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Posts Tagged ‘gains’

Asia stocks mostly down, Japan gains on GDP report

In Uncategorized on November 15, 2010 at 6:29 am

Yuan gains good for some, bad for others

In Uncategorized on June 23, 2010 at 12:35 pm

China’s central bank dropped its US dollar central parity rate to its lowest point in five years on June 22, making clear its commitment to flexible currency policies. 

A teller counts yuan banknotes at a China Merchants Bank branch in Ganzhou, Jiangxi Province, June 21, 2010 (Photo: Reuters)

The move to 6.7980 yuan per dollar from 6.8275 yuan the previous day, a change of 0.43 percent, is likely to benefit some sectors, while acting as a detriment to others.
 
Economists said that a strong yuan will affect global economies with imports into China becoming cheaper and higher import demand expected in the country.
 
Chinese domestic consumption would be the biggest beneficiary of the move, said strategists at Deutsche Bank.
 
Chinese airlines including Air China and China Eastern Airlines will benefit from a stronger yuan since a large portion of their debt accrued buying airplanes and importing fuel is denominated in US dollars.
 
According to the bank’s estimation, every one percent rise in the yuan will boost Air China’s 2010 net profit by around 10 percent and China Eastern’s by 15 percent.
 
In addition to airlines, other winners from a yuan appreciation are car makers such as Volkswagen and BMW, luxury goods, consumer goods and technology traders.
 
Vietnam trade imbalance with China might fall
 
Dr. Ho Dieu, deputy principal of Ho Chi Minh City University of Economics, said the yuan gain will affect bilateral trade of the two countries, but Vietnam’s US dollar central parity rate will remain unchanged.
 
Like other countries, Vietnam’s trade with China will benefit from the move as Vietnam’s exports to China will increase while trade gap will reduce.
 
But Dr. Tran Hoang Ngan, member of the National Advisory Council for Financial and Monetary Policies, said that while imports of Chinese consumer goods into Vietnam will drop, that doesn’t mean that the trade gap will fall.
 
Dr. Ngan explained that the value of imports from China might rise if the imports are essential goods whose prices will rise.
 
Heads of some commercial banks said that yuan appreciation against the US dollar will prompt more pressure on Vietnam to adjustment the dong-US dollar rate.
 
In addition, they said Chinese goods will become more expensive so the country will face export difficulties, and in result, the volume of Chinese goods exported illegally into Vietnam will rise.
 
A Vietnamese economist said the Chinese central bank’s announcement that it would allow its currency to gradually move against the U.S. dollar will raise demands for gold by investors.
 
According to the World Gold Council, central banks have continuously increased gold reserves in recently, doubling reserves over the first quarter.
 
The world gold price dropped to USD12,237 per ounce at 14:30 on June 22, a decrease of US$29 over the last session.
 
On the same day, the buying price of domestic gold went down to VND28.29 million per tael, a fall of VND400,000 per tael compared to a day ago.
 
Vietnam’s stock indexes fell too, with the VN-Index closing at 512.63, down 2.12 points, and HNX-Index falling by 2.09 points to 161.92.

US dollar-yuan exchange rates:
 
– July 2005:       US$1 = 8.1080 yuan
– July 2006:       US$1 = 7.9732 yuan
– July 2007:       US$1 = 7.5737 yuan
– July 2008:       US$1 = 9.8388 yuan
– July 2009:      US$1 = 6.8323 yuan
– June 2010:     US$1 = 6.7980 yuan

Source: SGGP

Dollar gains in Asia on US economic optimism

In World on December 29, 2009 at 11:13 am

The dollar rose in Asian trade Monday, supported by optimism about the outlook for the US economy, dealers said.The dollar gained to 91.57 yen in Tokyo afternoon trade from 91.47 in late Asian trade on Friday, when markets in New York and London were closed for the Christmas holiday.


The euro slipped to 1.4382 dollars from 1.4385 but edged up to 131.70 yen from 131.45.


