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Posts Tagged ‘money’

Charity music performance to raise money for the poor

In Uncategorized on December 16, 2010 at 9:36 am

A charity music performance to raise money for the poor in the upcoming lunar New Year holiday (Tet) will take place at the Ho Chi Minh City Opera House on December 10.

        Singer My Tam will take part in the concert.

The concert is jointly organized by the Sai Gon Giai Phong (SGGP) Newspaper and Ho Chi Minh City Television.

Popular singers will include Anh Tuyet, My Tam, Quang Linh, Nguyen Phi Hung, Bonnuer Trinh, Dong Quan, cai luong actress Que Tran and actor Ly Hung.

In addition, on this occasion, the SGGP Newspaper will launch a fundraising program for the disadvantaged people so that they too can enjoy a happy Tet holiday. The organizes would like people to donate money for this worthy cause, so that we can help the poor.

Source: SGGP

Korean businesses raise money for charity

In Uncategorized on November 16, 2010 at 2:31 pm

Hundreds of people donate money to help flood victims

In Uncategorized on November 5, 2010 at 10:50 am

Hanoi hosts special concert to raise money for flood victims

In Uncategorized on November 2, 2010 at 8:12 am

Asia must avoid ‘distortions’ in handling hot money: ADB

In Uncategorized on October 30, 2010 at 11:10 am

HANOI, Oct 30, 2010 (AFP) – Developing Asian nations must carefully manage a massive inflow of foreign capital and avoid remedies that could create destabilising “distortions”, the Asian Development Bank chief warned Saturday.

Haruhiko Kuroda told Asian leaders at a summit in the Vietnamese capital Hanoi that capital flows are one of two risks that regional economies face as they rebound from the global downturn that began in 2008.

His comments came shortly before the US Federal Reserve is expected to announce it will go into a second round of quantitative easing, injecting more money into the banking system to further stimulate the world’s biggest economy.

Indian Prime Minister Manmohan Singh (R) speaks with Australian Prime Minister Julia Gillard ahead of a bilateral meeting at the ASEAN Summit in Hanoi on October 30, 2010. AFP

The first risk is that the recovery in the developed economies could falter, Kuroda told presidents, prime ministers and a sultan, as well as US Secretary of State Hillary Clinton and the Russian foreign minister.

“The second risk is capital flows, which could complicate macroeconomic management,” Kuroda said in a prepared speech made available to journalists.

“We must be prepared,” he told his audience, which also included Chinese Premier Wen Jiabao.

Referring to Asian economies outpacing growth in the developed world, Kuroda said “faster growth and higher yields can draw excessive — and potentially volatile — capital flows into the region”.

“Authorities are watching asset prices and exchange rates carefully, with several beginning to use well-targeted capital controls to limit speculation,” he said.

“Care must be taken, however, not to create distortions.”

Hammered by the financial turmoil that began in 2008, the United States, Japan and Europe are moving to weaken or cap their currencies in a bid to make their exports more competitive in the global market.

They have also injected more money into their banking systems to stimulate growth, with the Fed expected to announced a second round of quantitative easing when it meets from Tuesday to Wednesday.

But because growth in the developed world is anaemic and unemployment high, a large chunk of the money is heading to emerging markets, including in Asia, where it stands to gain better yields.

According to the Washington-based Institute of International Finance (IIF), net private capital flows to emerging economies are projected to reach 825 billion dollars this year, or more than two billion dollars a day, up from 581 billion dollars in 2009.

The massive inflow has nudged most Asian currencies higher, making their exports more expensive on the global market as the US allows the dollar to weaken and China keeps a tight rein on the yuan.

The influx has also led to steep gains in stocks and property prices, which have stoked fears of “bubbles” which could later burst if the money is withdrawn quickly, and prompted individual central banks to act to cool down their markets.

Philippine Finance Secretary Cesar Purisima, who is attending the Hanoi meetings, called for cooperation among developing states to fight the impact of the currency tensions.

“Our concerns as small countries is when the pendulum swings the other way around. What would happen to us — and really this is something that we need to address as a group and not as a single country,” he told reporters on Friday.

