage killings Hong Kong legislators on Thursday passed a motion calling for an apology and compensation from the Philippines for the death of eight tourists taken hostage in Manila last week. IMF tells Seoul not to meddle in monetary policy The IMF on Wednesday criticised the South Korean government's interference in monetary policy-making and called for an end to government officials attending central bank meetings. FACTBOX-Inflationary pressures in Southeast Asia Southeast Asia is facing inflationary pressures as its economies recover from the global downturn, putting pressure on central banks to unwind easy monetary policies. US non-committal on resuming N Korea nuclear talks The United States said Wednesday it planned more consultations with its partners after hearing China's perspective on reviving stalled six-party nuclear disarmament talks with North Korea. Malaysia and Indonesia must work to resolve issues: Malay PM Malaysia and Indonesia must work together to resolve the current tension affecting the two countries, said Datuk Seri Najib Razak. N Korea forges trade docs to dodge sanction: report North Korea has changed the names of its trading companies and falsified trade documents to avoid international sanctions and continue exporting weapons, a news report and an intelligence official said Wednesday. HK strikes deal on minimum wage Hong Kong officials have reached an agreement on the city's first minimum wage but unions said Wednesday that they will keep pushing for higher pay to shrink a growing income gap. Burma's cyber generation boots up for first-time vote One of Myanmar's self-described "pioneer bloggers" proudly opens his popular website -- officially banned by the military rulers -- and scrolls to his updates on the approaching election. Court orders closure of Buddha Bar in Indonesia An Indonesian court Wednesday ordered the local branch of Paris-based Buddha Bar to close after convicting the licence holder of blasphemy, a lawyer said. Japan endures hottest summer on record Japan has endured its hottest summer since records began in 1898, the meteorological agency said Wednesday, during a heatwave that saw thousands of people taken to hospital suffering heatstroke. Taiwan unveils birth-boosting slogan Taiwan's government on Wednesday unveiled a new slogan aimed at encouraging couples to have more babies, in its latest bid to boost the island's dwindling birth rate which is among the world's lowest. Cambodia boasts plans for Asia's tallest building Impoverished Cambodia plans to build a 1,820-foot (555-metre) skyscraper, its prime minister said Wednesday, a feat that would give one of the region's least-developed capitals the tallest building in Asia. Indonesian police kill 5 villagers ransacking post Indonesia Police killed five villagers as dozens of people ransacked a station in central Indonesia to protest a person's death in custody. Vietnam's complicated relationship with the US Cheap facsimiles of $100 bills waft in the tropical breeze, littering HCM City's sidewalks with Benjamin Franklin's face. Elsewhere in Vietnam, US President Richard M. Nixon has become a gritty fashion icon, giving politicised street cred to "urban wear" clothes. Vietnam's lending rates to drop - cbank governor Short-term lending rates in Vietnam are expected to come down, thanks partly to funds the central bank has extended to banks, State Bank of Vietnam governor Nguyen Van Giau was quoted on Wednesday as saying. China requires ID to buy mobile phone numbers China wants people who buy new cell phone numbers to register their personal details, joining many European and Asian countries in curbing the anonymous use of mobile technology. Outrage after new delay in Philippine massacre trial Relatives of 57 people killed in the Philippines' worst political massacre expressed outrage on Wednesday after a court delayed the trial of the main suspect and his alleged police accomplices. Threats keep dolphin protest out of Japan village The star of "The Cove," an Oscar-winning documentary about a Japanese dolphin hunt, is back in Japan to protest the slaughter but had to cancel his trip to the village at the centre of the controversy because of threats from an ultranationalist group. 3 killed, 7 wounded in Thailand's restive south Police say three people, including a husband and wife, have been killed and seven soldiers wounded in Thailand's restive south. International groups want Cambodian rights worker freed Four prominent international human rights groups on Wednesday condemned the conviction of a Cambodian human rights worker for allegedly distributing anti-government leaflets. Secret mine threatens untouched forest: Cambodian villagers Although the mining consortium, United Khmer Group, has been drawing up plans to build a massive titanium mine in a Cambodian protected forest for three years, the development did not become public knowledge until rural villagers came face-to-face with bulldozers and trucks building access roads. Child poverty in Vietnam five times higher among ethnic minorities A forthcoming report has found that ethnic minorities in Vietnam have a child poverty rate five times higher than the ethnic majority, officials said Wednesday. Japan destroys WWII weapons Japan began on Tuesday to destroy chemical weapons left over in China from its brutal World War II invasion, a move mandated by its international treaty obligations, state press said. Gunfire aimed at Bangkok bus kills 9-year-old boy A high school gang on the warpath fired gunshots at a Bangkok public bus Wednesday, killing a 9-year-old boy as he bounded down the stairs on his way to school, police said. Tata Steel expects Vietnam licence in 3 months JamshedpurTata Steel, which