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Posts Tagged ‘curb’

VN continues to stabilize macro-economy, curb inflation

In Uncategorized on January 8, 2011 at 4:06 am

Deputy Prime Minister Nguyen Sinh Hung has stressed macro-economic stability and inflation curb as first, leading and consistent goals for next year.

The garment and textile sector is one of Vietnam’s key sectors (Photo: SGGP)

“This is the Government’s managing message,” the Deputy PM said at a Government conference on the implementation of the National Assembly’s resolution on socio-economic tasks and State budget for 2011 in Hanoi on Dec. 30.

Next year, he said, efforts must be made to renew growth model, step up economic restructuring, ensure social security and sustainable poverty reduction, improve people’s material and spiritual life, maintain national defense, security, social safety order as well as raise Vietnam’s position in the international arena.

In 2010, Vietnam reached targets and obtained great achievements in the context of difficulties and changes, Deputy PM Hung said, adding that the achievements and efforts of the political system helped Vietnam escape from the status of poor country and become a mid-income one.

The conference with localities, chaired by Prime Minister Nguyen Tan Dung, analysis and reviewed the outcomes and implementation of resolutions on measures to ensure macro-economic stability, curb high inflation and obtain economic growth rate of 6.5 percent in 2010.

Participants to the conference agreed that the national economy has recovered remarkably thanks to the Government’s effective management and drastic measures.

Minister of Planning and Investment Vo Hong Phuc also attributed synchronous and effective implementation of the government’s solutions to the country’s economic recovery, high growth rate and improvement of business environment.

Regarding price and commodity management and control, Finance Minister Vu Van Ninh said his ministry and the Ministry of Industry and Trade adjusted prices of electricity, petroleum in line with the market price roadmap.

Governor of the State Bank of Vietnam (SBV) Nguyen Van Giau briefed flexible and careful control of the monetary policy in order to keep growth rates of means of payment at 20 percent, credit at 25 percent, interest and exchange rate as at level as conditions and goals of the macro-economy.

Source: SGGP

Government pushes up efforts to curb inflation

In Uncategorized on November 6, 2010 at 1:49 pm

Malaysia mulls school for pregnant teens to curb dumping

In Uncategorized on July 26, 2010 at 3:18 pm

This photo taken on July 16, 2010 shows a tourist walking through a bar decorated with baloons for the weekend in Kuala Lumpur. AFP

KUALA LUMPUR, July 26, 2010 (AFP) – A Malaysian state is considering establishing a school for pregnant teenagers, to curb an alarming epidemic of “baby dumping”, a report said Monday.

The chief minister of Malacca state, Mohamad Ali Rustam, said according to the New Straits Times that the school was among strategies including encouraging pregnant girls to marry.

Only married teens will be allowed to attend the school.

“For unmarried teenagers, they also can be part of the school but with one condition — they must marry the baby’s father,” Ali said.

Authorities in Muslim-majority Malaysia are grappling with the problem of rising numbers of abandoned infants, often dumped dead or dying in the streets or on rubbish dumps.

“This problem has become a disease of sorts. We cannot just turn our backs and think that this is not our problem,” Ali said according to the English-language daily.

“Baby dumping cases usually happen among the Muslim community as teenagers were desperate to conceal their pregnancies. Some of the girls were also disowned by their families,” he said.

“They do not perform abortions as this is prohibited in Islam. So, they take the shortcut to solve their problem by dumping their newborns. We do not want this to continue. It has to be stopped.”

The chief minister said Malacca was considering establishing a special school for pregnant girls to encourage them to continue with their education and to protect their unborn children.

“In the event normal schools cannot accept pregnant girls, we are going to build a school just for them,” he reportedly said, adding that youngsters from other states could also attend.

“This school will cater to those who are legitimately married.”

Source: SGGP

Japan’s new PM to curb power of kingmaker Ozawa

In Uncategorized on June 6, 2010 at 6:20 pm

TOKYO, June 6, 2010 (AFP) – Japan’s new premier Naoto Kan will likely take on his predecessor’s cabinet with only minor changes but is moving to curb the influence of powerful backroom fixer Ichiro Ozawa, media reports said Sunday.

