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Archive for May 19th, 2010|Daily archive page

Vietnamese stock market nosedives amidst sell-offs

In Uncategorized on May 19, 2010 at 5:08 pm

The VN-Index declined steeply on May 19, though most securities companies predicted that they would recover after falling for eight consecutive sessions. However, the market mostly received bad news this morning, as US stock markets lost 115 points.

The shares of 228 companies and four close-ended funds listed on the Ho Chi Minh Stock Exchange closed at 494.9 points, down 13.4 points, or 2.64 percent. Trading volume increased by more than 60 million shares, worth VND1.84 trillion.

According to the index, 7 stocks rose, 212 dropped, and 13 remained unchanged.

Rubber Joint Stock Company (DRC) of Danang, the HCMC-based construction firm, LICOGI 16 Joint Stock Company (LCG), and Sao Vang Rubber Joint Stock Company (SRC), a maker and processor of rubber products in Hanoi, spurred declines in the southern market.

Between January 4 and May 11, Dao Thi Thu Huong, sister of Dao Thi Hoa, a member of Sao Vang Rubber JSC’s Board of Directors, registered to sell 1,717 shares, but only sold 1,210 shares. After failing to agree with buyers on a price for the remaining shares, she was no longer in the mood to sell.

Among active shares, the Saigon Securities Inc. maintained its top spot, with more than 2.95 million shares traded on the Ho Chi Minh City’s bourse.

Saigon Commercial Bank or Sacombank (STB) finished second with 2.38 million shares changing hands, and Petro Vietnam Finance Joint Stock Corporation (PVF) followed in third, with 1.18 million shares.

Among the few gainers, Ma San Group Corporation (MSN) once again managed to maintain upwards momentum, adding up 4.97 percent to trade at VND48,600.

Materials – Petroleum Joint Stock Company (COM) climbed to VND55,000, up 3.77 percent. Yesterday, it closed down 1.85 percent.

MTGas Joint Stock Company (MTG), located in neighboring province of Long An, rose by 2.94 percent to VND21,000.

The Hanoi-based HNX-Index tumbled 6.51 points or 3.9 percent to 160.51. More than 40.3 million shares worth VND1.27 trillion changed hands.

The UPCoM-Index didn’t perform any better, ending up 50.05, down 4.57 points. A total of 236,355 shares were traded, totalling VND3.79 billion.

Source: SGGP

New version of Doraemon comic series coming soon

In Uncategorized on May 19, 2010 at 5:07 pm

The Doraemon will release the latest version of its comic series on May 29, announced the Kim Dong Publishing House, in Hanoi on May 18.

New version of Doraemon comic series will be released at the end of May.

Doraemon, was the first Japanese manga to be introduced in Vietnam 20 years ago and became one of the best selling series in the Vietnamese manga market with millions of copies sold.

In this edition, names of characters in the comic will be kept following the Japanese original, not be transcribed into Vietnamese like old versions such as Doraemon, Nobita, Gian, Suneo, Shizuka instead of Đôrêmon, Nôbita, Chaien, Xêkô and Xuka.

New version will still read from the right to left like the original.

On the debut of the comic book, Kim Dong Publishing House will organize the “Entertaining with Doreamon” festival in Hanoi on May 22 and Ho Chi Minh City Children’s House on 29.


Source: SGGP

Costa Romantica cruise liner docks in HCM City

In Uncategorized on May 19, 2010 at 5:07 pm

Costa Romantica cruise liner docks in HCM City

QĐND – Wednesday, May 19, 2010, 22:33 (GMT+7)

The Saigontourist Travel Service Company welcomed the arrival of the Costa Romantica cruise liner at Ho Chi Minh City’s Navi port on May 18.

On board were 2,100 tourists and crew, mainly from Italy, Spain, the UK and Germany.

Their tour runs from HCM City-Cu Chi-My Tho to central region.  

The ship will return to Vietnam on June 1 and 15. In the first five months of this year, the company has received over 30,000 foreign tourists from cruise liners, mainly from Europe.

Source: VOV

Source: QDND

Saigontourist welcomes 2,100 European visitors to Vietnam

In Uncategorized on May 19, 2010 at 5:07 pm

The leading tour operator in Vietnam, Saigontourist Travel Services, welcomed 2,100 European visitors and crews from the cruise ship Costa Romantica, to the country at Navi Oil Port, in Ho Chi Minh City May 18.

