wiki globe

Posts Tagged ‘shares’

US probe shares out ‘systemic’ blame for oil spill

In Uncategorized on January 8, 2011 at 4:12 am

A US panel has spread blame for the deadly Gulf of Mexico oil spill beyond BP to Halliburton and Transocean, accusing all three of “systemic” management failures that could happen again.

The presidential commission’s assessment was part of its final report on the deadly April blowout of BP’s Macondo well, which killed 11 workers and spewed 4.9 million barrels of oil into the Gulf of Mexico over three months.

It said oil services giant Halliburton and offshore drilling group Transocean were also very much at fault in ignoring key warnings and failing to take the necessary precautions to avert the massive spill.

A dead sea turtle lies on a beach in Waveland, Mississippi at the height of the US Gulf oil spill

The blowout “was the product of several individual missteps and oversights by BP, Halliburton and Transocean, which government regulators lacked the authority, the necessary resources and the technical expertise to prevent,” read the advance chapter. The full report is due out next week.

Transocean owned the BP-leased Deepwater Horizon platform that sank in the accident. In October, Halliburton admitted skipping a key cement test before the blowout, but blamed BP for not testing the integrity of the job.

The root causes of the blowout were “systemic and, absent significant reform in both industry practices and government policies, might well recur,” the report said.

“Whether purposeful or not, many of the decisions that BP, Halliburton and Transocean made that increased the risk of the Macondo blowout clearly saved those companies significant time (and money).”

Saying it supported the presidential commission’s probe into the incident, BP stressed that preliminary findings concluded that “the accident was the result of multiple causes, involving multiple companies.”

The beleaguered firm said it was working with regulators and the industry “to ensure that the lessons learned from Macondo lead to improvements in operations and contractor services in deepwater drilling.”

It cited launching a new division devoted to safety and operational risk that reports directly to the firm’s CEO Bob Dudley and will provide “independent oversight” of safety-related operational decisions.

The findings “only compound our sense of tragedy because we know now that the blowout of the Macondo well was avoidable,” said former Florida senator Bob Graham, the commission’s co-chair.

“This disaster likely would not have happened had the companies involved been guided by an unrelenting commitment to safety first. And it likely would not have happened if the responsible governmental regulators had the capacity and will to demand world class safety standards.”

According to the report, the Macondo well blew out when a series of “separate risk factors, oversights and outright mistakes combined to overwhelm the safeguards” designed to prevent such an event.

“But most of the mistakes and oversights at Macondo can be traced back to a single overarching failure — a failure of management,” it added.

“Better management by BP, Halliburton and Transocean would almost certainly have prevented the blowout by improving the ability of individuals involved to identify the risks they faced, and to properly evaluate, communicate and address them.”

Former Environmental Protection Agency (EPA) administrator William Reilly, another co-chair of the commission, pointed to a “system-wide problem.”

The seven-member panel was set up by US President Barack Obama and tasked with finding out what caused the accident.

Source: SGGP

Seafood shares look promising in last quarter this year

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

Most of seafood exporters announced healthy earning results in the first nine months of the years thanks to surging demand worldwide and the strong US dollar. However, some catfish and basa producers were hit by anti-dumping taxes, while shrimp exporters took profit from the weakening supply caused by the Gulf of Mexico oil spill in the US.

(Photo: tuoitreonline)

Minh Phu Seafood Joint Stock Company (MPC) produced 16,660 tons of shrimp in the first three quarters of 2010, with the profit reaching VND253.3 billion (US$13 million).

Sao Ta Foods Joint Stock Company (FMC) made an after-tax profit of VND5.97 billion ($298,500) in the third quarter, a significant increase of 190 percent year-on-year. The profit from exporting seafood, which is the firm’s core business, surged 176.5 percent year-on-year to VND31.11 billion ($1.6 million).

Financial experts said seafood exporters took big profit from the dollar/Vietnam dong exchange rate fluctuation, which saw the rate rose from VND18,465 per dollar early this year to VND19,500 per dollar. The stronger dollar gave the exporters selling seafood to the US around 5 percent of their revenue in the first three quarter this year.

Catfish and basa exporters meanwhile suffered heavy losses in the first nine months of the year as they struggled to deal with increasing material price and anti-dumping taxes. Among losers are BASA Joint Stock Company (BAS) with a loss of VND7.5 billion ($375,000).

