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Posts Tagged ‘dollars’

Selling dollars to essential-product importers only, says SBV

In Uncategorized on November 27, 2010 at 11:20 am

The State Bank of Vietnam will keep close eyes on selling dollars to essential-product importers at local lenders as it continues to sell the greenback until the end of the year, said vice governor.

A cash teller at the HCMC-based ACB Bank poses piles of dollars. (Photo by Minh Tri)


Surge in the foreign exchange rate of Vietnam dong and US dollar on the so-called black market was halted after the State Bank of Vietnam announced it would sell dollars to the market.


The Vietnam dong is VND21,260 per dollar on 22nd November on the so-called black market, edging up VND260 in the last two weeks.


Despite the central bank’s announcement, local businesses said they struggled to buy the greenbacks from local banks.


They explained that they had to exchange the greenback on the so-called black market at the rate of VND20,500-21,260 per dollar, VND500-1,400 higher than local lenders’ announced rate. 


Central bank Vice Governor Tran Minh Tuan promised that the state bank will continue to sell dollars to local importers trading essential products, mainly in medicine, steel and sugar, until year end in accordance with the government’s instructions.


The state lender sold US$300 million to the market in the first two weeks this month and will continue to sell more, Mr. Tuan said. “The government’s had to use dollars from inward remittance and foreign investments to fill up the trade deficit for many years. Therefore, exporters should also support the domestic greenback supply by selling back dollar to local lenders,” the vice governor said.


Mr. Tuan also said that the central bank supervises the dollar selling at local lenders by setting up supervisory teams.


The State Bank of Vietnam’s Ho Chi Minh City branch last week helped 14 importers trading essential productions to get loans with preferential interest rates.


However, some commercial banks still shunned the central bank’s regulation, selling dollars to some importers to trade luxury cell phones, cosmetics and even some agriculture products that can be produced in local market, according to Ho Huu Hanh, director of the central bank’s Ho Chi Minh City.


“It’s hard to find out good clients during tough times. Therefore, we hardly turn down a dollar buying requirement from big clients, who want to import non-essential products,” a director of a local lender, who asked not to be named, said.


“On the other hand, we also hesitate to sell dollars to importers trading essential products as we don’t know much about the company’s business status,” he added.


Source: SGGP

Jury orders SAP to pay Oracle 1.3 billion dollars

In Uncategorized on November 24, 2010 at 6:50 am

A US jury has ordered German business software giant SAP to pay US rival Oracle 1.3 billion dollars in damages in a record-setting copyright infringement award.

“We’re ecstatic,” said Geoffrey Howard, a partner with the Bingham McCutchen law firm, a member of the Oracle trial team. “The jury recognized the value of the intellectual property stolen by SAP.”

Oracle attorneys called the copyright damages award the highest ever and hailed the verdict as a resounding warning that stealing intellectual property from technology companies will not be tolerated.

SAP subsidiary TomorrowNow recovered and copied massive amounts of Oracle software and confidential data by posing as clients, according to court documents.

A customized software tool dubbed “Titan” was allegedly used to plunder Oracle’s website of patches, updates, fixes and other programs crafted for Oracle’s paying customers.

SAP admitted to the copyright infringement in legal “stipulations” that cleared the way for a jury trial regarding how much should be paid to Oracle in damages.

“SAP wanted to take responsibility,” Oracle attorney David Boies said after the jury revealed its decision. “They now have the opportunity to do that and move on.”

During closing arguments in the case being held in a federal court here, SAP attorney Robert Mittelstaedt conceded the copyright infringement by SAP and focused on minimizing any damage award.

“I’m not proud of this and SAP is not proud of this,” Mittelstaedt said.

SAP will study its legal options before deciding whether to appeal the verdict or petition the judge to reduce the amount, a company spokesman told AFP in the courtroom.

SAP was interested in putting the unflattering case behind it, he added.

“We are, of course, disappointed by this verdict and will pursue all available options, including post-trial motions and appeal if necessary,” head of SAP Americas media relations Jim Dever said in an emailed statement.

“This will unfortunately be a prolonged process and we continue to hope that the matter can be resolved appropriately without more years of litigation.”

SAP could negotiate with Oracle to agree on a reduced settlement payout in exchange for not appealing the verdict.

Jurors interviewed after the verdict said that deliberations focused on how much SAP might have had to pay if it began licensing Oracle’s copyrighted technology in 2005 instead of swiping it.

Award amounts discussed by the jury ranged from 519 million dollars to three billion dollars, according to the jury foreman, who declined to give his name.

“You have something and someone takes it and uses it, they’ve got to pay,” said juror Joe Bangay, a 57-year-old auto body worker.

Jurors were convinced that top SAP executives were aware of what was taking place “every step of the way,” according to the foreman.

