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Company gold exploitation cuts Dakrong River into small bits

In Uncategorized on December 16, 2010 at 9:47 am

The Construction Limited Company No.9 has made the Dakrong River deformed since it was licensed to exploit gold in the Dakrong District, the central province of Quang Tri in November.

The Construction Company No.9 has made the Dakrong River an ‘environmental mess’ while mining for gold in the central province of Quang Tri (Photo: SGGP)

The river section through Huc Nghi Commune has been badly polluted; as mining work is performed daily from 7am to 10pm.

Dozens of people from Van Kieu commune gathered at the river section to show their displeasure about the company’s operations on December 13.

Ho Van Lien, a local citizen, said the commune has 291 households, with over half of them being very poor.  Their livelihoods relied on farming the fields and sometimes, in their spare time, they did ‘sift for gold’ in the river.

However, now they are prohibited to search for gold by the Huc Nghi Commune People’s Committee. The Construction Company No.9 promised that they would assist the poorer household’s with food. However, so far, the company has not fulfilled this duty.

A reporter from Sai Gon Giai Phong newspaper, witness thousands of tons of soil, stone piles and trenches dumped into the riverbed.  A section of the Ho Chi Minh Highway, which goes through the community, has always been eroded by river water. This is likely to get much worse as the mining continues.

Le Phuoc Chuong, deputy head of Department of Natural Resources and Environment in Dakrong District, said the construction company no.9’s operation on the river has been suspended, for violating environmental regulations.

In a commitment, with the Quang Tri Province People’s Committee, the company was asked to take care of the environment while digging for gold. However, it has just focused on the exploitation of gold and has been careless with how it disposes the sand and soil, dug out from mine.

Additionally, the company was only allowed to use two excavators, but it has been found that over seven excavators have been in operation at the site. 

In trying to explain these discrepancies, regarding mining on the site, company director Truong Duc Hai said, that an hydropower plant is to be built there in 2015 and as a result gold exploration had to be ‘speeded up’.

Source: SGGP

BP spends 6.1 bln dollars on Gulf spill response: company

In Uncategorized on August 9, 2010 at 11:22 am

LONDON, Aug 9, 2010 (AFP) – British energy giant BP said Monday that it has spent a total of 6.1 billion dollars in response costs to the massive oil spill in the Gulf of Mexico, days after plugging the damaged well with concrete.

“The cost of the response to date amounts to approximately 6.1 billion dollars (4.6 billion euros), including the cost of the spill response, containment, relief well drilling, static kill and cementing, grants to the Gulf states, claims paid, and federal costs,” BP said in a statement.

An estimated 4.9 million barrels, more than 205 million gallons, spewed from BP’s ruptured well in the 87 days from the beginning of the disaster until the leak was finally capped on July 15, the US government has said.

A BP mobile claims office is seen on August 4, 2010 in Chalmette, Louisiana. AFP

The company revealed on Thursday that it had finished pumping cement into the damaged well after a five-hour operation.

“The MC252 well has been shut-in since July 15; there is currently no oil flowing into the Gulf,” the group said on Monday.

It added: “Following the completion of cementing operations on the MC252 well on August 5, pressure testing was performed which indicated there is an effective cement plug in the casing. BP believes the static kill and cementing procedures have been successful.”

Source: SGGP

PetroVietnam company launches office in Malaysia

In Uncategorized on August 3, 2010 at 3:25 pm

PetroVietnam company launches office in Malaysia

QĐND – Tuesday, August 03, 2010, 21:12 (GMT+7)

Vietnam Petroleum Technical Services Corporation (PTSC) launched its branch office in Kuala Lumpur on August 2, paving the way for setting up PTSC’s subsidiary company in Malaysia.

Addressing the launch ceremony, Dinh La Thang, head of the board of directors of the Vietnam National Oil and Gas Group (PetroVietnam), stressed that opening the office in Malaysia marks the unceasing development of PTSC.

Through international bids, PTSC has exported service packages worth hundreds of millions of USD to Malaysia in recent years, thus meeting its revenue target as well as contributing to the country’s foreign currency resources, PTSC General Director Nguyen Hung Dung said.

