German police have detained a Porsche manager in a probe into the diesel emissions cheating scandal that the luxury car brand's parent company Volkswagen has struggled to shed. German police arrest Porsche manager over diesel scandal, Photo: AFP/File / Daniel ROLAND Porsche chief Oliver "Blume informed the workforce that the prosecutor of Stuttgart has taken a manager into custody," a spokesman for Porsche told AFP on Friday (Apr 20). Porsche did not name the suspect, but Germany's top-selling newspaper Bild and economic weekly Wirtschaftswoche reported that the man held is Joerg Kerner, an engineer in charge of Porsche's engine division and who was working at Audi when the diesel scandal broke in 2015. Prosecutors, who also did not identify the suspect, said he had been remanded in custody because of "risk of flight" and that a probe had been opened against him since July last year. The manager was on the way to work when he received a call from a family member that his home … [Read more...]

Deputy Prime Minister Vuong Dinh Hue received in Hanoi on April 19 Deputy Chairman of the management board of Germany’s Talanx AG Group Christian Hinsch. Talanx AG Group now owns a stake of over 47 percent in the PetroVietnam Insurance (PVI) in comparison to 25 percent when it started investing in Vietnam in 2011, said Hinsch, who is also Chairman of HDI Global SE, a subsidiary of Talanx. He said the group hopes the Vietnamese Government will raise the ownership rate of foreign investors in a Vietnamese company to over 49 percent. Deputy PM Hue said that the Vietnamese Government will make restructuring to develop the insurance market in Vietnam. He also lauded Talanx’s investment in Vietnam, which is suitable to the country’s policy of restructuring the financial-credit system, including the insurance market. The Vietnamese Government plans to divest all capital of the Vietnam National Oil and Gas Group (PetroVietnam) from the PVI, stated Deputy PM Hue. The … [Read more...]

Nepal's Kathmandu airport was closed on Friday (Apr 20) after a Malaysian jet with 139 people on board aborted its take-off and skidded off the runway, officials said. A Malindo Airlines plane was stuck in mud near the runway at the international airport in Kathmandu after aborting a take-off attempt. (Photo: AFP/Bikash Karki) Nobody was hurt in the incident but incoming flights to the Nepali capital were diverted while authorities tried to move the Malindo Airlines Boeing 737, which was stuck in mud. It was not known how long Tribhuvan Airport, Nepal's sole international air gateway, would be closed. The flight by the Malaysian carrier to Kuala Lumpur was accelerating on the runway late Thursday when the pilots detected a problem and halted the takeoff, airport spokesman Prem Nath Thakur said. The jet skidded to a halt on grassland and came to a stop in mud about 30m from the runway. "All aboard are safe," Thakur said, adding that the cause of the problem was not immediately … [Read more...]

IMF Managing Director Christine Lagarde holds a press conference during the 2018 Spring Meetings of the International Monetary Fund and World Bank Group at IMF Headquarters in Washington, DC. (SAUL LOEB/AFP) With US-China frictions hanging over its annual meeting, the International Monetary Fund on Thursday (Apr 19) warned governments to avoid harming trade and investment which have been key drivers of the global economic recovery. IMF chief Christine Lagarde said escalating trade tensions could reverberate through the world economy, undermining confidence and choking off investment, and she urged the sides to resolve their disputes through dialogue. "Investment and trade are two key engines that are finally picking up. We don't want to damage that," she said at a press briefing to open the spring meetings of the IMF and World Bank. In its latest World Economic Outlook this week, the IMF listed the trade tensions as a key downside risk to the otherwise encouraging global recovery … [Read more...]

TBS Logistics Center leads local logistics TBS Logistics Center is slated to run a key logistics centre for Vietnam and the entire region, which is being planned to cover 115 hectares. The centre is situated in heart of Vietnam’s most dynamic economic region, bordering the southern provinces of Binh Duong, and Dong Nai, and Ho Chi Minh City. By virtue of its strategic location, TBS Logistics Center is connected to major industrial parks, ports, and international airports in the southern economic region. It provides deepwater access through the Cai Mep-Thi Vai port complex as well as waterway and road connectivity, which is expected to offset transportation costs and help smooth trade flow. With its five modern warehouses and its logistics centre, TBS Logistics Center will be a fixture in logistics in the key southern economic region TBS Logistics Center owns five modern warehouses with 133,500 square metres (sq.m) of warehouse space and 60,000sq.m of container yards. … [Read more...]

