5 Zulkaedah 1434
KUALA LUMPUR: Astro Malaysia Holdings Bhd's shares clawed back from its steepest intraday loss in a week yesterday, as investors took up some late positions ahead of a scheduled company briefing today.
The stock fell to an intraday low of RM2.89, closing the day one sen lower at RM2.95 a share with some 2.75 million shares exchanging hands.
The satellite TV provider is expected to hold a media conference today to announce its first-half results for the period ending January 31 2014.
The news conference takes added importance as it will be the first time Astro's top executives will be put under the microscope after it told Bursa Malaysia that the RM995.58 million it had won in an arbitration against three companies linked to Indonesian billionaire Mochtar Riady's Lippo Group cannot be enforced in Indonesia.
Astro is controlled by Ananda Krishnan, Asia's six richest man, who according to Malaysian Business, has a RM32.90 billion estimated fortune.
Astro said on Monday that the Supreme Court of Indonesia had dismissed its appeal against the Central Jakarta District Court's (CJDC) decision which had rejected the claimants' application to enforce the award.
It said the Supreme Court dismissed its appeal against the CJDC's decision as the awards were contrary to public order, amounted to interference with Indonesia's judicial process and violated the principles of the state and legal sovereignty of the country.
Astro's claims were put forward by its unit Measat Broadcast Network Systems Sdn Bhd against three firms from Indonesia, namely, PT First Media Tbk, PT Direct Vision and PT Ayunda Prima Mitra .
The three Indonesian firms are part of the Lippo group, Indonesia's largest developer and one of its biggest conglomerates.
To recap, PT Direct Vision in 2006 started cooperation with Astro, to provide pay TV service Astro in Indonesia. In the first year of its operation Astro made a big bang in the market of pay-TV grabbing the second largest share of the market after Indovision, with 140,000 subscribers in 2007.
In October 2008, Astro broadcast in Indonesia was stopped halted unilaterally by Astro, by stopping supply of programmes to PT Direct Vision on due to an internal conflict between PT Ayunda Prima Mitra, as a shareholder of PT Direct Vision with Astro Malaysia.
The conflict began started from the Lippo Group wanting to divest a 51 per cent stake in Direct Vision valued at US$250 million (RM825 million) to Astro based on an agreement in 2005. Astro, however, rejected as Astro it had already paid all operating and content costs of Direct Vision totaling around US$136 million in almost three years.
Read more: BTimes
Showing posts with label World. Show all posts
Showing posts with label World. Show all posts
Tuesday, September 10, 2013
Saturday, February 18, 2012
Global Shares Likely To Remain Up, Says Economist
26 Rabiulawal 1433
By Tengku Noor Shamsiah Tengku Abdullah(Bernama)
SINGAPORE, Feb 18 , 2012 - Global shares are vulnerable to further consolidation or correction in the short term given high levels of investor sentiment, strong year-to-date gains and Greek worries.
However, any pullback globally is likely to be mild and the broader trend is likely to remain up, says Dr Shane Oliver, Head of Investment Strategy and Chief Economist of AMP Capital Investors.
"Valuations are attractive particularly against very low bond yields, the risk of a eurozone meltdown has receded, momentum in global economic indicators is positive, global monetary conditions are getting easier and easier and there is lots of cash on the sidelines," he told Bernama.
He said the "yes we have a deal no we don't" regarding Greece's latest bailout negotiations raged on again over the last week, resulting in a volatile ride for risk assets like shares.
"Our assessment is that a deal is more likely than not as both sides have potentially too much to lose, but the risks are high and in any case it could drag on a bit," he said.
In a broader sense, Oliver said there was mostly good news regarding the European debt issue over the last week.
Most importantly, bond yields in Spain, Italy, France and Portugal were little affected by the Greek related uncertainty of the last week, suggesting investors are becoming less concerned about contagion.
He said global reflation remains an ongoing theme with the Bank of Japan announcing extra quantitative easing, a short-term inflation target of one per cent and a medium-term target of two per cent.
"This is very significant. If Japan is serious about meeting its inflation targets it means more monetary easing in order to break the psychology of deflation and it could mean a fundamental turn in the Yen (down) and the relative performance of Japanese shares (up)," he said.
