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Archive for December 21st, 2010|Daily archive page

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Vinatex spends $25 mil to cope with increasing cotton cost

In Uncategorized on December 21, 2010 at 10:25 am

The fashion supermarket chain Vinatex announced it teamed up with local cloth suppliers to allocate VND500 billion (US$25 million) for stabilizing prices of textile products, which are hit hard by a 45 percent increase in imported cotton cost.


Vinatex provides loans for local suppliers in an attempt to help them keep prices unchanged. The fashion supermarket chain, known as Vietnam National Textile Garment Group, has also guaranteed stable supply with unchanged prices during the upcoming shopping season.


 


 


 


By M. Thi – Translated by Vu Minh

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Source: SGGP

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Northern weather very cold for Christmas day

In Uncategorized on December 21, 2010 at 9:37 am

A new cold front is set to slam into northern Vietnam on December 24 causing the weather to turn extremely cold, together with rain and drizzle.

People streamed into Ho Chi Minh City’s at night to enjoy the Christmas atmosphere. The city’s weather will be warm until Christmas, but turn cold during the following days (Photo: SGGP)

The National Hydro Meteorological Forecasting Center said that after affecting the north, the system will move south into central and southern provinces.


It is forecast to rather warm until Christmas night in the southern region. However, after December 25, the cold front will make things much colder.


In Ho Chi Minh City, the temperature might drop to 18-20 degrees Celsius at night.   


Meanwhile, the cold front, covering the country in the last week has receded. As a result, temperatures will gradually increase in the central and northern regions in the next two to three days.


Cold weather will only occur during the early morning and at night, rain and frost will affect road visibility for drivers.

Source: SGGP

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VN-Index sinks under selling pressure

In Uncategorized on December 21, 2010 at 9:37 am

Vietnam’s benchmark VN-Index, which tracks 273 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange, stumbled on December 20 as investors dumped shares heavily.

The gauge trimmed 1.44 percent, or 7 points, to close at 478.29 points.


Among the index members, 73 advanced, 155 retreated, while 50 remained unchanged.


Trading volume on the city bourse severely dropped over the previous trading session as around 66.94 million shares worth VND1.55 trillion changed hands.


Tan Tao Investment Industry Corporation (ITA) won the position of most active share by volume with 4.85 million shares changing hands.


It was followed by Saigon Securities Inc. (SSI), the country’s largest brokerage, with 4.44 million shares traded.


Saigon Thuong Tin Commercial Bank or Sacombank (STB) came in third with 4.19 million shares.


Seafood Joint Stock Company No4 (TS4) eliminated 4.96 percent to VND23,000.


Petrovietnam – Idico Long Son Industrial Park Investment Joint Stock Company (PXL) resumed losing trend, contracting 4.92 percent to VND11,600.


Construction Joint Stock Company No5 (SC5) tripped 4.89 percent to VND38,900.


Meanwhile, Nam Viet Corporation (ANV), and Phu Nhuan Jewelry Joint Stock Company (PNJ) edged up the daily maximum allowed limit of 5 percent to VND14,700 and VND35,700 respectively.


Vien Dong Pharmaceutical Joint Stock Company (DVD) leaped forward the second day, gaining 4.99 percent to VND40,000.


Sieu Thanh Joint Stock Corporation (ST8) surged 4.98 percent to VND23,200.


The Hanoi’s HNX-Index plunged 2.51 percent, or 3 points, to close at 116.7 points. Trading volume dropped to 47.2 million shares worth VND920.35 billion.


The UPCom-Index slipped by 0.51 points to 40.88 points this morning. A total of 192,164 shares changed hands at a value of VND1.89 billion.

Source: SGGP

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Investors anxious about stock market manipulation

In Uncategorized on December 21, 2010 at 9:36 am

Many shares on the stock market are being manipulating but the market watchdog fails to stop the issue, brokers said.

(Photo:Minh Tri)

The construction firm Song Da 9.06 (S96)’s share price surged to VND40,000 this month from the low level of VND15,000 last August, triggering questions about whether the price are being manipulated.


“Some listed firms’ board of directors and big shareholders manipulated their share prices by announcing their firm’s profitable business plans after buying back their shares strongly. And then they took big bucks by selling shares, which were boosted by the information,” said brokers.


Those key shareholders will use the profit from selling shares to buy back more shares in an attempt to ensure their main stakes in the firms, brokers said.


“Therefore, some listed firms focused on issuing additional shares, which will help them to raise their capital strongly,” said a broker in Ho Chi Minh City, who asked to be unnamed.


Last year, the construction company Sudico (SJS) clang on the price of VND60,000 in May before jumping up to VND210,000 five months later.


During the time SJS increasing, there was a rumor on paying dividends by additional shares on the stock market, which then came true as SJS’s share price surged to VND218,000.


PetroVietnam – Nghe An Construction Joint Stock Company (PVA) is among biggest gainers on the stock market this year.


The construction firm’s shareholders made big profits as the share price surged to VND120,000 from VND30,000 in only three months starting from February. Brokers said the share price was manipulated by many investors, who even posted their achievements on some websites.