Power management company Eaton has signed a new distribution agreement with its strategic partner Digiworld Corporation (HOSE: DGW) to supply power management technologies and services in Vietnam. Eaton signed with Digiworld to increase its presence in Vietnam Pichai Suthijintatip, Eaton’s regional director, power quality for Indochina, Thailand, Myanmar, and Bangladesh region, said that the company provides energy-efficiency solutions that help customers effectively manage electric, hydraulic, and mechanical power more efficiently, safely and sustainably. “At Eaton, we help our customers maintain productivity, reduce energy consumption, and protect their capital investments through innovative power management solutions. We are dedicated to improving people’s lives and the environment with powerful technologies and solutions,” he said. According to Suthijintatip, the tie-up with Digiworld will help Eaton to deepen its presence in Vietnam and provide … [Read more...]

E-commerce giant Alibaba is steering resources towards driverless car technology, its CEO Jack Ma confirmed on Thursday (Apr 19), joining a global race to shape the future of driving. Alibaba founder Jack Ma said his compnay is doing research on driverless cars. (Photo: AFP/Jorge Silva) Despite fresh safety fears after a woman was hit and killed by a self-driving Uber vehicle in the US last month, many tech giants like Google as well as automakers are accelerating plans in an industry attracting billions of dollars. The competition is heating up in China, the world's largest car market, with internet firm and Alibaba rival Baidu recently predicting that self-driving vehicles will hit the road in the country within three to five years. Both Baidu and Chinese tech giant Tencent are pursuing the technology, stirring speculation about Alibaba's plans. "We've been doing a lot of research on driverless things," Ma told reporters on Thursday while on a business trip to Bangkok. … [Read more...]

More than 200 domestic and foreign enterprises are taking part in the International Exhibition on Heating, Ventilation, Air-Conditioning, Air Filtration and Purification and Refrigeration Systems (HVACR Viet Nam 2018). Over 200 domestic and foreign enterprises are taking part in the HVACR Viet Nam 2018, held in Ha Noi from April 18 to 20. - VNS Photo Linh Anh The exhibition, which kicked off on April 18, is being held in Ha Noi for the first time. The event has been organised in HCM City 11 times. The last edition was held in March 2017 and hosted more than 550 participating companies and brands and attracted 7,906 visitors. Jack Wei, general manager of Informa Global Exhibitions (Asia), one of the organisers of the exhibition, said among the participants this year are many famous international brands from China, India, Italy, South Korea, the United States, Malaysia, Singapore, Thailand and Turkey. At the event, they are introducing their latest equipment and technology, … [Read more...]

After failing to go above the initial offering price and selling only 6 per cent of the shares on offer in last December, will the divestment of Vietnam Construction and Import-Export JSC (Vinaconex) this year be successful? Vinaconex is considering two scripts for divestment this year At the annual general shareholders’meeting, Nguyen Duc Chi, chairman of the Board of Directors of Vinaconex, released two scripts for divestment this year. Accordingly, Vinaconex will put either the entire state-owned stake (57.79 per cent) or the unmarketable stake left from the first auction on sale this year. State Capital Investment Corporation (SCIC), which represents the state-owned stake in Vinaconex, will select the final divestment plan. Earlier on December 8, SCIC auctioned off 96.24 million shares in Vinaconex, equal to a 21.79 per cent stake on the HNX with the minimum bidding price of VND25,600 ($1.12) apiece. At this price, the state investment company expected at least … [Read more...]

Grab refuses to shoulder the transfer tax after its deal with Uber, despite the Ho Chi Minh City Department of Taxation’s requests. Grab's acquisition of Uber's operations came with unexpected issues. Photo: Tuoi Tre The representative of Grab Vietnam told Tuoi Tre Online that the firm submitted the documents relating to the transfer deal to the tax department. Grab and consulting units carefully studied the laws of the countries where Grab acquired Uber’s stake, including Vietnam. Thus, Grab affirmed that the transaction complies with regulations. Regarding Uber’s $2.33 million tax arrears, Grab refused to pay as Uber affirmed that it will resolve this tax obligation with the authorities by itself. “Our deal with Uber only consisted of buying its assets as well as a number of its partner contracts once it withdraws from Vietnam, and it excluded Uber’s legal status in Vietnam.” At present, Uber and its consulting unit are negotiating with … [Read more...]