The IIF in a research note released in October urged policymakers to be careful about the international and domestic impact of the actions they take on their currencies.

A disorderly adjustment can cause “renewed strains in global financial markets and, possibly, igniting policy tensions and, possibly, protectionist measures between key economies,” it warned.

Source: SGGP

Money saved from fireworks cancellation donated to flood-hit localities

In Uncategorized on October 14, 2010 at 6:30 pm

Money saved from fireworks cancellation donated to flood-hit localities

QĐND – Wednesday, October 13, 2010, 20:32 (GMT+7)

The VND5 billion saved from the cancellation of firework displays in 29 different sites in Hanoi on October 10th, will be disbursed to people in flood-hit regions in central Vietnam.

Vice-Chairman of Hanoi People’s Committee, Hoang Manh Hien, told VnExpress on October 12th that all the money saved from the fireworks cancellation would be granted to the worst flood-hit provinces such as Quang Binh and Ha Tinh in central Vietnam.

On the same day, the Hanoi leader visited and presented VND2.5 billion to people in Quang Binh Province, VND1.5 billion of which is part of the money saved from the fireworks cancellation.

Meanwhile a delegation from Hanoi authority also visited two flood-hit districts of Bo Trach and Quang Trach in Quang Binh Province and presented 100 gifts worth VND500,000 to families worst hit by recent floods.

Source: Vnexpress

Translated by Vu Hung

Source: QDND

VN takes firm steps against money laundering

In Uncategorized on August 14, 2010 at 3:24 pm

VN takes firm steps against money laundering

QĐND – Saturday, August 14, 2010, 20:50 (GMT+7)

The Government has promulgated a National Action Plan on Anti-money Laundering and Combating Financing of Terrorism for the period from August 2010-August 2011.

A decision to this effect coded 1451/QD-TTg was signed on August 12 by Permanent Deputy Prime Minister Nguyen Sinh Hung on behalf of the Prime Minister.

Accordingly, the Steering Committee for Anti-money Laundering was assigned to instruct and coordinate relevant ministries, sectors and agencies to implement the plan. Relevant ministries, sectors and agencies were assigned to study the practical plan and coordinate with the State Bank of Vietnam to carry out their tasks.

Under the national action plan, the Public Security Ministry will issue a circular to give instructions to relevant ministries and sectors to implement the Penal Code’s Article 251 on anti-money laundering.

The Finance Ministry will create a circular with instructions on the implementation of the Government’s Decree on Anti-money laundering in securities, insurance, rewarded games and entertainment.

The Justice Ministry will submit to jurisdiction levels the ratification of the convention on anti-transnational crimes.

The State Bank of Vietnam will check against limitations on regulations relating to high-risk customers and requirements of beneficiaries.

The Ministry of Information and Communications will disseminate information on anti-money laundering and combating the financing of terrorism.

In August 2011, the Justice Ministry will review and make proposals for revising (if necessary) the Penal Code, to be in line with the Article 2 of the international convention on combating financing of terrorism and special recommendations of the Financial Action Task Force (FATF).

Source: VNA/Vietnam+

Source: QDND

Lang Son border forces seizes VND100 million face-value of fake money

In Uncategorized on August 4, 2010 at 3:19 pm

Lang Son border forces seizes VND100 million face-value of fake money

QĐND – Wednesday, August 04, 2010, 20:41 (GMT+7)

PANO – Border soldiers of the Tan Thanh Border Force Station have just apprehended fake money case, according to Deputy-Commander of the station, Senior-Lieutenant Duong Van Thang.

At 20.30 hours on August 1st, a working group of the Tan Thanh Border Force Station caught red-handed, a man carrying VND100 million of fake Vietnamese currency, which he was trying to bring into Vietnam via a path across the border between Vietnam and China in the northern province of Lang Son.

After initial inquiries, the man was found to be Be Van Trinh, born in 1978 in Chi Lang, Lang Son. He said he was hired to carry the fake money to a person in Bac Giang Province to get VND 5 million.

On August 2nd, the command of the Tan Thanh Station handed over the case to the Lang Son Provincial Command to expand the investigation further.

