17:13' 06/05/2008 (GMT+7)
The government will not let a rice fever happen again, confirmed Minister of Agriculture and Rural Development Cao Duc Phat on the sideline of the 3rd NA session in Hanoi on May 6.
Rice price storm over
The Ministry of Agriculture and Rural Development (MARD) and the government have taken tough measures to control rice prices but the prices haven’t fallen to the previous levels. We are not experiencing a rice shortage but the prices are still increasing. What will the Ministry do?
The rice prices have been influenced by the international market, psychological impacts, and speculation so there was a rice ‘fever’ recently. The government has taken tough measures to force the prices down. However, rice prices in some places are still higher than the previous levels of between VND1,000-3,000, depending on rice quality. We are keeping an eye on the rice market to not let another rice fever happen.
So we have to accept higher prices for rice after the recent rice ‘fever’?
Rice prices are decided by the supply-demand balance in the local and international markets. Our rice market is under the daily influences of the global market so adjustments must follow the market and market tools.
What do you think about imports of low-quality rice from China and Cambodia?
The Ministry (MARD) assigned a working group to go to Lao Cai province to survey the situation and they saw both low-quality and good rice.
Vietnam can export 5 million tonnes of rice but the government has reduced rice exports from 4.5 to 4 million tonnes. Will we change the export target again?
4.5 million tonnes is a forecast figure. In the Red River, the rice crop is good but nearly 400,000ha of rice has been attacked by insects. The Ministry and local governments are trying to deal with this.
Our viewpoint is ensuring food security at home first, then exporting rice, but we have to strictly keep track of rice production and consumption.
The central and northern regions were recently hit by natural calamities and epidemics so we may have a poor crop in these regions. Would the rice output of the Mekong Delta be enough for the whole country?
I confirm that we have enough rice for local consumption and for export in large volumes.
There is information about the establishment of a rice cartel which gathers rice exporting countries, including Vietnam. Could you reveal something about this plan?
I’ve heard that news from the media only. This issue is related to trade. At present MARD and the Ministry of Trade and Industry have nothing to say about this.
Tuesday 6 May 2008
PM emphasises spending cut and strict control of public investment
17:02' 06/05/2008 (GMT+7)
In his 60-minute speech delivered at the third session of the 12th National Assembly, which opened in Hanoi this morning, May 6, Prime Minister Nguyen Tan Dung proposed that the NA reduce the growth target to around 7% this year.
The PM explained that at the end of 2007, the prices of crude oil, food and many other kinds of materials suddenly rose in the international market. The global economy, especially the largest economies in the world such as the US, Japan and China, is seeing signs of recession.
Vietnam is heavily influenced by the world economy so its CPI in the first four months of 2008 increased 11.6% while its trade deficit rose 71%.
“These are the highest levels in many years, threatening macro-economic stability and adversely impacting production, jobs, incomes and the lives of people, especially the poor,” Dung said.
Besides outside influences, Vietnam experienced record cold spells and cattle and poultry epidemics. The PM also identified five other internal reasons, stressing the Government’s fumbling in carrying out monetary and financial policies.
The PM also said that the government is weak at market research and forecasting. “At the end of 2007, the government saw a lot of advantages and opportunities and didn’t forecast new challenges and difficulties so it asked the NA to approve a high growth rate target for 2008 (8.5-9% of GDP growth) and the lower increase of CPI than GDP growth,” Dung said.
He said that some targets set at the 2nd NA session were no longer appropriate and he proposed the NA reduce the GDP growth target to around 7%.
“The focus and urgent mission is curbing inflation and stabilising macro economics, supporting the poor and victims of natural calamities,” the PM emphasised.
To realise social-economic goals in 2008, the PM introduced eight groups of solutions, stressing a tightened financial policy which concentrates on spending cuts, strict control of public investment. Another important solution is promoting exports and decreasing the trade deficit.
The PM confirmed that the government will not increase power, petroleum, coal, clean water, airfare, train and bus fares till inflation is controlled.
“For the petroleum price, if the price in the international market suddenly climbs, the government will consider specific and appropriate measures,” Dung said.
As regards social welfare policies, the PM said the government will amend the salary increase roadmap, continue allocating rice for victims of natural calamities and maintain the levels of school and hospital fees.
According to Dung, the government allocated around 80,000 tonnes of rice for disadvantaged families in 2007 and the first four months of 2008, the highest level so far.
The NA Economic Committee agreed with the PM’s proposal of cutting the economic growth target but it asked the government to comprehensively research the subject before approving the amendment because slow economic growth may influence job creation and people’s incomes.
In his 60-minute speech delivered at the third session of the 12th National Assembly, which opened in Hanoi this morning, May 6, Prime Minister Nguyen Tan Dung proposed that the NA reduce the growth target to around 7% this year.
The PM explained that at the end of 2007, the prices of crude oil, food and many other kinds of materials suddenly rose in the international market. The global economy, especially the largest economies in the world such as the US, Japan and China, is seeing signs of recession.
Vietnam is heavily influenced by the world economy so its CPI in the first four months of 2008 increased 11.6% while its trade deficit rose 71%.
“These are the highest levels in many years, threatening macro-economic stability and adversely impacting production, jobs, incomes and the lives of people, especially the poor,” Dung said.
Besides outside influences, Vietnam experienced record cold spells and cattle and poultry epidemics. The PM also identified five other internal reasons, stressing the Government’s fumbling in carrying out monetary and financial policies.
The PM also said that the government is weak at market research and forecasting. “At the end of 2007, the government saw a lot of advantages and opportunities and didn’t forecast new challenges and difficulties so it asked the NA to approve a high growth rate target for 2008 (8.5-9% of GDP growth) and the lower increase of CPI than GDP growth,” Dung said.
He said that some targets set at the 2nd NA session were no longer appropriate and he proposed the NA reduce the GDP growth target to around 7%.
“The focus and urgent mission is curbing inflation and stabilising macro economics, supporting the poor and victims of natural calamities,” the PM emphasised.
To realise social-economic goals in 2008, the PM introduced eight groups of solutions, stressing a tightened financial policy which concentrates on spending cuts, strict control of public investment. Another important solution is promoting exports and decreasing the trade deficit.
The PM confirmed that the government will not increase power, petroleum, coal, clean water, airfare, train and bus fares till inflation is controlled.
“For the petroleum price, if the price in the international market suddenly climbs, the government will consider specific and appropriate measures,” Dung said.
As regards social welfare policies, the PM said the government will amend the salary increase roadmap, continue allocating rice for victims of natural calamities and maintain the levels of school and hospital fees.
According to Dung, the government allocated around 80,000 tonnes of rice for disadvantaged families in 2007 and the first four months of 2008, the highest level so far.
The NA Economic Committee agreed with the PM’s proposal of cutting the economic growth target but it asked the government to comprehensively research the subject before approving the amendment because slow economic growth may influence job creation and people’s incomes.
Sunday 4 May 2008
Over 200 dies in violent cyclone in Myanmar
22:29' 04/05/2008 (GMT+7)
A total of 222 died in the violent cyclone storm Nargis that swept Myanmar's five divisions and states on Friday and Saturday, the State Radio and Television reported Sunday evening.
Altogether 92,006 people were left homeless, the report said.
The deadly cyclone, which occurred over the Bay of Bengal, entered Myanmar on Friday morning and lashed areas in southwestern coastal areas of Haing Gyi Island, Pathein, Myaungmya, Laputta, Mawlamyinegyun, Kyaiklat, Phyarpon, Bogalay.
On the same day, the Nargis, at a wind speed of about 192 kilometers per hour with a diameter of 240 km, hit the biggest city Yangon starting from midnight until Saturday noon, lasting for over 10 hours.
Some five vessels capsized in the Yangon Port, official report said earlier.
Myanmar has declared five divisions and states, namely Yangon, Bago, Ayeyawaddy, Kayin and Mon, as natural-disaster-hit regions.
A national central committee for prevention of natural disaster was also formed with Prime Minister General Thein Sein as chairman to promptly and effectively carry out relief and resettlement tasks.
According to the report, Thein Sein made a field trip to the disaster-hit areas Sunday.
A total of 222 died in the violent cyclone storm Nargis that swept Myanmar's five divisions and states on Friday and Saturday, the State Radio and Television reported Sunday evening.
Altogether 92,006 people were left homeless, the report said.
The deadly cyclone, which occurred over the Bay of Bengal, entered Myanmar on Friday morning and lashed areas in southwestern coastal areas of Haing Gyi Island, Pathein, Myaungmya, Laputta, Mawlamyinegyun, Kyaiklat, Phyarpon, Bogalay.
On the same day, the Nargis, at a wind speed of about 192 kilometers per hour with a diameter of 240 km, hit the biggest city Yangon starting from midnight until Saturday noon, lasting for over 10 hours.
Some five vessels capsized in the Yangon Port, official report said earlier.
Myanmar has declared five divisions and states, namely Yangon, Bago, Ayeyawaddy, Kayin and Mon, as natural-disaster-hit regions.
A national central committee for prevention of natural disaster was also formed with Prime Minister General Thein Sein as chairman to promptly and effectively carry out relief and resettlement tasks.
According to the report, Thein Sein made a field trip to the disaster-hit areas Sunday.
NA Chairman urges Hanoi to create sharp changes in following President Ho’s exemplary morals
17:17' 04/05/2008 (GMT+7)
"Greater efforts should be made to bring about practical and lasting changes in implementing the "Study and Follow President Ho Chi Minh's Exemplary Morals" campaign," National Assembly Chairman Nguyen Phu Trong told leaders of Hanoi on May 2.
Chairman Trong was speaking at a working session with the Hanoi Municipal Party Committee to review one year of implementing the campaign in Hanoi and 23 other localities.
It was reported at the meeting that the movement, launched one year ago, has had a profound and positive impact on the entire political system, helping raise the awareness of cadres and receiving strong support from Party members and the public.
Chairman Trong asked the campaign organisers in Hanoi to set specific standards for different sectors and areas of work and avoid superficial behaviours.
"Leaders and business managers in Hanoi should be leading this movement," urged the NA leader.
From now until the end of the year, the Hanoi Party Committee will hold contests such as telling moral stories about Ho Chi Minh and open short courses on his ethics for civil servants as well as the public. The committee will focus on Ho Chi Minh Thought about practising thrift and fighting corruption and wastefulness.
The campaign is aimed at enhancing officials' willingness to go forward and contribute more actively to national construction. It is also expected to encourage cultured lifestyles and gradually help ward off social vices by co-ordinating work with political and social organisations more effectively at grassroots level.
A large-scale campaign aimed to remove unethical practices and wrongdoings, especially among State employees, will be launched on a larger scale.
"Greater efforts should be made to bring about practical and lasting changes in implementing the "Study and Follow President Ho Chi Minh's Exemplary Morals" campaign," National Assembly Chairman Nguyen Phu Trong told leaders of Hanoi on May 2.
Chairman Trong was speaking at a working session with the Hanoi Municipal Party Committee to review one year of implementing the campaign in Hanoi and 23 other localities.
It was reported at the meeting that the movement, launched one year ago, has had a profound and positive impact on the entire political system, helping raise the awareness of cadres and receiving strong support from Party members and the public.
Chairman Trong asked the campaign organisers in Hanoi to set specific standards for different sectors and areas of work and avoid superficial behaviours.
"Leaders and business managers in Hanoi should be leading this movement," urged the NA leader.
From now until the end of the year, the Hanoi Party Committee will hold contests such as telling moral stories about Ho Chi Minh and open short courses on his ethics for civil servants as well as the public. The committee will focus on Ho Chi Minh Thought about practising thrift and fighting corruption and wastefulness.