The dollar’s strength reflected investors’ expectations that the United States will recover from recession more quickly than other major economies, said Marito Ueda, a currency trader at FX Prime.


US data issued last week showed that orders for manufactured durable goods rose in November, while weekly claims for jobless benefits dropped to the lowest level since September 2008.









Markets were looking ahead to the next batch of US indicators due this week, including the Conference Board’s consumer confidence index and housing prices, analysts said.


“Both data should be consistent with a gradual recovery remaining on track,” predicted Calyon economist Sebastien Barbe.


But markets may be getting ahead of themselves in betting on early interest rate hikes by the US Federal Reserve, he added.


“The Fed will not raise rates soon. In addition, fiscal worries are also very much present in the US. In our view, those fears should limit the dollar’s upside at some point,” Barbe said.


The yen failed to get much of a boost from the latest economic data out of Japan. Markets were also unmoved by news that Finance Minister Hirohisa Fujii, 77, was hospitalised for tests due to high blood pressure and fatigue.


Factory output rose for a ninth straight month in November, extending the longest unbroken expansion since 1997 on the back of a recovery in exports, but retail sales remained weak, the government said.


“It’s hard to buy the yen at the moment due to uncertainty over the political and economic outlook,” Ueda said.


Recent voter surveys have shown a sharp drop in support for Prime Minister Yukio Hatoyama, who is embroiled in a political funding scandal.


Against Asian currencies, the dollar fell to 1.4063 Singapore dollars from 1.4064 on Friday, to 1,169.80 South Korean won from 1,174.60, and to 46.40 Philippine pesos from 46.51.


The greenback firmed to 9,490 Indonesian rupiah from 9,480, while holding steady at 32.25 Taiwan dollars and at 33.38 Thai baht.


Source: SGGP Bookmark & Share

VN-Index closes week with third day of gains

In Vietnam Stock Market on November 13, 2009 at 9:46 am

With investors’ confidence seeming to return, the benchmark VN-Index was up for a third day in a row November 13.


The measure of 181 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange rose 2.23 points, or 0.41 percent, to 548.21.


Trading volume was at around 48.5 million shares worth VND2.4 trillion (US$134.3 million) as 94 shares rose, 62 fell, and 29 remained unchanged.


The three most active stocks were Sacombank with 2.13 million shares changing hands as it gained 0.58 percent to close at VND86,000.


Eximbank, which remained unchanged, came next with 1.84 million shares, followed by the HCM City-based Tan Tao Investment Industry Corp. with 1.74 million shares. The latter closed up 2.53 percent at VND44,600.


The gainers were led by the Hanoi-based Petrolimex Gas Joint Stock Co., the HCM City-based Transforwarding Warehousing Joint Stock Corp, and Truong Thanh Furniture Corp. based in the southern Binh Duong Province. All gained by the maximum 5 percent allowed in a session.


Sugar stocks enjoyed a bullish trend as Bien Hoa Sugar Joint Stock Co. based in the southern Dong Nai Province rallied 4.66 percent to VND36,500 and Bourbon Tay Ninh Joint Stock Co. in nearby Tay Ninh Province added 2.21 percent to VND13,600.


Rubber stocks also continued to perform well. Hoa Binh Rubber Joint Stock Co., Tay Ninh Rubber Joint Stock Co., and Dong Phu Rubber Joint Stock Co. all stayed in the green after sharp gains the previous day when rubber futures in Tokyo climbed to their highest level in 13 months after gold rallied to a record for a second day, boosting speculation that demand for commodities will grow.


But Hanoi’s HNX-Index fell to 183.64 after losing 0.40 percent or 0.73 points. Nearly 22.8 million shares worth VND973 billion changed hands.


The UPCoM-Index gained 0.83 points or 1.26 percent to 66.93 as 93,615 shares were traded for VND1.04 billion.


US stocks finished near their worst levels of the day Thursday, with the Dow industrials logging their first drop in seven sessions to finish at 10,197.47, as a stronger dollar and a drop in crude oil prices took their toll on the energy sector.


