How much surge cost

As much of Europe bakes in a third heatwave since June, fears are growing that extreme drought driven by climate change in the continent's breadbasket nations will dent stable crop yields and deepen the cost-of-living crisis. The European Commission on Wednesday urged EU member states to re-use treated urban wastewater as irrigation on the continent's parched farms, after France and parts of England saw their driest July on record. In France, where an intense drought has hammered farmers and prompted widespread limits on freshwater use, there was just 9.7 millimetres (0.38 inches) of rain last month, Meteo-France said. That was 84 percent down on the average levels seen for July between 1991 and 2022, making it the driest month since March 1961, the agency added. The southwestern region of Gironde, already devastated by last month's wildfires, saw a maximum temperature of 39.6 degrees Celsius (103 degrees Fahrenheit) on Wednesday, with Meteo-France predicting a peak on … [Read more...] about Driest July in memory imperils Europe’s crops

A customer at a bank in Hanoi. (Photo: VNA) Hanoi (VNS/VNA) - Despite efforts to increase cheap capital sources, many banks reported their current account savings account (CASA) rate in the second quarter of 2022 declined compared to the previous quarter. Focusing on increasing CASA – or the proportion of demand deposits out of total deposits – has been one of the top targets of many banks in recent years as it is a cheap capital source that helps banks have low input capital costs. Currently, demand deposits have very low interest rates of only 0.1% per year. According to banks’ Q2 2022 financial statements, Vietnam Technological and Commercial Joint Stock Bank (Techcombank), was still the leader in terms of CASA ratio in Q2 2022. Specifically, with 152.7 trillion VND of cheap capital, Techcombank’s CASA ratio ranked first with 47.5%. This is the bank’s achievement as it has been one of the pioneers in providing ‘zero fee’ online transactions. Techcombank has also heavily … [Read more...] about Cheap capital sources at most banks decline in Q2

The Ministry of Industry and Trade has decided to impose trade remedies against sugar products imported from five ASEAN countries that use Thai sugarcane. — VNA/VNS Photo The Ministry of Industry and Trade has decided to apply measures to prevent evasion of trade remedies against sugar products imported from five ASEAN countries that use Thai sugar materials. It will impose an anti-dumping duty of 42.99 per cent and an anti-subsidy duty of 4.65 per cent on sugar coming from Laos, Cambodia, Indonesia, Malaysia, and Myanmar. However, the imported products will not be subject to the anti-evasion measures if proven to be made from sugarcane harvested in these countries. The tariffs will take effect seven days after the issuance date of the decision (August 2) until June 15, 2026, unless the decision is superseded by new ones from the ministry. The decision followed an investigation by the ministry’s Trade Remedies Authority which concluded that Thai sugarcane products subject … [Read more...] about Trade remedies imposed on sugar imports from five ASEAN countries

The supply of budget apartments in Hanoi stood at the lowest level in the past five years. Prices of apartments in Hanoi have now surged by 10-15% against the same period of last year and reached a record high level. Investors looking for information on a new real estate project in Hanoi. Photo: Cong Hung High demand for apartments in the capital means there are no more projects with prices of VND35 million (US$1,500) per square meter in the downtown area, while the average price of budget apartments in the districts of Ha Dong, Nam Tu Liem, or Hoang Mai has also surpassed the VND30-million mark per square meter. Data from CBRE revealed the average selling price of apartments in Hanoi rose by 9% year-on-year during the second quarter to $1,293 per square meter. Prices of high-class projects in downtown areas such as Hai Ba Trung, Dong Da, and Ba Dinh posted an average rise of 10%. Director at the Project Marketing Department of CBRE Vietnam Kiet Vo said … [Read more...] about Apartment prices in Hanoi are at a record high

Manufacturers remained optimistic that production will increase in the next 12 months. The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI) remained above the 50.0 no-change mark for the tenth successive month at 51.2 in July, signaling a further strengthening of business conditions. A reading below the 50 neutral marks indicates no change from the previous month, while a reading below 50 indicates contractions, and above 50 points means an expansion, according to S&P Global. New orders increased for the tenth month running, but the rate of expansion eased to the weakest since April. New export business rose solidly, meanwhile, and at a faster pace than total new orders. The continued growth of new orders encouraged manufacturers to keep expanding production in July. Output rose for the fourth successive month. That said, the rate of expansion was only marginal and the softest in the current sequence of growth amid signs of demand … [Read more...] about Vietnam’s manufacturing output continues an upward trend in July