(AFP files) In a file picture taken on April 26, 2010 then-Democratic Party of Japan Secretary General Ichiro Ozawa speaks at a press conference at the party headquarters in Tokyo.

The former finance minister has announced the appointment of two critics of Ozawa — dubbed the “Shadow Shogun” — to key political posts ahead of the formal unveiling of his new government line-up expected on Tuesday.

Kan will likely name his former deputy Yoshihiko Noda, a 52-year-old fiscal hawk, as successor at the finance ministry amid growing pressure to revive the world’s number two economy and slash mounting public debt, media reported.

He also plans to retain most of the key cabinet members, including Foreign Minister Katsuya Okada, Defence Minister Toshimi Kitazawa and Transport Minister Seiji Maehara.

Kan, who was voted prime minister Friday, told reporters late Saturday he will appoint Yukio Edano, 46, a known Ozawa critic, as secretary general of his ruling Democratic Party of Japan (DPJ), the top post after party leader.

Yoshito Sengoku, 64, will take the position of chief cabinet secretary, the prime minister’s right-hand man and top government spokesman.

Ozawa was seen as the real power behind outgoing prime minister Yukio Hatoyama, who announced last week he was stepping down after less than nine months in office amid a row about a US airbase and political funding scandals.

“I would like to maintain transparency and fairness to lead the party,” Edano told reporters.

Ozawa, 68, was the architect of the August electoral earthquake that swept the conservative Liberal Democratic Party from power after more than half a century of almost unbroken rule.

But pressure piled on the DPJ government as Ozawa, the former DPJ secretary general, was accused of taking bribes from a construction company and Hatoyama also faced criticism over a political donations scandal.

Both men escaped indictment.

Hatoyama resigned in the face of plunging popularity ratings after he broke a campaign promise to relocate a controversial US air base on the southern island of Okinawa.

When Hatoyama resigned he took Ozawa down with him, saying they both had to go as they had become mired in funding scandals that had resulted in the arrests of close aides.

Kan, a 63-year-old one-time leftist activist and the first prime minister in more than a decade who does not hail from one of Japan’s political dynasties, publicly criticised Ozawa last week, urging him to “stay quiet”.

US President Barack Obama congratulated Kan in a phone call on Saturday and the two leaders pledged to work together on “the many issues facing both nations” and the Japan-US alliance, the White House said.

Kan’s diplomatic debut as prime minister may begin with China as Hatoyama was already scheduled to visit the World Expo in Shanghai next Saturday, the Yomiuri said.

The new economic powerhouses, which have had difficult relations for decades, are rivals for resources but ties have improved in recent years.

Opinion polls published Sunday, the first since Kan replaced Hatoyama, showed that around 60 percent of the Japanese public have high expectations for the new leader of the world’s second biggest economy.

The Asahi newspaper said 82 percent of respondents approved of Kan’s critical approach to Ozawa while a survey in the Mainichi daily found 81 percent of nearly 1,000 voters welcomed Ozawa’s resignation from the DPJ post.

Public support for the ruling party jumped 15 points to 36 percent in the latest Kyodo News poll, conducted Friday and Saturday.

For the post of head of the consumer affairs agency, Kan is expected to name TV presenter-turned-politician Renho, who only goes by her first name, after Mizuho Fukushima was dismissed by Hatoyama over the US base.

Fukushima, leader of the Social Democrats — then a partner in the ruling coalition — was dismissed after she refused to sign an agreement keeping the disputed Futenma airbase on Okinawa.

The Social Democrats then quit the ruling coalition, which Hatoyama cited as one of the reasons for his abrupt resignation.

Source: SGGP

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

Vietnam stumps on how to curb drug price hikes

In Uncategorized on April 21, 2010 at 10:40 am

Government leaders, regulators and drug companies met in Hanoi April 20 to discuss public discontent with skyrocketing pharmaceutical prices, but the talks were inconclusive as the government technically cannot control medicine prices.