Translated by Thu Nguyen 

Source: QDND

Oil comes ashore in Texas as BP dismisses money fears

In Uncategorized on July 7, 2010 at 4:13 am

Clean-up efforts in the Gulf of Mexico oil spill extended to Texas and Lake Pontchartrain, Louisiana, as BP dismissed reports of deeper financial woes.

Officials said crews collected tar balls and waste from Lake Pontchartrain, the vast estuary near New Orleans, as rough weather continued to hamper the containment and skimming effort near the spill site in the Gulf.

US Coast Guard Admiral Thad Allen said the huge spill was now threatening all the states along the Gulf coast from Florida to Texas and that rough seas since the passage of Hurricane Alex had hurt the effort.

Oil is cleaned off of a gull at a wildlife rehabilitation center in Buras, Louisiana, on July 5.

The first Atlantic hurricane of the year passed through the Gulf of Mexico last week without too much alarm for the oil containment efforts, but Allen said two nearby storm systems were being closely watched.

“We’re watching very, very closely the swells and waves that might be generated by this current storm system,” he said.

“Sometime in the seven to 10 days we’ll look for a window of opportunity to put the containment cap on at the same time we will go on and continue with the drilling of the relief well.”

A BP spokeswoman in London denied the firm was planning to sell new stock to a strategic investor to raise money, amid reports the British government is working on a crisis plan if the company is sunk by the disaster.

“We are not issuing any new equity,” she said. “We welcome new shareholders to come onto the shareholder register and we welcome existing shareholders who want to take a bigger amount of shares.”

The Times newspaper in London reported that officials at the Department of Business and the Treasury were already considering contingencies for BP’s potential collapse.

“It is not clear how bad this will get, but the government needs to be prepared for any eventuality,” an anonymous source said to be familiar with the talks was quoted as saying.

BP has forked out some 3.12 billion dollars in spill-related costs and has promised to pay another 20 billion dollars into an escrow fund to compensate Americans affected by the spill.

The BP-leased Deepwater Horizon rig sank on April 22, two days after an explosion that killed 11 workers, unleashing the worst environmental disaster in US history.

Sunday, tar balls from the spill arrived on beaches in Texas, more than 500 miles (800 kilometers) away, though it was unclear how the crude got there.

Tests showed they did come from the BP Deepwater Horizon well but scientists and officials were working to determine if they arrived in Texas by currents or via ships operating in the vicinity of the well head.

The tar balls in Lake Pontchartrain were also being tested.

Some 792 kilometers (492 miles) of Gulf Coast shoreline has been oiled, and fishing ground closures and tourist cancellations threaten financial ruin for residents who have reacted angrily to BP’s failure to cap the spill.

Up to 60,000 barrels of oil a day is believed to be leaking into the Gulf of Mexico, far outpacing the collection efforts of a system that is capturing around 25,000 barrels a day.

Officials hope to more than double that capacity to some 53,000 barrels a day by hooking up a third containment vessel, the Helix Producer, to the system that captures and siphons away the crude.

“There is a partial hookup right now and they can sustain that unless they have really severe sea states,” said Allen, the US official coordinating the spill response.

“We won’t know for several hours whether they’re able to do it. It currently is a work in progress.”

Officials were also testing a mega-tanker, A Whale, which could boost efforts to skim spilled crude from the sea surface.

The ship is believed to be able to suck up to 500,000 barrels (21 million gallons) of oily water a day through its “jaws,” a series of vents on the side of the ship.

By comparison, more than 500 smaller vessels in 10 weeks have only managed to collect some 31.3 million gallons of oil-water mix between them and high waves forced most of the boats to halt operations on Tuesday.

It will likely be mid-August at the earliest before the ruptured well is permanently capped by injecting mud and cement with the aid of relief wells.

The high end of the oil leak estimates means it has now surpassed the 1979 Ixtoc blowout, which took nine months to cap and dumped an estimated 3.3 million barrels (140,000 million gallons) into the Gulf of Mexico.

It is topped only by the deliberate release of six to eight million barrels of crude by Iraqi troops who destroyed tankers and oil terminals and set wells ablaze in Kuwait during the 1991 Gulf War.