MANILA  -- The Philippines' Bataan Nuclear Power Plant (BNPP) has not produced any electricity since it was finished in 1984, despite its $2.3 billion price tag and its promise of energy security during the 1970s oil crisis. Approved by former dictator Ferdinand Marcos Sr., his son and new President Ferdinand Marcos Jr. has revived discussions on proposals to rehabilitate the site amid the current energy crisis that has pushed prices for traditional power generating fuels coal and natural gas to records. The BNPP's potential revival is one sign of the renewed interest in nuclear power. Governments across Europe and Asia are extending their aging fleet of nuclear plants, restarting reactors and dusting off plans to resume projects shelved after the 2011 nuclear crisis in Fukushima, Japan. Both the administration of U.S. President Joe Biden and the International Energy Agency have said nuclear power is critical for countries to meet global net-zero carbon emissions goals and … [Read more...] about Analysis: Global energy crisis drives rethink of nuclear power projects

The first Saturday in August, when Europe's July holidaymakers head homewards and its August sunseekers head south, is the busiest day of the year at the continent's busiest filling station. And even surging global fuel prices did not deter thousands of motorists and truckers from filling their tanks at Shell's Berchem station in southern Luxembourg, on the busy A3 motorway. The Grand Duchy may be small, but it is a crossroads between Belgium, Germany and the Netherlands and the route south to the holiday beaches of France, Italy and Spain. And -- crucially in a summer of soaring prices -- it has famously cheap fuel, making it a prime spot for long-distance truckers and cost-conscious travelling families alike. Even outside of the holiday rush, French and German motorists and cross-border workers often fill up in Luxembourg. When a family's final destination is on the Med and a full tank of fuel costs more than 100 euros (dollars), the savings add up. On Saturday, two … [Read more...] about Holiday rush drives demand at Europe’s busiest fuel station

In long term, transforming the higher education system will be key to boosting Vietnam’s productivity and helping achieve its goal of becoming a high-income country by 2045. Vietnam’s GDP growth is forecast to surge from an estimated 2.6% in 2021 to 7.5% in 2022, with backing from resilient manufacturing and a robust rebound in services. Overview of the event. Photo: Nguyen Tung Country Director for the World Bank in Vietnam Carolyn Turk revealed the figures at the launch of its bi-annual economic outlook for Vietnam titled “Taking Stock: Educate to Grow” today [August 8]. According to Turk, the global economy has been experiencing a series of very large and negative shocks, including ongoing Covid-19-related disruptions and supply shocks associated with the Russia-Ukraine conflict. In this context, Vietnam’s economy has shown “relative resilience and staged a strong rebound after last year’s Covid-19 induced slowdown,” Turk said. Vietnam’s economic … [Read more...] about Vietnam’s GDP growth set to expand by 7.5% in 2022: World Bank

A Petrolimex petrol station (Photo: VNA) Hanoi (VNA) – The Vietnam National Petroleum Group (Petrolimex) is adopting a range of solutions in order to complete production and business targets of the third quarter and the entire year of 2022 in the context of unforeseeable fluctuations in petrol prices. One of the solutions is to modernise inventory management while engaging in negotiations with major petrol distributors to ensure supply to meet social demand for petrol. At the same time, the group has taken steps to cut costs in all production and business activities through several projects on centralized fleet management, asset management and customer relationship management. Petrolimex has also worked to increase non-cash payment in retail sales and researched the possibility of building truck stops to provide better services for customers. Under its own plan on digital transformation, the immediate focus is to automate the network of petrol warehouse and retail outlets, … [Read more...] about Petrolimex applies solutions to cope with big fluctuations in petrol prices

After Vietnam's tax authorities enhanced the collection of taxes from traders on digital platforms, including social networks and e-commerce sites, many traders are seeking ways to avoid paying them or pass the buck to buyers. Shopping on websites, e-commerce platforms, and social networks is a national trend. E-commerce has boomed in Vietnam with revenue of some US$13.7 billion in 2021. The figure is forecast to reach $39 billion by 2025. However, the tax revenue from this sector has not risen commensurately its growth. Multiple tricks to avoid taxes Minh Thu, living in Thu Duc City, a district-level city in Ho Chi Minh City, said after ordering a pair of shoes from an online trader on Facebook, she was surprised as the trader announced that from August 1, customers must make payments in advance and the trader will not offer the cash-on-delivery (COD) service as earlier. Money transfer descriptions must not include the words 'buy' or 'sell,' but Facebook or Zalo … [Read more...] about In Vietnam, online vendors seek ways to avoid taxes