While the public cries for high drug prices, relevant agencies still stump on how to curb price hike ( Photo: SGGP)

Nguyen Van Tien, Vice-Chairman of the Committee on Social Affairs at the National Assembly Office, said the government issued a law on drug prices five years ago. He said that although pharmaceuticals are recognized as “special goods” whose prices are only to be controlled by “free-market mechanisms,” the government should curb the price hikes because medicines were an essential item.

Public outrage has been voiced recently against the soaring prices of drugs. Observers say that poor patients can no longer afford essential medicines and that the government must find a way to reduce their prices.

But Truong Quoc Cuong, director of the Drug Administration of Vietnam, said drug prices were stable. He compared pharmaceutical costs to other items in the consumer price index to make an example.

Mr. Cuong said the Ministry of Health would work to ensure a supply and demand balance because he said the government policy was to not control drug prices.

Dr. Nguyen Chi Hung, director of Binh Dan Hospital in Ho Chi Minh City, asked the administration to report on drug production prices and retail prices in regional countries so that the government may use those prices as a reference point when controlling local retail and wholesale prices.

Nguyen Van Tien, Vice-Chairman of the Committee on Social Affairs at the National Assembly Office, said the government should control some 500 essential drugs, compared to the 22,000 kinds currently used in Vietnam, to satisfy the public.

Le Thanh Liem, head of the Department of Health in the Mekong Delta province of Long An, complained that there were problems with the tender process at hospitals.

According to Liem, a list of standardized drug prices is needed to facilitate bidding at hospitals in Vietnam because each drug is manufactured by different local and foreign companies and the prices vary too much.

For example, he said a locally-made low blood pressure drug is sold for VND400 but a similar French-made medicine fetches VND8, 000.

Ngo Tung Chau, head of Department of Health in the southern province of Binh Duong, said there were no standards available to determine drug quality and appropriate prices.

Ms. Pham Khanh Phong Lan proposed that more made-in-Vietnam drugs be used in the country as 22 drug manufacturers in Ho Chi Minh City have certified Good Manufacturing Practices and can produce medicines that area as high in quality as imports.

But Mr. Cuong from the administration said Vietnam should not give preferential treatment to domestically-made drugs for fear that other countries would cry discrimination.

Source: SGGP

Car fees curb traffic in HCM City center

In policies on October 26, 2009 at 4:02 pm

Car fees curb traffic in HCM City center

QĐND – Monday, October 26, 2009, 20:44 (GMT+7)

City authorities have allowed the Tien Phong Technology JS company to research and install an automatic car fee collection system in the city center to curb traffic jams.

With over 400,000 cars at present and around 100 new cars daily, HCM City hopes to limit the number of cars by charging fees. 

In late July 2009, the city proposed a car fee collection system based on the principle that the more traffic jams, the more fees car owners have to pay. 

In October 2008, the city suggested a fee of 10 million dong a year per car, but the Finance Ministry rejected this idea as unfeasible. 

Traffic jams are now a big problem in HCM City. In the January-September period, the city recorded 61 big traffic jams of over 30 minutes long. There were up to 12 traffic jams of 4-9 hours long. 

HCM City’s chairman Le Hoang Quan said that the traffic jams affect the city’s development negatively.  

“The city has nearly 4.2 million vehicles, not mentioning vehicles coming from other provinces,” Quan noted.” “The growth of new vehicles is 10 percent in the first nine months of 2009. While HCM City accounts for 5 percent of the country’s road area, its vehicles account for one third of the country’s total.” 

Collecting fees from cars that enter the city’s hub is considered a measure to reduce the number of cars. This plan will be implemented on a six month trial basis. 

Besides fees, HCM City has worked out a short-term plan of seven other measures, which are not new, to deal with traffic problems. 

Source: VietNamNet/VNE 

Source: QDND Bookmark & Share

Stiffer fines sought to curb 12,000 road fatalities a year

In Social life on October 18, 2009 at 4:14 pm

Stiffer fines sought to curb 12,000 road fatalities a year

QĐND – Sunday, October 18, 2009, 20:41 (GMT+7)

In a bid to curb the chronic road accidents in the capital, the Ha Noi People’s Committee has requested permission from the Government to raise fine levels for traffic violations.