The Costa Romantica carries European visitors to Vietnam in its latest trip to HCMC’s Naval Oil Port on May 4 (Photo: Thesaigontimes)

Most of Costa Romantica’s passengers are European. The cruiship is owned by an largest Italian tourism company, Costa Crociere S.P.A.

During the three-day trip (May 18-20), travelers will visit Ho Chi Minh City, including the Cu Chi Tunnels, and town of My Tho in the Mekong Delta Province of Tien Giang.

Next, they will move north to central region to view Da Nang City, Hue City, the ancient town of Hoi An and the My Son Holy Land in Quang Nam Province.

In the first five months of the year, Saigontourist reported it had welcomed over 30,000 foreign visitors from cruise ships like Costa Classica, Costa Allegra, Amadea, Columbus and Europa.

Most of the visitors are Europeans, according to the company.

Source: SGGP

Petrovietnam and VNIC agree on comprehensive cooperation

In Uncategorized on May 19, 2010 at 5:07 pm

Petrovietnam and VNIC agree on comprehensive cooperation

QĐND – Wednesday, May 19, 2010, 22:33 (GMT+7)

PANO – An agreement on comprehensive cooperation between Petrovietnam (the Vietnam Oil and Gas Group) and VNIC (the Vietnam Construction Industry Group) was reached on May 18th.

According to representatives of the two giants at the signing ceremony in Hanoi, the partners will cooperate in areas of mutual interest.

Accordingly, the two groups will create platforms for their affiliates to join in investment and implementation of projects in accordance of their capacities.

In the immediate time the two sides will collaborate in investing and constructing several projects in power, manufacturing and mining.

In addition, Petrovietnam will funnel capital for some of VNIC’s projects and VNIC will provide its products and services to Petrovietnam. 

Translated by Thu Nguyen

Source: QDND

World stocks slump on German trading curb

In Uncategorized on May 19, 2010 at 5:07 pm

Stocks slumped globally and the euro dropped to a four-year low point. AFP file

LONDON (AFP) – Stocks slumped globally on Wednesday and the euro dropped to a four-year low point, hit by sudden German trading controls, as Chancellor Angela Merkel issued a dire warning about the eurozone crisis.

In late morning deals, London sank 2.30 percent, Frankfurt shed 2.59 percent and Paris lost 2.84 percent.

Stock prices in Athens fell by 2.25 percent, Madrid dropped 3.13 percent and Milan fell 3.69 percent.

The euro nosedived to 1.2144 dollars in earlier Asian deals, hitting the lowest point since April 17, 2006. It later pulled back to 1.2181 dollars.

“Angela Merkel’s knee-jerk reaction to ban speculators from short-selling debt has sent the markets into a tailspin,” ETX Capital senior trader Manoj Ladwa said in London.

“The reverberation of her decision is likely to have a serious negative impact on not only the euro, but also other European countries who may impose a similar restriction.”

German Chancellor Angela Merkel called on Wednesday for a radical overhaul of Europe’s fiscal rules along German lines, warning of “incalculable consequences” for the European Union if the euro were to fail.

“The current crisis facing the euro is the biggest test Europe has faced in decades, even since the Treaty of Rome was signed in 1957,” she said in a speech in parliament, referring to the treaty that created the EU.

“This test is existential and it must be overcome … if the euro fails, then Europe fails,” Merkel added, defending Germany’s slice of a near trillion-dollar package to prevent Greek debt woes spreading across Europe.

“The euro is in danger. If we do not avert this danger, then the consequences are incalculable and the consequences for the whole of Europe are also incalculable,” she said.

In a unilateral move, Germany’s securities market regulator Bafin has slapped a ban on so-called naked short-selling in shares of 10 financial institutions and eurozone government bonds, in a bid to end markets volatility.

The European Union reacted by calling for coordination against speculative trading, while French Finance Minister Christine Lagarde voiced reservations and said other states should have been consulted first.

Naked short selling occurs when investors sell on the market stocks or bonds they don’t own and haven’t even borrowed, hoping to be able to buy them back later at a lower price, thereby earning a profit.

