Euro tops US$1.20 to hit highest level since early 2015

A road project from V​an Y​en Commune’s resettlement area to eastern C​ai B​au island park in Qu​ang Ninh Province’s Van Don economic zone. (Photo: VNA) Hanoi (VNA) –Deputy Prime Minister Vuong Dinh Hue has asked ministries, agencies and localities to build strong institutions to help Van Don Special  Economic Zone retain investors, businesses and visitors. He made the request during his recent visit to the northern coastal province of Quang Ninh’s Van Don island district to inspect constructions. Van Don has attracted nearly 2 billion USD of domestic and foreign investors to build infrastructure in the past few years. Van Don Airport’s construction of a 3,600-metre runway has been almost finished after two years of construction. According to Sun Group, the project investor, the international airport is expected to be operational in the first quarter next year. Apart from airports and logistics port, Sun Group also invests in resorts and entertainment areas. Visiting Van Don, the Deputy Prime Minister emphasised the island’s unique position and its role in the development of the northern region. This area is located in the area of Vietnam - China economic cooperation, as part of the Gulf of Tonkin inter-regional cooperation and can also be a bridge between ASEAN and China. Van Don also has potential to build deep-water ports, which are located in Hai Phong-Quang Ninh-Fangcheng (China) international port complex. Despite being an isolated island, Van Don is connected with the Red River Delta (National Highways…... [read more]

Despite breaking three records and winning eight gold medals at the 29th SEA Games, Vietnamese swimmer Anh Vien said she wished she had been able to meet the goal of earning ten gold medals for Vietnam.     Swimmer Anh Vien arrived at Tan Son Nhat Airport on August 28 Arriving at Tan Son Nhat Airport in HCM City on August 28, Anh Vien said, "Actually, it's not a too difficult task for me. I regret not achieving that goal. I wasn’t too confident in the first competitions. I tried harder later but the schedule was not favourable." Anh Vien won eight gold medals, two silvers and broke three records. Vien said if her schedule were more favourable, she would have been able to win more gold medals. "Right now, my goal is at the Asian Games. I'll do my best to win for those who have supported me," she said. Coach Dang Anh Tuan said the pressure on Anh Vien was huge as she was expected to continue earning eight gold medals or more from last SEA Games. Tuan said Anh Vien successfully completed her mission as she had to face competition from many athletes to won eight golds and set three records. As each athlete is awarded VND45m (USD2,000) for a gold medal and VND25m for a silver, Anh Vien will be given a total of VND410m (USD18,000). She will also be given VND45m for three records at SEA Games this year, and quick additional VND96m awards on…... [read more]

Facebook said that pages that make a habit of linking to bogus news stories will no longer be able to advertise at the world's leading online social network. The move is the latest shot fired by Facebook in its war against 'fake news' used to deceive instead of enlighten. "If Pages repeatedly share stories marked as false, these repeat offenders will no longer be allowed to advertise on Facebook," product managers Tessa Lyons and Satwik Shukla said in a blog post. "This update will help to reduce the distribution of false news which will keep Pages that spread false news from making money." The social network already didn't allow ads that link stories determined to be false by third-party fact-checkers. "False news is harmful to our community," Lyons and Shukla said. "It makes the world less informed and erodes trust." Fake news became a serious issue in last year's US election campaign, when clearly fraudulent stories circulated on social media, potentially swaying some voters. Concerns have been raised since then about hoaxes and misinformation affecting elections in Europe this year, with investigations showing how "click farms" generate revenue from online advertising using made-up news stories. "We've found instances of Pages using Facebook ads to build their audiences in order to distribute false news more broadly," Lyons and Shukla said. Facebook and Google have been working to curtail, or at least flag, stories crafted to deceive instead of enlighten. Google earlier this year added a fact-checking tag to search results…... [read more]

