Tokyo 2020 can make further reductions to its budget, a top Olympic official said on Tuesday (May 21), despite some sports associations voicing concerns that cost-cutting could harm the running of the Games. The Tokyo 2020 Olympics budget is under pressure from two directions. (Photo: AFP/Kazuhiro Nogi) "We appreciate your continued efforts to reduce the operational (budget) and other budgets," said John Coates, chairman of the International Olympic Committee's coordination committee, at the start of a three-day visit to Tokyo. He noted that US$2.2 billion had been saved from the construction and infrastructure budget and US$2 billion from the operational budget but insisted: "We think there are still more savings to be obtained." Coates singled out the "overlay" budget for further cuts, which means money for temporary facilities such as pre-fabricated tents, seating and security fencing. He said this had already been reduced from US$2.1 billion to around US$1.3 billion and … [Read more...] about IOC sees scope for more Tokyo 2020 games budget cuts
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Central bank to grant more autonomy to commercial banks
SBV Deputy Governor Dao Minh Tu (Source: SBV) HCM City (VNA) – The State Bank of Vietnam (SBV) will grant more autonomy in terms of capital mobilisation and lending to commercial banks, SBV Deputy Governor Dao Minh Tu said on May 16. At a workshop in Ho Chi Minh City, Tu said that in recent years, banks have reformed procedures for handling saving accounts, money transfers, remittances, and payment services, helping them cut down costs and time needed to provide services. The SBV has constantly been at the forefront of ministries and sectors in the Public Administration Reform Index over the last four years. In the World Bank’s 2018 Doing Business report, the “Getting Credit” sub-index of Vietnam was ranked 29th among 190 economies, rising three places and coming in fourth for ASEAN. Tu asked banks to press on with administrative reforms and actively apply modern technology to provide diverse banking products and services. They also need to take … [Read more...] about Central bank to grant more autonomy to commercial banks
Siemens’ mega-project in Egypt completed in record time, benefits more people
Beni Suef gas-fired combined cycle power plant in Egypt. — Photo Siemens Viet Nam News CAIRO, Egypt — “I am very proud to be a Vietnamese engineer working on Siemens’ biggest project ever,” said Nguyễn Chí Hiếu, one of three Vietnamese commissioning engineers trained to work at Beni Suef power plant in Egypt, where he tests the plant’s systems. The project Hiếu referred to is the US$9 billion deal reached by Siemens and the Egyptian government to build three gas-fired combined cycle power plants in three different regions in the country. The project was expected to lift the country’s capacity of power generation by 45 per cent compared to its installed base in 2015 by adding 14.4GW of power generation capacity to Egypt’s national grid, which would help address the electricity shortage in the country. Egyptian people had experienced frequent and lengthy power cuts and blackouts since 2010, … [Read more...] about Siemens’ mega-project in Egypt completed in record time, benefits more people
Vietnamese social entrepreneur helps save newborns at lowcost
ASEAN youth bullish about impact of technology on jobsWEF ASEAN 2018 opens in Hà NộiJoining hands in building the ASEAN Community in the Fourth Industrial Revolution eraWorld Economic Forum on ASEAN kicks offWater from the air saves drought-plagued regions MTTS’s warmer machine for premature or sick newborns. Photo Courtersy of Trang Tuyết Ngà.Viet Nam News By Thu Vân The image of a white cloth covering dead newborn babies were shocking and vivid to Trang Tuyết Ngà. Shortly after returning from her studies in Denmark in 2003, Nga started to work for a U.S-based medical organisation in Hà Nội that connected doctors and foreign health care equipment designers. For her work Ngà went to the National Paediatrics Hospital occasionally, and very often she was left disturbed. “There were infants who died because they had difficulties breathing, or because they were born immature, and the hospital didn’t have enough … [Read more...] about Vietnamese social entrepreneur helps save newborns at lowcost
Courier firm shuts down, confesses to stealing cash on delivery money
Its CEO, Hoang Ngoc, told police officers that GNN had stolen VND5.5 billion ($235,000) worth of cash on delivery paid by customers, blaming it on poor management. Ngoc set up GNN along with 11 other shareholders in 2006 with a chartered capital of VND100 million ($4,270), and opened offices in HCMC, Hai Phong, Da Nang, and Can Tho. The firm offered delivery services in many provinces and cities. In 2010 he had to borrow money at an interest rate of 15 percent a month, meaning in some months he had to pay VND170 million ($7,260) toward principal and interest. In 2017, after snapping ties with a major partner, the company began to lose revenues and began to steal cash on delivery (COD) monies. Apart from bank debts, GNN also failed to pay salary payment and social insurance premiums. On August 27 Ngoc held a company meeting to reveal the situation and announce plans for rescheduling the debts, but on August 30 admitted he was unable to raise any more money and had no way of saving the … [Read more...] about Courier firm shuts down, confesses to stealing cash on delivery money