signed a joint venture agreement with Vietnam's largest steel company, Vietnam Steel Corporation (VSC) together with Vietnam Cement Industries Corporation (Vicem) for a 4.6 million tonne per annum (mtpa) integrated steel plant, says it is expecting Vietnamese government investment licence in the next three months. Singapore central bank leaves door open for New Century IPO Singapore's central bank said on Wednesday it had censured China's New Century Shipbuilding for inaccuracies in its IPO prospectus, but indicated it would not stop the company from making a listing application in future. Petronas sign new deal with F1 Group PETALING JAYA: Petronas have signed an agreement with the Formula One Group to extend their title sponsorship of the Malaysian Grand Prix for another five years. UPDATE 1-Lehman Japan gets court nod for liquidating - Nikkei Lehman Brothers Holdings' (LEHMQ.PK) Japanese subsidiary is one of the first major units to get going with its liquidation process, after it got court approval for its debt repayment plans, the Nikkei business daily reported. Baht soars to 2yr high against greenback The baht is continuing to gain ground against the US dollar, hitting a two-year high on continued foreign inflows into the Thai financial markets. Aquino government scores another diplomatic gaffe: source On the heels of the Manila hostage crisis, the Aquino administration drew flak for announcing that a Philippine delegation was being sent to China and Hong Kong, without first consulting the other side. Burma's tax system corrupt, activists say A new report on Burma's tax system says it lacks transparency and accountability, and many taxes are paid to corrupt officials. Burma rights activists say arbitrary taxation adds another layer to the economic burdens and rights abuses many Burmese suffer. The report, released in Bangkok, from a network of human-rights organisations said Burma's military has transformed taxation "into extortion and a tool of repression." The government and the military arbitrarily collect taxes in the form of cash, land, goods and labour, said the report, based on interviews with more than 340 people during the past two years. China cheers markets with promise of growth Upbeat economic data from China and India have helped to support stock markets and the price of copper, and calmed fears of a global "double dip" recession. Korean company dumping Yahoo's search ads Yahoo Inc. is about to lose one of its search advertising partners in South Korea as the Internet company prepares to convert to Microsoft Corp.'s technology. Korea union votes on deal to avert strike at Kia Union workers at South Korea's Kia Motors will vote on Thursday on a proposed deal with the management that could avert a strike at the automaker for the first time in 20 years. Taiwan's Compal sees Q3 shipments falling Taiwan's Compal Electronics Inc (2324.TW), the world's No.2 contract laptop maker, said on Wednesday it expects third quarter shipments to fall by a single digit percent from the second quarter, but pick up in the fourth quarter. Japan PM Kan, rival Ozawa clash over fiscal policy Prime minister Naoto Kan and rival Ichiro Ozawa clashed over fiscal priorities Wednesday in a battle for party leadership that threatens a policy vacuum as Japan struggles to tackle a strong yen and weak economy. Taiwan eases HK and Macau visa process Residents from Hong Kong and Macau can apply for visa to Taiwan for free via the Internet starting today, the National Immigration Agency said. Philippines says budget deficit may narrow next year as growth accelerates The Philippines may narrow its budget deficit next year to the smallest since 2008 as economic growth accelerates, Finance Secretary Cesar Purisima said. Korea's Doosan in $1.46b Saudi water plant deal South Korea's Doosan Heavy Industries and Construction Co Ltd (034020.KS) said on Wednesday it has won a $1.46 billion contract to build a new desalination plant in Saudi Arabia. HK strikes deal on minimum wage Hong Kong officials have reached an agreement on the city's first minimum wage but unions said Wednesday that they will keep pushing for higher pay to shrink a growing income gap. New car sales in Japan surge 46.7pct in August New vehicle sales in Japan jumped 46.7 percent in August year-on-year, an auto industry group said Wednesday, as buyers rushed to make the most of soon-to-expire subsidies for green cars. Korea sharply raises 2010 trade surplus forecast South Korea Wednesday sharply raised its forecast for this year's trade surplus to 32 billion dollars from 20 billion, following better-than-expected exports in the first half. China August car sales surprisingly robust, policy helps China's car sales in August rose 59.3 percent from a year earlier, bouncing surprisingly higher after sluggish sales in the summer months, helped largely by Beijing subsidies for fuel-efficient models. Malaysia issues 4 new Islamic insurance licenses Malaysia's central bank said Wednesday it has approved four licenses for Islamic life insurance to mostly foreign-led operators as part of an ongoing liberalisation to make Malaysia a regional Islamic finance hub. Philippines says dengue under control Even if more than 60,000 Filipinos have fallen ill of dengue in the last eight months and their number is expected to reach 80,000 by yearend, the government is capable of managing the problem, health officials said Wednesday. China corners world rare earth supply China's monopoly on elements used in computer disc drives, electric cars, military weapons and other key products could mean a crisis for the West, experts say. Philex affirms interest in $5.2b Tampakan copper-gold project Philex Mining Corp. has affirmed its