Source: SGGP Bookmark & Share

Airlines report gains and expansion

In Vietnam Travel on October 13, 2009 at 3:06 am




Airlines report gains and expansion


QĐND – Monday, October 12, 2009, 21:14 (GMT+7)

Air carriers serving Vietnam appear to be not just weathering the economic crisis, but thriving in it. Recent reports from Vietnam Airlines (VA), Vietjet Air and Jetstar Pacific reveal that the airline industry is heating up in Vietnam.


At a ceremony announcing the new VA Hanoi-Fukuoka air route on October 9, 2009, VA Deputy General Director Trinh Hong Quang speculated that the national flag air carrier will earn some 50 billion dong in profit in 2009.


Quang said that the air carrier has expanded despite the economic crisis because it anticipated difficulties and set up reasonable policies to lower expenses.


“We have been flexible with our business. For example, we have been using smaller aircraft on air routes with low numbers of passengers,” Quang explained.


While other airlines have been suffering, VA has decided to open many new air routes, such as the direct Hanoi-Fukuoka flight twice weekly.


VA is now the top choice of Japanese travelers coming to Vietnam, Laos and Cambodia. The air carrier hopes to see the number of Japanese travelers to Vietnam rise from 400,000 to 500,000 in the future.


Additionally, Jetstar Pacific has enjoyed an impressive passenger growth rate of 30 percent in the first six months of 2009, with nearly one million passengers served, compared with the same period last year. On the HCM City – Hanoi air route, the airline now provides 40 percent of regular flights.


Jetstar Pacific hopes that its total number of passengers on domestic flights will reach two million in 2009, an increase of 25 percent over the previous year (1.5 million).


Vietjet Air, the first private airline in Vietnam received its flight license in December 2007, but has delayed launching flights several times due to economic difficulties.


Luu Thanh Binh, Deputy Head of the Civil Aviation Administration of Vietnam (CAAV), which once threatened to revoke Vietjet Air’s license, noted that CAAV has extended their deadline from seven months to one year, granting Vietjet Air additional time to prepare.


In related news, Circular No 103, which removes the airfare ceiling, has not come into effect. Currently, domestic airlines must follow ceiling guidelines (i.e. they cannot set airfares higher than the ceiling level stipulated by CAAV).  Airlines want the ceiling removed so that they can base airfares on demand and flying capacity.


Binh reported that, although Circular 103 removes the airfare ceiling, the 2006 Civil Aviation Law is still valid and it stipulates that ceilings must be set. In order to implement the circular, he commented, the law itself must be amended.


Source: VNN


Source: QDND Bookmark & Share

Urban gardening gains popularity

In Politics-Society on October 13, 2009 at 3:00 am




Urban gardening gains popularity


QĐND – Monday, October 12, 2009, 21:14 (GMT+7)

A lot of  Saigon residents are taking pleasure in growing their own vegetables. Small corners of a yard or a space on a balcony can be transformed into ideal places for growing vegetables that are pesticide-free.


One year ago, Phan Thi Hue, 45, in HCM City worried when doctors told her that she had health problems and advised her to follow a vegetarian diet.


“After several months of eating a lot of fruits and vegetables, I feel much better,” Hue reported. “I have a vegetable garden of my own on my terrace. I can use vegetables from my garden at any time and I do not have to go to the market.”


“I have everything I want, from amaranth to cabbage and even sweet potatoes,” she added.


Nguyen Van Cong in Thu Duc district related that he was shocked when he witnessed firsthand how farmers sprayed pesticides on vegetables.


“With their way of farming, I’m afraid that we cannot have clean vegetables with no toxic chemicals,” Cong explained. “I dare not purchase vegetables at supermarkets since that time.


I decided to grow my own vegetables on the third floor balcony,” he added. “With my own garden, I can save money on vegetables, and more importantly, I have clean vegetables to eat.”


Cong’s vegetable garden was small at first, about three square metres. Now he is using every square metre of space.


