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Saudi Aramco raises US$25.6 billion in biggest-ever IPO (photo AFP) Aramco priced its initial public offering at 32 riyals (US$8.53) per share, surpassing the US$25 billion raised by Chinese retail giant Alibaba when it debuted on Wall Street in 2014. The sale of 1.5 per cent of Aramco was oversubscribed 4.65 times, the energy giant said in a statement, but the scaled-down IPO is still a far cry from the blockbuster originally planned by Crown Prince Mohammed bin Salman. The much-delayed stock sale, first announced in 2016, was initially expected to raise as much as US$100 billion from the sale of up to 5 per cent of the company. The IPO is the bedrock of Prince Mohammed's ambitious strategy to overhaul the oil-reliant economy by pumping funds into non-energy industries. But sceptics say the IPO's proceeds would barely cover the kingdom's budget deficit for a year. The market launch also puts the Saudi oil behemoth's value at US$1.7 trillion, far ahead of other corporate giants in … [Read more...] about Saudi Aramco raises US$25.6 billion in biggest-ever IPO

A mangrove forest in Tra Vinh province’s Duyen Hai district.  (Photo: travinh.gov.vn) Tra Vinh (VNS/VNA) - Farmers in Tra Vinh province’s coastal areas expanded the breeding of shrimp and other aquatic species to an additional 1,700ha of mangrove forests this year, according to the provincial Department of Agriculture and Rural Development. The breeding in mangrove forests, which now totals 5,780ha, is sustainable and protects the environment against the effects of climate change, said the department. Farmers only need to buy shrimp and fries for breeding since the aquatic species eat wild food in the forests. Farmers normally breed shrimp with a density of 15-20 shrimp per sq.m in mangrove forests. Duyen Hai district has about 5,100ha of mangrove forests used for breeding aquatic species, the province’s largest area, according to the district’s Division of Agriculture and Rural Development. Ngo Oanh Ruong, who has a one-ha mangrove forest in Duyen … [Read more...] about Mangrove forests used to breed aquatic species

  Doctors at Đà Nẵng Oncology Hospital perform surgery on a cancer patient. — VNA/VNS Photo  HCM CITY — Oncology hospitals and centres are using new techniques and medicine for cancer treatment amid a rise in cancer incidences in the country, Dr Phạm Xuân Dũng, head of the HCM City Oncology Hospital, said at an annual conference in the city held December 5-6. In 2012, Việt Nam had 125,000 new cancer incidences and more than 94,000 fatalities due to cancer, which increased to 164,000 and 114,000 fatalities, respectively, last year, according to Dũng. In HCM City, the rate of new cancer incidences each year rose to nearly 9,000 in 2016 from 6,800 in 2010. Dũng said that at his hospital the number of cancer patients has been increasing by 10 per cent each year. The hospital is now treating more than 23,000 in-patients and out-patients. Liver cancer … [Read more...] about Hospitals use new techniques, medicine for cancer treatment

Phu Yen envisages to count $200 million in total export value in 2020 The province determined that 2020 will be a decisive year in fulfilling its five-year socio-economic development plan for 2016-2020 and creating motivation for 2021-2025. Next year will also mark major political events, such as the 17th provincial Party Congress and the 13th National Party Congress, as well as celebration activities of Phu Yen's 45th year since liberation. Leveraging comprehensive assessments of the advantages and disadvantages the province would face in the forthcoming year, Phu Yen People's Committee has set up key targets: 8.35 per cent growth in the province's gross regional domestic product (GRDP), in which agriculture, forestry, and fisheries will see 3.5 per cent growth; industry and construction 13.2 per cent, and services 7.5 per cent. Phu Yen envisages reaching $200 million in total export value, VND9 trillion ($391.3 million) in total budgetary revenue, and VND22.3 trillion ($969.57 … [Read more...] about Phu Yen targets $400 million budgetary revenue in 2020

Alex Newbigging, managing director of Jardine C&C Group On July 30, Jardine Cycle & Carriage (Jardine C&C), a leading group with long-term diversified interests in market-leading businesses across Southeast Asia, announced the Jardine Cycle & Carriage Scholarship, which partner six established universities to support about 70 students. Reaffirming its commitment to grow alongside Southeast Asia, Jardine C&C established university scholarship programmes to sponsor the tuition of students in six countries in Southeast Asia, including Vietnam. Through a series of endowments and donations that are long-term in nature, Jardine C&C’s support for the partner education institutions will run in perpetuity or for a sustained period of 8-12 years. In the next 10 years, about 70 Southeast Asian undergraduates will receive the scholarships. Alex Newbigging, Jardine C&C Group managing director, said, “The launch of the scholarship reinforces Jardine … [Read more...] about Jardine C&C launches regional university scholarship programmes