Oliver said data releases over the last week were mostly positive with strong US data, a weaker than expected growth contraction in the eurozone and a contraction in the Japanese economy, but signs of growth bouncing back this quarter.
He said even Australian economic data surprised on the upside, but with monetary conditions tightening on the back of rising bank mortgage rates, the strong Australian dollar, and the drumbeat of job layoffs seemingly getting louder, it is hard to see recent stronger data releases being sustained.
"We still think there is a strong case to cut official interest rates further but the strong January jobs data and the Reserve Bank of Australia's relatively relaxed stance suggest the next cut may be several months away," he said.
Oliver said the focus in the week ahead will likely stay on Greece with finance ministers to consider the bailout package on Monday. European PMI business conditions indicators (Tuesday) and the German IFO index (Thursday) will also be watched closely.
Source- BERNAMA
By Tengku Noor Shamsiah Tengku Abdullah(Bernama)
SINGAPORE, Feb 18 , 2012 - Global shares are vulnerable to further consolidation or correction in the short term given high levels of investor sentiment, strong year-to-date gains and Greek worries.
However, any pullback globally is likely to be mild and the broader trend is likely to remain up, says Dr Shane Oliver, Head of Investment Strategy and Chief Economist of AMP Capital Investors.
"Valuations are attractive particularly against very low bond yields, the risk of a eurozone meltdown has receded, momentum in global economic indicators is positive, global monetary conditions are getting easier and easier and there is lots of cash on the sidelines," he told Bernama.
He said the "yes we have a deal no we don't" regarding Greece's latest bailout negotiations raged on again over the last week, resulting in a volatile ride for risk assets like shares.
"Our assessment is that a deal is more likely than not as both sides have potentially too much to lose, but the risks are high and in any case it could drag on a bit," he said.
In a broader sense, Oliver said there was mostly good news regarding the European debt issue over the last week.
Most importantly, bond yields in Spain, Italy, France and Portugal were little affected by the Greek related uncertainty of the last week, suggesting investors are becoming less concerned about contagion.
He said global reflation remains an ongoing theme with the Bank of Japan announcing extra quantitative easing, a short-term inflation target of one per cent and a medium-term target of two per cent.
"This is very significant. If Japan is serious about meeting its inflation targets it means more monetary easing in order to break the psychology of deflation and it could mean a fundamental turn in the Yen (down) and the relative performance of Japanese shares (up)," he said.
Oliver said data releases over the last week were mostly positive with strong US data, a weaker than expected growth contraction in the eurozone and a contraction in the Japanese economy, but signs of growth bouncing back this quarter.
He said even Australian economic data surprised on the upside, but with monetary conditions tightening on the back of rising bank mortgage rates, the strong Australian dollar, and the drumbeat of job layoffs seemingly getting louder, it is hard to see recent stronger data releases being sustained.
"We still think there is a strong case to cut official interest rates further but the strong January jobs data and the Reserve Bank of Australia's relatively relaxed stance suggest the next cut may be several months away," he said.
Oliver said the focus in the week ahead will likely stay on Greece with finance ministers to consider the bailout package on Monday. European PMI business conditions indicators (Tuesday) and the German IFO index (Thursday) will also be watched closely.
Source- BERNAMA
Monday, February 6, 2012
Malaysia Invited To Diversify Its Investment In Turkmenistan
14 Rabiulawal 1433
By Joshua Foong (Bernama)
LONDON, Feb 7 , 2012- Malaysian firms should capitalise on the vast business opportunities in Turkmenistan as the Central Asian nation seeks to intensify contacts in a broad spectrum of economic partnership.
This invitation was expressed by the President of Turkmenistan, Gurbanguly Berdimuhamedov, to Foreign Minister Datuk Seri Anifah Aman at a meeting on Feb 1.
Anifah, who was met by Malaysian press in London yesterday, said among key areas that was raised at the meeting was the increase of Malaysian involvement in industrial, transport and communications as well as high technology and tourism sectors, especially in the context of Turkmenistan's ongoing infrastructural projects and large-scale reform initiatives.
"President Berdimuhammadov, who together with Prime Minister Datuk Seri Najib Tun Razak, took the relationship of both countries to a higher level in the past year, has indicated to me that his government will be very friendly to any possible Malaysian involvements and investments in the Turkmen economy," he said.