A member of the Vietnam National Oil and Gas Group, PTSC provides technical services to the oil and gas industry.

According to the PTSC General Director, the office in Malaysia will help the corporation further penetrate the southeast Asian nation and affirm its commitment to providing high-quality services.

PTSC has won contracts to provide oil and gas-related technical services to partners in Malaysia, including international contract with Malaysia International Shipping Corporation (MISC) to provide, install, operate and maintain the FPSO Ruby II floating tank in eight years for the Petronas Carigali Vietnam Limited (PCVL). PTSC has also provided the FSO Orkid oil ship for Talisman Malaysia and other services.

PTSC has a fleet of more than 20 ships and strives for 100 ships by 2050.

Source: VOVNews/VNA

Source: QDND

Who manages when securities company leaders join market?

In Uncategorized on July 31, 2010 at 7:19 am

When stocks rise, financial leverages have been exerted by not only investors but employees in securities companies as well.

When stocks rise, financial leverages have been exerted by not only investors but employees in securities companies as well

When the stock market enjoy a slight rise, many securities companies allowed investors to buys a stock on high margin, some very important persons can borrow from the companies to buy securities without money or just little in their account.

Those received special treatment are general directors, directors or employees in stock companies.

When the market headed for 600 points in last October, securities company leaders colluded with some VIP to take money from the company to buy many stocks.

They had only VND20billion but they bought a large quantity of stocks worth up to VND170 billion; however, VN-Index plunges to 430 points, the stocks value decreased by over 30 percent, the group decided to keep the stock with the hope that it will increase again.

The market has maintained below 500 points, the stocks are worth around VND100billion. The group lost VND70billion not including interest. At present, the VIP have made their transaction in other companies, leaders are ordered to pay the debt.

Another loophole is that securities companies allow investors to withdraw their profit right after they gain although they have not yet paid their loan.

Above-mentioned investors usually borrowed money from banks on one-year contracts. Investors must settle these contracts which nearly fall due. Securities companies are under high pressure to seek for new sources of capital or sell all these stocks. Massive selling of these stocks will influence to the market in the current market when VN-Index hovered around 490 points.

It is high time that securities companies and the State Securities Commission must implemented practical measures to protect the market.

Source: SGGP

US company highlights Vietnam’s potential housing market

In Uncategorized on May 15, 2010 at 4:57 pm

US company highlights Vietnam’s potential housing market

QĐND – Saturday, May 15, 2010, 21:20 (GMT+7)

Vietnam’s housing industry has much potential to develop, RNCOS, a US ’s market consulting service company, has said.

In a new report released on May 13 on its official website, RNCOS underlined that Vietnam ’s housing industry is charaterised by massive housing shortage and offers ample scope for developments.

Vietnamese housing market is on the urbanisation process with an increase in the number of households, the reports said.

The report also noted that majority of Vietnamese people do not have their own permanent houses and more than 70 percent of the total residents households nationwide are living in temporary houses without proper housing facilities.

The company estimated that Vietnam will need nearly 20 million houses to meet the country’s increasing demand.

One of factors hindering the industry’s development is the country’s limited financial capacity, according to RNCOS’s experts.

Source: VNA

Source: QDND

Vietnamese finance company to list on Singaporean exchange

In Uncategorized on May 6, 2010 at 12:40 pm

PetroVietnam Finance Corporation (PVFC) recently announced it was going to list on the Singapore Stock Exchange by the third or the last quarter this year.

According to Nguyen Dinh Lam, chairman of the company’s Board of Directors, the State Bank of Vietnam had approved its proposal and PVFC was in progress to complete procedures involving to listing form.

In the first quarter, the company’s revenue reached VND1.72 trillion, up 138.5 percent year on year, and pre-tax profit was at VND44 billion.

It is expected that the revenue in the second quarter will be around VND1.52 trillion.