The campaign is aimed at enhancing officials' willingness to go forward and contribute more actively to national construction. It is also expected to encourage cultured lifestyles and gradually help ward off social vices by co-ordinating work with political and social organisations more effectively at grassroots level.
A large-scale campaign aimed to remove unethical practices and wrongdoings, especially among State employees, will be launched on a larger scale.
NA Chairman urges Hanoi to create sharp changes in following President Ho’s exemplary morals
17:17' 04/05/2008 (GMT+7)
"Greater efforts should be made to bring about practical and lasting changes in implementing the "Study and Follow President Ho Chi Minh's Exemplary Morals" campaign," National Assembly Chairman Nguyen Phu Trong told leaders of Hanoi on May 2.
Chairman Trong was speaking at a working session with the Hanoi Municipal Party Committee to review one year of implementing the campaign in Hanoi and 23 other localities.
It was reported at the meeting that the movement, launched one year ago, has had a profound and positive impact on the entire political system, helping raise the awareness of cadres and receiving strong support from Party members and the public.
Chairman Trong asked the campaign organisers in Hanoi to set specific standards for different sectors and areas of work and avoid superficial behaviours.
"Leaders and business managers in Hanoi should be leading this movement," urged the NA leader.
From now until the end of the year, the Hanoi Party Committee will hold contests such as telling moral stories about Ho Chi Minh and open short courses on his ethics for civil servants as well as the public. The committee will focus on Ho Chi Minh Thought about practising thrift and fighting corruption and wastefulness.
The campaign is aimed at enhancing officials' willingness to go forward and contribute more actively to national construction. It is also expected to encourage cultured lifestyles and gradually help ward off social vices by co-ordinating work with political and social organisations more effectively at grassroots level.
A large-scale campaign aimed to remove unethical practices and wrongdoings, especially among State employees, will be launched on a larger scale.
"Greater efforts should be made to bring about practical and lasting changes in implementing the "Study and Follow President Ho Chi Minh's Exemplary Morals" campaign," National Assembly Chairman Nguyen Phu Trong told leaders of Hanoi on May 2.
Chairman Trong was speaking at a working session with the Hanoi Municipal Party Committee to review one year of implementing the campaign in Hanoi and 23 other localities.
It was reported at the meeting that the movement, launched one year ago, has had a profound and positive impact on the entire political system, helping raise the awareness of cadres and receiving strong support from Party members and the public.
Chairman Trong asked the campaign organisers in Hanoi to set specific standards for different sectors and areas of work and avoid superficial behaviours.
"Leaders and business managers in Hanoi should be leading this movement," urged the NA leader.
From now until the end of the year, the Hanoi Party Committee will hold contests such as telling moral stories about Ho Chi Minh and open short courses on his ethics for civil servants as well as the public. The committee will focus on Ho Chi Minh Thought about practising thrift and fighting corruption and wastefulness.
The campaign is aimed at enhancing officials' willingness to go forward and contribute more actively to national construction. It is also expected to encourage cultured lifestyles and gradually help ward off social vices by co-ordinating work with political and social organisations more effectively at grassroots level.
A large-scale campaign aimed to remove unethical practices and wrongdoings, especially among State employees, will be launched on a larger scale.
Microsoft withdraws offer for Yahoo
22:30' 04/05/2008 (GMT+7)
Microsoft announced Saturday it is withdrawing its offer for Yahoo in a surprise that stunned many industry analysts and Wall Street investors.
In a letter to Yahoo Chief Executive Jerry Yang, Microsoft CEO Steve Ballmer said his company decided to give up its acquisition efforts after the negotiations between the two companies got bogged down.
"After careful consideration, we believe the economics demanded by Yahoo do not make sense for us, and it is in the best interests of Microsoft stockholders, employees and other stakeholders to withdraw our proposal," Ballmer said.
Microsoft was willing to pay 47.5 billion dollars, or 33 dollars per share, up from the bid's current value of 29.40 dollars per share. But Yahoo demanded at least 53 billion dollars, or 37 dollars per share, the letter said.
"Despite our best efforts, including raising our bid by roughly five billion dollars, Yahoo has not moved toward accepting our offer. Clearly a deal is not to be," Ballmer said.
Microsoft had set April 26 as the deadline for Yahoo to respond to Microsoft's offer, or it was to launch a proxy fight to take control of Yahoo's board of directors. But this week passed with no escalation of the takeover fight, which has been dragging on for three months.
Microsoft also said it doesn't intend to mount a battle to replace Yahoo's board of directors, although some observers had thought its bid would turn hostile in the absence of a deal.
Yahoo had repeatedly rejected Microsoft's offer as being too low. It has also aggressively sought alternatives such as a tie-up with Time Warner Inc.'s AOL unit and a partnership with rival Google Inc.
Ballmer said last week that Microsoft would not pay "a penny" more than the company thought Yahoo was worth, and it seems he kept his word.
In the letter, Ballmer also expressed disappointment with Yang that the deal had fallen through, but said Microsoft was prepared to go it alone.
"By failing to reach an agreement with us, you and your stockholders have left significant value on the table," he wrote.
Meanwhile, Yang responded in a statement posted on the Yahoo website, saying that Yahoo is able be focus on an important transition in its history now that "the distraction of Microsoft's unsolicited proposal is behind us."
Investors will be watching to see how Yahoo's stock performs on Monday. It had jumped about 50 percent since Microsoft announced its proposal to buy Yahoo in February.
However, industry analysts said that although Ballmer told Yangthat "clearly a deal is not to be," Microsoft's withdrawal of its bid doesn't necessarily end all hope that the two companies could unite.
Observers have predicted that Microsoft could withdraw its bid as a bargaining tactic, in hopes that Yahoo's stock would plunge enough that its management team would finally agree to do a deal on Microsoft's terms.
Microsoft's effort to buy Yahoo is seen widely as the software giant's latest attempt to challenge Google's dominance of the lucrative online search and advertising markets
Microsoft announced Saturday it is withdrawing its offer for Yahoo in a surprise that stunned many industry analysts and Wall Street investors.
In a letter to Yahoo Chief Executive Jerry Yang, Microsoft CEO Steve Ballmer said his company decided to give up its acquisition efforts after the negotiations between the two companies got bogged down.
"After careful consideration, we believe the economics demanded by Yahoo do not make sense for us, and it is in the best interests of Microsoft stockholders, employees and other stakeholders to withdraw our proposal," Ballmer said.
Microsoft was willing to pay 47.5 billion dollars, or 33 dollars per share, up from the bid's current value of 29.40 dollars per share. But Yahoo demanded at least 53 billion dollars, or 37 dollars per share, the letter said.
"Despite our best efforts, including raising our bid by roughly five billion dollars, Yahoo has not moved toward accepting our offer. Clearly a deal is not to be," Ballmer said.
Microsoft had set April 26 as the deadline for Yahoo to respond to Microsoft's offer, or it was to launch a proxy fight to take control of Yahoo's board of directors. But this week passed with no escalation of the takeover fight, which has been dragging on for three months.
Microsoft also said it doesn't intend to mount a battle to replace Yahoo's board of directors, although some observers had thought its bid would turn hostile in the absence of a deal.
Yahoo had repeatedly rejected Microsoft's offer as being too low. It has also aggressively sought alternatives such as a tie-up with Time Warner Inc.'s AOL unit and a partnership with rival Google Inc.
Ballmer said last week that Microsoft would not pay "a penny" more than the company thought Yahoo was worth, and it seems he kept his word.
In the letter, Ballmer also expressed disappointment with Yang that the deal had fallen through, but said Microsoft was prepared to go it alone.
"By failing to reach an agreement with us, you and your stockholders have left significant value on the table," he wrote.
Meanwhile, Yang responded in a statement posted on the Yahoo website, saying that Yahoo is able be focus on an important transition in its history now that "the distraction of Microsoft's unsolicited proposal is behind us."
Investors will be watching to see how Yahoo's stock performs on Monday. It had jumped about 50 percent since Microsoft announced its proposal to buy Yahoo in February.
However, industry analysts said that although Ballmer told Yangthat "clearly a deal is not to be," Microsoft's withdrawal of its bid doesn't necessarily end all hope that the two companies could unite.
Observers have predicted that Microsoft could withdraw its bid as a bargaining tactic, in hopes that Yahoo's stock would plunge enough that its management team would finally agree to do a deal on Microsoft's terms.
