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Tokyo shares at lowest level since November

In Uncategorized on August 17, 2010 at 11:21 am

Japanese shares fell 0.38 percent to an almost nine-month low on Tuesday on investor fears over the strong yen and amid thin trade during the summer holiday season, analysts said.

 TOKYO, Aug 17, 2010 (AFP) – Japanese shares fell 0.38 percent to an almost nine-month low on Tuesday on investor fears over the strong yen and amid thin trade during the summer holiday season, analysts said.

The benchmark Nikkei index of the Tokyo Stock Exchange dropped 34.99 points to 9,161.68, the lowest close since November 27. The Topix index of all first-section shares fell 0.22 percent, or 1.85 points, to 826.78.

“The current downward trend (in stocks) will likely be snapped only after shares go another stage lower in a high-volume market,” Hisatsune Kobayashi, senior market analyst at Nikko Cordial Securities, told Dow Jones Newswires.

He added that multiple catalysts are necessary for the Nikkei to rebound, such as monetary easing from the Bank of Japan and additional stimulus measures from both the Japanese and key trade partner China.

Japanese Minister of Economy and Fiscal Policy Satoshi Arai said Tuesday that Prime Minister Naoto Kan’s cabinet would start discussing a possible fresh stimulus package later this week.

“Our prime minister will hold hearings on August 20 from ministries and agencies concerned on the present economic situations,” Arai said.

News reports also said that Kan and Bank of Japan Governor Masaaki Shirakawa are expected to meet on Monday to discuss the recent yen rise.

A man walks in front of a share price board in Tokyo on August 17, 2010

The dollar fell to 85.29 yen in Tokyo afternoon trade, from 85.34 yen late Monday in New York. Dealers said the dollar remains under pressure, and there were rumours Japanese authorities may intervene in the currency market.

“It has become easier for the Bank of Japan to take action following weak GDP figures released yesterday,” said Yoshinori Nagano, senior strategist at Daiwa Asset Management.

Japan said Monday its economy grew at the slowest pace in three quarters during April-June, sharply missing forecasts as exports and consumption cooled off.

Technology exporters were generally lower, with digital camera maker Olympus slipping 2.03 percent and electronic parts maker TDK down 1.31 percent.

Among positive performers, electronics maker Sharp was up 0.93 percent and brewer Kirin Holdings rose 0.76 percent as hopes for higher beer demand due to a hot summer offset its poor first quarter earnings reports, dealers said.

Source: SGGP

July’s CPI records the lowest rise over six years

In Uncategorized on July 24, 2010 at 3:23 pm

July’s CPI records the lowest rise over six years

QĐND – Saturday, July 24, 2010, 21:38 (GMT+7)

The country’s Consumer Price Index (CPI) in July went up by only 0.06 percent from June, the lowest level so far against Julys since 2004. This is also the lowest increase since the beginning of the year.

The General Statistics Office says with this slight fluctuation, the CPI for the past seven months rose 4.84 percent over December 2009 and 8.67 percent against the same period in 2009.

July’s CPI for the first time increased in only eight out of 11 groups of commodities. The most significant increase was seen in drinks and tobacco (0.41 percent), followed by household goods and appliances (0.39 percent). Goods such as textiles, garments and shoes posted an increase of 0.35 percent.

July is the month of college and university entrance exams but the prices of educational products and services rose by only 0.11 percent.

Although restaurant and related services saw an 0.21 percent increase, food dropped by 0.97 percent, causing a dramatic impact on the CPI’s decline.

Other sharp declines were found in transport (0.94 percent), housing and construction materials (0.47 percent), and post and telecommunications (0.07 percent).

The low CPI in July is attributed to bumper rice crops and the drop in the price of rice, petrol and oil. Another factor is the slight fluctuation in the CPI in the two economic hubs, with HCM City down by 0.09 percent and Hanoi up by 0.25 percent against June.

However, experts warn that Vietnam is coming into the storm season with many unforeseen difficulties ahead, which could possibly lead to a serious imbalance between demand and supply. Major cities, especially Hanoi and HCM City, are urged to continue their efforts to stabilize the eight essential goods, while the government needs to proceed with flexible measures to manage the macro-economy.

In July, gold prices on the market went up by 2.15 percent from June, and by 35.86 percent against the same period in 2009.

Meanwhile, the price of the US dollar has risen 0.38 percent against June and 5.04 percent against a year ago after merchant banks raised their deposit interest rates and boosted the purchase of the US dollar.

Source: VOV

Source: QDND

Hong River drops to lowest level in centuries

In Vietnam Environment on December 7, 2009 at 3:53 am

The water level of the Hong (Red) River has dropped alarmingly, seriously affecting agricultural production and waterway traffic in Hanoi and northern provinces, said Dang Ngoc Tinh, head of the Northern Hydrographic Department.

The sharp recession of the Hong (Red) River has exposed the foundation of the Long Bien Bridge in Hanoi. (Photo: SGGP)

Normally, the Hong River and other rivers in the north see a drop in volume in February or March each year, but this year has seen it recede sooner and more dramatically.

In particular, the area between the Long Bien and Thanh Tri bridges in Hanoi has seen much lower levels than normal.

On average, upstream levels of the river in November were 0.73 meters lower than the annual average, said Luu Minh Hai, deputy head of the Lao Cai Hydrometeorology Forecasting Center.

The water level measured on November 3 in the Long Bien section was 0.76 meters high, lower than the 0.80 meters in 2008.

It is the lowest level recorded in the past 200 years.

Several sightseeing boats in the capital have had to suspend operations, as many sections of the river are now too shallow to travel through.

Nguyen Thi Lan Chau, deputy head of the National Center for Hydro-meteorological Forecasting, said the current dry season could mean that water levels stay low for the next few months.

The north has seen little rain for many weeks, contributing to the problem, said Mr. Tinh.

In November, water circulation in the Hong River decreased by 57 percent and this month may see a decrease of more than 60 percent, he said.

Mr. Tinh warned that the lack of water for farming activities would get worse in the coming dry months, especially in February and March 2010.

To address the issue, the Ministry of Agriculture and Rural Development recently organized two meetings to discuss solutions to the dilemma.

The ministry asked affected provinces to reserve water and take measures to minimize damage caused by the drought.

Source: SGGP Bookmark & Share