Source: SGGP

Not enough ‘money in the world’ for all BP spill claims

In Uncategorized on July 1, 2010 at 2:27 pm

NEW ORLEANS, Louisiana, July 1, 2010 (AFP) – The Obama appointee managing BP’s oil spill disaster fund said there’s “not enough money in the world” to pay all claims and suggested home owners with plunging property values could lose out.

The warning from prominent US lawyer Kenneth Feinberg came as Hurricane Alex disrupted clean-up operations in the Gulf of Mexico and pushed oil deeper into fragile coastal wetlands and once-pristine beaches.

Kenneth Feinberg arrives at a House Small Business Committee hearing on Capitol Hill on June 30, 2010 in Washington, DC. AFP

Some 423 miles (681 kilometers) of American shorelines have now been oiled — nearly double the amount sullied just two days earlier — as oil continues to gush into the sea at an alarming rate 10 weeks into the worst environmental disaster in US history.

Feinberg, tapped by President Barack Obama to administer the 20-billion-dollar claims fund, insisted BP will “pay every eligible claim,” but cautioned that many perceived damages may not qualify.

“I use that famous example of a restaurant in Boston that says, ‘I can’t get shrimp from Louisiana, and my menu suffers and my business is off,'” Feinberg told the House of Representatives Committee on Small Business.

“Well, no law is going to recognize that claim.”

Feinberg said he was still sorting out how to deal with indirect claims like hotels that lose bookings because tourists think the beaches are covered in oil, or people who see their property values decline but live several blocks away from an oiled beach.

“There’s no question that the property value has diminished as a result of the spill. That doesn’t mean that every property is entitled to compensation,” he said, adding: “There’s not enough money in the world to pay everybody who’d like to have money.”

Feinberg, who headed a compensation fund for victims of the September 11 attacks, assured lawmakers the fund would be “totally independent” and said BP had agreed to top up the escrow account as needed to meet proper claims.

The British energy giant has already disbursed over 130 million dollars in emergency payments to fishermen and others affected by the slick. Feinberg said lump sum payments would be offered to claimants once the true extent of the damage is assessed.

“It sure would help if the oil would stop,” he told the committee.

Obama on Wednesday ordered the development of a long-term plan to “restore the unique beauty and bounty” of the Gulf Coast.

The Long-Term Gulf Restoration Support Plan aims to “ensure economic recovery, community planning, science-based restoration of the ecosystem and environment, public health and safety efforts, and support of individuals and businesses who suffered losses due to the spill,” a White House memo said.

An estimated 35,000 to 60,000 barrels of oil a day has been gushing out of the ruptured well since the Deepwater Horizon drilling rig sank on April 22 some 50 miles off the coast of Louisiana.

Efforts to permanently plug the leak by drilling relief wells continued despite the rough seas which had forced a halt to skimming operations off the coasts of Louisiana, Mississippi, Alabama and Florida.

Two containment ships are continuing to capture the oil at a rate of about 25,000 barrels per day despite seven-foot (two-meter) swells.

But the rough seas have delayed the deployment of a third ship aimed at doubling the containment capacity.

And officials have warned that drilling and containment will be suspended for about 14 days if the spill zone is threatened by a more direct storm hit.

That could delay the completion of the wells until at least September and would dump an additional 490,000 to 840,000 barrels of extra oil into the Gulf.

Senior government officials were set to meet with Obama Thursday to discuss whether a new containment system should be installed in the interim.

That system would further raise capacity, but would require the current cap to be removed and involve careful manipulation some 5,000 feet (1,500 meters) below the surface.

The storm was set to make landfall late Wednesday south of the US border with Mexico as a Category Two hurricane, with 100-mile-per-hour winds and heavy rains lashing the coast, the Miami-based National Hurricane Center said.

The NHC said at 0130 GMT Thursday that Alex’s winds extended outward up to 70 miles from the eye, and tropical storm force winds extended out to 205 miles, well into Texas.

The first major storm of the Atlantic season, Alex earlier dumped heavy rains across the Yucatan peninsula, having killed at least 10 people in Nicaragua, Guatemala and El Salvador.

Source: SGGP