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VN-Index maintains rising momentum amid market makes correction

In Uncategorized on October 14, 2010 at 6:29 pm

Movements of VN-Index on October 7. (Photo: vietstock.vn)The shares on the Ho Chi Minh Stock Exchange advanced for three consecutive trading sessions on October 7 thanked to support from blue-chip stocks though the Vietnam’s benchmark tended to make correction after robust rallies.

VN-Index, a measure of 261 companies and five mutual funds, added 0.29 percent, or 1.33 points, to close at 462.05 points.


Trading volume on the city bourse faintly slid over the previous session as around 37.34 million shares changed hands at a value of VND983 billion.


Of the index, 58 stocks gained, 163 went down, while 45 stayed the same.


With 1.9 million shares changing hands, PetroVietnam Fertilizer and Chemicals Corporation (DPM) won the spot of most active share in volume.


Vietnam Export Import Commercial Joint Stock Bank (EIB) took the second rank with 1.79 million shares.


Tan Tao Investment Industry Corporation (ITA) tagged along with 1.54 million shares traded.


Bao Viet Holdings (BVH) increased 5 percent to trade at VND63,000 from VND60,000 yesterday.


Tan Binh Import – Export Joint Stock Company (TIX) capped its three-straight-session losing streak, shooting up 4.98 percent to VND48,500.


The Hanoi-based Information and Networking Technology Joint Stock Company (CMT) advanced for three consecutive days, surging 4.95 percent to VND29,700.


Phuc Tien Trade Manufacture Joint Stock Company (PHT) slashed 5.33 percent to VND16,000. The company will pay dividends for the first term of this year in cash at a ratio of 10 percent since November 30.


Ha Tien Transport Joint Stock Company (HTV) dropped 4.91 percent to VND32,900.


Meanwhile, the trading floor in the north made a contrast move as the Hanoi’s HNX-Index slipped 2.22 points, or 1.78 percent, to finish at 122.62 points. Liquidity continued to severely fall as just nearly 23 million shares changed hands at VND538.9 billion.


The UPCoM-Index slightly rose by 0.1 points to 45.58. A total of 388,200 shares were traded at VND8.36 billion.

Source: SGGP

VN-Index makes correction

In Uncategorized on October 14, 2010 at 6:28 pm

Movements of VN-Index on October 8. (Photo: vietstock.vn)Vietnam’s benchmark VN-Index ended its winning streak on October 8 while poor demand caused liquidity on the market to fall to the lowest level in more than one month.

The shares of 261 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange sank 0.6 percent, or 2.79, to wrap week at 459.26 points.


Trading volume plunged to 30.5 million shares worth VND780 billion, a decrease of 21 percent over the previous day.


On the index, 48 stocks advanced, 162 declined, while 56 were unchanged.


PetroVietnam Fertilizer and Chemicals Corporation (DPM) topped the list of most active shares in volume with 1.51 million shares changing hands.


Sugar producer Société De Bourbon Tay Ninh (SBT) followed with 1.45 million shares traded.


AgriBank Securities Joint Stock Coporation (AGR) came in third with 1.04 million shares.


Vietnam Export Import Commercial Joint Stock Bank (EIB) tumbled the second day, cutting 16.29 percent to VND14,900. The company will issue bonus shares to its current shareholders at a ration of 20 percent. Its post-tax profits in the first six months of this year reached VND822.88 billion, up 15 percent year-on-year.


Binh Thuan Hamico Mineral Joint Stock Company (KSA) and Tay Bac Minerals Investment Joint Stock Company (KTB) both shed 5 percent to VND49,400, and VND36,100 repsectively.


Techno – Agricultural Supplying Joint Stock Company (TSC) contracted 4.97 percent to VND17,200.


Binh Dinh Minerals Company (BMC) built up 4.95 percent to VND 31,800.


Sacombank Securities Joint Stock Company (SBS) swelled 4.94 percent to trade at VND25,500.


Hapaco Group Joint Stock Company (HAP) traded at VND15,700, climbing 4.67 percent from the previous day.


The Hanoi’s HNX-Index pruned 0.93 points, or 0.76 percent, to finish at 121.69. Trading volume slightly rose over the previous day as around 24.1 million shares changed hands at VND577.9 billion.