Investors were anxious on information that Nguyen Thi Kim Phuong, a big shareholder of Cement Materials and Transportation Joint Stock Company (VTV), dumped her entire holding of 557,800 shares.


The State Securities Commission then fined Phuong and two other men VND370 million (US$18,500) for manipulating the share price. However, analysts said the fine was nothing compared with the profit they took from the affair.


Many investors suspected that brokerages, which those people opened trading accounts at, was also involved in the scam.


Similarly the transportation firm Ha Tien (HTV) rose to VND46,000 in September from VND16,000 in June before slumping nearly 75 percent to VND15,400 on December 20.


Some brokers said the slump came after market manipulators failed to boost the share price, while others said manipulators sold the share strongly to take profits from previous surges.


Le Van Dung, chairman and general director of the drug marker Vien Dong (DVD) listed on the Ho Chi Minh stock market was arrested for manipulating share prices last month.


The HCMC-based pharmacy maker earlier was fined VND50 million (US$2,500) for not buying shareholdings in Ha Tay Pharmaceutical JSC (DHT) as it registered to the commission.

Source: SGGP

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VN-Index evades sharp loss

In Uncategorized on December 21, 2010 at 9:36 am

Vietnam’s benchmark VN-Index successful escaped from losing trend on December 21 as foreign investors increased buying, helping most blue-chip stocks to rebound.

The shares of 274 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange recovered 0.73 percent, or 3.49 points, to close at 481.78 points.


On the benchmark, 134 stocks advanced, 79 dropped, while 66 treaded water.


Trading volume slightly rose over the previous trading session. Around 68.32 million shares changed hands at a value of VND1.69 trillion.


Saigon Securities Inc. (SSI), the country’s largest brokerage, topped the list of most active shares in volume with 5.39 million shares changing hands.


Saigon Thuong Tin Commercial Bank or Sacombank (STB) chased after with 4.85 million shares, followed by Tan Tao Investment Industry Corporation (ITA) with 4.42 million shares traded.


Vien Dong Pharmaceutical Joint Stock Company (DVD), Tay Nguyen Electricity Investment Joint Stock Company (TIC), and Saigon Beverages Joint Stock Company (TRI) all fortified the daily maximum allowed limit of 5 percent to VND42,000, VND10,500, and VND6,300 respectively.


Traphaco Joint Stock Company (TRA) accelerated the second day, soaring 4.94 percent to VND46,700.


Vinaship Joint Stock Company (VNA) rebounded 4.93 percent to VND14,900.


The newly listed IDICO Infrastructure Development Investment Joint Stock Company (HTI) plunged 5 percent to VND19,000.


Binh Thuan Hamico Mineral Joint Stock Company (KSA) fell for four consecutive days, losing 4.94 percent to VND46,200.


Anvifish Joint Stock Company (AVF) snapped its four-day winning streak, shrinking 4.82 percent to VND21,700.


Meanwhile, the smaller bourse in the north made a contrast move as the Hanoi’s HNX-Index cut 1.46 percent, or 1.7 points, to close at 116.7 points. Trading volume slightly improved over the previous session as around 53.12 million shares changed hands at VND961.4 billion.


The UPCom-Index soared 1 point to 41.87. A total of 200,000 shares changed hands at a value of VND2.7 billion as of 11:05 am local time.

Source: SGGP

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Over 7,200 public, private hospitals do not have wastewater treatment system

In Uncategorized on December 21, 2010 at 9:36 am

Over 7,200 public and private hospitals in Ho Chi Minh City do not have standard wastewater treatment systems, the Department of Health has reported.

These medical clinics have only rudimentary systems at the best and discharged their wastewater into septic tanks, which are then released into the sewerage system.

The old waste water treatment facilities of the Traumatic Orthopedic Hospital in Ho Chi Minh City. Over 7,200 public and private hospitals do not have wastewater treatment system or the old facilities can’t meet the increase in usage

Approximately 45 central, city and district hospitals and private clinics, have not improved their wastewater treatment systems and the old systems cannot satisfy the increase in usage. The wastewater system is overloaded.

Hospitals said they are short of skill personnel in dealing with the issue, while the relevant agencies have yet to penalize any hospital or clinic that do not meet the requirements of a modern waste treatment system.

However, the city Department of Natural Resources and Environment has fined the Mental Hospital in District 5. The hospital was fined VND6 million and was forced to quickly construct a modern standard wastewater treatment facility.

Hospitals in the city have dumped thousands cubic meters of wastewater into the river environments every day.

Source: SGGP

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City to host “Welcome New Year 2011” festival

In Uncategorized on December 21, 2010 at 9:35 am

Ho Chi Minh City Youth’s Cultural House has mapped out numerous cultural activities to welcome in the New Year from December 24 to 31, according to the head of the Event Planning Service Department of the Youth’s Cultural House, Nguyen Hong Phuc.

On the streets, the air of Christmas is boisterous. (Photo: KK)

The weeklong festival, which is called “Welcome New Year 2011”, will bring free and interesting programs for the youth. These will include fashion and music performances, singing contest, exciting games and other activities.