“I have the pleasure of watching my vegetable grow,” he said of his favorite work. “I care for the vegetables every day and water them each morning. Sometimes I have to clear the plants of caterpillars.”


“I rarely use chemical fertilizers for my vegetables,” he observed. “I just use a little of urea two weeks before harvesting.”


Most “urban farmers” grow vegetables using hydroponics. With this method, farmers do not use soil, so they are not afraid of insects and they do not have to spend a lot of time caring for the plants. Hydroponics also allows farmers to grow vegetables even when they do not have large space. A 3-4 square metre garden can provide clean vegetables for an entire family.


Many young mothers grow vegetable themselves, because they want to provide safe vegetables for small children.


Thuy Lnh in Binh Thanh district works for a car trading company and said that she is afraid to purchase vegetables from the market for her 8-month old child.


“I accidentally learned from Internet that everyone can grow sprout vegetable at their homes with simple tools and I decided to grow vegetables myself. The health of my child is the most important thing for me now.”


A director of a company specializing in providing sprout vegetable seeds revealed that urban gardening is a growing trend. He told a Tuoi Tre reporter that his main clients are educated and many are office workers, accounting for 80 percent of total clients. Most of them are male, aged above 30.


Source: VNN


Source: QDND Bookmark & Share

Urban gardening gains popularity

In Politics-Society on October 13, 2009 at 2:55 am




Urban gardening gains popularity


QĐND – Monday, October 12, 2009, 21:14 (GMT+7)

A lot of  Saigon residents are taking pleasure in growing their own vegetables. Small corners of a yard or a space on a balcony can be transformed into ideal places for growing vegetables that are pesticide-free.


One year ago, Phan Thi Hue, 45, in HCM City worried when doctors told her that she had health problems and advised her to follow a vegetarian diet.


“After several months of eating a lot of fruits and vegetables, I feel much better,” Hue reported. “I have a vegetable garden of my own on my terrace. I can use vegetables from my garden at any time and I do not have to go to the market.”


“I have everything I want, from amaranth to cabbage and even sweet potatoes,” she added.


Nguyen Van Cong in Thu Duc district related that he was shocked when he witnessed firsthand how farmers sprayed pesticides on vegetables.


“With their way of farming, I’m afraid that we cannot have clean vegetables with no toxic chemicals,” Cong explained. “I dare not purchase vegetables at supermarkets since that time.


I decided to grow my own vegetables on the third floor balcony,” he added. “With my own garden, I can save money on vegetables, and more importantly, I have clean vegetables to eat.”


Cong’s vegetable garden was small at first, about three square metres. Now he is using every square metre of space.


“I have the pleasure of watching my vegetable grow,” he said of his favorite work. “I care for the vegetables every day and water them each morning. Sometimes I have to clear the plants of caterpillars.”


“I rarely use chemical fertilizers for my vegetables,” he observed. “I just use a little of urea two weeks before harvesting.”


Most “urban farmers” grow vegetables using hydroponics. With this method, farmers do not use soil, so they are not afraid of insects and they do not have to spend a lot of time caring for the plants. Hydroponics also allows farmers to grow vegetables even when they do not have large space. A 3-4 square metre garden can provide clean vegetables for an entire family.


Many young mothers grow vegetable themselves, because they want to provide safe vegetables for small children.


Thuy Lnh in Binh Thanh district works for a car trading company and said that she is afraid to purchase vegetables from the market for her 8-month old child.


“I accidentally learned from Internet that everyone can grow sprout vegetable at their homes with simple tools and I decided to grow vegetables myself. The health of my child is the most important thing for me now.”


A director of a company specializing in providing sprout vegetable seeds revealed that urban gardening is a growing trend. He told a Tuoi Tre reporter that his main clients are educated and many are office workers, accounting for 80 percent of total clients. Most of them are male, aged above 30.