Microsoft's effort to buy Yahoo is seen widely as the software giant's latest attempt to challenge Google's dominance of the lucrative online search and advertising markets
Thursday 1 May 2008
Scientists create missing circuit element "memristor"
| 23:07' 01/05/2008 (GMT+7) |
American electronics experts have finally succeeded in proving the existence of a fourth fundamental unit of electronic circuits: the "memristor," short for "memory resistor." Researchers in California succeeded in creating a real, working example of the memristor 37 years after its existence was first suggested in 1971, according to the May 1 issue of Nature available on Wednesday. The memristor was created by Stan Williams of HP Labs in Palo Alto, California, and his colleagues while experimenting with very tiny circuits, who sandwiched a nanoscopic film of a semiconductor(titanium dioxide) between two slivers of metal (platinum). Those are standard materials, the trick is to make the component just 5 nanometers wide, about 10,000 times thinner than a human hair. It's only at the nanoscale that the behavior of memristors begins to be detectable, said Williams who reported the memristor's creation in Nature. That's probably one reason why the idea has mouldered on the shelf for 37 years, said Leon Chua, the electrical engineer at the University of California, Berkeley, who first postulated the existence of memristors in a 1971 paper, the report said. Pleased that his theory has finally been proved, Chua was quoted as saying "I was very excited -- I never thought I would live to see this happen." Williams explained: "A memristor is essentially a resistor with memory. The actual resistance of the memristor changes depending on the amount of voltage and the time for which that voltage has been applied to the device." The memristors behave just like ordinary resistors, where resistance is equal to the voltage divided by the current. That means that a computer created from memristive circuits can "remember" what has happened to it previously, and freeze that memory when the circuit is turned off. This quality could allow computers to turn off and on again in an instant, as all the components could revert to their last state instantly, rather than having to "boot up," he said. The researchers hope that the new components could revolutionize computing, promising an end to frustrating waits for your computer to boot up. Most computers use "volatile memory" to perform their running functions, because this offers faster access to data than the non-volatile memory used to store data on hard disks and flash devices such as iPods. Building computers with memristors might allow a full switch to non-volatile memory, doing away with power-sapping "running memory" and allowing devices to consume far less power when operating. |
Kate Hudson tops list of most beautiful people
| 23:03' 01/05/2008 (GMT+7) | ||
Kate Hudson has topped the World's Most Beautiful People list in People magazine, landing the cover of the annual beauties issue. People editors chose Hudson as their cover model for her natural beauty, pointing out that the actress "doesn't owe her famous sun-kissed looks to thousands of hours logged at a spa." Hudson beat Salma Hayek, Mary J. Blige and Bruce Willis and Demi Moore's eldest daughter Rumer Willis, who poses provocatively on a picnic table, wearing a gothic dress and ankle-length dominatrix boots for her People picture. Also named on the new World's Most Beautiful People list are comedian Sarah Silverman, Christina Applegate, new mom Isla Fisher, the cast of TV phenomenon Gossip Girl and celebrity couples Jessica Alba and Cash Warren and Eva Longoria and Tony Parker. |
Ronaldo loses fiancee following scandal involving transvestites
| 22:44' 01/05/2008 (GMT+7) | ||
Maria Beatriz Antony, who had been dating the player for a year, was staying in his apartment in the Barra da Tijuca district, Rio's west zone, when she acknowledged that Ronaldo had spent Sunday evening in the company of three transvestites. According to the press, the player himself gave his fiancee the bad news. Antony moved to her parents' home in Brasilia on Monday. The scandal exploded when Andrea Albertino, one of the three transvestites, told the police that Ronaldo had refused to pay for her services after acknowledging she was not a woman. The Milan forward, who is currently in Rio on a leave following a knee surgery, admitted to the police that he had gone out with Albertino and her friends because he thought they were female prostitutes. In his testimony, he explained that he needed to "have fun and relax" with "people from outside his circle." Ronaldo also said that Albertino tried to extort 50,000 reais (29,900 U.S. dollars) from him in exchange for not calling the police or the press, which was confirmed by one of the other two prostitutes. On Tuesday, Albertino was interviewed by newspapers and networks in Brazil. While waiting for another participation in a TV show in Sao Paulo, the prostitute, whose ID name is Andre Luis Albertino, got involved in another event that led her to show up at a police precinct for the second time in two days. She was charged with damaging some equipment of Brazilian broadcaster Rede TV, after reacting violently to questions made by a comedian that hosts a show on that TV channel. |
World’s longest sea bridge opens in east China
| 22:08' 01/05/2008 (GMT+7) | ||
China inaugurated the world's longest cross-sea bridge on Thursday as part of its effort to boost economic integration and development in the Yangtze River Delta. Hundreds of people attended the opening ceremony for the 36-kilometer bridge spanning Hangzhou Bay near Shanghai on Thursday afternoon. It was held in the middle of the bridge. Zhao Hongzhu, secretary of the Zhejiang Provincial Committee of the Communist Party of China, declared the opening of the bridge at 3:40 p.m., followed by ceremonial fireworks. Tens of thousands of local residents gathered on both banks of the bay, many of whom performed dragon dances in traditional costume to celebrate the span's opening. The bridge will open to traffic on a trial basis at midnight. Trucks, overloaded vehicles and vehicles that carry dangerous chemicals will be barred from passing through the bridge during the trial operation period in a bid to ensure smooth traffic and visitor safety. "The bridge has become well-known and is expected to attract many visitors," said Jin Jianming, deputy chief commander of the bridge construction project. "We haven't decided how long the trial operation period will last. That depends ... on the bridge condition, and we need time to improve management of its operation." 'MADE-IN-CHINA' BRIDGE The bridge has been hailed as a "Made-in-China" model in large infrastructure construction that fully uses homegrown technologies and demonstrates the country's architectural expertise. Wang Yong, head of the bridge project, said the design had led to more than 250 technological innovations and engineering breakthroughs. The project survived 19 severe challenges, including typhoons, sea tides and geological problems, during construction, he said. Jin added the complicated climate conditions in Hangzhou Bay made the construction one of the most difficult in the world. "That is the biggest difference from the Lake Pontchartrain Causeway Bridge in southern United States." He was referring to the 38.4-km bridge across Lake Pontchartrain in New Orleans, considered the world's longest water-spanning structure. The cross-sea bridge in China links Haiyan, Jiaxing City, with Cixi, Ningbo City in Zhejiang Province. It will cut the length of the road trip from Shanghai to Ningbo,a busy port, by 120 km. It is designed to last 100 years. The bridge, with a 32-km section spanning the sea, is a cable-stayed structure built at a cost of 11.8 billion yuan (1.69 billion U.S. dollars). Private investors funded almost 30 percent of the project, the first time China's private sector had invested in a major public infrastructure project in the country. Construction of the six-lane bridge, which will allow a maximum speed of 100 km per hour, started on Nov. 14, 2003 and was completed on June 26, 2007. A waste water disposal plant with a daily capacity of 270,000 tons has been built near the bridge in Jiaxing to collect and treat waste water from neighboring areas. "Taking environmental protection into account, the top priority for us is to prevent the Hangzhou Bay water from being polluted," said Qiu Dongyao, Jiaxing executive vice mayor. GREAT CHANGES EXPECTED As a shortcut between Zhejiang and Shanghai, the bridge is expected to greatly alleviate traffic flow in the booming Shanghai-Hangzhou-Ningbo triangle. "It's predicted the transportation costs will be reduced by 40 billion to 50 billion yuan in the coming 10 years for Zhejiang," said Huang Renwei, Shanghai Municipal Academy of Social Sciences deputy head. "In addition, another 55 billion to 60 billion yuan will be saved because of the reduction in fuel use," he said. The bridge is also expected to help boost economic integration and development in the Yangtze River Delta, which covers almost 100,000 square kilometers of land comprising Shanghai, Zhejiang and Jiangsu. It is home to 72.4 million people. "I think it will be easier for our company to recruit high-caliber employees in the future, who always prefer working in small cities like Cixi but living in big cities like Shanghai," said Sun Ningwei, vice president of the Xinhai Electric Co. Ltd. based in Cixi, Ningbo. "They can leave Shanghai for Cixi in the morning and go back in the afternoon. It's only about 1.5 hours' drive," she said. Sun Bingdui, a resident from Cixi's Tian'an Village located near the bridge, anticipated a better life after its opening. "There used to be a desolate beach near our village. Later many factories were built there due to the bridge," he recalled. "I opened a seafood restaurant a few years ago, drawing many nearby factory workers." "I was one of the poorest in the village in the past. Now, I'm one of the richest," he said. |
U.S. Fed cuts key interest rate to 2%
| 22:19' 01/05/2008 (GMT+7) | ||
The U.S. Federal Reserve decided Wednesday to cut a key interest rate by one quarter percentage point to 2.0 percent to prevent the economy from slipping into recession. Traders in the Eurodollar options pit of the Chicago Mercantile Exchange in Chicago, Illinois signal orders shortly after the Federal Open Market Committee lowered short-term interest rates March 18, 2008. The U.S. Federal Reserve decided Wednesday to cut a key interest rate by one quarter percentage point to 2.0 percent to prevent the economy from slipping into recession. The Wednesday action, the seventh straight move since Sept. 18,2007, could be the last one for a while as soaring energy and food prices heighten inflation concerns, according to analysts. As a result of the Fed actions in the past seven months, the federal funds rate, which commercial banks charge each other on overnight loans, have been cut by a combined 3.25 percentage points. The quarter-point rate cut would trigger a similar reduction in banks' prime lending rate, the benchmark for millions of consumer and business loans. That means borrowing costs for consumers and businesses would be lowered to 5 percent from 5.25 percent. The Fed action came hours after a government report showed that the U.S. economy grew at an annual rate of 0.6 percent in the first three months of this year, the same pace as in the previous quarter but slightly stronger than the 0.2 percent growth rate forecast by analysts. The growth paces in the past two quarter were far below the brisk 4.9 percent registered in the third quarter of last year. A growing number of economists believe the economy is in a recession and is indeed contracting now. On the other hand, however, inflationary pressures are rising. The government report also showed that core prices, which exclude volatile energy and food, rose at a rate of 2.2 percent in the first quarter. That was outside the Fed's comfort zone of one percent to 2 percent. Analysts say that the Fed is walking a tightrope. It is trying to shore up economic growth and at the same time it is mindful that it can not let inflation get out of hand. In a brief statement announcing the rate cut, the Fed said Wednesday that recent information indicates that "economic activity remains weak." Household and business spending has been subdued and labor markets have softened further, it said. Financial markets remain under considerable stress, and tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters. While saying the central bank expected inflation to moderate incoming months, the Fed noted that "uncertainty about the inflation outlook remains high." "It will be necessary to continue to monitor inflation developments carefully," it said. The Fed also expressed its hope that interest rate cuts to date, combined with other measures to foster market liquidity, can "help to promote moderate growth over time and to mitigate risks to economic activity." It will continue to monitor economic and financial developments and will "act as needed" to promote sustainable economic growth and price stability, the Fed said. In a related action, the Fed unanimously approved a quarter percentage point reduction in the discount rate, the interest rate that the central bank charges to make direct loans to banks, to 2.25 percent. |
Wednesday 30 April 2008
President praises contributions of construction sector and tank force
10:30' 30/04/2008 (GMT+7)
VietNamNet Bridge – The construction sector had developed by leaps and bounds in the past half century, especially in the last 20 years of the doi moi (renovation) process, stresses President Triet.
President Triet pins Ho Chi Minh Order on construction sector's traditional flag.
The President made the statement at a meeting held in Hanoi on April 28 to celebrate the 50th Traditional Day of the Vietnamese construction sector.
The President praised the civil and industrial engineering, as well as the construction of modern urban areas, for helping to change the face of the country.
The sector has gradually completed its mechanism and policies in urban construction, management and development, to ease the way for construction projects. This would help meet the demands of the sector and the nation in international economic integration, President Triet said.
The President urged the ministry to review and lay out laws on construction activities to avoid issuing overlapping regulations. This would help create favourable conditions for businesses and people, he added.
He also asked the construction firms to be more competitive and apply advanced technologies in order to boost quality and reduce building time, adding that he wanted officials and workers involved in construction to affirm their role as one of the nation’s key economic sectors.
In recognition of their achievements, the Party and State granted the Ho Chi Minh Order to the Ministry of Construction.
On this occasion, President Triet conferred the Independence Orders on Minister of Construction Nguyen Hong Quan and former heads of the ministry.
On the same day, President Triet visited the Tanks and Armoured Vehicles Force at the time when the whole country is organising many activities to mark the 33rd anniversary of Southern Vietnam Liberation Day (April 30).
President Triet stressed that the Force is an important component of the People’s Army which has won many glorious feats of arms.
Thirty three years ago, the images of the force's tanks breaking down the gate of the Saigon puppet regime's presidential palace entered the country's history as the symbol of victory and pride.
President Triet told officers and men of the force that in the current global complexity, the force should always be vigilant and fully prepared to protect the Fatherland.
He also urged the force to carry our regular practice to boost levels of combat competence in order to master modern weapons.
VietNamNet Bridge – The construction sector had developed by leaps and bounds in the past half century, especially in the last 20 years of the doi moi (renovation) process, stresses President Triet.
President Triet pins Ho Chi Minh Order on construction sector's traditional flag.
The President made the statement at a meeting held in Hanoi on April 28 to celebrate the 50th Traditional Day of the Vietnamese construction sector.
The President praised the civil and industrial engineering, as well as the construction of modern urban areas, for helping to change the face of the country.
The sector has gradually completed its mechanism and policies in urban construction, management and development, to ease the way for construction projects. This would help meet the demands of the sector and the nation in international economic integration, President Triet said.
The President urged the ministry to review and lay out laws on construction activities to avoid issuing overlapping regulations. This would help create favourable conditions for businesses and people, he added.
He also asked the construction firms to be more competitive and apply advanced technologies in order to boost quality and reduce building time, adding that he wanted officials and workers involved in construction to affirm their role as one of the nation’s key economic sectors.
In recognition of their achievements, the Party and State granted the Ho Chi Minh Order to the Ministry of Construction.
On this occasion, President Triet conferred the Independence Orders on Minister of Construction Nguyen Hong Quan and former heads of the ministry.
On the same day, President Triet visited the Tanks and Armoured Vehicles Force at the time when the whole country is organising many activities to mark the 33rd anniversary of Southern Vietnam Liberation Day (April 30).
President Triet stressed that the Force is an important component of the People’s Army which has won many glorious feats of arms.
Thirty three years ago, the images of the force's tanks breaking down the gate of the Saigon puppet regime's presidential palace entered the country's history as the symbol of victory and pride.
President Triet told officers and men of the force that in the current global complexity, the force should always be vigilant and fully prepared to protect the Fatherland.
He also urged the force to carry our regular practice to boost levels of combat competence in order to master modern weapons.
Gov’t decides to expand Hanoi
17:04' 30/04/2008 (GMT+7)
VietNamNet Bridge - The government approved the Construction Ministry’s plan to expand Hanoi at a cabinet meeting on April 28, announced Minister of Home Affairs Tran Van Tuan at a government press briefing on April 29.
