Money

Fledging SHB Finance Co., Ltd. has successfully completed the issuance of the fourth tranche of certificates of deposits (CDs) with the total value of VND300 billion ($12.8 million) which was conducted through the book building process.   SHB Finance serves immediate consumer finance needs of modest income customers across the country These CDs feature a 12-month tenor with an annual interest rate of 10.3 per cent and incur no transfer fees. The move attracted many prestigious institutional investors, including one domestic investment fund and one securities company. Beforehand, on April 25,SHB Finance successfully issued the third tranche of CDs with the same interest rate. Talking about why SHB Finance’s CD issuances are attractive to investors, CEO Dinh Quang Huy said, “Although being a new player in the consumer finance market only present officially since August 2018, SHB Finance has garnered attention from many institutional investors by virtue of our … [Read more...] about SHB Finance succeeds with issuances of certificates of deposit

After two failures, MobiFone has successfully sold all of its shares in Tien Phong Commercial Joint Stock Bank (TPBank – TPB on HSX), collecting more than VND153 billion ($6.65 million). Third time's the charm: Mobifone has managed to fully divest TPBank Accordingly, MobiFone sold 7.11 million TPBank shares at the price of VND21,350 ($0.93) per share between April 11 and May 10. MobiFone divested from TPBank to restructure its capital and focus on productionand its major business sectors, reducing most of its investment in other companies and organisations. MobiFone had offered its TPBank holdings for sale twice but failed. At the second time, according to MobiFone, the main reason was that on December 17, 2018, the adjusted market price of TPB was lower than the starting price offered when TPBank pays dividend shares. According to the financial report of TPBank, by the end of the first quarter of 2019, the bank’s total operating income reached VND1.89 trillion … [Read more...] about MobiFone completes full divestment of TPBank

Irrecoverable debts kept increasing in 2019’s first three months and currently account for more than 50 per cent of the 22 banks’ bad debts. As of the end of the first quarter, irrecoverable debts stood at VND46.4 trillion ($2 billion) As of the end of this year’s first quarter, the banks held more than VND84.2 trillion ($3.66 billion) in bad debts, up 5.6 per cent against early 2019. The amount included VND46.4 trillion ($2 billion) of irrecoverable debts, up 4 per cent against the beginning of the year. VietinBank has the most serious case of irrecoverable bad debts, with more than VND10.488 trillion ($456 million), up nearly 11 per cent against early this year. Previously, the bank’s irrecoverable debts sharply expanded by 45 per cent last year, from VND5.217 trillion ($226.8 million) in 2017 to VND9.47 trillion ($441.7 million). Following VietinBank is BIDV with the irrecoverable debts of more than VND7.231 trillion ($314.4 million), although … [Read more...] about Irrecoverable debts make up more than half of bad debts

Shares of technology companies fell sharply on Monday (May 20) in down session for Wall Street after Google began to severe ties with Chinese telecom giant Huawei amid the US-China trade war. Traders work on the floor of the New York Stock Exchange (NYSE). (Spencer Platt/Getty Images/AFP) The tech-rich Nasdaq Composite Index tumbled 113.91 points (1.46 per cent) to 7,702.38, with chip companies that do business with Huawei among the hardest hit. The Dow Jones Industrial Average declined 84.10 points (0.33 per cent) to 25,679.90, while the broad-based S&P 500 fell 19.30 points (0.67 per cent) to 2,840.23. Google, which makes the Android system used on many smartphones, said it was complying with a US order last week that barred US companies from engaging in telecommunications trade with foreign companies said to threaten American national security, a move targeting Chinese giant Huawei. Shares of Google parent Alphabet shed two per cent, while chip companies like Micron … [Read more...] about Huawei ban fallout hits Nasdaq as US stocks fall

Logo of the London Stock Exchange. Eurozone heavyweights Frankfurt and Paris were each down around 1.5 per cent at the close, while London held up better. On Wall Street, the Dow Jones index was 100 points lower in the late New York morning. "US stocks are lower, along with European markets, with chip-related companies pressuring the technology sector on concerns about the fallout from escalated trade tensions, exacerbated by the ripple effect of US actions taken against Chinese telecom giant Huawei," the Charles Schwab brokerage said in a note. In the midst of a trade war with Beijing, President Donald Trump has barred US companies from doing business with foreign companies said to threaten American national security. US internet giant Google, whose Android mobile operating system powers most of the world's smartphones, then announced that it was beginning to cut ties with China's Huawei, which Washington considers a national security threat. NO QUICK FIX "Equity markets are in the … [Read more...] about China US trade row rattles European stock markets