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capital, experts, hit, market, PetroVietnam’s, say, stock, to, withdraws

PetroVietnam’s capital withdraws to hit stock market, experts say

In Uncategorized on January 8, 2011 at 4:28 am

The oil and gas giant PetroVietnam’s capital withdrawals will effect the stock market in short-term and give a boost to some of its subsidiaries opportunities, financial experts said.

An investor watches share prices updated on a big screen at a HCMC-based brokerage (Photo:Minh Tri)

The Vietnam Oil and Gas Group, known as PetroVietnam, early this year began to withdraw its capital in its subsidiaries, which are not in the group’s core businesses.

The state-owned oil and gas giant also announced it would cut 51 percent of its holdings in the member companies specific in the group’s key fields

The move came from the state-owned gasoline supplier’s attempt to restructure its business model, of which the group will focus on mining and refining oil, according to PetroVietnam’s deputy general director Nguyen Ngoc Su.

The plans come at a time when market developments have facilitated the State’s withdrawal of investment in listed companies such as PetroVietnam Finance (PVF), Phu My Fertilizers (DPM) and Petroleum Technical Services Corp (PVS), baobariavungtau website quoted Su as saying.

The deputy director said PetroVietnam has “basically completed” their plan on restructuring and renewing its subsidiaries, with 14 units being equitised. So far, PetroVietnam has successfully auctioned more than 313 million shares, bringing in VND17,54 trillion (US$986.4 million).

Financial experts said PetroVietnam’s capital withdrawals would affect the slumping stock market, as well as share prices of its listed subsidiaries. However, selling shares in the firms not specific in core businesses will help the oil and gas group to regain a large amount, which will be reinvestments in current projects.

Stock analysts said oil stocks are among the market’s gainers in both short and long term. Listed enterprises specific in mining oil and renting rigs remain in black during the global economic turmoil, and will be the first ones growing sharply when the economy recovers, analysts said.

At present, two subsidiaries of the group including PetroVietnam Technical Services Joint Stock Corp. (PVS) and PetroVietnam Drilling and Well Services Joint Stock Company (PVD) are achieving healthy earning so far this year.

The former made a pretax profit of VND780 billion ($39 million) from a revenue of VND15 trillion in the first ten months of the year. The core businesses’ growth rate of PVS this year rose to over 20 percent year-on-year. PVS closed 2.84 percent lower at VND20,500 on the Ho Chi Minh Stock Exchange on Saturday.

PetroVietnam Joint Stock Finance Corporation (PVF) will likely to achieve thousands of billions of Vietnam dong from exporting crude oil, while PetroVietnam Insurance Joint stock Corp. (PVI) is providing insurance services to a large amount of clients, which are PetroVietnam Group’s subsidiaries and partners.

“There are 25 oil and gasoline firms listing on both exchanges in Ho Chi Minh City and Hanoi. They have a great chance of earning big bucks as local consumer demand for oil this year remains high and the global crude oil price is increasing,” said a director of a HCMC-based brokerage.

Source: SGGP

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capital, experts, hit, market, PetroVietnam’s, say, stock, to, withdraws

PetroVietnam’s capital withdraws to hit stock market, experts say

In Uncategorized on January 8, 2011 at 4:27 am

The oil and gas giant PetroVietnam’s capital withdrawals will effect the stock market in short-term and give a boost to some of its subsidiaries opportunities, financial experts said.

(Photo:Minh Tri)

The Vietnam Oil and Gas Group, known as PetroVietnam, early this year began to withdraw its capital in its subsidiaries, which are not in the group’s core businesses.

The state-owned oil and gas giant also announced it would cut 51 percent of its holdings in the member companies specific in the group’s key fields

Source: SGGP

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Australia's, flood-drenched, Heavy, hit, northeast, rains

Heavy rains hit Australia’s flood-drenched northeast

In Uncategorized on January 8, 2011 at 4:13 am

Heavy rains threatened further flooding in Australia’s drenched northeast Thursday as besieged Rockhampton cut supplies to “irresponsible” residents who refused to leave water-bound homes.

Torrential downpours could cause flash-flooding and worsen existing floods, the weather bureau said, as water levels slowly started to recede in regional centre Rockhampton, a town virtually surrounded by a brown inland sea.

Australia’s coal-mining and farming belt near Brisbane is suffering “biblical” floods across an area the size of Texas, after La Nina, a weather system, deluged Queensland state with its wettest year on record.

Emergency personnel look for residents in need of evacuation after the swollen Fitzroy River broke its banks and flooded the city of Rockhampton on January 5, 2011

Waters peaked in Rockhampton at lower levels than feared and slowly started to recede, while downstream other communities braced for the floods. The disaster, described as the state’s worst, has inundated or cut off 40 towns.

Entire towns have been airlifted as the murky tide gushes across Queensland, destroying crops, roads and bridges and sweeping 10 people to their deaths, along with thousands of animals.

The crisis has cost about Aus$1 billion ($1 billion US) in lost production at Queensland’s coking coal mines, which account for half the world’s supply, putting upward inflationary pressure on the shaky global economy.

Meanwhile, thousands of people have evacuated or are trying to salvage homes and belongings, while dealing with the threat of poisonous snakes, crocodiles and disease-carrying mosquitoes as they negotiate the sludge and rain.

Rockhampton’s mayor Brad Carter angrily slammed residents, including those with children, who refused to evacuate and now relied on food and groceries brought by emergency personnel wading through snake-infested waters.