The Turkmen market, which is rapidly developing, and the favourable investment climate in the country, provide a conducive platform for the establishment of long-term cooperation with Malaysian business circles.
"My trip to Turkmenistan was also to assist Petronas in trying to secure other further business opportunities and to request for speedy government approval to facilitate of some of the work that they plan to do there," he added.
Petronas Carigali, the exploration and production arm of Petronas, began operating in the Turkmen sector of Caspian Sea since 1996.
Ten years later, in May 2006, the national oil corporation began to diversify in more downstream activities, such as industrial production and oil export.
Moving forward, on top of wider economic links, Berdimuhammadov had also expressed hopes that both Malaysia and Turkmenistan will be able to enhance bilateral humanitarian contacts, including in areas of education, professional training, science and culture.
Anifah also said that his ministry has already identified a candidate to be appointed as Malaysia's first ambassador to Turkmenistan, with a Malaysian Embassy to be opened in the Turkmen capital of Ashgabat in the coming months.
Turkmenistan is also in the process of establishing an embassy in Kuala Lumpur.
Source- BERNAMA
By Joshua Foong (Bernama)
LONDON, Feb 7 , 2012- Malaysian firms should capitalise on the vast business opportunities in Turkmenistan as the Central Asian nation seeks to intensify contacts in a broad spectrum of economic partnership.
This invitation was expressed by the President of Turkmenistan, Gurbanguly Berdimuhamedov, to Foreign Minister Datuk Seri Anifah Aman at a meeting on Feb 1.
Anifah, who was met by Malaysian press in London yesterday, said among key areas that was raised at the meeting was the increase of Malaysian involvement in industrial, transport and communications as well as high technology and tourism sectors, especially in the context of Turkmenistan's ongoing infrastructural projects and large-scale reform initiatives.
"President Berdimuhammadov, who together with Prime Minister Datuk Seri Najib Tun Razak, took the relationship of both countries to a higher level in the past year, has indicated to me that his government will be very friendly to any possible Malaysian involvements and investments in the Turkmen economy," he said.
The Turkmen market, which is rapidly developing, and the favourable investment climate in the country, provide a conducive platform for the establishment of long-term cooperation with Malaysian business circles.
"My trip to Turkmenistan was also to assist Petronas in trying to secure other further business opportunities and to request for speedy government approval to facilitate of some of the work that they plan to do there," he added.
Petronas Carigali, the exploration and production arm of Petronas, began operating in the Turkmen sector of Caspian Sea since 1996.
Ten years later, in May 2006, the national oil corporation began to diversify in more downstream activities, such as industrial production and oil export.
Moving forward, on top of wider economic links, Berdimuhammadov had also expressed hopes that both Malaysia and Turkmenistan will be able to enhance bilateral humanitarian contacts, including in areas of education, professional training, science and culture.
Anifah also said that his ministry has already identified a candidate to be appointed as Malaysia's first ambassador to Turkmenistan, with a Malaysian Embassy to be opened in the Turkmen capital of Ashgabat in the coming months.
Turkmenistan is also in the process of establishing an embassy in Kuala Lumpur.
Source- BERNAMA
Tuesday, January 24, 2012
Khazanah Subsidiary And Turkish Health Provider In Synergistic Partnership
1 Rabiulawal 1433
From Dalila Abu Bakar(Bernama)
ISTANBUL, Jan 25 , 2012- The synergistic partnership between Khazanah Holdings Bhd's healthcare subsidiary, Integrated Holdings Healthcare Sdn Bhd (IHH), and Turkey-based healthcare services provider, Acibadem Saglik Yatirimlari Holding A.S.(ASYH), would see the group emerge among the world's largest healthcare services provider with 12,316 beds and revenue.
"We are currently number two in terms of number of beds and revenue of the hospital within the group around the world. But, if you look at profitability, we'll be number one," said Saglik Hizmetleri ve Ticaret A.S.Acibadem (Acibadem) founder Mehmet Ali Aydinlar at a press conference here Tuesday following IHH's purchase of a 60 per cent equity in ASYH.
He added that the group was also looking at growth in the Central and Eastern Europe, Middle East and Russia.