The UPCoM-Index went down 0.46 points to 45.05 as of 11:15 am local time. A total of 190,000 shares were traded at a value of VND3.18 billion.

Source: SGGP

Thai Nguyen makes incomprehensible decision on self-proclaimed

In Uncategorized on July 20, 2010 at 11:29 am

Self-proclaimed doctor Phu treats patients by treading on their bodies (Photo: SGGP)

Inexplicably, the People’s Committee of the northern mountainous province of Thai Nguyen has given a woman lacking formal knowledge of medicine a green light to continue her perplexing methodology of treating diseased people by walking on the pained portions of their bodies.


For years, crowds of patients from all over the country have gathered at the house of Pham Thi Phu on Co Street in the country town of Song Cong. Phu is a self-proclaimed doctor an unorthodox treatment methodology of stepping on patients’ pain.


The woman, a former vegetable vendor, has proclaimed to possess ability to treat all ailments, even HIV or cancer, after being hospitalized in province hospitals and in Hanoi for treatment for mental illness in 2005.


Although her illegal treatments have taken place for years, the local government could only impose fines, but could not shut the operation, Dang Mong Diep, deputy head of Song Cong People’s Committee admitted.

Inspectors of the Ministry of Health question a patient at Phu’s house

More unfathomably, the Research Centre of Human Potentials and the Traditional Cultural Supporting Research Center have concluded, after studying her methodology, that her extrasensory perception does improve patients’ health, helping to reduce illnesses in some patients.


Two centers have proposed the local government study Phu’s methods further to learn how she creates favorite condition to treat patients, despite the Department of Health (DOH)’s affirmation that her methods are not supported by science.


The Ministry of Health has known of the unorthodox treatments taking place at Phu’s house for years, but strangely, only sent out a team last week to Thai Nguyen, to investigate the popular unlicensed work, reporting to relevant agencies, dispatching obscure instructions to the DOH.


Public concern has been raised over the People’s Committee’s decision and that of the two centers, as well as over the tardily taken actions by the ministry.

Source: SGGP

AgBank makes lacklustre China debut

In Uncategorized on July 15, 2010 at 12:56 pm

Agricultural Bank of China made a lacklustre stock market debut in Shanghai Thursday, with its shares rising only slightly, in what is still shaping up to be the world’s largest initial public offering.


The last of China’s “Big Four” state banks to go public is on track to raise a record 22.1 billion dollars in a dual listing in Shanghai and Hong Kong that has put a spotlight on investor confidence in the world’s number three economy.


AgBank chairman Xiang Junbo called the IPO an “important step” towards the bank becoming a “global, first-class commercial” institution, before striking a gong for the start of trade with Shanghai Communist party chief Yu Zhensheng.


“We are relatively satisfied with today’s stock prices, which reflect investors’ positive views on AgBank’s current status and outlook,” the bank’s president Zhang Yun told reporters shortly after trading began.

Tourists are seen outside a building housing the key Shanghai branch of the Agricultural Bank of China located on the historic Bund, in the coastal city.

AgBank makes its Hong Kong debut on Friday.


The opening days of trade could signal whether the bank will maximise the number of additional shares it can offer to make IPO history, beating Industrial and Commercial Bank of China’s 21.9-billion-dollar offering in 2006.


But after some analysts predicted a major jump in prices after the debut, shares ended the morning session at 2.70 yuan — up just 0.80 percent from the IPO price of 2.68 yuan, but lower than the opening price of 2.74.


“The performance is weaker than expected,” Shen Jun, a strategist at BOC International (China) Ltd, told Dow Jones Newswires.


Yan Li, a Beijing-based analyst with Southwest Securities, agreed AgBank was unlikely to soar.


“We didn?t expect it to shine on the first day,” Yan told AFP.


“It will end the day roughly flat, the same as the opening level, because the lender and regulators cannot afford the embarrassment of it falling below the IPO price on the first day,” she predicted.


China is on track to be the world’s biggest IPO market this year with up to 300 companies expected to raise 500 billion yuan (close to 74 billion dollars) this year, according to PricewaterhouseCoopers.


The total number of AgBank’s IPO shares is not yet known and will be determined by its market performance.


