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Tag Archive for ‘Economy’

Oil Falls on Greek Aid Meetings, Japanese Contraction

Oil in New York dropped for the first time in three days as European policy makers met to discuss aid for Greece and Japan’s economy shrank. Futures fell 0.6 percent as euro-area finance ministers gathered in Brussels after Greek lawmakers passed a 2013 budget needed to unlock bailout funds. Japan’s economy contracted last quarter at an annual rate of 3.5 percent, the most since the earthquake and tsunami in early 2011. “As long as there is no resolution to the Greek crisis, markets will remain under pressure,” said John Kilduff, a partner at Again Capital LLC, a New York-based energy hedge…

Pinnacle’s Casino Development in Vietnam in Jeopardy

Pinnacle Entertainment’s $114 million investment in a casino development in Vietnam is in jeopardy after it was disclosed the development company in charge of the project is in default. The Las Vegas-based regional casino operator disclosed the issue in the company’s quarterly earnings filing Friday with the Securities and Exchange Commission. Pinnacle disclosed that Asian […]

Vietnam Lawmakers Demand Further Spending Cuts

Profligate government to blame for Vietnam missing deficit target, not lower budget revenues Construction workers build a bridge in Hanoi. Legislators say the government should reduce unnecessary spending and save money for important infrastructure projects. Photo: Reuters Vietnamese legislators are holding the government squarely responsible for the budget deficit exceeding the annual target this year, saying the primary factor is a lack of fiscal discipline. The state budget deficit as of mid-October was estimated at VND155 trillion (US$7.4 billion) by the General Statistics Office. That is 10.7 percent higher than the target for the whole year approved by the National…

Eurozone to meet again on Greek aid, clashes with IMF

BRUSSELS – Eurozone finance ministers have agreed to meet again on November 20 to clear the way for a long-delayed Greek aid payment, but a proposal to change its debt reduction deadline sparked the ire of the International Monetary Fund. Eurogroup head Jean-Claude Juncker said on Monday Greece has made progress on its commitments to reduce debt and the public deficit but ministers still had work to do before finalizing the details and so approving some 31 billion euros (US$39 billion) in funding. Greek Prime Minister Antonis Samaras had said…

Foreign companies enlarge, Vietnamese firms struggling to survive

Contrary to the bleak situation of domestic companies, many foreign direct investment (FDI) corporations have not only grown in term of invested capital but also overpower in some Vietnam’s key export sectors. While domestic companies are struggling for survival, foreign invested corporations are enlarging manufacturing, especially in Vietnam’s key export sectors. Textiles, leather, plastic, mechanical, etc., seem to be Vietnam’s strength for low cost labour, simple technology, but export increasing mostly comes from foreign invested companies. Only in term of capital, in October, there were 359 FDI projects registered to capital increasing with the amount of 3.8 billion US dollars, 12.3…

Vietnam: Keeping inflation below 8pct in 2013

It requires constant efforts in the next 10 years to contain inflation, stabilise macro-economy, and build a firm foundation for growth. * Inflation rates should be kept at 8 percent: PM * September inflation causes concern * Keeping credit growth in harmony with inflation This was emphasized by the National Assembly in its newly adopted […]

Vietnam consumers spend less, save more: Nielsen

Ninety-one percent of local respondents have admitted that they have changed their spending habits to practice thrift this year, Nielsen said in its report about the consumer confidence index released Monday. Vietnam’s consumer confidence index dipped 8 points to 87 in Q3 2012, marking the lowest confidence since Q1 2009, said Nielsen, the global provider of information and insights into what consumers watch and buy, citing its latest global consumer confidence findings. In the latest round of the survey, conducted between August 10 and September 7, 2012, global…

Vietnam Franchise Market Warms Up, To Boom In Near Future

Newly emerging and potential–Vietnam has become a lucrative market for foreign franchisors. However, the high retail premises rents would challenge them. Foreign food groups have been flocking to Vietnam to seek business opportunities through franchising contracts. The US fast food Burger King has set up its first shop on Pham Hong Thai Street in district […]

Damming on Mekong River mainstream needs sustainability

Vietnam expects Laos will continue its research on the environmental impacts of Xayaburi hydropower dam on the Mekong River mainstream and perfect the design of the project, said Vietnamese Foreign Ministry’s spokesperson Luong Thanh Nghi. Nghi made the statement at a regular press briefing in Hanoi on Thursday when asked about Vietnam’s viewpoint on the […]

Vietnam’s Bank Chief To Be Queried Over Irresponsible Comment

Nguyen Van Binh, governor of the State Bank of Vietnam, has received 361 requests from National Assembly delegates to make a formal explanation on Tuesday over a statement he made last week. With such number of requests, Binh is the Government member having received the most questions after stating “as the governor of the State Bank of Vietnam, I could not promise anything about the handling of non-performing loans (NPL), or bad debt,” in a National Assembly (NA) meeting…