Eurozone fears also plagued Asian stock markets, with Hong Kong slumping 1.08 percent and Tokyo shedding 0.54 percent, after Wall Street sank 1.08 percent overnight.

European stocks had risen on Tuesday as better-than-expected US economic data had helped offset persistent concerns about Europe’s debt crisis.

“Equity markets have certainly started the session with something of a hangover in light of those German short-selling restrictions,” said David Jones, chief market strategist at IG Index.

Bearish sentiment towards the euro currency has prevailed even after eurozone finance ministers vowed to fix the region’s finances while expressing concern at their plunging currency.

After agreeing a 110 billion euro (140 billion dollar) bailout for Greece and a 750 billion euro fund for other European Union nations that may struggle to repay loans, Europe’s leaders are scrambling to put the plan into action.

Fears are also growing that subsequent austerity measures being put in place in the eurozone will hit growth.

Meanwhile, there was little comfort from top economist Nouriel Roubini, who was one of the few experts to forecast the financial crisis.

“What’s happening in Greece is just the tip of an iceberg of a broader range of sovereign debt issues, of deficit, in many advanced economies,” he warned late on Tuesday.

The new crisis could occur “not just in the eurozone but UK, US, or Japan,” he said in a speech at the London School of Economics.

“The next stage of the crisis could be a sovereign debt crisis that could lead to a double-dip recession.”

He reiterated his view that “there is a possibility of a breakup of the monetary union.”

“One or more countries of the eurozone could default,” said the New York University professor.

Source: SGGP

Kyrgyzstan declares state of emergency in Jalalabad

In Uncategorized on May 19, 2010 at 5:06 pm

BISHKEK, May 19, 2010 (AFP) – The Kyrgyz interim government on Wednesday declared a state of emergency in the southern city of Jalalabad following clashes between rival ethnic groups and police that left two people dead.

People walk near burnout house of Kyrgyz’s President Kurmanbek Bakiyev in village Teyit, near Jalalabad on May 15, 2010. AFP photo

“To ensure the security of citizens, the quickest possible normalisation of the situation and a return to public order, the decision has been taken to establish a state of emergency from today to June 1,” it said in a statement.

The decree, signed by interim government head Roza Otunbayeva, will establish a curfew from 8:00 pm to 6:00 am local time.

Two people were killed in fresh clashes between rival ethnic groups in south Kyrgyzstan earlier Wednesday, as the interim government struggled to impose order after a revolt that ousted former president Kurmanbek Bakiyev in the Central Asian state last month.

Source: SGGP

WTO to consider Vietnam’s complaints on US anti-dumping tariffs

In Uncategorized on May 19, 2010 at 5:06 pm

WTO to consider Vietnam’s complaints on US anti-dumping tariffs

QĐND – Wednesday, May 19, 2010, 22:35 (GMT+7)

World Trade Organization (WTO) judges agreed to investigate whether the U.S anti-dumping tariffs on Vietnamese shrimp cause unfair harm to Vietnam’s exporters, said a WTO spokesperson on May 18.

The WTO Dispute Settlement Body (DSB) has set up a jury to consider Vietnam’s complaint, in which Vietnam affirmed that the punishment of 4.13-25.76 percent tariffs imposed on Vietnam’s shrimp is unfair and seriously harms Vietnamese exporters.

Speaking at a meeting on May 18, Tran Thi Thu Hang, deputy permanent representative of Vietnam’s mission to the UN, WTO and other international organisations, emphasised that Vietnam looks forward to the solution of the dispute at any time and will follow it until the judicial review.

Some other countries attending the meeting expressed their hopes of participating in the dispute as the third party.

DSB also set up a jury to consider China’s complaint against the EU anti-dumping tariffs imposed on China’s shoes.

Source: VOV

Source: QDND

Tough US measures needed to beat climate change: experts

In Uncategorized on May 19, 2010 at 5:06 pm

WASHINGTON, May 19, 2010 (AFP) – The United States has to lead the global fight on climate change by breaking with business-as-usual and setting tough standards for the amount of greenhouse gases it emits into the atmosphere, US scientists said Wednesday.

In one of three multi-hundred-page reports on climate change by the National Research Council, scientists said the United States should set a budget that would limit greenhouse gas emissions to a total of between 170 and 200 gigatons of carbon dioxide equivalent between 2012 and 2050.