Source: VNN


Source: QDND

Xerox, Abbott deals boost stocks; Dow gains 124

In World on September 29, 2009 at 6:54 am

 A burst of corporate dealmaking is giving investors a shot of confidence about the economy.


Stock indexes rose more than 1 percent in light trading Monday to break a three-day slide. The Dow Jones industrial average rose 124 points for its biggest gain in more than a month, recouping much of what it lost last week.


Large acquisitions from Abbott Laboratories and Xerox Corp. pushed shares of drugmakers and technology companies higher, and the buying spread to other parts of the market as investors hoped that the $6 billion-plus deals could be a sign that takeover activity is finally picking up.


A resumption of corporate takeovers would represent an important milepost in the recovery of the financial system. Mergers had slowed to a trickle since the peak of the financial crisis a year ago as companies became fearful of parting with cash. Even those that were willing to had trouble lining up financing in the ailing credit markets.


A willingness by big companies to wager stock and borrow money to bulk up their business also sets off a guessing game over what the next takeover targets might be. Just last week Dell Inc. said it would acquire technology company Perot Systems Corp. for $3.9 billion, and earlier this month Kraft Foods Inc. made an overture for candy maker Cadbury PLC for $16.7 billion.








In this July 8, 2009 file photo, the trading floor of the New York Stock Exchange is seen.

Stocks have surged since March as investors jockeyed to stay ahead of a strengthening in the economy, but the pace of those gains has some analysts worried that the advance is overdone. The willingness of companies to pursue big deals helped ease some of those worries, at least for now.


“It’s encouraging to all investors when you see companies buy because basically what that says is they’re in a more aggressive mode as opposed to being in the fetal position,” said Mark Coffelt, portfolio manager at Empiric Funds in Austin, Texas.


The Dow rose 124.17, or 1.3 percent, to 9,789.36, its biggest advance since Aug. 21. Last week, the Dow lost 155 points following lackluster reports on housing and manufacturing. The Dow’s latest gain puts it about 200 points from the psychological barrier of 10,000. The index fell below that level in October as markets plunged and hasn’t crossed back over it since.


The broader Standard & Poor’s 500 index rose 18.60, or 1.8 percent, to 1,062.98, and the Nasdaq composite index rose 39.82, or 1.9 percent, to 2,130.74.


Four stocks rose for every one that fell on the New York Stock Exchange, where consolidated volume came to 3.8 billion shares compared with 4.6 billion Friday. It was the lightest day since July 10. Trading was thin as some market participants were out for Yom Kippur, the holiest day of the Jewish calendar. Lower trading volume can skew the market’s moves.


In corporate deal activity, Abbott Labs said Monday it would acquire the pharmaceutical business of Belgian chemicals maker Solvay for $6.6 billion, while Xerox Corp. agreed to buy Affiliated Computer Services for about $6.4 billion.


“It’s a sign of a return to normalcy,” said Thomas K.R. Wilson, managing director of Brinker Capital‘s institutional investment group in Berwyn, Pa., referring to the acquisitions.


Charlie Smith, chief investment officer at Fort Pitt Capital in Pittsburgh, said it’s a welcome sign that the credit markets are stronger when businesses like Xerox can put together a deal. “Xerox could not have done this deal back in March or April,” Smith said.


Some money managers are racing to catch up with the market’s advance before the third quarter ends on Wednesday. The Dow is up 16 percent for the quarter and is on pace for its best quarter since the fourth quarter of 1998, when it rose 17.1 percent.


Abbott Labs rose $1.25, or 2.6 percent, to $48.58. Abbott’s purchase of Brussels-based Solvay gives the company access to emerging markets in Eastern Europe and Asia along with new therapeutic areas such as the fast-growing market for vaccines.


Xerox’s deal for ACS set off a rally in other information-technology companies. Accenture PLC and Unisys Corp. climbed. Affiliated Computer jumped $6.61, or 14 percent, to $53.86, while Xerox fell $1.29, or 14.4 percent, to $7.68.