Nguyen Duc Nhanh, director of the Ha Noi Police, said major cities faced unique traffic problems and should be allowed to impose harsher penalties on reckless drivers.

Nguyen Duy Ngoc, the head of the city’s Road and Railway Traffic Department, said that in September alone, the city witnessed nearly 45,000 traffic violations, mostly involving running red lights, drunk driving, illegal parking and failure to wear a crash helmet.

He also said motorists when apprehended often assaulted policemen.

Under the traffic law, running a red light or failing to wear a helmet risks a fine of between VND100,000 and VND200,000 (US$5.5-11).

According to the National Traffic Safety Committee, each year 12,000 people die in traffic accidents nationally, of which 4,000 are children.

Traffic accidents are the main cause of death or brain trauma in young people.

Ngoc also said that the police should be given the authority to impound the vehicles of those who have been issued court summonses for 30 days and that the authorities should be given the right to inform their employers.

In July, the Ministry of Transport requested authority to raise punishment levels for traffic violations in Ha Noi and Ho Chi Minh City to twice the national level. However, the proposal was rejected on the grounds that it discriminated against those who lived in urban areas.

Source: VietNamNet/Viet Nam News

Source: QDND Bookmark & Share

Ministry plans import restriction to curb deficit

In Uncategorized on November 19, 2008 at 3:35 pm

– The Minsitry of Industry and Trade (MIT) is planning restriction on the import of products already produced domestically and non-essential consumer goods to reduce trade deficits next year.

Restricted imports include tobacco, under-12 seat CKD cars and motorbike parts and components. The auto industry will see the sharpest drop in imports with import value to scale down to 7.2 billion USD in 2009.

The MIT said other measures include the full use of imports stockpiled in warehouses.

Asia remains the largest import market for fuel and materials for its advantages such as close geographical location and good prices, making up between 75 and 85 percent of the total value. Meanwhile the Ministry said it encouraged importing advanced technology from developed markets such as the United States and Europe .

Import value is expected to increase 15 percent to 96.6 billion USD next year while exports are likely to rise 18 percent to 76.7 billion USD, making 19.9 billion USD in trade deficits, up five percent from 2008, the MIT reported.–

Draft bill aims to curb import of luxuries

In Uncategorized on August 20, 2008 at 3:02 pm

Hanoi (VNA) – The Finance Ministry is working on draft revisions to the law on special consumption tax with the aim of curbing the import of luxury goods.

The draft, which will be submitted to the National Assembly for approval in November, will extend the list of 13 luxury items regulated by the present law by adding tobacco products, cars of less than 24 seats, motorbikes of cylinder capacity of 175 or higher, and electronic gaming machines.

Among these, cars will be the hardest hit, with the tax level levied on cars of 6-9 seats will be raised from the present 30 percent to 50, 60 and 70 percent, depending on their cylinder capacity.

Finance Minister Vu Van Ninh asserted that the planned tariffs are still in line with Vietnam ’s WTO commitments while helping curb inflation and stabilise consumption trends in the long term.

Pundits said the current tariffs on luxuries, already at a high level, have not been able to constrain the influx of these items into Vietnam over the recent time. In the first seven months of 2008, luxuries imports pushed import turnover to 51.9 billion USD, up nearly 57 percent year-on-year, resulting in a trade deficit of 15 billion USD, up 137.7 percent and equal to 40.7 percent of the country’s export turnover.

The import of CBU (completely-built unit) cars, the focus of the controlling policy, though on a decline as from the second quarter of 2008 due to three consecutive tax rises from 60 percent to 83 percent, still saw increases of 265 percent in value and 290 percent in quantity for the seven-month period.

Other luxury items such as clothing, handbags and perfume of world famous brands are also enjoying an annual growth rate of 30 percent in revenues. For mobile phone, the import turnover this year is forecast to reach a record of around 1.3 billion USD.

Last but not least, gold was imported in a very large quantity in the first six months.

According to the Vietnam Gold Business Association, the first half of 2008 saw 60 tonnes of gold imported while the quota for the year is 73.5 tonnes.

It is forecast that Vietnam will have to spend around 4 billion USD for gold import.-