Corporate

Japanese car giant Honda is expected to announce the shutdown of its plant in south west England in 2022, putting 3,500 jobs at risk, media reports said on Monday (Feb 18). Reports say Honda will close its British plant for the potential loss of 3,500 jobs. (AFP/ADRIAN DENNIS) The car manufacturer is to announce the closure of its Swindon plant on Tuesday, according to Sky News, but still keep its European headquarters in nearby Bracknell. Nissan and Ford have also warned that jobs could be lost at British plants as Britain prepares to leave the European Union (EU), but local MP Justin Tomlinson said the Honda decision was not down to Brexit. "I have already spoken to ... Honda. They are clear this is based on global trends and not Brexit as all European market production will consolidate in Japan in 2021," he tweeted. The company is not expected to announce any job losses until 2021, he added. The carmaker said in a statement that "we are not able to make any comments … [Read more...] about Honda to close UK plant in 2022, risking 3,500 jobs: Reports

Delayed steel project has investment blown out of proportion: InspectorateThe Saigon Times Daily A view of the long-deserted plant at the State-run Thai Nguyen Steel and Iron Corporation. It is among 12 loss-making megaprojects of the industry and trade sector – PHOTO: THANH NIEN NEWSPAPER The Government watchdog recently released its years-long inspection results for TISCO’s phase-two production expansion project, which is among 12 loss-making megaprojects that the Ministry of Industry and Trade is struggling to manage. Poor administration by relevant State agencies over the years has prompted the steel-and-iron project to grind to a halt despite huge investment, and the project owner still has to spend some VND40 billion a month to service bank loans, according to Thanh Nien. Cost overrun In late 2004, the then Prime Minister gave TISCO the go-ahead to draft a feasibility study for tripling the capacity of steel billet production from 250,000 tons to 759,000 … [Read more...] about Delayed steel project has investment blown out of proportion: Inspectorate

Vinachem to withdraw from loss-making mining project in LaosThe Saigon Times Daily Workers are seen at a factory of Hanoi Battery Joint Stock Company, a subsidiary of Vietnam National Chemical Group - PHOTO: VNA HCMC - State-owned Vietnam National Chemical Group (Vinachem) has decided to pull out of a loss-making potassium salt mining and processing project in Laos’ province of Khammuane after pouring trillions of Vietnamese dong into the megaproject for 15 years, Tuoi Tre Online newspaper reported. The withdrawal will result in heavy losses for the State budget, according to inspectors with the Ministry of Industry and Trade. The project, which kicked off in 2015, required an estimated investment of US$522 million, with US$105 million coming from Vinachem, US$113 million from Vietnam Development Bank, US$161 million from the Bank for Investment and Development of Vietnam and US$143 million from Vietnam Bank for Industry and Trade. In September 2015, Vinachem estimated … [Read more...] about Vinachem to withdraw from loss-making mining project in Laos

Vihajico, the investor of Ecopark, has just appointed a new CEO as well as changed the company name to Ecopark Corporation JSC to expand business.   Vihajico's Ecopark township Vihajico, established in 2013, has made its name through the success of the Ecopark urban area, a functional city and home for many families who love the environment, ecology, and a healthy lifestyle. Recently, Vihajico’s leader board decided to change the company’s name to Ecopark Corporation JSC. This move shows an important turning point in bringing the company's potential and scale to a new level. Along with changing the name, Ecopark Corporation JSC also changed its strategy toward sustainable development and multi-disciplinary investment in sectors such as education, healthcare, clean agriculture, hi-tech, travel, and entertainment, as well as expand the Ecopark urban model across the country. In addition, Ecopark Corporation JSC also elected a new CEO. Accordingly, from January … [Read more...] about Vihajico changes name and elects new CEO

After Stripe International’s purchase of NEM, another Japanese investor Advantage Partners has acquired local women’s apparel company Elise Fashion, stirring up the fashion market in Vietnam. Advantage Partners acquired Vietnamese fashion chain Elise Advantage Partners, through its Asia Fund, has acquired Elise Fashion, according to dealstreetasia.com. The transaction has marked the first acquisition between Advantage Partners’ funds and a Vietnamese company. Advantage Partners said the deal would accelerate Elise’s growth by leveraging its experience in the women’s fashion segment. The private equity firm has invested in fashion companies such as Meganesuper, an eyewear retailer in Japan, and outdoor wear chain ISG ishii-sports. Established in 1992, Advantage Partners has deployed five buyout funds and closed its first Asia fund last year with $380 million commitment, to make investments outside of Japan. Prior to Elise, it had backed … [Read more...] about Japanese Advantage Partners acquires Vietnamese fashion chain Elise