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Posts Tagged ‘bring’

Banks bring deposit rates to below 15 percent

In Uncategorized on December 16, 2010 at 10:03 am

Commercial lenders lowered their interest rate on the dong deposits to 15 percent on Dec. 13 in accordance with their pleading at the meeting with the central bank earlier.

(Photo:Minh Tri)

Techcombank was among the first lenders reducing the deposit rate, offering the rate of 13.45-13.95 percent per annum.


The Hanoi-based lender, which is the fifth-largest bank in term of assets, triggered an interest rate race last week when announcing it would offer dong depositor rates as high as 17 percent per year.


Other lenders reacted by pushing their own rates up, some as high as 18 percent.
But these offers were rescinded after the central bank requested them to bring the rates down to prevalent market levels – 14 percent or less.


Asia Commercial Bank, known as ACB, also cut its highest deposit rate to 15 percent per year from 15.2 percent, which was earlier the special offering under its promotional pack titled “Making New Year fortunes”.


The government-run banks made a similar move, with Vietcombank lowering its deposit rate to 14 percent and BIDV cutting its rate to 13.5 percent.


Financial experts said the rate of 15 percent is adequate as lending demand at yearend is increasing sharply. However, they noticed that the current deposit rate would force lenders to raise their lending rates to 17-18 percent per year at least.


Vo Quoc Thang, chairman of the Vietnam Young Entrepreneurs Association, said with the lending rate of 17-18 percent per year, local businesses would struggle to cope with the increasing cost of raw materials and the harsh competition from imported products.


Many firms will be willing to make no profit this year to maintain their business, but this plan will be undone if the high lending rates last long, Thang said.


Many financial experts expected the interest rate would decline further on February as lending demand of local businesses cooled off.


They also said high interest rates will help lenders to separate borrowers. Lenders will offer regular and big clients loans with preferential rates. ACB offered an annual lending rate of 15.5 percent only to businesses.


Some small commercial banks, however, shunned the central bank’s request, keeping the interest rate on dong deposits at more than 15 percent. They said they offered the high rates for big deposits only.


These banks will negotiate the interest rate with clients in a face-to-face meeting only in attempt to avoid the central bank’s penalty.


A deputy general director of a commercial bank, who asked not to be named, disclosed many clients tended to deposit their money in the banks offering the highest rate. “Efforts to keep client from switching their money to other banks have seen many lenders offering the rate of more than 15 percent through negotiating,” he said.

Source: SGGP

Tropical depression to bring rains

In Uncategorized on October 14, 2010 at 6:35 pm

Affected by a tropical low pressure zone, which was on the northern part of Truong Sa (Spratly) Islands as of 7am August 19, the waters off the central coastal area between Danang City and Binh Thuan Province will become rough with rains, the national weather bureau said Thursday.

A tropical low pressure zone will bring medium to heavy rains to the central and southern central regions

In the mainland, central and southern central provinces will see medium to heavy rains, some places might experience thunderstorms, said the National Hydro Meteorological Forecasting Center.


The center said residents should keep watch of tornados and strong winds during the thunderstorms.


The tropical depression will slowly move westward at a speed of 5-10 kilometers an hour in the next 24 hours, the center forecasted.

Source: SGGP

Low pressure system to bring downpours to central, southern Vietnam

In Uncategorized on October 14, 2010 at 6:33 pm

A low pressure zone has formed off the south central coast and will cause medium to heavy rains in central and southern provinces, the National Hydro Meteorological Forecasting Center said Monday.

Flooding on a street in Ho Chi Minh City’s Binh Thanh District at 1 AM on Oct. 11 caused by torrential rains and high tide (Photo: Tuoi Tre)

On Monday afternoon, the system was centered 10-12 degrees north latitude and 110-112 degrees east longitude, off the coast from Binh Dinh to Binh Thuan provinces.


The national weather bureau said that the low pressure system has led the southwesterly winds to intensify in the southern region. Ho Chi Minh City thus will be cloudy and rainy in the next few days.


Boats on the waters off the southern region should keep watch of thunderstorms and prone tornados.

Source: SGGP

Traditional medicine preservation project to bring new breath to Cham village

In Uncategorized on October 14, 2010 at 2:33 pm

It is surprising to learn that residents of two 1,200-household villages in the central province of Ninh Thuan’s district Ninh Hai are herbalists, although Cham people are well known for their traditional medicine.