(Indonesia) Workers of PT. Belayan River Timber work in the forest in Long Hubung on March 30, 2010, part of its 97,500-hectare concession near Samarinda on southeastern Borneo. AFP photo

That limit would correspond to a reduction of US emissions from 1990 levels by 80 to 50 percent, depending whether the upper or lower “budgetary level” is chosen, and would require “a major departure from business-as-usual emission trends,” the report said.

US emissions have been rising at a rate of one percent per year for the past three decades, and in 2008 reached around seven gigatons of carbon dioxide equivalent.

Even if emissions stuck at the 2008 rate and if the higher budget target of 200 gigatons was chosen, the US would exceed its emissions budget by 2041.

The NRC report urged the US to lead the way on reducing emissions so that other nations will follow, the scientists said.

“Although limiting emissions must be a global effort to be effective, strong US actions to reduce emissions will help encourage other countries to do the same,” they said.

The cap-and-trade system — where a total level of allowable domestic emissions is set, companies are given emissions quotas, and the small polluters can sell their surplus to firms that exceed theirs — was one of the most effective ways of reducing emissions, the report said.

Cap-and-trade was declared dead by Republican Senator Lindsey Graham two months ago, but a climate bill proposed this month by Democratic Senator John Kerry and Independent Joe Lieberman proposed setting up just such a system, even though it did not call it by name.

The senators’ plan would cut US carbon emissions by 17 percent by 2020 from 2005 levels, going up to 83 percent by 2050.

The scientists warned, though, that putting a price on carbon would only work if the United States also improves energy efficiency, speeds up the development of renewable energy sources, develops new-generation nuclear power, and retrofits, decommissions or replaces facilities that belch greenhouse gases into the air.

One of the other reports issued as part of what the NRC calls its most comprehensive climate change study to date reaffirms US scientists’ strong belief that climate change is occurring and is caused largely by human activities.

Climate change skeptics last year seized on a leak of thousands of emails and other documents from researchers at the University of East Anglia in Britain, which appeared to show scientists saying global warming was not as serious as previously thought.

A few months later, another scandal rocked the world of climate science, when the UN’s Intergovernmental Panel on Climate Change (IPCC) was accused of basing a report about ice disappearing from the world’s mountain peaks on a student essay and an article in a mountaineering magazine.

The third report released Wednesday urges US policymakers to take steps to reduce the country’s vulnerability to climate change impacts that cannot be avoided, while stressing that adapting to climate change was not an alternative to limiting it.

The trilogy of reports were released as the US and more than 190 other nations continue to hammer out the details of a successor treaty to the Kyoto Protocol, which set a target of industrialized nations cutting emissions blamed for global warming by an average of five percent by the end of 2012 from 1990 levels.

The United States was the only major nation to reject the treaty, arguing it was unfair because it made no demands of fast-growing economies such as China, now the world’s top carbon emitter.

Source: SGGP

AO victims tour US

In Uncategorized on May 19, 2010 at 5:06 pm

AO victims tour US

QĐND – Wednesday, May 19, 2010, 22:33 (GMT+7)

A recent visit by a delegation of Vietnamese AO victims has helped the Vietnamese community in the US as well as US parliamentarians and students have a more comprehensive understanding of harmful effects of Agent Orange/dioxin on humans and the environment in Vietnam.

This was emphasized at a press conference in Hanoi on May 18 by the President of the Da Nang Association of Agent Orange /dioxin Victims, Nguyen Thi Hien.

During its stay in the US from April 14 to May 16, the delegation made a tour of several cities such as Los Angeles, Chicago, Atlanta and Washington to meet US vet communities, students and religious organisations as well as overseas Vietnamese.

The delegation attended a number of meetings and film screenings on AO victims, and participated in a demonstration against the Dow Chemical Company’s “World Clean Water Day” campaign.

According to the President of the Vietnam Association of Victims of Agent Orange /dioxin (VAVA), Nguyen Van Rinh, the tour not only provided an opportunity for many organisations and individuals in the US to rally pubic support for Vietnamese AO victims, but also helped strengthen the friendship between the two countries, he said.

This was the fifth delegation of Vietnamese AO victims to visit the US since 2005.

At present, the VAVA is actively preparing for its new lawsuit in the US, expected to start in 2011.

Source: VOVnews/VNA

Source: QDND