Meanwhile, Khazanah Nasional managing director Tan Sri Azman Mokhtar said the group was also planning for growth in India, Singapore, Malaysia and China. he added.
"In various measures and in all counts, we are among the top in the world," he added.
Azman also said that Khazanah also planned to list IHH in 2012.
"The company will put out the relevant documents in due course. We'll be consulting our partners," he said.
IHH successfully completed the 60 per cent acquisition of the enlarged share capital in ASYH from Mehmet Ali Aydinlar and family and Abraaj Capital, a leading private equity manager investing in the Middle East, Turkey, Asia and Africa.
Khazanah Nasional, through its special purpose vehicle, Bagan Lalang Ventures Sdn Bhd, also directly acquired a 15 per cent stake in ASYH.
ASYH is the 92 per cent shareholder of listed Acibadem, a leading private healthcare services provider in Turkey.
The Aydinlar family holds the remaining 25 per cent stake in ASYH.
The transaction value of the 92 per cent of Acibadem is about RM5.308 billion for the entire Class A and Class B shares.
The consideration amount for ASYH's 92 per cent stake in Acibadem is calculated by valuing 4,249,973 Class A shares at RM276.31 per share and 87,719,149 Class B shares at RM43.17 per share.
In compliance with the Turkish Capital Markets Board regulations, a mandatory tender offer will be made to approximately eight per cent of Acibadem's minority shareholders.
The acquisition consideration was made by a combination of cash and newly issued IHH shares.
This will result in the Aydinlar family and Abraaj Capital emerging as shareholders of IHH owning about 4.2 per cent and 7.1 per cent, respectively.
Khazanah, via its wholly-owned special purpose vehicle (SPV), Pulau Memutik Ventures retains a 62.1 per cent stake in IHH while Mitsui, via its wholly-owned SPV, MBK Healthcare Partners Ltd, now owns a 26.6 per cent stake.
Mehmet Ali Aydinlar and Omar Lodhi of Abraaj Capital will join the Board of IHH.
The acquisition represents IHH's first direct presence in the private healthcare space in Turkey.
ASYH is also Khazanah's first direct investment in a Turkish firm and represents another major step for the government's investment arm in growing its investments in the healthcare sector.
The addition of Acibadem to IHH's stable is very significant and adds to its impressive existing portfolio of healthcare assets that include Parkway Holdings Ltd, Pantai Holdings Bhd, International Medical University and shareholdings in India's Apollo Hospitals Enterprises Limited.
With the landmark transaction, IHH is uniquely positioned as one of the largest private healthcare providers in the world with a broad footprint of assets in Malaysia, Singapore, Turkey, India and with presence in China, Brunei, Abu Dhabi as well as Central and Eastern Europe.
Source- BERNAMA
From Dalila Abu Bakar(Bernama)
ISTANBUL, Jan 25 , 2012- The synergistic partnership between Khazanah Holdings Bhd's healthcare subsidiary, Integrated Holdings Healthcare Sdn Bhd (IHH), and Turkey-based healthcare services provider, Acibadem Saglik Yatirimlari Holding A.S.(ASYH), would see the group emerge among the world's largest healthcare services provider with 12,316 beds and revenue.
"We are currently number two in terms of number of beds and revenue of the hospital within the group around the world. But, if you look at profitability, we'll be number one," said Saglik Hizmetleri ve Ticaret A.S.Acibadem (Acibadem) founder Mehmet Ali Aydinlar at a press conference here Tuesday following IHH's purchase of a 60 per cent equity in ASYH.
He added that the group was also looking at growth in the Central and Eastern Europe, Middle East and Russia.
Meanwhile, Khazanah Nasional managing director Tan Sri Azman Mokhtar said the group was also planning for growth in India, Singapore, Malaysia and China. he added.
"In various measures and in all counts, we are among the top in the world," he added.
Azman also said that Khazanah also planned to list IHH in 2012.
"The company will put out the relevant documents in due course. We'll be consulting our partners," he said.
IHH successfully completed the 60 per cent acquisition of the enlarged share capital in ASYH from Mehmet Ali Aydinlar and family and Abraaj Capital, a leading private equity manager investing in the Middle East, Turkey, Asia and Africa.