Donald Trump suggested Monday he could soon begin the process of terminating NAFTA and insisted Mexico will pay for a wall on America's southern US border. Dialing up the rhetoric against America's southern neighbor, Trump said Mexico was "being difficult" in talks to rework the decades-old US-Mexico-Canada free trade deal and further action may be needed. "NAFTA is one of the worst trade deals ever signed at any time anywhere in the world, and I can understand why Mexico is being difficult, because why wouldn't they be? They've had it their way," Trump said. "I believe that you will probably have to at least start the termination process before a fair deal can be arrived at," he added, previewing hardball negotiating tactics to come. Trump also doubled down on his insistence that "one way or another, Mexico will pay for the wall," a key campaign pledge the president is struggling to finance. "It may be through reimbursement," he said. "We may fund it through the United States, but ultimately Mexico will pay for the wall." Trump is struggling to convince Congress to stump up the money needed to pay for the controversial project, and has threatened to shut down the government if they do not. Mexico has repeatedly said it will not pay for the wall. Trump said the construction was needed because "Mexico has a tremendous crime problem, tremendous." "Tremendous drugs are pouring into the United States at levels that nobody has ever seen before," he added.... [read more]

A road project from Van Yen Commune’s resettlement area to eastern Cai Bau island park in Quang Ninh Province’s Van Don economic zone. — VNA/VNS Photo Minh Duc Vietnamese Deputy Prime Minister Vuong Dinh Hue has asked ministries, agencies and localities to build strong insitituions to help Van Don Special Economic Zone retain investors, businesses and visitors. The Deputy Prime Minister, along with other ministerial and provincial leaders visited the northern coastal province of Quang Ninh’s Van Don Island District on Saturday to inspect constructions. Van Don has attracted nearly US$2 billion of domestic and foreign private investors to build infrastructure in the past few years. Van Don Airport’s construction of a 3,600-metre runway is almost finished after two years of construction. According to Sun Group, the project investor, the international airport is expected to be operational in the first quarter next year. Apart from airports and logistics port, Sun Group also invests in resorts and entertainment areas. Visiting Van Don, Deputy Prime Minister emphasised the island’s unique position and its role in the development of the northern region. This area is located in the area of Viet Nam - China economic ​​co-operation, is part of the Gulf of Tonkin inter-regional co-operation and can also be a bridge between ASEAN and China. Van Don also has the potential to build deep-water ports, which are located in Hai Phong-Quang Ninh-Fangcheng (China) international port complex. Despite being an isolated…... [read more]

Both local stock indices advanced yesterday, with investors pouring money into speculative stocks for short-term profits. — VNS Photo Both local stock indices advanced yesterday, with investors pouring money into speculative stocks for short-term profits. The benchmark VN-Index on the HCM Stock Exchange rose 7.3 per cent to close at 777.26 points. The southern market index has gained 1.4 per cent in the last three sessions in the previous week. On the Ha Noi Stock Exchange, the HNX-Index rallied 1.23 per cent to end at 103.90 points. The northern market index increased 1.74 per cent in the previous three sessions. Large-cap stocks continued to advance and support the market. Seventeen of the top 30 largest shares by market value and liquidity on the main bourse in HCM City gained, while 10 fell. Rising sectors included finance, steel manufacturing, energy and real estate and retail, such as Vietcombank, Military Bank, Bao Viet Holdings, PV Gas, FPT Corp and Mobile World Group, as well as VinGroup, Hoa Phat Group, Masan Group, Kido Group and Kinh Bac City Development. According to BIDV Securities Co (BSC), the VN-Index has overcome the psychological resistance level of 775 points and is fluctuating around the resistance level of 777 points. “Market liquidity in recent sessions has improved significantly, however, it should be noted that the current cash flow tends to spread into speculative stocks, while not really supporting the VN30 and banking stocks (except Asia Commercial Bank),”…... [read more]

PARIS: The euro held its gains on Monday (Aug 28) as traders bet that the European Central Bank would start to wind down its crisis-era stimulus programme, while lower expectations for further tightening in the United States weighed on the dollar. Several 500 Euro notes displayed in an arrangement. (MIGUEL MEDINA/AFP) While ECB boss Mario Draghi made no mention of the bank's plans for its bond-buying scheme in a much-anticipated speech on Friday, analysts said his optimism about the eurozone economy was enough to fuel euro buying. "Mr Draghi provided investors an opportunity to keep adding to long positions," said market strategist Hussein Sayed of online foreign exchange brokerage FXTM. Janet Yellen's decision not to discuss the Federal Reserve's plans for future interest rate rises was also seen as an indication of the US central bank's reticence to announce any more increases. The single currency rose as high as US$1.1973, around its highest since January 2015, while it was also around eight-year highs against the pound. The dollar continued to struggle against the yen. While the ECB is widely expected soon to begin tapering its stimulus, its policymakers are concerned about the impact of a strong currency on the bloc's exports. "Mario Draghi will be tearing his hair out," said Greg McKenna, chief market strategist at AxiTrader. "If saying nothing can drive the euro to its highest level since January…... [read more]