On December 24, it will be the “Christmas Gala 2010” and the “Dance of Hair-Spring fashion” will be on December 31. These will be the main highlights of the festival. 


Ho Chi Minh City Youth’s Cultural House received more than 30,000 visitors in the “Welcome New Year 2010” festival.


 

Source: SGGP

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Youth enjoy online shopping

In Uncategorized on December 21, 2010 at 9:35 am

Vietnamese teenagers have started a new trend of purchasing items online from websites.

The surface of website nhommua.com. Vietnamese teenagers  start a new trend of purchasing items online from websites

Websites like nhommua.com, muachung.vn, phagia.com.vn and deal.zing.vn have now become very popular with students.


Although this concept has just been introduced this September, the site muachung.vn has already attracted more than one million customers for consumer items like food, clothes and mobile phones.


Customers purchasing an item or a service during special hours can often enjoy a huge discount of more than 30 – 60 percent.


This selling strategy was created by a company called Groupon whose three co-founders were Andrew Mason, Eric Lefkofsky and Brad Keywell.


Groupon, a deal-of-the-day website is growing fast with projected revenue of USD500 million for 2010. This group-buying giant has reportedly rejected Google’s massive USD6 billion acquisition offer and intends to stay independent.
 
The way Groupon works is that if a certain number of people sign up for an offer, then the deal becomes available for all; however, if a predetermined minimum number is not met then no one gets the deal that day. This reduces risk for retailers who can treat the coupons as quantity discounts as well as sales promotion tools.


Customers have an option to pay cash on delivery or through internet. Pham Quynh Mai living in Tan Phu District, Ho Chi Minh City, felt happy and satisfied with the service as she was informed before the delivery was sent to her house.


However, the new shopping method comes with a few shortcomings. Le Minh Duy, a student of Foreign Trade University in Ho Chi Minh City purchased a coupon for practicing yoga but found that he had to visit offices in district 8 and district 2 several times to reclaim a coupon when the delivery failed. Besides some customers are showing concern at the quality of items they purchase online.


Despite the shortcomings, online shopping has been welcomed by Vietnamese, most of who are young customers. Mr. David Tran, chief operating officer of the website nhommua.com observed that young people chose products and services with quality and prestige in mind. Not withstanding, online shopping websites have been mushrooming in Vietnam.

Source: SGGP

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Malaysian ex top immigration official jailed for graft

In Uncategorized on December 21, 2010 at 9:35 am

KUALA LUMPUR, Dec 20, 2010 (AFP) – A former top-ranking Malaysian immigration official was sentenced Monday to 56 years in jail for corruption, his lawyer said, in a rare successful high-level prosecution.


Former immigration department deputy director Yusof Abu Bakar, 56, was found guilty last week of accepting 121,500 ringgit (38,500 dollars) in bribes to approve the extension of social visit passes for several Chinese nationals.


“The sessions court today sentenced Yusof to 56 years jail in total and fined him 620,000 ringgit over the 14 charges of corruption,” his lawyer Mohammed Azmi Mohamad Said told AFP.


“However, the judge ruled that the sentences be run concurrently so that means that Yusof will serve about six years in total.”


Mohammed Azmi said Yusof would appeal the ruling and sentence.


Prime Minister Najib Razak came to power last year with a pledge to stamp out corruption which is endemic in Malaysia, and where convictions of high-ranking figures have been rare with cases often ending in acquittals.


Yusof’s sentencing comes shortly after corruption charges were laid against influential ruling coalition politician Khir Toyo over a Balinese-style mansion he built while chief minister of the country’s richest state.


The government’s failure to root out graft was a major factor in 2008 elections which saw the opposition make unprecedented gains.


Commentators have said that the recent flurry in anti-corruption actions is linked to speculation that Najib will call snap elections early next year — an allegation the premier has denied.

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Source: SGGP

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Iran says 11 members of Sunni militant group hanged

In Uncategorized on December 21, 2010 at 9:34 am

TEHRAN, Dec 20, 2010 (AFP) – Iran on Monday hanged 11 members of Sunni militant group Jundallah which claimed last week’s devastating suicide bombing of a Shiite mourning procession, a judiciary official said.


“This morning 11 members of those belonging to (Jundallah), who in recent months were involved in terrorist attacks in the province (Sistan-Baluchestan), fighting with police, and martyring several innocent people have been hanged in Zahedan jail,” Ebrahim Hamidi, head of the provincial justice department, told state news agency IRNA.


Jundallah (Army of God) is a shadowy Sunni militant group which has claimed several deadly attacks in Iran’s Sistan-Baluchestan province, including a December 15 suicide bombing in the city of Chabahar which killed 39 people and wounded dozens.

An Iranian baker displays loaves of bread at a bakery in central Tehran on December 19, 2010 as the Iranian government began to implement its controversial plan of scrapping subsidies on energy and food products as part of the reforms which had been in the pipeline for several years. AFP

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Source: SGGP