Tech shares got another boost from Cisco Systems Inc., which rose 99 cents, or 4.4 percent, to $23.61 after a Barclays Capital analyst raised his rating on the maker of networking equipment maker as he predicted improved demand from telecommunications companies would boost revenue.


Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.28 percent from 3.32 percent late Friday.

The dollar was mixed against other currencies. Gold prices rose.


Source: SGGP

FDI makes big 2008 gains

In Uncategorized on November 28, 2008 at 4:13 pm







HCM City Hi-tech Park. The nation attracted US$59 billion in FDI during the first 11 months of this year. — VNA/VNS Photo Van Khanh

HA NOI — Viet Nam lured US$59 billion in foreign director investment (FDI) in the first 11 months of the year, including $726 million in November alone, the Foreign Investment Agency (FIA) of the Ministry of Planning and Investment announced on Tuesday.


Existing projects have also registered additional capital during the period of $1.08 billion, including $272 billion in November.


This brought total registered FDI to a record high of $60.09 billion during the 11-month period, compared to only about $15 billion during the same period in 2007. FIA head Phan Huu Thang said the country expected to attract FDI of $65 billion for the entire year, including both new and additional capital.


Capital actually paid out by investors during the first 11 months of 2008 totalled a more modest $10 billion, however, although this still represented a substantial 44.2-per-cent increase over the same period of last year. The total included $950 million paid out during the month of November.


Implemented capital was expected to total $11 billion for all of 2008, 37 per cent higher than last year, said Thang.


The industrial and construction sectors attracted the greatest amount of FDI during the first 11 months, at $32.5 billion, followed closely by the services sector at $26.2 billion. The agricultural, forestry and fisheries sector trailed at $250 million.


Malaysia continues to be the leading source of foreign investment in Viet Nam, with 49 projects worth a total of $14.9 billion, including the new $9.8 billion steel production joint venture between Lion Malaysia and the Vinashin Group.


Taiwan ranked second, with 127 project worth a total of $8.6 billion, followed by Japan with 95 projects worth $7.2 billion.


Of the nation’s provinces and and cities, Ninh Thuan Province once again attracted the most FDI in the country, drawing nearly $9.8 billion during the first 11 months of 2008, followed by Ba Ria Vung Tau Province with $9.3 billion and HCM City with $8.3 billion.


Looking ahead to next year, the FIA projects that FDI will reach $30 billion in 2009, about half this year’s expected figure. However, paid-out capital is expected to increase 9-12 per cent to $12-13 billion in 2009.


The leading challenge to attracting foreign investment, the FIA said, was the global economic downturn, which was having its greatest impact on developed nations, which tended to be the leading sources of foreign investment into Viet Nam.


Thang also noted that Viet Nam’s infrastructure development – including electrical capacity, water supply, transportation and port system – was not keeping pace with the demands of many large-scale foreign-invested projects.


The nation was making better progress, Thang said, on improving the skill level of workers and managers and was working to resolve impediments to foreign investors, including protracted site clearance and labour disputes. —

Ninh Thuan gains from Belgium-sponsored projects

In Uncategorized on August 26, 2008 at 2:33 pm

– Central coastal Ninh Thuan province will benefit from three Belgium-sponsored projects under a cooperation programme between Vietnam and Belgium during the 2007-2010 period.

Belgian Counsellor in charge of development cooperation Patrick De Bouck held a working session with leaders of the Ninh Thuan Provincial People’s Committee on August 25 on the projects.

Belgium will provide 3.2 million EUR to the construction of the O Cam reservoir, which will water more than 400 ha of farm land in Phuoc Chinh commune, Bac Ai district and other adjacent areas.

Another 2 million EUR will go to a project to improve local administrative capacity and build a sustainable economic development and poverty reduction strategy for the province.

The Belgian Government will also contribute 8 million EUR to the building of a sewage system in Ninh Hai, Ninh Phuoc and Ninh Son districts.

After the session, the Belgian experts’ delegation conducted a fact-finding tour to beneficiary areas.-