Accordingly, the expanded capital city will include the current Hanoi, Ha Tay province, Me Linh district of Vinh Phuc province, and the four communes of Yen Binh, Yen Trung, Tien Xuan and Dong Xuan of Hoa Binh province.
Tuan said the government also decided that Hanoi will become a political, economic, cultural and educational centre of Vietnam, not only a political centre as it had previously declared.
According to Minister Tuan, the government will submit this plan to the National Assembly for approval at the upcoming NA session. If the plan is ratified by the NA, it will be carried out as of July 1, 2008.
Tuan said the government consulted the opinions of the People’s Councils of Hanoi, Ha Tay, Vinh Phuc and Hoa Binh before approving the expansion plan. He also said that the expansion is a sensitive issue, initially planned last decade, so it must be immediately implemented after the government’s approval.
The government declared that many challenges are ahead, especially challenges in the restructuring of state agencies of the new capital.
Tuan said all key positions of Hanoi at all levels will be re-elected after the capital is expanded.
VietNamNet Bridge - The government approved the Construction Ministry’s plan to expand Hanoi at a cabinet meeting on April 28, announced Minister of Home Affairs Tran Van Tuan at a government press briefing on April 29.
Accordingly, the expanded capital city will include the current Hanoi, Ha Tay province, Me Linh district of Vinh Phuc province, and the four communes of Yen Binh, Yen Trung, Tien Xuan and Dong Xuan of Hoa Binh province.
Tuan said the government also decided that Hanoi will become a political, economic, cultural and educational centre of Vietnam, not only a political centre as it had previously declared.
According to Minister Tuan, the government will submit this plan to the National Assembly for approval at the upcoming NA session. If the plan is ratified by the NA, it will be carried out as of July 1, 2008.
Tuan said the government consulted the opinions of the People’s Councils of Hanoi, Ha Tay, Vinh Phuc and Hoa Binh before approving the expansion plan. He also said that the expansion is a sensitive issue, initially planned last decade, so it must be immediately implemented after the government’s approval.
The government declared that many challenges are ahead, especially challenges in the restructuring of state agencies of the new capital.
Tuan said all key positions of Hanoi at all levels will be re-elected after the capital is expanded.
Tuesday 29 April 2008
Microsoft denies mass hack caused by software fault
17:22' 29/04/2008 (GMT+7)
Microsoft Corp. denied the recent incident, in which more than half a million websites were hacked, was caused by vulnerabilities in its Web and SQL Server software, according to U.S. media reports Monday.
Microsoft Corp. denied the recent incident, in which more than half a million websites were hacked, was caused by vulnerabilities in its Web and SQL Server software, according to U.S. media reports Monday.
Bill Sisk, a communications manager at Microsoft's Security Response Center, said in the group's blog, "Our investigation has shown that there are no new or unknown vulnerabilities being exploited. This wave is not a result of a vulnerability in Internet Information Services or Microsoft SQL Server."
Sisk's statement is response to the speculations that attacks were related to vulnerabilities in the company's Web and SQL Server software.
Earlier last week, more than 500,000 websites, including several hosted by the United Nations and the UK government, were hacked and modified in order to download malware (malicious software) to visitors' computers, according to Finnish anti-virus maker F-Secure, which caused numerous governmental and commercial Web pages were shut down.
Security researchers said those websites were hacked by SQL injection attacks.
All it takes for a user's computer to become infected is a visit to a compromised site. While viewing that site, the injected Javascript loads a file named 1,js. The file is located on a malicious server, which then attempts to execute eight different exploits targeting Microsoft applications.
Sisk urged Web site developers to follow Microsoft's guidelines to protect their domains from SQL injection attacks.
A solution to this problem is to use of Firefox instead of Internet Explorer. Firefox features an add-on called "noscript," which doesn’t allow Javascript exploits to run automatically when a hacked site is visited.
Microsoft Corp. denied the recent incident, in which more than half a million websites were hacked, was caused by vulnerabilities in its Web and SQL Server software, according to U.S. media reports Monday.
Microsoft Corp. denied the recent incident, in which more than half a million websites were hacked, was caused by vulnerabilities in its Web and SQL Server software, according to U.S. media reports Monday.
Bill Sisk, a communications manager at Microsoft's Security Response Center, said in the group's blog, "Our investigation has shown that there are no new or unknown vulnerabilities being exploited. This wave is not a result of a vulnerability in Internet Information Services or Microsoft SQL Server."
Sisk's statement is response to the speculations that attacks were related to vulnerabilities in the company's Web and SQL Server software.
Earlier last week, more than 500,000 websites, including several hosted by the United Nations and the UK government, were hacked and modified in order to download malware (malicious software) to visitors' computers, according to Finnish anti-virus maker F-Secure, which caused numerous governmental and commercial Web pages were shut down.
Security researchers said those websites were hacked by SQL injection attacks.
All it takes for a user's computer to become infected is a visit to a compromised site. While viewing that site, the injected Javascript loads a file named 1,js. The file is located on a malicious server, which then attempts to execute eight different exploits targeting Microsoft applications.
Sisk urged Web site developers to follow Microsoft's guidelines to protect their domains from SQL injection attacks.
A solution to this problem is to use of Firefox instead of Internet Explorer. Firefox features an add-on called "noscript," which doesn’t allow Javascript exploits to run automatically when a hacked site is visited.
Crude closes slightly higher after hitting new record
17:19' 29/04/2008 (GMT+7)
Crude-oil futures closed slightly higher Monday after hitting a new record near 120 dollars a barrel as a weekend refinery strike closed a pipeline system that delivers a third of Britain's North Sea oil to its refineries.
A worker counts Indian currency at a petrol pump in the northeastern Indian city of Siliguri in this file photo taken on Feb. 5, 2008. (Xinhua/Reuters Photo)
Rebel attacks in Nigeria and tension in Persian Gulf also fanned concerns about supply disruptions.
Crude oil for June delivery climbed more than 1 dollar to a new high of 119.93 dollars a barrel in overnight electronic trading, surpassing the previous high of 119.90 dollars hit last week. It closed up 23 cents at 118.75 dollars a barrel on the New York Mercantile Exchange.
Meanwhile, strikes that cut crude supplies from the North Sea and Nigeria supported prices Monday. BP PLC on Sunday shut down the Forties Pipeline System that carries more than 700,000 barrels of oil a day to Britain because of a 48-hour walkout by employees at a refinery in central Scotland.
In Nigeria, workers at an ExxonMobil Corp. joint venture cut production by an unspecified amount to demand more pay. Militant attacks on oil infrastructure have also cut production of Nigeria's light, sweet crude, which is easily refined.
Energy investors will be closely watching the Federal Reserve's decision Wednesday on interest rates as lower rates tend to weaken the dollar. If, as expected, the Fed lowers a key interest rate by another quarter percentage point and signals that it will temporarily hold off on any future rate cuts, the dollar could strengthen, and oil might fall.
U.S. crude oil futures rose sharply Friday, lifted by supply disruptions in Nigeria and Britain and news that a ship hired by the U.S. military fired warning shots at approaching boats in the Persian Gulf.
Crude-oil futures closed slightly higher Monday after hitting a new record near 120 dollars a barrel as a weekend refinery strike closed a pipeline system that delivers a third of Britain's North Sea oil to its refineries.
A worker counts Indian currency at a petrol pump in the northeastern Indian city of Siliguri in this file photo taken on Feb. 5, 2008. (Xinhua/Reuters Photo)
Rebel attacks in Nigeria and tension in Persian Gulf also fanned concerns about supply disruptions.
Crude oil for June delivery climbed more than 1 dollar to a new high of 119.93 dollars a barrel in overnight electronic trading, surpassing the previous high of 119.90 dollars hit last week. It closed up 23 cents at 118.75 dollars a barrel on the New York Mercantile Exchange.
Meanwhile, strikes that cut crude supplies from the North Sea and Nigeria supported prices Monday. BP PLC on Sunday shut down the Forties Pipeline System that carries more than 700,000 barrels of oil a day to Britain because of a 48-hour walkout by employees at a refinery in central Scotland.
In Nigeria, workers at an ExxonMobil Corp. joint venture cut production by an unspecified amount to demand more pay. Militant attacks on oil infrastructure have also cut production of Nigeria's light, sweet crude, which is easily refined.
Energy investors will be closely watching the Federal Reserve's decision Wednesday on interest rates as lower rates tend to weaken the dollar. If, as expected, the Fed lowers a key interest rate by another quarter percentage point and signals that it will temporarily hold off on any future rate cuts, the dollar could strengthen, and oil might fall.
U.S. crude oil futures rose sharply Friday, lifted by supply disruptions in Nigeria and Britain and news that a ship hired by the U.S. military fired warning shots at approaching boats in the Persian Gulf.
Obama’s lead over Clinton in national poll shrinks to zero
17:17' 29/04/2008 (GMT+7)
U.S. Democratic Presidential candidate Barack Obama's lead in the national poll has shrunk to zero after his rival, Hillary Rodham Clinton, won the Pennsylvania primary on April 22, said a poll released on Monday.
U.S. Democratic presidential candidate Senator Hillary Clinton speaks to supporters during a campaign stop in South Bend, Indiana April 26, 2008. (Xinhua/Reuters Photo)
According to the Gallup poll conducted on April 24 to 26, Illinois Senator Obama and New York Senator Clinton are now dead even at 47 percent among 1,240 Democratic and Democratic-leaning voters.
It was the second survey that has been made after Clinton's win on Tuesday in Pennsylvania with nearly 10 percentage points lead over Obama.
These results "suggest that Democratic voters are -- for the moment at least -- divided right down the middle as to which candidate they most want to represent their party in November's general election," the poll says.
The polling body also found in the latest survey conducted among national registered voters from April 22 to 26 that Clinton maintains her advantage over Republican presumptive presidential candidate, Arizona Senator John McCain, in the general election preferences at 47 percent to 44 percent.
Obama and McCain are tied at 45 percent each, it added.
U.S. Democratic Presidential candidate Barack Obama's lead in the national poll has shrunk to zero after his rival, Hillary Rodham Clinton, won the Pennsylvania primary on April 22, said a poll released on Monday.
U.S. Democratic presidential candidate Senator Hillary Clinton speaks to supporters during a campaign stop in South Bend, Indiana April 26, 2008. (Xinhua/Reuters Photo)
According to the Gallup poll conducted on April 24 to 26, Illinois Senator Obama and New York Senator Clinton are now dead even at 47 percent among 1,240 Democratic and Democratic-leaning voters.
It was the second survey that has been made after Clinton's win on Tuesday in Pennsylvania with nearly 10 percentage points lead over Obama.
These results "suggest that Democratic voters are -- for the moment at least -- divided right down the middle as to which candidate they most want to represent their party in November's general election," the poll says.
The polling body also found in the latest survey conducted among national registered voters from April 22 to 26 that Clinton maintains her advantage over Republican presumptive presidential candidate, Arizona Senator John McCain, in the general election preferences at 47 percent to 44 percent.
Obama and McCain are tied at 45 percent each, it added.
Austrian man admits to imprisoning, abusing daughter
17:15' 29/04/2008 (GMT+7)
A 73-year-old Austrian man arrested Sunday for imprisoning his daughter in a basement for 24 years confessed to abusing her and forcing her to give birth to seven children, according to local police Tuesday.
An Austrian police handout picture released April 28, 2008 shows a man suspected of keeping his daughter prisoner and abusing her for 24 years in the basement of a house in the small Austrian village of Amstetten. An Austrian woman said she was kept prisoner and abused by her own father for 24 years in a basement dungeon in eastern Austria, where she bore him seven children, Austrian police said on April 27, 2008.(Xinhua/Reuters Photo)
Police said Josef Fritzl also admitted burning the body of a baby that died at the house in Amstetten.