An herbalist examines a patient by feeling her pulse (Photo: SGGP)

A majority of the Cham population are living in villages Phuoc Nhon and An Nhon in Xuan Hai commune in district Ninh Hai. Most of Cham herbalists have knowledge of medicinal vegetation, including 300 species of 97 plant families.


Their age-old medicine has been influenced by herbalists of China and India, according to herbalist Nguyen Xuan Tuyen, chairman of the province Herb Association.


Of around 800 members of the association, over 640 have been trained to make drugs from plants found in nature. They net their living on the traditional medicine.


Some 13 shops selling drugs said around one ton of herbal medicine is consumed daily and most herbs are taken from the jungle, making precious herbs at risk of extinction, causing concern to experienced herbalists.


It is for this reason that the traditional medicine preservation project, funded by Global Environment Facility, has operated this year in An Nhon and Phuoc Nhon. The local government is satisfied with the project, providing one hectare of land for planting herbs with 30 households being selected to grow vegetation in their garden.


Tran Ngoc Phan, Xuan Hai commune People’s Committee Chairman, said herbalists in the two villages struggle hard to make their living in faraway districts or even in Laos, Cambodia and China; but when the village’s herb has its own brand name, they would not need to travel far from their houses, rather people would come to them to receive examinations.


Moreover, tour guides can take travelers to the village as part of sightseeing tours. Perhaps a “cure tour” to the traditional medicine village can be combined with visiting other craft villages like Bau Truc ceramic – one of the two oldest ceramic villages in Southeast Asia- Chakleng – My Nghiep weaving center with diversified well-known products in Ninh Thuan, Mr. Phan proposed.


If the plan goes well on, herbs of the Cham ethnic minority would become widely famous and lives of residents improved, said Mr. Phan.


The project brings hope that villages there will be covered with herbs and most residents could be both herbalists and tour guides and that the next generation will continue the work to ensure the two villages are prosperous in the future.

Source: SGGP

Tropical depression to bring rains

In Uncategorized on August 19, 2010 at 11:23 am

Affected by a tropical low pressure zone, which was on the northern part of Truong Sa (Spratly) Islands as of 7am August 19, the waters off the central coastal area between Danang City and Binh Thuan Province will become rough with rains, the national weather bureau said Thursday.

A tropical low pressure zone will bring medium to heavy rains to the central and southern central regions

In the mainland, central and southern central provinces will see medium to heavy rains, some places might experience thunderstorms, said the National Hydro Meteorological Forecasting Center.


The center said residents should keep watch of tornados and strong winds during the thunderstorms.


The tropical depression will slowly move westward at a speed of 5-10 kilometers an hour in the next 24 hours, the center forecasted.

Source: SGGP

Rains bring new misery to China mudslide town

In Uncategorized on August 12, 2010 at 7:21 am

ZHOUQU, China (AFP) – Fresh heavy rains on Thursday brought more misery to a town in northwest China devastated by mudslides that have already killed more than 1,100 people, with new floods leaving more missing.


Thousands of soldiers and rescuers were battling to clean up roads blocked by cascades of mud and sludge unleashed by storms overnight, complicating the task of getting food, water and medicine to those in need.

A woman offers a child something to eat amid the rubble of landslides that have devastated the northwestern Chinese town of Zhouqu. AFP

So far, 1,117 people have been confirmed dead in the disaster in Zhouqu, a town nestled in the mountains of Gansu province. Another 627 residents went missing at the weekend, and three more disappeared overnight, state media said. “The rain has had an impact on rescue work. It’s hindering the distribution of drinking water,” Han Huiping, a 25-year-old firefighter from a nearby town working on the relief effort, told AFP. “We’re worried.”


Soldiers and residents said heavy rains fell for about four hours overnight, turning one of the main streets in Zhouqu into a small river and flooding army tents on the roadside leading into the disaster zone.


Workers used diggers to clear the massive avalanche of mud and rocks that effectively split the town in two at the weekend as rain fell early Thursday. The peaks surrouding the town were shrouded in dark clouds.


The shortest route into Zhouqu from the provincial capital Lanzhou, mainly being used by relief crews, was blocked, the official Xinhua news agency reported.


Some shops in town had run out of drinking water well before noon, but new supplies appeared to be trickling in, an AFP correspondent witnessed.


“We’re really worried, but there is nothing much we can do,” said one villager who asked not to be named.


The bad weather was expected to continue at least through Friday.


The water level in the Bailong river, which cuts through Zhouqu, was higher on Thursday and flowing more quickly, an AFP correspondent saw. State media said the level had risen by three metres (six feet).