He doubted that testimony by former SAP chief executive Leo Apotheker would have changed the outcome of deliberations.

Apotheker avoided efforts by Oracle’s trial team to serve him a subpoena that would have compelled him to testify at trial.

Apotheker was recently hired by US computer giant Hewlett-Packard (HP) to replace Mark Hurd as chief executive, but HP refused to help track the former SAP boss down for the trial.

Apotheker was on the SAP board that unanimously approved a deal to buy US technology firm TomorrowNow, which copied massive amounts of Oracle software and confidential data by posing as clients.

No matter what amount SAP winds up paying Oracle, the case threatens to cost the German firm its reputation as a trusted vendor of business software.

“This will cost SAP moving forward,” said analyst Rebecca Wettemann of Nucleus Research. “Oracle is going to be asking whether you want to buy from an innovator or someone who is stealing others’ innovations.”

Source: SGGP

Rolls-Royce wins 1.8 billion dollars Air China order

In Uncategorized on November 22, 2010 at 10:07 am

Order to sell dollars lifts shares

In Uncategorized on November 6, 2010 at 1:50 am

AIA says IPO raised 20.5 billion US dollars

In Uncategorized on November 2, 2010 at 8:43 am

Intel to invest up to 8 billion dollars in US chip plants

In Uncategorized on October 20, 2010 at 4:08 am

NEW YORK, Oct 19, 2010 (AFP) – Intel Corp. announced plans on Tuesday to invest up to eight billion dollars in its US manufacturing facilities to produce next-generation computer chips.

(AFP file) Intel Chief Executive Officer Paul Otellini waves as he walks off the stage at the end of his keynote address at the 2010 International Consumer Electronics Show, January 7, 2010 in Las Vegas, Nevada.

Intel said the investment of six billion dollars to eight billion dollars over the next several years will fund deployment of its 22-nanometer (nm) chip manufacturing process across several existing US factories.

It will also fund construction of a new fabrication plant, known as a “fab,” in the northwestern state of Oregon, Intel said in a statement.

Intel, the world’s largest computer chip maker, is to begin production of its first 22nm microprocessors, codenamed “Ivy Bridge,” in late 2011.

Intel said the projects will support 6,000 to 8,000 construction jobs and result in the creation of 800 to 1,000 new permanent high-tech jobs.

“The most immediate impact of our multi-billion-dollar investment will be the thousands of jobs associated with building a new fab and upgrading four others, and the high-wage, high-tech manufacturing jobs that follow,” Intel president and chief executive Paul Otellini said.

Otellini said the investment demonstrates the Santa Clara, California-based company’s “commitment to invest in the future of Intel and America.”

“Contrary to conventional wisdom, we can retain a vibrant manufacturing economy here in the United States by focusing on the industries of the future,” said Brian Krzanich, senior vice president of Intel’s manufacturing and supply chain.

In February 2009, Intel announced seven billion dollars in state-of-the-art upgrades to its 32nm manufacturing facilities in the United States.

While three-fourths of Intel’s revenue is generated overseas, the company said three-fourths of Intel’s microprocessor manufacturing is located in the United States.

Intel said the new plant in Oregon is scheduled to begin research and development in 2013. It said the investment will also be used to upgrade two existing factories in Arizona and two existing facilities in Oregon.

With one million personal computers shipping per day, Intel said the upgrades will create the manufacturing capacity to allow for continued growth of the PC market and to address growing sectors such as mobile computing.

“Intel makes approximately 10 billion transistors per second,” Krzanich said. “These investments will create capacity for innovation we haven’t yet imagined.”

Intel shares were up 0.73 percent to 19.33 dollars in early afternoon trading on Wall Street.

Source: SGGP

AIA may raise up to 20 billion dollars in IPO

In Uncategorized on October 17, 2010 at 10:24 am

AIA Group Ltd said Sunday it could raise up to 20 billion US dollars in a global public offering, putting it on track to be the world’s second biggest IPO this year.

Announcing details of the sale at a press conference in Hong Kong, the Asian unit of US insurer AIG said it said it will offer 5.86 billion shares priced at between 18.38-19.68 Hong Kong dollars each, or up to 15 billion US dollars.

It said it could issue up to 8.08 billion shares if it exercised a greenshoe option, which would bring the total raised to around 20 billion US dollars.

AIG, which is looking to repay US taxpayers after a government bailout in 2008, won approval last month for the sale of its Asian unit and is planning to float about half of AIA.

AIA Group Ltd said Sunday it will offer at least 5.86 billion shares priced at between 18.38-19.68 Hong Kong dollars each in a global public offering

“This IPO serves as a great catalyst for the next and exciting phase in the AIA’s history,” Mark Tucker, group executive chairman and chief executive officer, said via a live video feed from the United States.