Khazanah Nasional, through its special purpose vehicle, Bagan Lalang Ventures Sdn Bhd, also directly acquired a 15 per cent stake in ASYH.
ASYH is the 92 per cent shareholder of listed Acibadem, a leading private healthcare services provider in Turkey.
The Aydinlar family holds the remaining 25 per cent stake in ASYH.
The transaction value of the 92 per cent of Acibadem is about RM5.308 billion for the entire Class A and Class B shares.
The consideration amount for ASYH's 92 per cent stake in Acibadem is calculated by valuing 4,249,973 Class A shares at RM276.31 per share and 87,719,149 Class B shares at RM43.17 per share.
In compliance with the Turkish Capital Markets Board regulations, a mandatory tender offer will be made to approximately eight per cent of Acibadem's minority shareholders.
The acquisition consideration was made by a combination of cash and newly issued IHH shares.
This will result in the Aydinlar family and Abraaj Capital emerging as shareholders of IHH owning about 4.2 per cent and 7.1 per cent, respectively.
Khazanah, via its wholly-owned special purpose vehicle (SPV), Pulau Memutik Ventures retains a 62.1 per cent stake in IHH while Mitsui, via its wholly-owned SPV, MBK Healthcare Partners Ltd, now owns a 26.6 per cent stake.
Mehmet Ali Aydinlar and Omar Lodhi of Abraaj Capital will join the Board of IHH.
The acquisition represents IHH's first direct presence in the private healthcare space in Turkey.
ASYH is also Khazanah's first direct investment in a Turkish firm and represents another major step for the government's investment arm in growing its investments in the healthcare sector.
The addition of Acibadem to IHH's stable is very significant and adds to its impressive existing portfolio of healthcare assets that include Parkway Holdings Ltd, Pantai Holdings Bhd, International Medical University and shareholdings in India's Apollo Hospitals Enterprises Limited.
With the landmark transaction, IHH is uniquely positioned as one of the largest private healthcare providers in the world with a broad footprint of assets in Malaysia, Singapore, Turkey, India and with presence in China, Brunei, Abu Dhabi as well as Central and Eastern Europe.
Source- BERNAMA
Monday, January 2, 2012
Fahim To Develop Halal Integrity Management System In Ningxia Muslim Region
8 Safar 1433
From Ng Che Yean(Bernama)
YINCHUAN, Jan 2, 2012- Fahim Technologies Sdn Bhd, a Malaysian company, is expanding its halal integrity management solution service to Ningxia, north-west China's Muslim autonomous region.
Executive Chairman Datuk Ibrahim Ahmad Badawi, of Ibrahim Holdings Bhd, the parent company of Fahim Technologies, said Fahim worked together with the Ningxia provincial government to develop Ningxia as the first hub for its halal integrity management solution in China via a joint-venture company, Ningxia Fahim International Halal Industry Co Ltd.
He said the Chinese authorities need to address the people's misperception about food products safety in China, while China's central government thinks that Ningxia should take the lead in the halal industry.
The Halal integrity management solution could help build up credibility and confidence in safety and quality of food products in China, he said.
"Food safety is a critical issue for China," he told BERNAMA.
Ibrahim said the Ningxia Hui Autonomous government was excited over Fahim's introduction of the solution and it was keen to cooperate with the company to develop the system.
He said the joint-venture entity comprising Ningxia Fahim International Halal Industry, Fahim Technologies and Ningxia Autonomous Region government-owned Ningxia Comprehensive Agricultural Investment Co Ltd was established specially to develop products for the Muslim market.
Malaysia's former Prime Minister Tun Abdullah Ahmad Badawi attended the joint-venture company's launch.
"Our target is not only Muslims but also non-Muslims. I was told by some Chinese people that they preferred halal food products to allay food safety concerns as halal in Chinese literally means pure and good," he said.
Halal integrity management solution is an integrated monitoring system which can track halal products inflow from the source to end-users (farm to fork) throughout the entire value chain and monitor halal status of products to ensure safety and product quality.
The system was developed by an IBM team in Melbourne and sponsored by Fahim Technologies over the past three years.
Ibrahim said Ningxia would be the first hub to apply Fahim's Halal integrity solution and would expand to other provinces and to global level with strong support from its partner, IBM.