Source: SGGP

Rubber company attracts ethnic minority workers

In Uncategorized on April 15, 2010 at 4:18 am

Rubber company attracts ethnic minority workers

QĐND – Wednesday, April 14, 2010, 22:58 (GMT+7)

PANO – According to statistics, over 62% of the 2,700 workers of Chu Pah Rubber Company, under the Vietnam Rubber Industry Group, are from different ethnic minority groups.

The company is in charge of managing and exploiting over 7,600 hectares of rubber in the districts of Chu Pah and La Grai in the Central Highlands province of Gia Lai.

During the past years, Chu Pah Rubber Company has held various training courses on rubber plantation and exploitation to maintain stable jobs and increase income for its employees.

In 2009, the company reached a total turnover of VND231 billion, contributing VND10.3 billion to the State budget.

Translated by Vu Hung

Source: QDND

First Vietnam tra fish company granted GAP certificate

In Uncategorized on April 10, 2010 at 5:09 pm

First Vietnam tra fish company granted GAP certificate

QĐND – Saturday, April 10, 2010, 21:12 (GMT+7)

The NTACO Joint Stock Company (NTACO) has received the Global Good Agriculture Practice (GAP) certificate, becoming the second seafood business and the first tra fish company in Vietnam to be awarded the certificate.

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the Global GAP certificate was granted by the Dutch food standards agency, the CUC, to the company’s 30-ha farm in My Thoi Ward, Long Xuyen City in the Mekong Delta province of An Giang.

With this certificate, the value of NTACO’s products is expected to increase by over 15 percent and the company will have more opportunities to penetrate into strictly controlled markets.

In the first quarter of this year, NTACO’s export turnover reached 3.7 million USD, up 70 percent compared to the same period last year. At present, the company’s tra and basa fish products are sold to more than 40 countries and territories worldwide.

Source: VNA

Source: QDND

First Mekong catfish company obtains GAP certificate

In Uncategorized on April 10, 2010 at 10:42 am

The NTACO Joint Stock Company on April 8 received a Global Good Agricultural Practice (GAP) certificate for its 30-hectare tra catfish farm in the Mekong Delta province of An Giang. The certification was granted by Control Union Certificates, Holland.

Tra fishes are raised in Mekong Delta province of An Giang. (Filed photo)

NTACO is the first tra farm in the Mekong Delta to receive a Global GAP certificate, which is granted only to agriculture or aquaculture producers who achieve high production standards.

With the new certification, the value of NTACO’s products is expected to increase by over 15 percent and the company will have more opportunities to penetrate strictly controlled international markets including Europe, the US, and Japan.

In the first quarter of this year, NTACO’s export turnover reached US$3.7 million, up 70 percent compared to the same period last year. At present, the company’s tra and basa fish products are sold to more than 40 countries and territories worldwide.

NTACO is the second seafood business in Vietnam to be awarded the prestigious certificate, after Minh Phu Seafood Joint Stock Company.

Source: SGGP

HCMC company can’t treat toxic waste until May

In Uncategorized on March 24, 2010 at 5:35 am

The Ho Chi Minh City Urban Environment Company cannot receive toxic waste from the city for treatment until May at the soonest, company Director Huynh Minh Nhut said March 4.

The HCMC Urban Environment Company (Citenco) said March 4 it will not be able to receive hazardous waste for treatment until May, due to impediments in importing facility equipment

The import of some equipment and technology for the waste treatment plant in Dong Thanh Commune, Hoc Mon District, HCMC, has been held up and thus, the facility will not be completed for several more weeks, he said.

Once operational, the plant is set to have a treatment capacity of 21 tons of toxic waste per day. It was expected to come online late December last year, Mr. Nhut added.

This is the first and the most advanced plant for hazardous waste treatment in the city. It will be able to treat large volumes of waste, especially dangerous garbage that other facilities are unable to handle, he said.

HCMC discharges around 600 tons of toxic waste per day, he said. As the company could not put the plant into operation sooner, several privately owned waste companies have increased their prices for waste treatment from VND2 million per ton up to VND6 million (US$316) per ton.

However, their combined treatment capacity can meet only 5 percent of the city’s total volume of toxic waste, Mr. Nhut said.

Source: SGGP Bookmark & Share