The massive stimulus package of VNĐ30 trillion (US$1.32 billion), introduced in 2013 to encourage social housing development in Việt Nam and revitalise the listless real estate sector, has been entirely disbursed. However, with the expiry of the attractive interest rates, many businesses are contemplating pulling out of the social housing market while the demands show no signs of flagging. A view of a social housing building in Gia Lâm District in Hà Nội. - VNA/VNS Photo Tuấn Anh In a recent conference on measures to kick-start the real estate market towards the end of 2017, Vũ Văn Phấn, deputy head of the Ministry of Construction’s Housing and Real Estate Market Management Department, admitted that there have been cases where businesses asked to withdraw from social housing projects. In April, the National Assembly allocated VNĐ2 trillion ($87.9 million) to the construction of houses for contributors to the revolutionary cause as well as social housing projects, with more than half of the figure (VNĐ1.160 trillion) reserved for the latter purpose meant to be the continuation of the now expired stimulus package, but this amount is “still too little and not enough,” Phấn said. He also added that the construction ministry is asking the government for more financial support for social housing businesses as well as homebuyers, but that remains a distant vision. Prime Minister Nguyễn Xuân Phúc signed a decision dictating the interest rate for social housing…... [read more]

VietNamNet Bridge – Fifty-seven-year-old Nguyen Thi Hau has been pole-shouldering salt for more than half of her lifetime. She has never thought of quitting, but the poor crop of salt this year has discouraged her a bit. Salt farmers in Nam Dinh Province’s Hai Hau District harvest salt.  “I’ve worked as a leader of a salt-carrying team for more than 30 years, witnessing all the ups and downs of the career. Producing salt does not make us rich but at least brings us a stable daily income of VND150,000 (US$7). However, in recent years, dropping prices of salt made the income only enough to buy rice and dried fishes,” said Hau, a salt farmer in Ninh Diem Commune in the central coastal province of Khanh Hoa. Hau is among 2,000 farmers from more than 500 families in the commune who are struggling with the poor crop of 2017. According to the local group Salt Co-operative 1-5, last year’s harvest was good because of the prolonged hot weather. However, unstable consumption led to a drop in price to only VND400,000 to 450,000 ($19-22) per tonne. This year, the price has risen up to VND600,000 to 700,000 ($25-30) per tonne due to the lean harvest as unusual and continuous rains have flooded salt fields. To harvest salt, farmers have to pump fresh water out of fields, which is a costly process. After two consecutive years of falling price, when the salt price reached its peak this year, farmers faced a poor crop.…... [read more]

When Alexander Vinnik was arrested on money-laundering charges at a Greek hotel in late July, the status of his Jabber secure online messaging account was set to “away”. FILE PHOTO: Alexander Vinnik, a 38 year old Russian man (L) suspected of running a money laundering operation, is escorted by a plain-clothes police officer to a court in Thessaloniki, Greece July 26, 2017. “He often takes some time to reply, so at first I didn’t think anything of it,” said one person who knew the Russian as an administrator of a digital currency exchange which U.S. prosecutors say was used to launder criminal funds. “Then when I saw his picture on the news, I knew he would be ’away’ for a long time,” said the person, who spoke on condition of anonymity. The U.S. Justice Department says Vinnik facilitated crimes including computer hacking, fraud and drug trafficking by laundering at least $4 billion through BTC-e -- an exchange used to trade bitcoin and other digital currencies -- since 2011. The 37-year-old faces up to 55 years in prison if extradited to the United States. He denies the allegations against him, according to Greek media reports, and BTC-e has said he never worked for the exchange. Reuters was unable to reach BTC-e or a lawyer representing Vinnik for comment. Vinnik is now one of seven Russians arrested or indicted on U.S. cyber crime charges this year. On average, just two Russian cyber criminals were extradited to the United States each year between…... [read more]




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