wiki globe

Posts Tagged ‘lowers’

Vietnam’s stock markets drop most since August after Moody’s lowers rating

In Uncategorized on December 16, 2010 at 10:06 am

Vietnam’s benchmark VN-Index, which tracks 271 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange, slumped on December 16 due to bad news on financial markets.

Moody’s Investors Service downgraded Vietnam government’s bond rating to B1 from Ba3, citing the risk of a balance of payments crisis and a drop in foreign reserves as inflation accelerates and the nation’s currency weakens. Along with this decision, the credit rating agency also cut long-term foreign-currency rating of six Vietnamese banks to B2 from B1.

The gauge tumbled the most since August, slashing 2.69 percent, or 13.26 points, to close at 480.21 points.

Among the index members, 28 advanced, 208 retreated, while 40 remained unchanged.

Trading volume stayed on high level as around 80.79 million shares worth VND1.9 trillion changed hands.

Tan Tao Investment Industry Corporation (ITA) led the list of most active shares by volume with 5.54 million shares changing hands.

It was followed by Saigon Securities Inc. (SSI), the country’s largest brokerage, with 5.29 million shares traded.

Saigon Thuong Tin Commercial Bank or Sacombank (STB) ranked third with 3.24 million shares.

Tan Binh Import – Export Joint Stock Company (TIX) nosedived for five straight days, giving up 5.05 percent to VND39,500. The company will pay dividends for the second term of this year in cash at a ratio of 20 percent to its current shareholders on December 30.

Other losers on the city bourse included Binh Dinh Minerals Company (BMC), Southern Rubber Industry Joint Stock Company (CSM), and Dien Quang Joint Stock Company (DQC).

Among a few gainers, seafood producer Vinh Hoan Corporation (VHC) accelerated 4.83 percent to VND30,400.

Mirae Joint Stock Company (KMR) rebounded 4.76 percent to VND8,800.

Viet Nam Joint Stock Commercial Bank for Industry and Trade or Vietinbank (CTG) advanced the fifth day, enhancing 4.72 percent to VND22,200.

The Hanoi’s HNX-Index plummeted 4.29 percent, or 5.17 points, to close at 115.43 points. Trading volume dropped to 57.7 million shares worth VND1.1 trillion.

Meanwhile, the UPCom-Index tripped by 1.02 points to 41.14 points this morning. A total of 123,200 shares changed hands at a value of VND1.31 billion.

Source: SGGP

BP lowers dome as oil laps Louisiana island

In Uncategorized on May 7, 2010 at 4:39 am

 The race to avert an oil catastrophe in the Gulf of Mexico intensified with BP rushing to lower a dome to contain the spill, while sheen was confirmed on land for the first time.

The unprecedented operation to place the 100 US ton (90 metric tonne) dome over a gushing pipe on the seabed is seen as the best hope in staving off the biggest US environmental disaster since the 1989 Exxon Valdez spill in Alaska.

The white box-like structure was expected late Thursday to be lowered 5,000 feet (1,500 meters) onto a pipe that was fractured by the April 22 sinking of a BP-leased oil rig. It will then be connected to a tanker on the surface.

BP officials say they hope to have the dome “operational” by Monday, when a large part of the oil would be funneled up safely to be stored and processed.

“The dome should be being lowered into the water and hopefully will be placed over the leak site sometime late this evening,” Doug Suttles, chief operations officer of BP Exploration and Production, said Thursday.

A slick of chemically dispersed oil floats in the Gulf of Mexico with an offshore rig in the background about 14 miles from the Venice marina off the coast of Louisiana.

While he acknowledged that “the world was watching,” Suttles stressed that such a containment operation had never been done before at this depth and that BP would likely encounter glitches as it tries to seal the leak.

“My expectations are, it will probably have its start-up troubles,” he said, adding that “everyone wants this to work.”

Residents from Texas to Florida were anxiously awaiting the outcome of the perilous operation as failure would mean the crude will continue to gush for three months, putting the livelihoods of coastal communities at risk.

A giant slick has been looming for days off the coast of Louisiana and officials confirmed for the first time Thursday that parts of light sheen had started to wash up on land.

“Teams have confirmed oil on Freemason Island,” Coast Guard Petty Officer Connie Terrell told AFP. “It is at the south end of the Chandeleur Islands. It is largely sheen with no evidence of medium or heavy oil.”

BP spokesman John Curry said emergency teams had been sent to the island — a favorite fishing spot for recreational anglers some 30 miles (50 kilometers) off the coast — to deploy inflatable booms to protect its prime marshland.

“This is the first confirmation of shoreline impact we have had,” Curry told AFP. “We are doing everything we can to make sure a major impact doesn’t happen.”

BP managed Wednesday to cap the smallest of three leaks hemorrhaging crude into the Gulf, and have resumed burning operations of some of the heaviest parts of the slick.

The operation to place a valve over a ruptured pipe and shut off the flow using a remotely-controlled submarine had no impact on the volume of oil gushing into the sea — estimated at some 210,000 gallons, a day — but allowed efforts to focus on the two remaining leaks.

More than two weeks after the Deepwater Horizon rig exploded, the full impact of the disaster was still unfolding.

“I think we have a lot at stake here,” Coast Guard Rear Admiral Mary Landry told reporters, adding that while BP was working round the clock to stem the leak, she remained skeptical that the spill impact would be minimal.

“We are still in a posture of worst-case-scenario planning,” Landry said.

Fears are growing that sea life is already being affected in a region that contains vital spawning grounds for fish, shrimp and crabs, and is a major migratory stop for rare birds.

Even though oil has not yet reached land in a major way, experts warned that an environmental disaster was already developing deep beneath the Gulf of Mexico and in its swirling currents.

“That surface zone is where the oil is at its most toxic and when the animals are at their most sensitive,” Doug Rader, chief ocean scientist at the Environmental Defense Fund, told AFP.

“If you’re looking at the underside of the spill you can imagine a rain of hydrocarbons and toxic materials coming down piecemeal into waters below and onto the bottom.”

If estimates are correct, almost three million gallons of crude have entered the sea since the burning platform spectacularly sank on April 22, two days after the initial blast that killed 11 workers.

BP began operations on a relief well Sunday, but the process is expected to take up to three months so the containment dome is seen as the best short-term fix.

Two US lawmakers introduced legislation Thursday calling for an independent commission to investigate the causes of the spill.

Source: SGGP

Overseas production lowers S.Korean handset exports

In Uncategorized on April 8, 2010 at 11:58 am

SEOUL, April 8, 2010 (AFP) – South Korea’s top manufacturers of mobile handsets produced more units overseas than at home for the first time last year, depressing exports, a state agency reported Thursday.

In 2009 handset exports by the three local firms — Samsung, LG and Pantech-Curitel Communication — dropped 14 percent from the previous year, the National IT Industry Promotion Agency said in a report.

The agency attributed the decline in exports to the drop in the local production of mobile handsets, which in 2009 fell to 147.7 million, down 9.2 percent from a year earlier.

Overseas production rose to 207.1 million handsets, a 48.9 percent increase over the same period, the agency said, noting that it was the first time the three firms produced more handsets overseas than in South Korea

In total, the three firms produced 354.8 million handsets both at home and abroad in 2009, up 17.6 percent from a year earlier, it said.

Exports of handsets from South Korea will continue to drop as the manufacturers build more factories abroad, it said.

Samsung has handset plants in China, Vietnam, India and Brazil while LG has handset-making ventures in India and Brazil. Pantech-Curitel produces handsets in China.

Source: SGGP