Police said the surviving children are three boys and three girls, the youngest of whom is 5. The oldest child is 19. And three of them have been confined during their entire lives to the darkness of their cell by their father.
Police released Fritzl's full name and photograph at a news conference Monday.
Fritzl was born in 1935 and was a young child when the Nazis annexed Austria before World War II.
His daughter, identified as 42-year-old Elisabeth Fritzl, was 18 when she was imprisoned in the cell constructed deep beneath the family's apartment in the building.
Officially, she was declared a missing person, with Interpol opening an investigation.
The case only came to light when the oldest child became seriously ill and was taken to hospital in Amstetten.
Fritzl was now placed in pretrial detention and faces up to 15 years in prison if charged, tried and convicted on rape charges, the most grave of his alleged offenses under Austrian law.
A 73-year-old Austrian man arrested Sunday for imprisoning his daughter in a basement for 24 years confessed to abusing her and forcing her to give birth to seven children, according to local police Tuesday.
An Austrian police handout picture released April 28, 2008 shows a man suspected of keeping his daughter prisoner and abusing her for 24 years in the basement of a house in the small Austrian village of Amstetten. An Austrian woman said she was kept prisoner and abused by her own father for 24 years in a basement dungeon in eastern Austria, where she bore him seven children, Austrian police said on April 27, 2008.(Xinhua/Reuters Photo)
Police said Josef Fritzl also admitted burning the body of a baby that died at the house in Amstetten.
Police said the surviving children are three boys and three girls, the youngest of whom is 5. The oldest child is 19. And three of them have been confined during their entire lives to the darkness of their cell by their father.
Police released Fritzl's full name and photograph at a news conference Monday.
Fritzl was born in 1935 and was a young child when the Nazis annexed Austria before World War II.
His daughter, identified as 42-year-old Elisabeth Fritzl, was 18 when she was imprisoned in the cell constructed deep beneath the family's apartment in the building.
Officially, she was declared a missing person, with Interpol opening an investigation.
The case only came to light when the oldest child became seriously ill and was taken to hospital in Amstetten.
Fritzl was now placed in pretrial detention and faces up to 15 years in prison if charged, tried and convicted on rape charges, the most grave of his alleged offenses under Austrian law.
Buffett: U.S. recession to be longer, deeper
17:12' 29/04/2008 (GMT+7)
The world's richest person said Monday the U.S. economy is in a recession that will be more severe than most people expect.
Warren Buffett made his prediction on CNBC television after his Berkshire Hathaway Inc. agreed to invest 6.5 billion U.S. dollars in the takeover of chewing gum maker Wm. Wrigley Jr. Co. by Mars Inc. in a 23 billion dollar transaction.
"This is not a field of specialty for me, but my general feeling is that the recession will be longer and deeper than most people think," Buffett said. "This will not be short and shallow. I think consumers are feeling gas and food prices, and not feeling they've got a lot of money for other things.
"In the retail businesses ... if anything, they've gotten a little worse," Buffett continued. "Of course, things connected with housing, whether it's in brick or whether it's in carpet, those businesses have shown no uptick at all. Jewelry had a bad Christmas ... and it stayed that way."
On Wednesday, the U.S. Commerce Department is expected to say how fast the economy grew in the first quarter. Economists on average have projected that gross domestic product grew at an annualized 0.2 percent rate in the quarter.
Two quarters of declining GDP is a traditional indicator of recession. That last happened in 2001. Economists expect the U.S. Federal Reserve on Wednesday to cut a key lending rate for a seventh time beginning last September.
Berkshire is a 197 billion dollar conglomerate best known for its insurance holdings, such as auto insurer Geico Corp, but it owns more than 70 businesses.
Many of those businesses are tied to the housing market, including Acme Brick Co, insulation maker Johns Manville, and the real estate brokerage HomeServices of America Inc.
The world's richest person said Monday the U.S. economy is in a recession that will be more severe than most people expect.
Warren Buffett made his prediction on CNBC television after his Berkshire Hathaway Inc. agreed to invest 6.5 billion U.S. dollars in the takeover of chewing gum maker Wm. Wrigley Jr. Co. by Mars Inc. in a 23 billion dollar transaction.
"This is not a field of specialty for me, but my general feeling is that the recession will be longer and deeper than most people think," Buffett said. "This will not be short and shallow. I think consumers are feeling gas and food prices, and not feeling they've got a lot of money for other things.
"In the retail businesses ... if anything, they've gotten a little worse," Buffett continued. "Of course, things connected with housing, whether it's in brick or whether it's in carpet, those businesses have shown no uptick at all. Jewelry had a bad Christmas ... and it stayed that way."
On Wednesday, the U.S. Commerce Department is expected to say how fast the economy grew in the first quarter. Economists on average have projected that gross domestic product grew at an annualized 0.2 percent rate in the quarter.
Two quarters of declining GDP is a traditional indicator of recession. That last happened in 2001. Economists expect the U.S. Federal Reserve on Wednesday to cut a key lending rate for a seventh time beginning last September.
Berkshire is a 197 billion dollar conglomerate best known for its insurance holdings, such as auto insurer Geico Corp, but it owns more than 70 businesses.
Many of those businesses are tied to the housing market, including Acme Brick Co, insulation maker Johns Manville, and the real estate brokerage HomeServices of America Inc.
3rd National Assembly session to review anti-inflation measures
17:44' 29/04/2008 (GMT+7)
Vietnam’s top priority is combating inflation
VietNamNet Bridge – The National Assembly will give time to considering effects of anti-inflation measures applied by the government during the upcoming 3rd session, slated for May 6 to June 8, said Vice Chairman of the NA Office Nguyen Sy Dung.
Dung said besides considering anti-inflation measures, the NA will appraise the social-economic situation of 2007 and in the first four months of 2008 as well as measures to promote social-economic development this year.
“The top priority at present is combating inflation and stabilising macro economics so the NA will spend more time on this issue. Deputies will discuss whether the government’s measures have been effective or not,” Dung said.
“The Prime Minister may answer deputies’ questions. It is too early to know what deputies will ask the PM but I think the PM is willing to answer questions because this is his top priority,” he added.
About the responsibility of the Governor of the State Bank of Vietnam in conducting the monetary policy, Dung said: “Deputies will clarify the reasons for inflation and they may question the Governor.”
The Vice Chairman of the NA Office said it is clear that growth targets need to be adjusted because the country can’t pursue GDP growth and neglect the quality of growth. He also said that it is necessary to cut unnecessary public investment sources and the NA will set a CPI target
The NA will consider and ratify 13 bills and give opinions on seven others. The NA will also have a look at the plan to expand Hanoi and the policy that allows foreigners to buy houses in Vietnam.
Vietnam’s top priority is combating inflation
VietNamNet Bridge – The National Assembly will give time to considering effects of anti-inflation measures applied by the government during the upcoming 3rd session, slated for May 6 to June 8, said Vice Chairman of the NA Office Nguyen Sy Dung.
Dung said besides considering anti-inflation measures, the NA will appraise the social-economic situation of 2007 and in the first four months of 2008 as well as measures to promote social-economic development this year.
“The top priority at present is combating inflation and stabilising macro economics so the NA will spend more time on this issue. Deputies will discuss whether the government’s measures have been effective or not,” Dung said.
“The Prime Minister may answer deputies’ questions. It is too early to know what deputies will ask the PM but I think the PM is willing to answer questions because this is his top priority,” he added.
About the responsibility of the Governor of the State Bank of Vietnam in conducting the monetary policy, Dung said: “Deputies will clarify the reasons for inflation and they may question the Governor.”
The Vice Chairman of the NA Office said it is clear that growth targets need to be adjusted because the country can’t pursue GDP growth and neglect the quality of growth. He also said that it is necessary to cut unnecessary public investment sources and the NA will set a CPI target
The NA will consider and ratify 13 bills and give opinions on seven others. The NA will also have a look at the plan to expand Hanoi and the policy that allows foreigners to buy houses in Vietnam.
National Assembly’s 3rd meeting to open on May 6
11:47' 29/04/2008 (GMT+7)
VietNamNet Bridge – The third meeting of the 12th National Assembly, scheduled to last more than one month, will open in Hanoi on May 6.
At a press conference held in Hanoi on April 28, Deputy Chairman of the NA Office Nguyen Si Dung said that during the meeting, NA deputies will consider government performance both in 2007 and so far in 2008.
Reports on the implementation of tasks and the state budget of 2007 will be reviewed, alongside the implementation of socio-economic development plans and the state budget in the first months of 2008.
The NA plans to hear reports by NA bodies, the chief judge of the Supreme People’s Court and Director of the Supreme People’s Procuracy. They also intend to spend an appropriate period of time for question-and-answer sessions.
The NA will also consider the plans to adjust the boundaries of Hanoi and other provinces and the regulation allowing foreigners to buy and own houses in Vietnam.
In legislative work, the NA plans to pass 13 draft laws, including laws on state property management and use, property purchase and requisition, value added tax (revised), corporate income tax (revised), nuclear energy, and amendments and supplements to some articles of the Oil and Gas Law.
In addition, NA deputies will discuss seven draft laws expected to be passed in the next annual meeting.
According to the NA Office, people nationwide can watch live TV broadcasts of the opening, closing and some plenary sessions of the NA meeting. Sessions of interest to the public may include discussions on the implementation of socio-economic plan, people’s health care policy and cabinet members’ answers to NA deputies’ queries.
VietNamNet Bridge – The third meeting of the 12th National Assembly, scheduled to last more than one month, will open in Hanoi on May 6.
At a press conference held in Hanoi on April 28, Deputy Chairman of the NA Office Nguyen Si Dung said that during the meeting, NA deputies will consider government performance both in 2007 and so far in 2008.
Reports on the implementation of tasks and the state budget of 2007 will be reviewed, alongside the implementation of socio-economic development plans and the state budget in the first months of 2008.
The NA plans to hear reports by NA bodies, the chief judge of the Supreme People’s Court and Director of the Supreme People’s Procuracy. They also intend to spend an appropriate period of time for question-and-answer sessions.
The NA will also consider the plans to adjust the boundaries of Hanoi and other provinces and the regulation allowing foreigners to buy and own houses in Vietnam.
In legislative work, the NA plans to pass 13 draft laws, including laws on state property management and use, property purchase and requisition, value added tax (revised), corporate income tax (revised), nuclear energy, and amendments and supplements to some articles of the Oil and Gas Law.
In addition, NA deputies will discuss seven draft laws expected to be passed in the next annual meeting.
According to the NA Office, people nationwide can watch live TV broadcasts of the opening, closing and some plenary sessions of the NA meeting. Sessions of interest to the public may include discussions on the implementation of socio-economic plan, people’s health care policy and cabinet members’ answers to NA deputies’ queries.
Monday 28 April 2008
Food supplies sufficient for both consumption and export, assures PM
10:38' 28/04/2008 (GMT+7)
VietNamNet Bridge - The Government will ensure food security by focusing on increasing national reserves over exporting, Prime Minister Nguyen Tan Dung said at a teleconference on April 27.
Rushing to buy rice
The teleconference was held for the first time to discuss the socio-economic situation in the first four months of the year with leaders of ministries, sectors and eight cities and provinces representing the three regions of the country.
Mr Dung said the country was not short of rice because the recent winter-spring crop supplied more than 9 million tones.
The PM said the recent increase in the price of rice in HCM City was due to commercial and public speculation. He wanted the city to strengthen information dissemination, and noted that speculation and unreasonable price increases would be strictly punished.
At the meeting, the chairmen of people’s committees of cities and provinces including those from Hanoi, HCM City, Khanh Hoa and Can Tho reported to the Prime Minister the status of local socio-economic development and existing problems.