"Where there is an IBM branch, there is potential to be the next hub, and eventually the solution will go global," he said.
Fahim Technologies, Ningxia Fahim International and IBM China Company Limited signed a memorandum of understanding on Dec 29 to cooperate in the halal products safety control system.
Currently, about 85 per cent of the raw materials for halal food products in Malaysia were imported from countries like New Zealand, Australia and india, but Malaysia can be the leader in halal management system by providing solutions and experience to help other countries and companies develop their food safety management, he added.
Ningxia Fahim is the company's second joint-venture company in a foreign country. The firm has formed a 50:50 joint venture in Jordan.
Source- BERNAMA
From Ng Che Yean(Bernama)
YINCHUAN, Jan 2, 2012- Fahim Technologies Sdn Bhd, a Malaysian company, is expanding its halal integrity management solution service to Ningxia, north-west China's Muslim autonomous region.
Executive Chairman Datuk Ibrahim Ahmad Badawi, of Ibrahim Holdings Bhd, the parent company of Fahim Technologies, said Fahim worked together with the Ningxia provincial government to develop Ningxia as the first hub for its halal integrity management solution in China via a joint-venture company, Ningxia Fahim International Halal Industry Co Ltd.
He said the Chinese authorities need to address the people's misperception about food products safety in China, while China's central government thinks that Ningxia should take the lead in the halal industry.
The Halal integrity management solution could help build up credibility and confidence in safety and quality of food products in China, he said.
"Food safety is a critical issue for China," he told BERNAMA.
Ibrahim said the Ningxia Hui Autonomous government was excited over Fahim's introduction of the solution and it was keen to cooperate with the company to develop the system.
He said the joint-venture entity comprising Ningxia Fahim International Halal Industry, Fahim Technologies and Ningxia Autonomous Region government-owned Ningxia Comprehensive Agricultural Investment Co Ltd was established specially to develop products for the Muslim market.
Malaysia's former Prime Minister Tun Abdullah Ahmad Badawi attended the joint-venture company's launch.
"Our target is not only Muslims but also non-Muslims. I was told by some Chinese people that they preferred halal food products to allay food safety concerns as halal in Chinese literally means pure and good," he said.
Halal integrity management solution is an integrated monitoring system which can track halal products inflow from the source to end-users (farm to fork) throughout the entire value chain and monitor halal status of products to ensure safety and product quality.
The system was developed by an IBM team in Melbourne and sponsored by Fahim Technologies over the past three years.
Ibrahim said Ningxia would be the first hub to apply Fahim's Halal integrity solution and would expand to other provinces and to global level with strong support from its partner, IBM.
"Where there is an IBM branch, there is potential to be the next hub, and eventually the solution will go global," he said.
Fahim Technologies, Ningxia Fahim International and IBM China Company Limited signed a memorandum of understanding on Dec 29 to cooperate in the halal products safety control system.
Currently, about 85 per cent of the raw materials for halal food products in Malaysia were imported from countries like New Zealand, Australia and india, but Malaysia can be the leader in halal management system by providing solutions and experience to help other countries and companies develop their food safety management, he added.
Ningxia Fahim is the company's second joint-venture company in a foreign country. The firm has formed a 50:50 joint venture in Jordan.
Source- BERNAMA
Friday, December 30, 2011
Petrovietnam Produces 30 Per Cent Above Target
4 Safar 1433
HANOI, Dec 30,2011 - The Vietnam National Oil and Gas Group (PetroVietnam) produced 15 million tonnes of crude oil this year, 30 percent higher than production targets set earlier this year, Vietnam News Agency (VNA) reported.
The group exceeded the target despite lower output from some oil fields, which was compensated by technical innovations, which raised the extraction ratio up to 52 percent.
In the second half of the year, PetroVietnam has also begun tapping into two new oil fields and has increased oil production abroad.
Higher production has also helped the group realise its financial plan for the whole year, with total revenue of 672 trillion VND (US$32 billion), of which 170 trillion VND (US$2.8 billion) went into the State budget.
These figures indicate the group's income will account for half of the country's total income.
In terms of payment to the State, the group will constitute around 70 percent of corporate and group contributions.