Third quarter revenue of Cuulong Fish Joint Stock Company (ACL) rose 45.8 percent year-on-year, but its profit dropped 64.7 percent. Similarly, the net profit in the first nine months of Hung Vuong Corporation (HVG), one of the country’s biggest catfish and basa exporters, only made out of 50.9 percent of the target.

But analysts said the seafood sector’s average price-to-earnings rate (P/E) of 7.6x was much lower than the stock market’s average P/E rate of 11.4x, showing seafood share prices are pretty good.

They also expect seafood sector will be booming in the last quarter thanks to the yearend rising consumption prices and the US dollar getting stronger.

The seafood demand at developed countries often increase significantly in the last quarter every year as they come into the festival season.

Shrimp price surged to $3-4.8/pound in the first nine months as the Gulf of Mexico oil spill in the USA prompted to a shortage in shrimp supplying.

Source: SGGP

Monetary measures boost shares

In Uncategorized on November 9, 2010 at 3:23 am

Order to sell dollars lifts shares

In Uncategorized on November 6, 2010 at 1:50 am

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

Foreign investors maximum of 30% of shares in telecom firms

In Uncategorized on July 1, 2010 at 10:26 am

Foreign investors maximum of 30% of shares in telecom firms

QĐND – Tuesday, June 29, 2010, 20:45 (GMT+7)

Foreign investors are permitted to invest in telecommunications services in Vietnam in both forms of direct and indirect investment, according to a draft decree to detail the Telecommunication Law.

The decree is being compiled by the Ministry of Information and Communication and will be submitted to the Government in August.

Particularly, the decree defines that foreign investors as telecommunications providers without telecommunications infrastructure networks are allowed to do business with Vietnamese telecoms with telecommunications infrastructure networks; and for foreign investors with telecommunications infrastructure networks, they must found a joint venture or/and cooperate with other already-licensed businesses in Vietnam.

The decree also points out that foreign investors can hold a maximum of 30 per cent of the registered capital in telecommunications joint ventures.

Projects costing over VND 2 trillion invested in by foreign investors with telecommunications infrastructure networks must be approved by the Prime Minister, while projects costing between VND 1 trillion and VND 2 trillion must be approved by the Ministry of Information and Communication, the decree stipulates.

Source: DDDN

Translated by Thu Nguyen  

Source: QDND

Shares rise on solid economic data

In Uncategorized on June 23, 2010 at 4:34 am

Shares rise on solid economic data

QĐND – Tuesday, June 22, 2010, 20:47 (GMT+7)

The VN-Index opened a new week on a positive note by closing up on June 21 by 0.7 percent to a one-month high of 514.75 points, as investors began to become more confident in supporting economic data and a looming uptrend in the market.

Trading volume on the HCM City Stock Exchange fell by 23.5 percent from the previous session total, however, reaching 48.25 million shares, worth a combined 1.47 trillion VND (78.2 million USD). Gainers outnumbered losers by 134-62, with Viet Nam Tanker Co (VTO) jumping into the position as the most-active share on the bourse with nearly 1.9 million share traded.

Many penny stocks – mostly transportation shares – rose to their ceiling prices in the final minutes of the day’s session, including VTO, PetroVietnam Transportation Co (PVT), Dong Do Marine Co (DDM), Marine Supply and Engineering Service Co (MAC), Sai Gon Maritime Co (SHC) and Southern Vietnam Container Shipping Co (VSG).

A majority of blue chips also posted gains, with foreign investors snapping up 300,000 shares out of over 340,000 shares of Hoang Anh Gia Lai Co (HAG) traded during the day. HAG rose 0.6 percent on the day to close at 83,000 VND (4.40 USD) per share.

The HCM City bourse on June 21 also saw three new listings, with shares of Ca Mau Trading Co (CMV) leaping by 20 percent – the daily limit for a new listing – to close at 36,000 VND (1.90 USD), with 16,000 shares traded.

On the Hanoi Stock Exchange yesterday, the HNX-Index also rose by 0.4 percent to close at 164.01. Trading volume totalled 43.2 million shares worth a combined 1.38 trillion VND (73 million USD).

Advancers outnumbered decliners by 199-67, with PetroVietnam Construction (PVX) still the most heavily-traded share nationwide on a volume of nearly 4.5 million.

The Hanoi market also saw the addition of its 300th listed share, PetroVietnam Premier Recreation Co (PVR). PVR closed at 27,600 VND (1.46 USD) on a volume of nearly 1.2 million shares.