A strong start will mean AgBank will fully exercise its over-allotment options by selling an additional portion of up to 15 percent of the number of shares initially issued for the IPO — making it the world’s largest.


AgBank said Thursday the Hong Kong portion of its IPO was nearly six times oversubscribed, but did not indicate if it would fully exercise the over-allotment option.


The bank was founded two years after Mao Zedong’s 1949 communist revolution, with a mission to lend money to China’s poor farmers and distribute state money in rural areas.


But heavy exposure to China’s poverty-stricken interior meant that mission was frustrated by decades of chaotic policies, leaving it awash with bad debt.


Despite Beijing’s efforts to salvage AgBank by wiping more than 345.8 billion yuan from its books, it remains the weakest of China’s big banks and it remains to be seen whether it can shift from policy bank to profit-oriented company.

Zhang told reporters on Thursday he expected AgBank’s full-year profit for 2010 to rise 30 percent on year and hinted at the bank’s future ambitions by saying it would build a strong international network.

AgBank’s stock market debut came after Fitch credit ratings agency warned of growing risks in China’s banking system.

The agency warned in a report that complex deals were obscuring hundreds of billions in loans and possibly concealing a new batch of bad property and infrastructure lending.

AgBank’s Hong Kong sale nevertheless drew almost a dozen heavyweight investors, including Qatar’s sovereign investment fund, British bank Standard Chartered and Hong Kong’s richest tycoon, Li Ka-shing.

The biggest investor in the mainland issue was China Life, the nation’s biggest life insurer by premium income.

A total of 40 percent of the mainland shares went to 27 cornerstone investors — mostly state-owned entities ranging from Cofco Ltd, China?s main grain producer, to China Aerospace Science and Industry Corp to the operators of the Three Gorges Dam.

Source: SGGP

Farmer makes 1,000 bamboo dragons for Hanoi millennium

In Uncategorized on July 4, 2010 at 4:08 pm




Farmer makes 1,000 bamboo dragons for Hanoi millennium


QĐND – Sunday, July 04, 2010, 20:55 (GMT+7)

A farmer from the northern mountain province of Hoa Binh has devoted seven years to growing and bending 1,000 bamboo trees into the shape of flying dragons to present them to Hanoi on its millennium anniversary scheduled for October this year.


Nguyen Van Nam said he drove to Soc Son district to buy the “golden” bamboo saplings to grow at home.


“This sort of bamboo is very flexible, not as hard as green bamboo which makes it easy to create shapes at will,” he explained.


To have 1,000 flying dragons, each with a height of 1.5 m, he had to grow 2,000 bamboo trees to have enough to select only the best. He had to bend the dragon a little every day over a long period of time.


After more than six years, the mountainous farmer has finished his work, turning his bamboo into flying dragons rising into the sky with pride.


Nam also grew three additional clusters of bamboo in the shape of the country and a huge “ngau” tree (aglaia) in the shape of the earth with the words ‘Hoa Binh’ (Peace),  as presents for Hanoi’s celebration.


“I would like to present the results of my hard work to the capital city as a token of the warming feelings of Vietnamese farmers,” he sad.


Over the past decade, Nam has presented bonsai trees for major events in Hanoi such as the SEA Games 22 and the ASEAN Summit.


In 1998, he bent a tree into the words ‘Bac Ho Vi Dai’ (Great Uncle Ho) to present to the Ho Chi Minh Mausoleum.


Source: VNN


 


Source: QDND

Vietnam makes good impression at G20 Summit

In Uncategorized on July 1, 2010 at 10:18 am




Vietnam makes good impression at G20 Summit


QĐND – Wednesday, June 30, 2010, 21:3 (GMT+7)

This was the first time at the G20 Summit that Vietnam had the opportunity to share its opinions, initiatives and experiences and actively contribute to resolving global economic issues. Its viewpoints on regional and international affairs left a good impression on the participants.


Prime Minister Nguyen Tan Dung and the Vietnamese delegation left Toronto, Canada on June 29 after attending the G20 Summit at the invitation of Canadian Prime Minister Stephen Harper.


VOV reporter interviewed the Deputy Minister of Foreign Affairs, Doan Xuan Hung, about the outcomes of the G20 Summit, as well as Vietnam’s contributions.