Troops were using excavators and explosives to clear blockages in the river and drain a barrier lake created by the rubble that, if it were to burst, could bring further destruction to areas already levelled by the torrent of mud.


Officials insisted Wednesday the risk had been minimised.


“The danger of the barrier lake collapsing suddenly has been basically eliminated,” the vice-minister of water resources, Jiao Yong, told a press conference in Beijing.


Provincial authorities have nevertheless evacuated areas near the lake, the official Xinhua news agency reported.


The mudslides levelled an area five kilometres (three miles) long and 300 metres wide, Xinhua said. Floodwaters up to three storeys high have submerged half the county.


Fears of an outbreak of water-borne disease mounted, with corpses still unclaimed and residents living in the rough without proper sanitary conditions. Army crews in chemical suits repeatedly sprayed disinfectant in the area.


Tons of garlic and Sichuan pepper, which some experts believe to be helpful in the prevention of certain ailments, have been sent to Zhouqu, the local health bureau said, according to the China Daily.


Doctors were encouraging relatives to cremate the remains of their loved ones as soon as possible to prevent health problems, but traditional burials are preferred in the area with a population that is one-third Tibetan.


Nearly 800 medical workers — also concerned about how the high summer temperatures could affect the precarious public health situation — have been dispatched to the scene, state media said.


Loudspeakers in town broadcast messages instructing residents how to protect themselves from disease. So far, no major problems have been reported.


The mudslides are the latest in a string of weather-related disasters, as China battles its worst flooding in a decade. More than 2,100 people were left dead or missing and 12 million evacuated before the Gansu tragedy.

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Source: SGGP

China sends pandas into wild to bring up cubs

In Uncategorized on July 25, 2010 at 11:18 am

 Four pregnant pandas bred in captivity have been released into an area of forest in southwest China to prepare their cubs for life in the wild, state media reported.


The pandas, aged four to five, have been taken to a tract of forest at a training base in Sichuan province that was built to help the endangered animals adapt to the wild, the official Xinhua news agency said.


They are expected to give birth to their cubs in the woodland, which covers two hectares (five acres), and live there until the young animals turn three or four, the report said late Saturday.


“All of the carefully-chosen pandas have experience of living in the wild and three of them… have given birth to cubs,” Tang Chunxiang, an expert at the Wolong panda reserve that is behind the initiative, was quoted as saying.


“We hope the mothers can teach their cubs life skills to help them survive in the wild.”

A giant panda is seen playing at a panda reserve in Chengdu, southwest China’s Sichuan province. Four pregnant pandas bred in captivity have been released into an area of forest in southwest China to prepare their cubs for life in the wild, state media reported.

There are only about 1,590 pandas left in the wild in China, and authorities would like to increase that figure to save the endangered species.


But so far, the only attempt at releasing a captive-bred panda into nature ended tragically.


Xiang Xiang, a male cub who was trained to adapt to the wild and released in 2006, was found dead 10 months later, apparently killed by wild pandas native to the area.


This new attempt aims to see the four pandas give birth and raise their cubs on their own, while workers keep watch through surveillance cameras.


“If they need help, the workers will show up dressed in costumes that make them look like giant pandas, in order to reduce the animals‘ reliance on humans,” Tang was quoted as saying.


The workers will also simulate the sounds and smells of the panda’s natural enemies, in a bid to improve their vigilance and raise their chances of survival, the report said.

Source: SGGP

Seven more US bank failures bring year’s total to 103

In Uncategorized on July 24, 2010 at 11:17 am

Seven more local and regional banks have closed their doors in the United States, bringing the total number of US bank failures to 103 this year, federal bank regulators announced.


The numbers released by the Federal Deposit Insurance Corporation indicate that the failure rate in 2010 was quicker that the year before.


Only 64 banks went under in the United States by this time last year. A total of 140 bank failures were registered in all of 2009, according to the FDIC.


 

Source: SGGP

Child artists bring joy to wounded and sick soldiers

In Uncategorized on July 23, 2010 at 3:18 pm




Child artists bring joy to wounded and sick soldiers


QĐND – Friday, July 23, 2010, 20:42 (GMT+7)

PANO – 41 child artists from Hanoi Children’s Palace have recently visited wounded and sick soldiers in the Thuan Thanh War-Invalids Treatment and ConvalesceCenter in BacNinhProvince and Liem Can Seriously Wounded and Sick Soldiers Treatment and ConvalesceCenter in Ha Nam Province.