“We have taken a decision, and we make it very clear, that we cannot put emergency services resources at risk bringing in those supplies,” Carter said.

“They have to now respect and understand that because they make that choice… they will not be getting resupply of essential services, goods and grocery items provided by emergency services personnel.”

Acting police superintendent David Peff said that wading into the waters — sometimes up to chest height — was dangerous for his men and backed the mayor’s pleas to isolated residents in the town of 75,000.

“Every time we put police or SES (State Emergency Service) people into that water… my personal concern is people that are helping will end up being bitten by a snake,” Peff told reporters.

Residents of Condamine, which was completely evacuated, were making their way back to the deserted town, while only about 100 of Emerald’s 11,000 inhabitants remained in emergency shelters as of Wednesday night.

Australia’s sodden 2010 — the third wettest year on record — broke a decade-old drought in some areas and brought the unusual sight of waterfalls cascading off Uluru, or Ayers Rock, as torrents raced along parched riverbeds.

Lush, green landscapes in New South Wales state forced film-makers to postpone shooting for “Mad Max 4”, set in a post-apocalypse desert, while an Outback yachting regatta went ahead for the first time in 10 years.

Source: SGGP

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Gold deposits hit with income-tax on interest

In Uncategorized on December 16, 2010 at 2:28 pm

Gold deposits hit with income-tax on interest

QĐND – Thursday, December 16, 2010, 21:2 (GMT+7)

Holders of gold certificates issued by commercial banks are required to pay 5-percent personal income tax on interest earned by the certificates, according to a ruling by the State Bank of Vietnam aimed at reducing the level of investment in gold.

Under State Bank Circular No 22, issued in October, banks were forbidden from accepting gold deposits but could offer commercial paper in exchange for gold.

“This kind of business poses huge risks to the banking system due to unpredictable fluctuations in gold prices,” said a senior monetary policy official with the State Bank, who asked to remain anonymous.

“The development of gold deposits and lending among the non-business sector, which the State Bank does not encourage, has also increased the dollarisation of the economy,” he added.

HDBank and VietA Bank have withheld 5 percent of gold certificate interest payments since November to cover the taxes.

“Buying these certificates is seen as an investment channel and the holders have to pay 5 percent personal income tax,” said VietA general director Pham Duy Hung.

HDBank’s general director Nguyen Huu Dang said his bank had paid taxes on gold certificates for customers for years.

Other big gold traders like Eximbank, DongA Bank or ACB have not implied such new policy.

“Collecting personal income tax on gold certificate interest is reasonable. However, we are still confused about how to behave with the interest on certificates of deposit in Vietnamese dong and US dollars,” commented the deputy director of a HCM City-based bank, who asked to have his name withheld.

Current tax regulations state that all interest income on bonds or other commercial paper (except Government bonds) is taxable income.

HCM City Tax Department told Tuoi Tre (Youth) newspaper that interest from gold certificates must be taxed, but it has not yet provided commercial banks with documentary guidelines.

In a proposal sent to the State Bank of Vietnam, the General Tax Department recommended that interest on short- and long-term certificates of deposit be considered interest on savings accounts and be exempted from income tax.

An estimated 92.6 tonnes of gold, worth 4 billion USD, is currently deposited with commercial banks. If the central bank were to limit the banks’ ability to profit from these deposits, a large volume of gold would likely to be unleashed on the market, helping lower prices while easing pressures on the foreign exchange market.

Source: VNA

Source: QDND

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Eight fishermen rescued after boat hit by cargo vessel

In Uncategorized on December 16, 2010 at 9:32 am

Eight fishermen were rescued after their boat was hit by an cargo-boat which run away after the accident offshore the central province of Thua Thien Hue on November 28.

Fishing boats in Thua Thien Hue Province’s Thuan An seaport. (File photo)

The accident took place at around 11 pm, when the boat was fishing in the sea. The boat carrying eight fishermen, including captain Nguyen Cong Duyen, 50, was hit by cargo vessel 195 Ha Minh from Hai Phong.

Chairman of Vinh Thanh Commune Dao Duy Phuong said it involved 20 fishing boats in the local in rescuing the fishermen and fishing the sinking boat out of the sea.

The authorities are also looking for the cargo-boat.

In related news, authorities from the central province of Quang Ngai on November 29 sent workers to the Hoang Sa (Paracel) archipelago area in an effort to salvage 16 fishermen on a sinking boat.

Fishing boat QNg 96020 from Quang Ngai Province’s Ly Son Island sank after its water pumping system broke November 26.

The fishermen on board sent SOS signals while bailing out seawater from the boat.
Local sea police plan to either fix the boat or tow it home as soon as possible.

Source: SGGP

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bird, Central, discovered, flood, flu, hit, in, provinces

Bird flu discovered in flood hit central provinces

In Uncategorized on November 27, 2010 at 1:20 pm

Bird flu H5N1 virus was discovered in northern provinces of Nghe An and Ha Tinh that were affected by floods this month, said health officials on Friday.

Poultries are breeded in Nam Dinh Province. (File photo)

In Nghe An Province, nearly 600 poultries infected H5N1 virus in Dien Chau District were burnt.

Province health officials sterilized breeding facilities and isolate epidemic areas.

In Ha Tinh Province, the bird flu outbreak has hit Cam Xuyen District.

currently, because of high demand for chicken farmers have expanded capacity of their farms.

Cold whether and density of poultry farms have caused the disease be spread widely, said health officials.

Source: SGGP

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Australian, bird, by, flyer, hit, Qantas, strike