VOV: Could you tell us about the most important issues discussed at the G20 Summit?


Mr Hung: This was the fourth time the G20 nations held a summit, with the first and the third taking place in Washington and Pittsburgh in the US and the second in London, UK. These three summits took place in the context of the global economic crisis, so leaders of the G20 countries focused their discussions on looking for solutions to help the world economy weather the storm.


This year’s G20 Summit was held at a time when the global economy was experiencing a downturn. But the participants in the summit discussed and agreed on effective measures to promote a sustainable economic recovery in a stronger and more balanced manner. The summit is the world’s prestigious and democratic forum to deal with global economic issues and boost international economic cooperation.


Developing countries have been striving to cushion themselves from the impact of the global economic downturn but their economic recovery is not strong enough to be sustainable, while most newly-emerging economies are bouncing back a steady growth rate to serve a key driving force behind the global economic recovery.


The G20 Summit focus on dealing with many challenges, such as the debt crisis in Europe and the high unemployment rate (8-9 percent) in some developed countries. A number of European nations emphasised the need for fiscal consolidation and the settling of debts to prevent another economic recession, while the US and some other countries suggested boosting economic recovery and generating jobs to clear debt.


The participants at the fourth G20 Summit reached a consensus on fiscal consolidation and stepping up a sustainable economic recovery in accordance with the different conditions in individual countries.


The Summit only concentrated on developed countries like the G8 but also paid attention to developing countries. It stressed the need to strengthen international cooperation with the Association of Southeast Asian Nations (ASEAN) and the Africa Union (AU).


The Summit identified promoting trade liberalisation, completing the Doha negotiations, narrowing the development gap, reforming international financial institutions and increasing the right of developing countries to vote, as the most important issues that need to be dealt with.


The Summit discussed openly and constructively how to address global economic issues and called for a united assessment to ensure a strong, sustainable and balanced growth in the world economy.


VOV: What did the Vietnamese delegation contribute to the G20 summit?


Mr Hung: This was the second time that ASEAN countries had been invited to take part as a guest.


After consulting with other ASEAN member countries, Vietnam presented ASEAN’s viewpoints on the main topics at the G20 summit, such as global economic development. The ASEAN Secretary General said such presentation was highly praised by several member countries as realistic.


During the meetings between the deputy ministers and ministers of finance and foreign affairs, Vietnam consistently put forward ASEAN’s viewpoints and pursued benefits for developing countries.


Prime Minister Nguyen Tan Dung also took part in discussions on global issues. He highlighted the G20’s efforts to deal with issues related to the global economy to promote its sustainable growth and development. He also praised various frameworks that the G20 approved in Pittsburgh last year and measures for this year.


In addition, PM Dung highlighted issues that the G20 should pay more attention to countries that apply for fiscal support on the basis of friendly growth, which does not cause a negative effect on capital inflows from the developed to developing countries, and emerging countries, including ODA.


He emphasized the need for co-operation between blocs, and called for an early end to the Doha round of negotiations.


PM Dung initiated a co-operation mechanism between ASEAN and the G20 to stimulate global economy and discussed ways of ending the Doha negotiations as soon as the G20 has seemingly come to a standstill on the issue.


VOV: What do you think of Vietnam’s first participation in a major forum like the G20 to discuss global economic issues?


Mr Hung: I am very happy to say that Vietnam has been praised by our international friends. Although Vietnam is only a small economy, its track record as well as its role in ASEAN have been highlighted. The leaders of many countries met with PM Dung and expressed their wishes to forge closer ties with Vietnam.


In addition to joining the world’s leading countries to discuss measures to deal with global economic issues, Vietnam represented developing countries to have a say in many issues of common concern.


The G20 provided an excellent chance for Vietnam to raise its image and prestige and strengthen its relationship with other countries. On the sidelines of the summit, PM Dung also met with dozens of world leaders, including the US, China, Russia and the EU.


VOV: Thank you very much.


Source: VOV


 


Source: QDND

Vietnam Family Day makes nation happy

In Uncategorized on June 28, 2010 at 4:50 pm




Vietnam Family Day makes nation happy


QĐND – Monday, June 28, 2010, 22:7 (GMT+7)

Cultural and art programmes were held nationwide in celebrations of the Vietnam Family Day on June 28 to promote the family-oriented tradition.