interest in the $5.2 billion Tampakan mining project as part of its "long-term growth strategy." Copper ore 'seller's market' for 5 years, Sumitomo Metal says Copper ore mined from Chile to Indonesia will be in short supply for at least five years, forcing Sumitomo Metal Mining Co., Japan's second-biggest smelter, to keep producing at a reduced rate, the company said. Vietnam Oil And Gas Report Q4 2010 - New Market Report Published The latest Vietnam Oil & Gas Report from BMI forecasts that the country will account for 1.52 percent of Asia Pacific regional oil demand by 2014, while providing 4.19 percent of supply. Regional oil use of 21.42mn barrels per day (b/d) in 2001 is set to reach a forecast 27.15mn b/d in 2010, then to rise to around 30.21mn b/d by 2014. Medusa Mining proposes dividend and constitution amendments Philippines focused gold producer Medusa Mining (CVE:MLL, ASX:MML, LSE:MML) will hold a general meeting of members on 6 October to propose special resolutions to amend the company's constitution. Sagittarius Mining tries to fight off open pit mining ban The embattled firm Sagittarius Mining Inc. (SMI) has launched a campaign in schools here in an apparent bid to court community support for its open pit mining project. Medusa Mining to pay maiden dividend Philippines-focused Medusa Mining has announced a maiden unfranked dividend of A$0.05 per share, made possible by strong cash flow from its Co-O Mine and recent Australian legislative changes. Foreigners complain of Aquino's mining 'policy' LOOSE ends in the Aquino administration's mining policy is unsettling the investor community at a time when the government is courting private sector support for the Philippines' infrastructure development in the next six years. "Foreign investors seek a clear message from the government to the investment community that the administration supports responsible mining in accordance with the current Mining Act," the group said in a statement on Wednesday. Indonesia Oil & Gas Report Q4 2010: New research report available at Fast Market Research The latest Indonesia Oil & Gas Report from BMI forecasts that the country will account for 4.94 percent of Asia Pacific regional oil demand by 2014, while providing 10.86 percent of supply. Regional oil use of 21.42mn b/d in 2001 is set to reach a forecast 27.15mn b/d in 2010, then to rise to around 30.21mn b/d by 2014. Regional oil production China plans up to $44b offshore oil expansion over 5yrs-paper China plans to spend 250 billion to 300 billion yuan under its new five-year development plan to boost offshore oil production, the official China Securities Journal reported on Thursday. Indonesia's Antam to start building alumina plant in 2011 (Refiles to describe project as alumina plant, not smelter) State miner PT Aneka Tambang Tbk said on Wednesday it will start construction of an alumina plant in West Kalimantan in the first quarter of next year, which would boost its alumina production. Asia markets higher on bargain hunting Asian markets edged higher yesterday Wed Sep 1 as bargain-hunters moved in after the previous day's losses, while better than expected Australian growth data sent Sydney stocks surging. Indonesia gives PTT EP one month to verify billion dollar damages claim The government has given Thai oil and gas company PTT EP Australasia a one-month deadline to pay for damages caused by its oil spill in the Timor Sea, a minister said Tuesday. Morgan Stanley to underwrite coal mining on Borneo Morgan Stanley, CIMB Securities, and Credit Suisse will underwrite the initial public offering of PT Borneo Lumbung Energi (Borneo Energy), a company that owns Asmin Koalindo Tuhup, a mining company that operates in Central Kalimantan in Indonesia Borneo, reports ANTARA. Mass grave holds soldiers killed in Tet Offensive A mass grave has been found containing the remains of 30 communist soldiers believed to have been killed during the Tet Offensive, seen by many as the turning point to the Vietnam War. Japan leadership battle kicks off Japan's prime minister Naoto Kan and his rival, powerbroker Ichiro Ozawa, kicked off a leadership battle Wednesday that threatens to divide the ruling party only a year after it took power. Grenade hits Thai state TV station; no wounded A grenade exploded in the compound of Thailand's state-run broadcaster Tuesday, damaging several vehicles but causing no injuries in the latest in a spate of unclaimed attacks in the capital. Burma chief still heads army, state media reports Myanmar's junta chief made an announcement via state media on Tuesday, dispelling rumours that he had retired as part of a military reshuffle ahead of a rare election in the country. China prods N Korea on economic reform China has pressed North Korea to speed up economic reforms in a summit encounter that underscored Beijing's concerns about its impoverished and wayward ally, experts said Tuesday. Critics put on mute as China tightens mobile phone rules Chinese mobile telephone users must register their personal details to buy phone numbers under a rule that comes into force from Wednesday, in what the government calls an attack on spam but some see as a blow to privacy. Vietnam's 2010 economic growth may exceed target Vietnam's economy may expand 6.7 percent this year, surpassing the original government target of 6.5 percent as domestic production restores growth momentum and global trade recovers. Thailand's manufacturing growth slows as demand cools Thailand's industrial production growth slowed in July as a faltering global recovery cooled demand for the country's electronics, giving the central bank less room to keep raising interest rates. | |
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