Participants also discussed the Posco project in Khanh Hoa and construction of Can Tho Bridge in Can Tho.
PM Dung asked ministers to reply to proposals from localities in a timely fashion. Concluding the online discussion, he stressed that the Government would continue to work with provinces through online teleconferences. On the other hand, representatives from remote areas would meet with Government leaders to address their concerns and receive instant feedback. The aim of teleconference is to reduce the number of national conferences and local leaders’ working visits to Hanoi, saving time and money, the PM added.
Except for Government conferences, Mr Dung said he would use online teleconferences to work with ministries, sectors and localities on concrete and urgent issues, such as fighting the blue ear pig disease epidemic and smuggling. After the meeting, the Government Office would send reports to relevant agencies and localities.
After the meeting, leaders from localities agreed that the teleconference in an effective method to follow in the future.
Chairman of the Da Nang municipal People’s Committee Tran Van Minh said the teleconference is very convenient. “This way we can save money from the local budget and we will apply this method”.
VietNamNet Bridge - The Government will ensure food security by focusing on increasing national reserves over exporting, Prime Minister Nguyen Tan Dung said at a teleconference on April 27.
Rushing to buy rice
The teleconference was held for the first time to discuss the socio-economic situation in the first four months of the year with leaders of ministries, sectors and eight cities and provinces representing the three regions of the country.
Mr Dung said the country was not short of rice because the recent winter-spring crop supplied more than 9 million tones.
The PM said the recent increase in the price of rice in HCM City was due to commercial and public speculation. He wanted the city to strengthen information dissemination, and noted that speculation and unreasonable price increases would be strictly punished.
At the meeting, the chairmen of people’s committees of cities and provinces including those from Hanoi, HCM City, Khanh Hoa and Can Tho reported to the Prime Minister the status of local socio-economic development and existing problems.
Participants also discussed the Posco project in Khanh Hoa and construction of Can Tho Bridge in Can Tho.
PM Dung asked ministers to reply to proposals from localities in a timely fashion. Concluding the online discussion, he stressed that the Government would continue to work with provinces through online teleconferences. On the other hand, representatives from remote areas would meet with Government leaders to address their concerns and receive instant feedback. The aim of teleconference is to reduce the number of national conferences and local leaders’ working visits to Hanoi, saving time and money, the PM added.
Except for Government conferences, Mr Dung said he would use online teleconferences to work with ministries, sectors and localities on concrete and urgent issues, such as fighting the blue ear pig disease epidemic and smuggling. After the meeting, the Government Office would send reports to relevant agencies and localities.
After the meeting, leaders from localities agreed that the teleconference in an effective method to follow in the future.
Chairman of the Da Nang municipal People’s Committee Tran Van Minh said the teleconference is very convenient. “This way we can save money from the local budget and we will apply this method”.
PM stresses need to stabilise macro economy
08:50' 28/04/2008 (GMT+7)
VietNamNet Bridge – Prime Minister Nguyen Tan Dung, on April 27, urged localities to focus on curbing inflation and stabilising the macro economy.
The government leader was chairing a live-televised teleconference on socio-economics with leaders from eight localities, namely Hanoi, Ho Chi Minh City, the cities of Hai Phong, Da Nang and Can Tho and the provinces of Nghe An, Khanh Hoa and Dak Lak.
The teleconference, the first of its kind televised across the nation, is a step to cut state budget allocated to organise meetings, reduce crowds and save time.
The PM told the four-hour conference that in the first four months of this year, Vietnam maintained high economic growths, with foreign direct investment increasing by 41 percent and export by 27.6 percent over the same period last year.
Inflation rose 11,6 percent in the period but it has been on the downtrend, registering a 2.38 percent rise in January, 3.56 percent in February, 2.99 percent in March and 2.2 percent in April.
However, the PM said, the four-month period saw a high trade deficit of 29.3 billion USD, up 71 percent year-on-year. Reducing trade deficit is a major and hard task for ministries, agencies and localities in the time to come, he stressed.
The PM asked leaders from the above-mentioned cities and provinces to take drastic measures to curb inflation, stabilise the macro economy, ensure social welfare and maintain sustainable growth.
Cities and provinces nationwide should speed up their production, key infrastructure works and export, reduce trade deficit and ensure sufficient financial supplies for production, he said.
The government leader requested that localities cut spendings on power, petrol and the organisation of events, adding that in the future the Government will apply teleconferences as it is a fast, efficient and economical way of working with localities.
VietNamNet Bridge – Prime Minister Nguyen Tan Dung, on April 27, urged localities to focus on curbing inflation and stabilising the macro economy.
The government leader was chairing a live-televised teleconference on socio-economics with leaders from eight localities, namely Hanoi, Ho Chi Minh City, the cities of Hai Phong, Da Nang and Can Tho and the provinces of Nghe An, Khanh Hoa and Dak Lak.
The teleconference, the first of its kind televised across the nation, is a step to cut state budget allocated to organise meetings, reduce crowds and save time.
The PM told the four-hour conference that in the first four months of this year, Vietnam maintained high economic growths, with foreign direct investment increasing by 41 percent and export by 27.6 percent over the same period last year.
Inflation rose 11,6 percent in the period but it has been on the downtrend, registering a 2.38 percent rise in January, 3.56 percent in February, 2.99 percent in March and 2.2 percent in April.
However, the PM said, the four-month period saw a high trade deficit of 29.3 billion USD, up 71 percent year-on-year. Reducing trade deficit is a major and hard task for ministries, agencies and localities in the time to come, he stressed.
The PM asked leaders from the above-mentioned cities and provinces to take drastic measures to curb inflation, stabilise the macro economy, ensure social welfare and maintain sustainable growth.
Cities and provinces nationwide should speed up their production, key infrastructure works and export, reduce trade deficit and ensure sufficient financial supplies for production, he said.
The government leader requested that localities cut spendings on power, petrol and the organisation of events, adding that in the future the Government will apply teleconferences as it is a fast, efficient and economical way of working with localities.
Death toll rises to 66 in east China train collision
17:44' 28/04/2008 (GMT+7)
The death toll has climbed to 66 and 247 were hospitalized after an early Monday train collision in east China's Shandong Province, railway authorities confirmed.
Ministry of Railways said 51 of the injured passengers were in critical condition.
Photo taken on April 28, 2008, shows the site of the trains colliding accident, in east China's Shandong Province. Passenger train T195 en route from Beijing to Qingdao city in eastern China derailed and hit train 5034 early on Monday, causing "heavy casualties", witnesses and a government spokesman confirmed.(Xinhua Photo)
Among the injured passengers were four French nationals, all of whom have been hospitalized with bone fractures, a spokesman with the provincial foreign affairs ffice said.
Their identities were not known.
The casualties were from two passengers trains, one of which was en route from Beijing to Qingdao, a famous summer resort in Shandong and venue of the Olympic sailing competition, and the other, from Shandong's Yantai to Xuzhou in eastern Jiangsu Province.
The train from Beijing, coded T195, derailed in the city of Zibo in Shandong Province at around 4:40 a.m. About 10 carriages toppled into a ditch.
The derailed train hit train 5034 and caused the latter to veer off its tracks, too.
PRE-DAWN CHAOS
The accident occurred in Hejiacun village, sandwiched between Zhoucun district and Wangcun railway station in the suburbs of Zibo, and about 70 kilometers east of the provincial capital Jinan.
"Most passengers were still asleep, but some were standing in the aisle waiting to get off at the Zibo Railway Station," said one passenger surnamed Zhang aboard the train from Beijing.
"I suddenly felt the train, like a roller coaster, toppled 90 degrees to one side and all the way to the other side. When it finally went off the tracks, many people fell on me and hot water poured out of the thermos flasks."
Zhang was wounded in the head. When she climbed out of the train window, she saw the train had toppled into the farmland beside the railway.
Many villagers voluntarily joined the rescue work, some smashing train windows with their farm tools to pull out the stranded passengers, while others brought food and water from home.
"I saw a girl who was trying to help her boyfriend out of the train, but he was dead," Zhang said.
Xu, a Beijing college student who was traveling to Qingdao, escaped from the wrecked train safe and sound. "I got a hard seat. No one was seriously injured in our carriage."
Many survivors also joined the rescue operation, using blankets and bed sheets from the sleeper cars as stretchers to carry out the seriously wounded.
"For a time, so many people were trying to make phone calls that the mobile communications network was congested and no one could get through," said Xu.
The city government of Zibo has sent a 1,500-member strong team to help and console the victims' families. Nine hotels and 34 rescue centers have been reserved for the victims' families.
Many passengers climbed out of the wrecked train cars shortly after the accident. Some wrapped themselves in bed sheets from the sleeper cars in the early morning chill.
Xinhua reporters at the site saw blood-tainted sheets and broken thermos flasks on the ground, and some of the derailed train cars were seriously damaged.
A 38-year-old woman from the provincial capital Jinan escaped from the wrecked train through a huge crack in its floor with her 13-year-old daughter.
"We were still sleeping when the accident occurred," she said. "I suddenly woke up when I felt the train stopped with a jolt. In a minute or two it started again, but soon toppled."
The woman, who gave only her family name of Yu, said she was traveling with her daughter from Yantai to Jinan on board train 5034. After the accident they were given bread and water and were waiting for treatment.
The mother said she suffered pains on her legs, but the child seemed largely unscathed.
Rescue teams, consisting of medical workers and policemen, have been sent from the neighboring cities of Jinan and Weifang, said a spokesman with the Shandong provincial government.
MINISTRY VOICES CONDOLENCE
A spokesman with the Ministry of Railways has voiced condolences to the victims.
"We grieve over the losses of lives, and sincerely hope those who were injured in the accident will recover soon," said Wang Yongping.
The accident has caught the attention of top Chinese leaders including President Hu Jintao and Premier Wen Jiabao.
Vice Premier Zhang Dejiang, Minister of Railways Liu Zhijun and head of the State Administration of Work Safety Wang Jun have arrived at the site to oversee the rescue work.
TRAFFIC DISRUPTION
The accident has disrupted two-way traffic on the Jinan-Qingdao Railway, a 384-km pivotal rail link between the two big cities in Shandong.
This is the second major railway accident taking place in Shandong this year.
In January, a high-speed train from Beijing to Qingdao ran down a group of railway workers, leaving 18 dead and nine others injured.
The workers were relocating the tracks when the train ran into the work site in Anqiu City.
China had raised train speeds six times as of April 2007, with railways allowing a speed of more than 200 km per hour totaling 6,227 km in length. By 2020, the total length of such high-speed railways will reach 18,000 km and high-speed train services will cover 50,000 km, benefiting 90 percent of China's population.
The nation has started building several new high-speed rail projects, including the new Beijing-Tianjin railway and the Beijing-Shanghai railway. The latter, with a designed speed of 350kilometers per hour, started construction in mid April.
The death toll has climbed to 66 and 247 were hospitalized after an early Monday train collision in east China's Shandong Province, railway authorities confirmed.
Ministry of Railways said 51 of the injured passengers were in critical condition.
Photo taken on April 28, 2008, shows the site of the trains colliding accident, in east China's Shandong Province. Passenger train T195 en route from Beijing to Qingdao city in eastern China derailed and hit train 5034 early on Monday, causing "heavy casualties", witnesses and a government spokesman confirmed.(Xinhua Photo)
Among the injured passengers were four French nationals, all of whom have been hospitalized with bone fractures, a spokesman with the provincial foreign affairs ffice said.
Their identities were not known.
The casualties were from two passengers trains, one of which was en route from Beijing to Qingdao, a famous summer resort in Shandong and venue of the Olympic sailing competition, and the other, from Shandong's Yantai to Xuzhou in eastern Jiangsu Province.