Foreign investors were net buyers on the HCM City market on the day, responsible for a net buy of 1 million shares worth 75 billion VND (3.97 million USD). They were still net sellers on the Hanoi market, however, to the tune of 2.3 billion VND (121,693 USD) worth of shares.

Source: VNA

Source: QDND

BP shares slide on oil spill fallout

In Uncategorized on June 10, 2010 at 10:59 am

LONDON, June 10, 2010 (AFP) – BP shares collapsed by almost 16 percent Thursday as the US government tightened the screw on the British oil giant over the Gulf of Mexico oil spill that has cost the company billions of dollars.

BP shares slumped 15.7 percent in early London deals, mirroring the size of a fall Wednesday by the group’s US traded-shares as the US government gave the company 72 hours to update plans for containing the spill.

A flare burns from a drill ship recovering oil from the ruptured BP oil well over the site in the Gulf of Mexico on June 9, 2010 off the coast of Louisiana. AFP photo

In initial deals BP’s shares plunged 15.7 percent to 330 pence before pulling back to 370 pence, a drop of 5.50 percent.

The latest movements came as BP said Thursday it had spent about 1.43 billion dollars (1.19 billion euros) on efforts to contain the Gulf of Mexico oil spill and on compensation.

But the group’s market value has shed billions of extra dollars owing to the share price slumps since the Deepwater Horizon oil rig that it operates sank on April 22 — two days after an explosion killed 11 workers.

US President Barack Obama has severely criticised BP and its chief executive Tony Hayward over its handling of the worst US oil spill and environmental disaster in history.

London mayor Boris Johnson hit back on Thursday, claiming that BP was the victim of “anti-British rhetoric”.

“I do think there’s something slightly worrying about the anti-British rhetoric that seems to be permeating from America,” Johnson told BBC radio.

“I would like to see a bit of cool heads rather than endlessly buck-passing and name-calling.

“When you consider the huge exposure of British pension funds to BP it starts to become a matter of national concern if a great British company is being continually beaten up on the airwaves.

“It was an accident that took place and BP is paying a very, very heavy price indeed,” he added.

Obama had said he was looking for some “ass to kick” as recriminations mount and the oil spill wreaks havoc on the fragile Gulf coastline.

The president added this week that he would have sacked Hayward for flippant comments made about the impact of the disaster.

Hayward had said that the spill would be “very, very modest” and described it as relatively “tiny”. He has since apologised for the comments.

BP meanwhile added on Thursday that it was “not aware of any reason which justifies” the near 16-percent drop in the group’s share price in Wall Street trade on Wednesday, as it was making progress with containing the spill.

BP is said to be collecting about 15,000 barrels a day from the leak.

New York-traded shares in BP plunged 15.80 percent to 29.20 dollars overnight — — their lowest level in 14 years.

A bemused BP hit back at the US share price slide, claiming it was a “strong” company financially and had “significant capacity and flexibility in dealing with the cost of responding to the incident, the environmental remediation and the payment of legitimate claims.”

BP’s share price had already tumbled in London on Wednesday, as investors feared that intense political pressure from Washington over the Gulf of Mexico oil spill could force the group to axe its prized shareholder dividend.

BP’s London share price has collapsed by more than 40 percent since the accident, which sparked an enormous oil spill from a leaking well head on the ocean floor.

US disaster control chief Thad Allen said Wednesday that he had sent a letter to BP demanding records of reimbursement claims filed by individuals and businesses for damages stemming from the spill.

Obama has warned BP that it must not short-change Gulf of Mexico disaster victims.

Source: SGGP

Australia shares experiences in vocational training

In Uncategorized on June 3, 2010 at 2:08 am

Australia shares experiences in vocational training

QĐND – Wednesday, June 02, 2010, 21:31 (GMT+7)

Australia’s experiences in college-to-university vocational training were discussed at a seminar in Hanoi on June 2.

Experts from the Vocational Training General Department under the Ministry of Labour, War Invalids and Social Affairs and the Australian International Education Agency also analysed challenges that Vietnam is facing during its educational reform, helping both sides define areas of cooperation in the future.

The seminar heard reports on Australia ’s current system which allows those who graduate from vocational training schools to go on with studying at tertiary educational institutions.

According to the participants, college-to-university vocational training offers more opportunities for students to continue their study, which benefits not only students but also recruiters, industries and the whole economy.

Source: VNA

Source: QDND

Shares race to top

In Uncategorized on May 26, 2010 at 9:24 am