PetroVietnam General Director Do Van Hau said the Government had assigned the group to produce 15.8 million tonnes of oil and 9 billion cu.m of gas in 2012.
Source- BERNAMA
HANOI, Dec 30,2011 - The Vietnam National Oil and Gas Group (PetroVietnam) produced 15 million tonnes of crude oil this year, 30 percent higher than production targets set earlier this year, Vietnam News Agency (VNA) reported.
The group exceeded the target despite lower output from some oil fields, which was compensated by technical innovations, which raised the extraction ratio up to 52 percent.
In the second half of the year, PetroVietnam has also begun tapping into two new oil fields and has increased oil production abroad.
Higher production has also helped the group realise its financial plan for the whole year, with total revenue of 672 trillion VND (US$32 billion), of which 170 trillion VND (US$2.8 billion) went into the State budget.
These figures indicate the group's income will account for half of the country's total income.
In terms of payment to the State, the group will constitute around 70 percent of corporate and group contributions.
PetroVietnam General Director Do Van Hau said the Government had assigned the group to produce 15.8 million tonnes of oil and 9 billion cu.m of gas in 2012.
Source- BERNAMA
Vietnam Moves Towards Cashless Society
4 Safar 1433
HANOI, Dec 30, 2011- Cash payments will make up less than 11 percent of all transactions in Vietnam by the end of 2015, down from the current 14 percent, according to a Government plan approved by Prime Minister Nguyen Tan Dung earlier this week.
The plan also targets to double the number of people with bank accounts to 40 percent of the population in the next four years, Vietnam News Agency (VNA) reported.
Cash payments constitute a global average of only 5-7 percent of transactions and the rate is even lower for the neighbouring economy of China, with 3-4 percent.
The world's leading non-cash payment market is the US, followed by the eurozone, while the developing economies are far behind, according to the World Payment's Report 2011.
The Government 2011-15 non-cash payment development plan was drafted by the State Bank of Vietnam with the aim of reducing cash-related costs and improving the efficiency of the country's banking system and State management.
Luc said non-cash payments (bank transfers, Internet banking, credit or debit cards) reduced cash-related risk from theft or fires, among other things.
Meanwhile, although the World Payment's Report stated that the global use of cash payments was endemic, especially for low-value retail transactions, it said cash was "costly to distribute, manage, handle and process" and that non-cash-payment growth would lower costs for banks and for the whole economic system.
Card payments services (credit and debit) will be the focus of Vietnam's 2011-15 payments reform and the country expects to have some 250,000 points of sale (POS) which accept some 200 million card payments a year by 2015.
Continuing the expansion of wage payments to bank accounts in State-owned enterprises and organisations, the Government will also encourage non-cash payments to pay for utility bills.
Source- BERNAMA
HANOI, Dec 30, 2011- Cash payments will make up less than 11 percent of all transactions in Vietnam by the end of 2015, down from the current 14 percent, according to a Government plan approved by Prime Minister Nguyen Tan Dung earlier this week.
The plan also targets to double the number of people with bank accounts to 40 percent of the population in the next four years, Vietnam News Agency (VNA) reported.
Cash payments constitute a global average of only 5-7 percent of transactions and the rate is even lower for the neighbouring economy of China, with 3-4 percent.
The world's leading non-cash payment market is the US, followed by the eurozone, while the developing economies are far behind, according to the World Payment's Report 2011.
The Government 2011-15 non-cash payment development plan was drafted by the State Bank of Vietnam with the aim of reducing cash-related costs and improving the efficiency of the country's banking system and State management.
Luc said non-cash payments (bank transfers, Internet banking, credit or debit cards) reduced cash-related risk from theft or fires, among other things.
Meanwhile, although the World Payment's Report stated that the global use of cash payments was endemic, especially for low-value retail transactions, it said cash was "costly to distribute, manage, handle and process" and that non-cash-payment growth would lower costs for banks and for the whole economic system.
Card payments services (credit and debit) will be the focus of Vietnam's 2011-15 payments reform and the country expects to have some 250,000 points of sale (POS) which accept some 200 million card payments a year by 2015.
Continuing the expansion of wage payments to bank accounts in State-owned enterprises and organisations, the Government will also encourage non-cash payments to pay for utility bills.
Source- BERNAMA
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