The train from Beijing, coded T195, derailed in the city of Zibo in Shandong Province at around 4:40 a.m. About 10 carriages toppled into a ditch.
The derailed train hit train 5034 and caused the latter to veer off its tracks, too.
PRE-DAWN CHAOS
The accident occurred in Hejiacun village, sandwiched between Zhoucun district and Wangcun railway station in the suburbs of Zibo, and about 70 kilometers east of the provincial capital Jinan.
"Most passengers were still asleep, but some were standing in the aisle waiting to get off at the Zibo Railway Station," said one passenger surnamed Zhang aboard the train from Beijing.
"I suddenly felt the train, like a roller coaster, toppled 90 degrees to one side and all the way to the other side. When it finally went off the tracks, many people fell on me and hot water poured out of the thermos flasks."
Zhang was wounded in the head. When she climbed out of the train window, she saw the train had toppled into the farmland beside the railway.
Many villagers voluntarily joined the rescue work, some smashing train windows with their farm tools to pull out the stranded passengers, while others brought food and water from home.
"I saw a girl who was trying to help her boyfriend out of the train, but he was dead," Zhang said.
Xu, a Beijing college student who was traveling to Qingdao, escaped from the wrecked train safe and sound. "I got a hard seat. No one was seriously injured in our carriage."
Many survivors also joined the rescue operation, using blankets and bed sheets from the sleeper cars as stretchers to carry out the seriously wounded.
"For a time, so many people were trying to make phone calls that the mobile communications network was congested and no one could get through," said Xu.
The city government of Zibo has sent a 1,500-member strong team to help and console the victims' families. Nine hotels and 34 rescue centers have been reserved for the victims' families.
Many passengers climbed out of the wrecked train cars shortly after the accident. Some wrapped themselves in bed sheets from the sleeper cars in the early morning chill.
Xinhua reporters at the site saw blood-tainted sheets and broken thermos flasks on the ground, and some of the derailed train cars were seriously damaged.
A 38-year-old woman from the provincial capital Jinan escaped from the wrecked train through a huge crack in its floor with her 13-year-old daughter.
"We were still sleeping when the accident occurred," she said. "I suddenly woke up when I felt the train stopped with a jolt. In a minute or two it started again, but soon toppled."
The woman, who gave only her family name of Yu, said she was traveling with her daughter from Yantai to Jinan on board train 5034. After the accident they were given bread and water and were waiting for treatment.
The mother said she suffered pains on her legs, but the child seemed largely unscathed.
Rescue teams, consisting of medical workers and policemen, have been sent from the neighboring cities of Jinan and Weifang, said a spokesman with the Shandong provincial government.
MINISTRY VOICES CONDOLENCE
A spokesman with the Ministry of Railways has voiced condolences to the victims.
"We grieve over the losses of lives, and sincerely hope those who were injured in the accident will recover soon," said Wang Yongping.
The accident has caught the attention of top Chinese leaders including President Hu Jintao and Premier Wen Jiabao.
Vice Premier Zhang Dejiang, Minister of Railways Liu Zhijun and head of the State Administration of Work Safety Wang Jun have arrived at the site to oversee the rescue work.
TRAFFIC DISRUPTION
The accident has disrupted two-way traffic on the Jinan-Qingdao Railway, a 384-km pivotal rail link between the two big cities in Shandong.
This is the second major railway accident taking place in Shandong this year.
In January, a high-speed train from Beijing to Qingdao ran down a group of railway workers, leaving 18 dead and nine others injured.
The workers were relocating the tracks when the train ran into the work site in Anqiu City.
China had raised train speeds six times as of April 2007, with railways allowing a speed of more than 200 km per hour totaling 6,227 km in length. By 2020, the total length of such high-speed railways will reach 18,000 km and high-speed train services will cover 50,000 km, benefiting 90 percent of China's population.
The nation has started building several new high-speed rail projects, including the new Beijing-Tianjin railway and the Beijing-Shanghai railway. The latter, with a designed speed of 350kilometers per hour, started construction in mid April.
Continental Airlines calls off merge talks with UAL
17:42' 28/04/2008 (GMT+7)
Continental Airlines called off talks with United Airlines parent UAL Corp., saying it wouldn't merge with any carrier at this time, U.S. media reported Monday.
Delta Air Lines Chief Executive Officer Richard Anderson (2nd -L) speaks as Delta Executive Vice President Mike Campbell, (L) Northwest Airlines President and Chief Executive Officer Doug Steenland and Delta CFO Edward Bastian (R) listen during a news conference announcing the merger of the two Airlines in New York, April 15, 2008. (Xinhua/Reuters Photo)
Continental's decision came after U.S. rivals Delta Air Lines and Northwest Airlines announced 10.5 billion U.S. dollars in losses, just eight days after the pair announced plans to join and become the world's biggest airline.
"Our board of directors met today and has unanimously supported management's recommendation that, in the current industry environment, the best course for Continental is to not merge with another airline at this time," Continental chief executive Larry Kellner said in a statement on Sunday afternoon.
"The risks of a merger at this time outweigh the potential rewards, as compared to Continental's prospects on a stand-alone basis," Kellner added.
But, Continental said it would keep its options open in order to remain competitive.
"We will, however, continue to review potential alliances," Kellner said.
As U.S. media reported, Continental is expected to press ahead with preliminary talks to create a three-way alliance — short of a full merger — with American Airlines and British Airways.
Apparently, Continental’s move was a stunning development for UAL, which had been negotiating in expectation of reaching a deal by late this week.
However, the company will still stick to a merge as United Airlines Chief Executive Glenn Tilton said the company's strategy was consistent.
"Consolidation is underway - ensuring you have the right partner is everything," Tilton said. "We will pursue all options to ensure a strong, sustainable future for our airline."
According to a Reuters report, earlier this month UAL was also in serious merger talks with U.S. Airways.
Continental Airlines called off talks with United Airlines parent UAL Corp., saying it wouldn't merge with any carrier at this time, U.S. media reported Monday.
Delta Air Lines Chief Executive Officer Richard Anderson (2nd -L) speaks as Delta Executive Vice President Mike Campbell, (L) Northwest Airlines President and Chief Executive Officer Doug Steenland and Delta CFO Edward Bastian (R) listen during a news conference announcing the merger of the two Airlines in New York, April 15, 2008. (Xinhua/Reuters Photo)
Continental's decision came after U.S. rivals Delta Air Lines and Northwest Airlines announced 10.5 billion U.S. dollars in losses, just eight days after the pair announced plans to join and become the world's biggest airline.
"Our board of directors met today and has unanimously supported management's recommendation that, in the current industry environment, the best course for Continental is to not merge with another airline at this time," Continental chief executive Larry Kellner said in a statement on Sunday afternoon.
"The risks of a merger at this time outweigh the potential rewards, as compared to Continental's prospects on a stand-alone basis," Kellner added.
But, Continental said it would keep its options open in order to remain competitive.
"We will, however, continue to review potential alliances," Kellner said.
As U.S. media reported, Continental is expected to press ahead with preliminary talks to create a three-way alliance — short of a full merger — with American Airlines and British Airways.
Apparently, Continental’s move was a stunning development for UAL, which had been negotiating in expectation of reaching a deal by late this week.
However, the company will still stick to a merge as United Airlines Chief Executive Glenn Tilton said the company's strategy was consistent.
"Consolidation is underway - ensuring you have the right partner is everything," Tilton said. "We will pursue all options to ensure a strong, sustainable future for our airline."
According to a Reuters report, earlier this month UAL was also in serious merger talks with U.S. Airways.
Oil hits record on UK pipeline shutdown, Nigerian violence
17:40' 28/04/2008 (GMT+7)
Crude oil hit a record high of 119.93 U.S. dollars a barrel on Monday after BP Plc shut a North Sea pipeline and as fresh violence in Nigeria reignited supply fears.
Grangemouth oil refinery workers walk past the refinery during the first day of strike action by staff at the Ineos refinery in Grangemouth, central Scotland April 27, 2008. A pipeline carrying nearly half of Britain's oil was closed on Sunday as a strike over pensions began at the neighbouring Grangemouth refinery in Scotland, operator BP said. (Xinhua/Reuters Photo)
U.S. light crude for June delivery rose 81 cents to 119.33 dollars, after striking a lifetime high of 119.93 dollars a barrel at the start of Globex electronic trade.
London Brent crude rose 66 cents to 117 dollars.
Hundreds of workers at Scotland's only oil refinery began a 48-hour strike on Sunday, forcing BP to shut a pipeline system that delivers almost a third of Britain's North Sea oil.
BP said it had completed the closure of the Forties Pipeline System when 1,200 workers at the Grangemouth refinery in central Scotland walked off the job over pension issues.
The pipeline brings in 700,000 barrels of oil a day from the North Sea to BP's Kinneil plant, which is powered from the Grangemouth site.
BP said that assuming it got power back as soon as the strike ended and Fortis fields resumed production rapidly, the pipeline could be back in operation within 24 hours but might take a few more days to get back to full flow.
In Nigeria, unidentified gunmen killed five policemen and seized several weapons in a raid on a police station in the oil-rich southern Nigerian state of Rivers on Sunday, a police spokeswoman said.
The attack came just two days after a strike and attacks by rebels forced Nigeria's two largest oil firms Exxon Mobil and Royal Dutch Shell to shut some production.
Crude oil hit a record high of 119.93 U.S. dollars a barrel on Monday after BP Plc shut a North Sea pipeline and as fresh violence in Nigeria reignited supply fears.
Grangemouth oil refinery workers walk past the refinery during the first day of strike action by staff at the Ineos refinery in Grangemouth, central Scotland April 27, 2008. A pipeline carrying nearly half of Britain's oil was closed on Sunday as a strike over pensions began at the neighbouring Grangemouth refinery in Scotland, operator BP said. (Xinhua/Reuters Photo)
U.S. light crude for June delivery rose 81 cents to 119.33 dollars, after striking a lifetime high of 119.93 dollars a barrel at the start of Globex electronic trade.
London Brent crude rose 66 cents to 117 dollars.
Hundreds of workers at Scotland's only oil refinery began a 48-hour strike on Sunday, forcing BP to shut a pipeline system that delivers almost a third of Britain's North Sea oil.
BP said it had completed the closure of the Forties Pipeline System when 1,200 workers at the Grangemouth refinery in central Scotland walked off the job over pension issues.
The pipeline brings in 700,000 barrels of oil a day from the North Sea to BP's Kinneil plant, which is powered from the Grangemouth site.
BP said that assuming it got power back as soon as the strike ended and Fortis fields resumed production rapidly, the pipeline could be back in operation within 24 hours but might take a few more days to get back to full flow.
In Nigeria, unidentified gunmen killed five policemen and seized several weapons in a raid on a police station in the oil-rich southern Nigerian state of Rivers on Sunday, a police spokeswoman said.
The attack came just two days after a strike and attacks by rebels forced Nigeria's two largest oil firms Exxon Mobil and Royal Dutch Shell to shut some production.
Obama: race not factor in presidential election
17:38' 28/04/2008 (GMT+7)
Struggling to win over more white Democratic voters, Democratic presidential candidate Barack Obama denied on Sunday that race would be a factor in determining the outcome of the presidential election in November, as Democrats mulled whether racial bias makes Hillary Clinton the better Democratic candidate.
U.S. Democratic presidential candidate and Senator Barack Obama (D-IL) gestures during a campaign stop in Kokomo, Indiana April 25, 2008. (Xinhua/Reuters Photo)
Speaking on "Fox News Sunday," Obama said: "Is race still a factor in our society? Yes. I don't think anybody would deny that. Is that going to be the determining factor in a general election? No, because I'm absolutely confident that the American people - what they're looking for is somebody who can solve their problems."