The young guests sung a number of songs praising the country, the sacrifice of soldiers in the war for national independence and salvation as well as childhood.


Their performance brought the war invalids back to their student-age, and partly relieved their physical pains and brightened their spiritual life.


Along with songs, the young artists also presented pictures painted by themselves to those who had devoted their youth for the country.


The visit is part of numerous significant activities towards the 63rd commemoration of War-Invalids and Martyrs’ Day on July 27th, and was a good opportunity for the younger generation to know more about the sacrifice of soldiers as well as to express their gratitude to them.


Translated by Mai Huong


Source: QDND

EU stress tests bring moment of truth for banks

In Uncategorized on July 23, 2010 at 11:17 am

PARIS, July 23 (AFP) – The European banking system faces a moment of truth Friday when regulators reveal whether it is strong enough to cope with any fresh crisis or needs another huge injection of cash to keep it afloat.


Much depends on the outcome.


The authorities are claiming that the results of the ‘stress tests’ on 91 top lenders will largely be positive, with any problem banks requiring more capital likely to be corralled off safely and then bailed out.


Analysts say that would be a positive outcome — but the tests have to be rigorous and tough enough to convince investors that the books have not been cooked to produce the desired results.


It is about confidence, they say, in the banks, in the regulators, in the financial system and ultimately in the prospects for recovery from the worst recession since the 1930s.


“We should all be bracing ourselves for relief to flow through European financial markets (on the results),” Credit Agricole strategist Mitul Kotecha said.


“More likely, questions will be asked about why did so few banks fail and why the tests were not rigorous enough?”


The global financial crisis devastated the banks, claiming victims among the most iconic names in the business as once abundant credit markets dried up.


Others had to be bailed out to the tune of tens of billions of dollars (euros) by governments who effectively covered the bad debt of the banks by borrowing extensively themselves through issuing bonds.


That at least stabilised the economy, allowing a recovery from early last year, but the cost was heavily indebted governments whose own troubles now threaten the recovery they worked so hard for.


The markets reason that if governments such as Greece and Spain face problems managing their debt, then their sovereign bonds, bought up by the banks to bolster their books, might now be worth a lot less.


Investors want to know exactly how much less, so they can judge if the banks are really sound and can be trusted to pay back what they borrow.


At the same time, governments with huge debt burdens are slashing spending to balance their budgets, which puts economic growth at risk, in turn hitting business and the banks which fund it, to create a dangerous vicious circle.


The problems came to a head earlier this year when Greece had to seek an IMF-EU bailout and Brussels with the International Monetary Fund set up a trillion-dollar fund to protect the whole eurozone project.


To ease nerves, the authorities agreed to test 91 lenders, accounting for 65 percent of the European banking system, promising they would stop the rot and restore credibility, as a similar exercise had done in the United States.


The IMF warned Tuesday of what was at stake.


“Some uncertainty regarding the stringency of the tests is likely to remain,” the IMF said in the report, calling for more transparency and a wider assessment to be made.


The Fund said it wanted “a more detailed disclosure” of outcomes, together with remedial actions by weak institutions to cope with low capital levels.

Stock markets rose sharply on Thursday, in part as investors anticipated a largely positive review of the banks which posted some very sharp gains.

In London, which gained nearly two percent, analyst Michael Hewson of CMC Markets said banks were well-supported, partly on “an expectation that the larger banks should pass (Friday’s) stress tests without too many problems.”

Analysts said, however, that the key issues remained.

“The stress tests now need to give us two crucial indications,” said UniCredit analyst Loredana Federico.

“First, how much more will banks suffer if (economic) growth is significantly lower and sovereign bonds come under more pressure, and second; how many ailing banks are hiding behind the veil of … reassuring eurozone numbers,” Federico said.

ING strategist Jeroen van den Broek said “the greatest fear is that the tests show too little diversification between the good, the bad and the ugly, and is seen by the market as being too optimistic.

“The outcome simply must be realistic; a true classification of the European banking system with necessary capital injections lined up will, in the long term, be beneficial to banking confidence,” he said.

The test results are to be published by the London-based Committee of European Banking Supervisors at 1600 GMT on Friday.

They are expected to show how each bank would cope if economic growth slows sharply, if money owed is not paid, if stock markets plunge or if there is a crisis which slashes the value of government bonds on their books.

The bottom line of the tests is how the balance sheets of the banks would look once they had been adjusted for the effects of such shocks — in other words, would they have enough capital to continue operating.

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Source: SGGP