Money

Logo of the London Stock Exchange. Both Frankfurt and Paris fell by around one percent after data from a closely watched survey showed that Brexit and trade war fears drove eurozone business growth to its lowest level in six years in September. IHS Markit's composite eurozone PMI, seen as a key indicator of business confidence, fell to 50.4 in September, down from 51.9 in August - the lowest reading since June 2013. It warned that the single currency area's economy was "close to stalling". Market analyst David Madden at CMC Markets UK said "disappointing manufacturing and services reports from France, in addition to Germany, has weighed on European stock markets." Investors now need to weigh "German recession odds against central bank support", added Fawad Razaqzada, market analyst at Forex.com. The euro also slid lower. THOMAS COOK FALLOUT Some rivals of British travel giant Thomas Cook, which declared bankruptcy after last-ditch re-financing attempts failed, saw their shares rise … [Read more...] about European shares slide on dismal data

CMC, one of the founding shareholders of BaoVietBank which held about VND324 billion ($14.1 million) in the bank at the end of June, has announced to fully divest its interest.   CMC Corporation will make a full exit from BaoVietBank Accordingly, the board of members authorised Nguyen Trung Chinh, chairman cum general director of CMC, to transfer all BaoVietBank shares to other investors. BaoVietBank was established in January 2009 with the initial charter capital of VND1.5 trillion ($65.22 million),52 per cent of which was contributed by Bao Viet Holdings, 8 per cent by Vinamilk, and 9.9 per cent by CMC. At the end of June 2019, the bank’s capital was VND3 trillion ($130.43 million) with total assets of nearly VND51.2 trillion ($2.23 billion). According to the financial report for the first half of 2019, the net profit was VND398.2 billion ($17.31 million), up 48 per cent compared to the same period last year. However, the foreign exchange activities of … [Read more...] about CMC Corporation to fully divest BaoVietBank

Nguyen The Ky (fourth from right), Party Central Committee member and general director of the Voice of Vietnam, assigned by the state president, presented the Third-class Labour Medal to BAC A BANK Vietnamese lending staple BAC A BANK last week celebrated its 25th anniversary, receiving the Third-class Labour Medal from the state president as well as many other high-profile certificates of merit conferred by the governor of the State Bank of Vietnam (SBV) and the People’s Committee of the central province’s Nghe An. At the ceremony, the major achievements made by individuals of BAC A BANK and those of the whole group itself were highlighted as big contributions to the country’s banking system. A certificate of merit was presented to the lender, and another six similar certificates was also conferred to the bank’s individuals and units for their excellent contributions to Vietnam’s banking activities. Nghe An People’s Committee also presented a … [Read more...] about Awards bestowed on BAC A BANK

Vietnam’s local currency bond market grew 2.6 per cent to US$52.9 billion in the second quarter of this year, after a 0.7 per cent expansion in the first quarter. The domestic bond market of Viet Nam made US$52.9 billion in the second quarter of this year, marking a year-on-year increase of 2.6 per cent. - Photo Vietnamplus This information was part of the latest report of the Asian Development Bank’s (ADB) Asia Bond Monitor. The report shows Viet Nam’s growth was mainly on the back of the 3.2 per cent expansion of the Government bond market to $48 billion due to issuance of Treasury bonds and central bank bills. “The growth in the Government bond market offset the 3.4 per cent contraction of the corporate bond market during the second quarter of 2019 to $5 billion,” the report said. According to the report, emerging East Asia’s local currency bond market expanded steadily in the second quarter of 2019 despite downside risks stemming from … [Read more...] about Vietnam bond market continues growth

The Federal Reserve is expected to cut interest rates after its meeting but traders are hoping for clues about future moves. (Photo: AFP/Brendan Smialowski) Crude prices tumbled on Tuesday and were almost unchanged in Asia following news that Riyadh will get its two major installations back online earlier than expected, though analysts said there was nervousness on trading floors about oil security in the future. With fears low for now of a military retaliation against Iran - accused of being behind the strikes - focus is now on the Fed, which is expected to cut interest rates while its post-meeting statement will be closely followed for clues about future plans. Global markets have spent most of this month rising on bets that central banks, led by the Fed, will move to a softer monetary policy to offset a slowdown in most economies exacerbated by the China-US trade war. "A rate cut of 25 basis points is universally regarded as a done deal by global markets," said OANDA senior … [Read more...] about Asian markets mixed ahead of key Fed meeting