The capital city of Hanoi was colourful and cheerful during a festival on Hanoi family culture, where sports competitions, photo exhibitions on family and flower-arranging contests attracted public crowds. Remarkable was a conference honouring successful and happy families.


The festival was the coordination of action among numerous agencies, from the Ministry of Culture, Sports and Tourism to the Hanoi People’s Committee and the Vietnam Elderly Association.


The nation’s largest economic hub of Ho Chi Minh City also made the day festive on June 27 with the participation of thousands of families. It culminated in a festivity to piece 20,000 coins together into a symbol of “Family-backbone of happiness”, setting up a Vietnam Guinness.


The whole proceeds of the mosaic symbol auction will be earmarked for the construction of homes for poor families.


The southeastern region has joined the nation by holding the first family culture festival in Bien Hoa city, Dong Nai province. As many as 54 exemplary families coming from all the five regional provinces shared experiences in taking care of their families and children.


June 28 is celebrated as the Vietnam Family Day annually after the Prime Minister signed up a decision in May, 2001. The decision aims to uphold the important role played by the family and family values in developing human characters.


Source: VNA
Photo: bee.net.vn


Source: QDND

Apple’s iPhone 4 makes world debut

In Uncategorized on June 25, 2010 at 4:43 pm

SAN FRANCISCO, USA (AFP) – Apple fans mobbed stores in Japan, Europe and the United States on Thursday to become the first owners of the latest-generation iPhone despite early complaints of antenna problems.


Hundreds of people queued up outside the Apple store in downtown San Francisco, where one person reportedly sold a premier place in line for 400 dollars and another swapped a spot for an iPhone 4.

Customers check out the new Apple iPhone 4 as they wait in line to buy their own at an Apple Store in Miami Beach, Florida. AFP

An Apple employee pushed a cart heaped with Krispy Kreme doughnuts, bottled water and coffee for a throng that stretched several city blocks.


Some online complaints about iPhone 4 signal strength being hampered by a troublesome antenna design did not deter those waiting in the queue.


“It’s all rumors until we get them,” Robert Freedman of San Francisco said as he waited to get his hands on an iPhone 4 to replace a model he had “beat the heck out of.”


“People are walking out with them and saying they are using it and everything is fine,” Freedman said.


Features feeding the iPhone 4 frenzy include high-definition screens and “Face Time,” which uses a forward facing camera to enable video chat.


“I’ve been an Apple head since I was a teenager,” said Richard Polote, a 26-year-old San Francisco man who had been waiting outside the store since 2:30 in the morning.


“I feel pretty confident that whatever problems do arise, Apple will solve them in a timely fashion with upgrades or whatever.”


Some new iPhone 4 owners were chagrined to discover that cupping their new smartphones so that their palms covered the lower left corners choked off the strength of the telecom service signals, according to videos posted online.


Apple designed silver edging on handsets to be part of the antenna system to improve signal strength.


The problem could be fixed by moving one’s hand or encasing iPhones in rubber “bumper” frames that Apple sells for 30 dollars. Apple did not respond to an AFP inquiry for comment.


In Paris, Senegalese businessman Bassirou Gueye joined some 350 people queuing before the opening of Apple’s flagship store in the city, located in the chic underground shopping mall of the Louvre museum.


“I made a special trip to Paris to buy the iPhone 4. I’m interested in its high-tech features,” said Gueye, a self-avowed Apple aficionado who already owns half a dozen brand-name devices.


Some buyers in France, however, reported problems activating their new phones because of technical problems with operator France Telecom.


In Germany, there were long queues at Apple stores and phone company Deutsche Telekom complained it did not have enough handsets to meet demand.


“By lunchtime iPhones in the high tens of thousands have already been sold. In Munich we have sold out,” said Deutsche Telekom spokesman Dirk Wende.


Some 500 customers waited in line outside Apple’s flagship Regent Street store in London when it opened its doors at 7:00 am — far more than those who queued for the launch of the iPad tablet last month.