Earlier this year, Agricultural Bank of China raised a total of 22.1 billion dollars from an IPO, exceeding the previous record set by the Industrial and Commercial Bank of China, which raised 21.9 billion dollars in 2006.

Shares will be offered from Monday October 18 to October 21, with trading expected to begin on October 29.

AIA said that as of May 31, it had total assets of 95.7 billion US dollars and an operating profit of 1.1 million US dollars.

The company believes its consolidated operating profit for the fiscal year ending November 30 will not be less than 2 billion US dollars.

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

Shop discounts aim to lure tourist dollars

In Uncategorized on July 21, 2010 at 3:17 pm

Shop discounts aim to lure tourist dollars

QĐND – Wednesday, July 21, 2010, 21:1 (GMT+7)

A campaign to reduce prices during the low season to attract international and domestic tourists, has received the support of supermarkets, shops, hotels, restaurants and transportation firms in Hanoi, HCM City and Da Nang, the Vietnam National Administration of Tourism said.

The outlets agreed to reduce prices by 10-40 percent during August and September, administration travel department deputy head Nguyen Anh Tuan said.

Other provinces and cities that wanted to join the promotion could register with the administration, he said.

A list of the participants would be put on the administration’s website:

Hanoitourist is one of many tour operators who responded to the campaign.

“This is a good campaign,” Hanoitourist director Luu Duc Ke said. “Our company will coordinate with transport companies and hotels to provide discounts of 10-30 percent.”

Discount sales are achieved in a number of ways such as preferential discount cards or shopping coupons.

Tourists just need to show a passport or identification card.

The campaign was jointly launched by the administration, the Ministry of Industry and Trade’s trade promotion department and Vietnam Airlines. It was expected to replace existing annual promotions.

Revenues from tourist shopping is high in countries such as Thailand, Malaysia and Singapore , which have had similar programmes for a decade.

Source: VNA

Source: QDND

US debt tops 13 trillion dollars for first time

In Uncategorized on June 3, 2010 at 10:11 am

US debt has reached 13 trillion dollars for the first time in history, the Treasury Department has said, stoking a political furor over government spending.

Amid vast government outlays designed to end the economic crisis, the debt reached a record 13,050,826,460,886.97 dollars on June 1, according to official figures.

The debt has more than doubled in the last 10 years and now stands at just under 90 percent of annual gross domestic product.

Against this backdrop, steaming the flow of red ink has become a contentious political issue in Washington, with Democrats and Republicans trading barbs about who is to blame.

Earlier on Wednesday President Obama assailed Republicans for leaving him with the type of spiraling short-term deficits that fuel longer-term debt.

The US Treasury building in Washington, DC. US debt has reached 13 trillion dollars for the first time in history, the Treasury Department has said.

The US government suffered its 19th consecutive month of budget deficit in April.

“By the time I took office, we had a one-year deficit of over one trillion dollars and projected deficits of eight trillion dollars over the next decade. Most of this was the result of not paying for two major tax cuts skewed to the wealthy, and a worthy but expensive prescription drug program that wasn’t paid for,” Obama told an audience in Pittsburgh, Pennsylvania.

“I always find it interesting that the same people who participated in these decisions are the ones who now charge our administration with fiscal irresponsibility.

“Despite all their current moralizing about the need to curb spending, this is the same crowd who took the record 237 billion dollar surplus that president Clinton left them and turned it into a record 1.3 trillion dollar deficit.”

But Republicans have lambasted Obama for expanding government spending since he came to office through a massive reform of healthcare.

The debt has risen by around 2.4 trillion dollars since Obama took office in January 2009 and rose 4.9 trillion dollars in the eight years George W. Bush spent in office.

“Thirteen is certainly an unlucky number, especially for our children and grandchildren who will be left to dig out of trillions of dollars worth of debt,” said Republican Senator Judd Gregg, a frequent critic of Obama’s budget policies.

“This dangerous and unsustainable level of debt cannot continue without bankrupting our country, and I urge the majority to slow its explosion of spending and borrowing before it is too late.”

But economists are sharply divided over how quickly the US should move to rein in spending.

Some believe that a rapid tightening of government expenditure, or an increase in taxes could remove the one support that is keeping the United States from falling deeper into recession.

But as debt-contagion fears grip Europe others have warned that the United States has limited time to forge a credible plan to end its own fiscal woes.

Even the normally cautious Federal Reserve Chairman Ben Bernanke has warned that politically painful tax hikes or spending cuts could be needed to balance the budget.

Obama has launched a bipartisan debt commission to investigate ways of tackling the problem. It is expected to produce its findings by the end of the year.

Source: SGGP