First in the doors was Ben Paton, a 23-year-old student, who had queued for 16 hours. He described the feeling of holding the new phone in his hands as “absolutely incredible, amazing.”


Japan’s eastern time zone put it first in line to sell the phone and hundreds braved sweltering humidity outside Apple’s store in the Ginza district to get their hands on the smartphone.


Ryoichi Hoshino was the first to emerge triumphantly clutching the new handset after Apple staff gave a loud countdown ahead of the release.


“I love this design,” he enthused. “I’m going to use it to watch movies and use Twitter,” he said, referring to the micro-blogging site.


The original iPhone launched in 2007 brought smartphones to the masses. Apple has sold more than 50 million of the handsets in the past three years.


But its latest version enters a crowded market full of rivals boasting bigger screens and running on Google’s open-source Android operating system, which is more accessible to developers than Apple’s tightly guarded system.


The launch of the latest iPhone has been beset by various problems culminating in the white model being delayed to the second half of July because of unspecified manufacturing difficulties.


Carriers in the United States and France were also forced to suspend early orders because of heavy demand. Apple said it had received a single-day record 600,000 orders for the new smartphone.


The new iPhone will be available in 18 other countries in July and 24 more in August.

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Source: SGGP

Vietnam makes great strides towards MDGs

In Uncategorized on June 1, 2010 at 3:48 pm




Vietnam makes great strides towards MDGs


QĐND – Tuesday, June 01, 2010, 22:13 (GMT+7)


Vietnam has made considerable achievements in the field of healthcare, education and poverty and hunger combat, announced a senior Vietnamese diplomat.


At the opening session of the 14th annual meeting of the UN Human Rights Council held in Geneva on May 31, Vu Anh Quang, Minister of the Vietnam mission to the United Nations, the World Trade Organisation and other international organisations in Geneva, affirmed that the United Nations Millennium Development Goals (MDGs) are also part of Vietnam ’s socio-economic development strategies.


“Vietnam regards the right to food and food security, and the right to education and access to basic healthcare, especially for women and children as primordial aims while implementing the MDGs”, he said.


High on the meeting’s agenda is human right issues in the implementation of the MDGs. The issues will also be discussed at the Summit on Human Rights, scheduled to take place in September.


Source: Vietnam+


Source: QDND

Website on poverty reduction makes debut

In Uncategorized on May 6, 2010 at 4:40 pm




Website on poverty reduction makes debut


QĐND – Thursday, May 06, 2010, 21:37 (GMT+7)

A website providing information about poverty reduction in the country’s 62 poorest districts officially made its debut in Hanoi on May 6.


Ngo Truong Thi, Vice Director of the Department of Social Protection under the Ministry of Labour, War Invalids and Social Affairs (MoLISA), said the website is designed to provide official, timely and comprehensive information about the implementation of the government’s Resolution 30A regarding rapid and sustainable poverty reduction in the targeted districts.


Along with introducing concerned documents, the website, at http://giamngheo.molisa.gov.vn, will keep readers updated on the progress of implementing the programme as well as experiences of outstanding individuals who successfully escape from poverty.


According to MoLISA, after one year of performing the resolution, the rate of poor households in these districts dropped from 47 percent in 2008 to 43 percent in late 2009.


The government earmarked almost 5.43 trillion VND for the poor districts to carry out Resolution 30A in 2009 and 2010, reported the ministry.


Forty-two State-owned groups, corporations and businesses pledged to grant more than 2.1 trillion VND to support the districts in the 2009-2020 period, of which 723 billion VND was doled out in 2009.


By the end of the first quarter of 2010, the beneficiary districts had built over 73,000 houses for poor families, 167 district-level infrastructure projects and 520 commune-level works.


As part of the programme, a total of 180,000 poor households were provided with free-of-charge saplings and animals for farming and rice as food.


Enterprises joined hands with local authorities to send almost 1,700 poor workers to Libya, Malaysia and the United Arab Emirates, where they have earned a stable income of between 4-6.5 million VND a month.


In terms of personnel, 14 provinces sent 240 young officials from provincial and district-level agencies to work in the poor districts.


The programme has set a target of reducing the number of poor households in the districts to 40 percent by the end of 2010 and to the regional average by 2020.


Source: VNA


Source: QDND