Entering the 17th week of the gruelling battle for the party nomination, Obama and Clinton were campaigning in Indiana and North Carolina, which will hold their primaries on May 6.
Obama is well ahead in North Carolina and running even in Indiana.
As in Pennsylvania, he is consolidating support among African-Americans while she appears to be picking up white working-class voters in economically depressed towns as well as conservative voters in the rural areas and smaller towns.
After a string of wins in February, Obama has suffered badly in a rough, six-week contest with Clinton in Pennsylvania, which she won last Tuesday with the support of white working-class voters.
In Pennsylvania, Clinton won white union households and white Catholics -- two important Democratic blocs -- by about 70 percent to Obama's 30 percent. About one in seven Pennsylvania voters said race was an issue and that group voted overwhelmingly against Obama.
Obama is leading Clinton in the popular vote, states won and committed delegates to the party's nominating convention in August, but her recent victories in Pennsylvania and Ohio have raised questions about his ability to win white voters.
Obama acknowledged to the Fox News channel that he needed to do more to raise his profile among working-class voters.
Struggling to win over more white Democratic voters, Democratic presidential candidate Barack Obama denied on Sunday that race would be a factor in determining the outcome of the presidential election in November, as Democrats mulled whether racial bias makes Hillary Clinton the better Democratic candidate.
U.S. Democratic presidential candidate and Senator Barack Obama (D-IL) gestures during a campaign stop in Kokomo, Indiana April 25, 2008. (Xinhua/Reuters Photo)
Speaking on "Fox News Sunday," Obama said: "Is race still a factor in our society? Yes. I don't think anybody would deny that. Is that going to be the determining factor in a general election? No, because I'm absolutely confident that the American people - what they're looking for is somebody who can solve their problems."
Entering the 17th week of the gruelling battle for the party nomination, Obama and Clinton were campaigning in Indiana and North Carolina, which will hold their primaries on May 6.
Obama is well ahead in North Carolina and running even in Indiana.
As in Pennsylvania, he is consolidating support among African-Americans while she appears to be picking up white working-class voters in economically depressed towns as well as conservative voters in the rural areas and smaller towns.
After a string of wins in February, Obama has suffered badly in a rough, six-week contest with Clinton in Pennsylvania, which she won last Tuesday with the support of white working-class voters.
In Pennsylvania, Clinton won white union households and white Catholics -- two important Democratic blocs -- by about 70 percent to Obama's 30 percent. About one in seven Pennsylvania voters said race was an issue and that group voted overwhelmingly against Obama.
Obama is leading Clinton in the popular vote, states won and committed delegates to the party's nominating convention in August, but her recent victories in Pennsylvania and Ohio have raised questions about his ability to win white voters.
Obama acknowledged to the Fox News channel that he needed to do more to raise his profile among working-class voters.
Natalie Portman tops list of eco-friendly celebs
17:46' 28/04/2008 (GMT+7)
Natalie Portman has been named the most eco-friendly star, after topping a list of celebrities who go out of their way to care for the planet.
The Hollywood beauty won a special mention by campaigners at green website Grist.org - who praised her work to save gorillas in Rwanda, her role as the face of a low-energy light bulb company and the launch of her vegan shoe range.
Other stars to be honored by the planet-friendly firm include Leonardo DiCaprio, Cameron Diaz, Julia Roberts and Brad Pitt.
However, organizers singled out a handful of A-listers as particularly non-environmentally friendly.
The worst offenders were named as David Beckham, for the amount of flights he takes annually; British model Elizabeth Hurley, for flying 250 guests to her 2007 wedding in India, and the Spice Girls, for their use of private jets.
Natalie Portman has been named the most eco-friendly star, after topping a list of celebrities who go out of their way to care for the planet.
The Hollywood beauty won a special mention by campaigners at green website Grist.org - who praised her work to save gorillas in Rwanda, her role as the face of a low-energy light bulb company and the launch of her vegan shoe range.
Other stars to be honored by the planet-friendly firm include Leonardo DiCaprio, Cameron Diaz, Julia Roberts and Brad Pitt.
However, organizers singled out a handful of A-listers as particularly non-environmentally friendly.
The worst offenders were named as David Beckham, for the amount of flights he takes annually; British model Elizabeth Hurley, for flying 250 guests to her 2007 wedding in India, and the Spice Girls, for their use of private jets.
Sunday 27 April 2008
China blasts off first data relay satellite
10:58' 26/04/2008 (GMT+7)
China launched the country's first data relay satellite "Tianlian I" Friday night.
The satellite was launched on a Long March-3C carrier rocket from the Xichang Satellite Launch Center in southwest China's Sichuan Province at 11:35 p.m. (Beijing Time).
China's first data relay satellite "Tianlian I" was launched on a Long March-3C carrier rocket from the Xichang Satellite Launch Center in southwest China's Sichuan Province at 11:35 p.m, 25 April, 2008. (Beijing Time).
(Xinhua Photo)
The satellite will not go into function though until the Shenzhou VII mission scheduled for the second half of 2008.
Developed by China Aerospace Science and Technology Corporation, the satellite is the country's first ever data relay satellite.
It will increase the time Shenzhou VII spaceship in communication with the ground, and improve the amount of data that can be transferred, according to Zhang Jianqi, top official with China's space programs.
"The Yuanwang space tracking ships along with China's over ten ground observation stations can only cover 12 percent of Shenzhou VII spaceship's orbit in the space," Zhang said.
The "Tianlian I" satellite alone, according to Zhang, can cover50 percent of the orbit of Shenzhou VII, or any other China's spacecrafts.
With the help of the satellite, scientists can get more scientific data collected by our satellites without delay, and can know earlier when a malfunction is taking place in China's spacecrafts, said Zhang.
The launch is the 105th mission of China's Long March series of rockets, and the first mission of the Long March-3C carrier rocket.
The 55-meter carrier rocket with two boosters is capable of launching satellites weighed between 2,600 kilograms to 3,800 kilograms into the space.
A total of seven Long March-3C carrier rockets are now in production, and will carry "several domestic and foreign satellites" to the space, said Chen Minkang, chief designer of the rocket, without further details.
China had planned 10 space launches this year including the Shenzhou VII spaceship.
The Shenzhou VII will be launched from the Jiuquan Satellite Launch Center in the northwestern province of Gansu late in the year and the astronauts will leave their spacecraft for the first time.
China began its manned space program in 1999. It successfully sent Yang Liwei into orbit on the Shenzhou V spacecraft in 2003.
Two years later, Fei Junlong and Nie Haisheng completed a Chinese record of five-day flight on the Shenzhou VI. All returned safely.
China launched the country's first data relay satellite "Tianlian I" Friday night.
The satellite was launched on a Long March-3C carrier rocket from the Xichang Satellite Launch Center in southwest China's Sichuan Province at 11:35 p.m. (Beijing Time).
China's first data relay satellite "Tianlian I" was launched on a Long March-3C carrier rocket from the Xichang Satellite Launch Center in southwest China's Sichuan Province at 11:35 p.m, 25 April, 2008. (Beijing Time).
(Xinhua Photo)
The satellite will not go into function though until the Shenzhou VII mission scheduled for the second half of 2008.
Developed by China Aerospace Science and Technology Corporation, the satellite is the country's first ever data relay satellite.
It will increase the time Shenzhou VII spaceship in communication with the ground, and improve the amount of data that can be transferred, according to Zhang Jianqi, top official with China's space programs.
"The Yuanwang space tracking ships along with China's over ten ground observation stations can only cover 12 percent of Shenzhou VII spaceship's orbit in the space," Zhang said.
The "Tianlian I" satellite alone, according to Zhang, can cover50 percent of the orbit of Shenzhou VII, or any other China's spacecrafts.
With the help of the satellite, scientists can get more scientific data collected by our satellites without delay, and can know earlier when a malfunction is taking place in China's spacecrafts, said Zhang.
The launch is the 105th mission of China's Long March series of rockets, and the first mission of the Long March-3C carrier rocket.
The 55-meter carrier rocket with two boosters is capable of launching satellites weighed between 2,600 kilograms to 3,800 kilograms into the space.
A total of seven Long March-3C carrier rockets are now in production, and will carry "several domestic and foreign satellites" to the space, said Chen Minkang, chief designer of the rocket, without further details.
China had planned 10 space launches this year including the Shenzhou VII spaceship.
The Shenzhou VII will be launched from the Jiuquan Satellite Launch Center in the northwestern province of Gansu late in the year and the astronauts will leave their spacecraft for the first time.
China began its manned space program in 1999. It successfully sent Yang Liwei into orbit on the Shenzhou V spacecraft in 2003.
Two years later, Fei Junlong and Nie Haisheng completed a Chinese record of five-day flight on the Shenzhou VI. All returned safely.
Clinton-Obama race in dead heat ahead of Indiana primary
12:43' 27/04/2008 (GMT+7)
Senator Hillary Clinton of New York and Senator Barrack Obama of Illinois are locked in a tight race ahead of the May 6 presidential primary in Indiana, according to a new poll released Friday.
Senator Hillary Clinton
The CNN poll shows the two Democrats are tied at 45 percent each, with 10 percent of respondents unsure.
The poll consists of three surveys: Research 2000 (April 23-24),ARG (April 23-24), and The Indianapolis Star (April 20-23).
All polls include interviews conducted after the April 22 Pennsylvania primary, which Clinton won Tuesday by about 55 percent to 45 percent.
The polls also show both candidates are strong with constituencies that backed them in other states: Clinton easily wins among senior citizens and women, while Obama has the advantage with young voters.
With the campaign settled into a seemingly endless slugfest, roughly two-thirds of people in a separate survey done by the Pew Research Center said the race has gone on "too long."
Half of those polled said the campaign has become "too negative."
With nine primaries left before June 3, May 6 primaries in Indiana and North Carolina are the next front in the Democratic nomination fight where 187 delegates are at stake.
Clinton's advisers appear to be focusing most efforts on Indiana, where demographics have proven friendlier to the former first lady.
Obama has a significant lead in the polls in North Carolina and is heavily favored to win there.
African-Americans are expected to make up around 40 percent of North Carolina primary electorate, giving him a healthy starting point.
Senator Hillary Clinton of New York and Senator Barrack Obama of Illinois are locked in a tight race ahead of the May 6 presidential primary in Indiana, according to a new poll released Friday.
Senator Hillary Clinton
The CNN poll shows the two Democrats are tied at 45 percent each, with 10 percent of respondents unsure.
The poll consists of three surveys: Research 2000 (April 23-24),ARG (April 23-24), and The Indianapolis Star (April 20-23).
All polls include interviews conducted after the April 22 Pennsylvania primary, which Clinton won Tuesday by about 55 percent to 45 percent.
The polls also show both candidates are strong with constituencies that backed them in other states: Clinton easily wins among senior citizens and women, while Obama has the advantage with young voters.
With the campaign settled into a seemingly endless slugfest, roughly two-thirds of people in a separate survey done by the Pew Research Center said the race has gone on "too long."
Half of those polled said the campaign has become "too negative."
With nine primaries left before June 3, May 6 primaries in Indiana and North Carolina are the next front in the Democratic nomination fight where 187 delegates are at stake.
Clinton's advisers appear to be focusing most efforts on Indiana, where demographics have proven friendlier to the former first lady.
Obama has a significant lead in the polls in North Carolina and is heavily favored to win there.
African-Americans are expected to make up around 40 percent of North Carolina primary electorate, giving him a healthy starting point.
Big celebrations to S. Africa’s Freedom Day
22:20' 27/04/2008 (GMT+7)
VietNamNet Bridge – At least nine events will be held in Hanoi and Ho Chi Minh City in the week beginning April 28 to mark South Africa ’s Day of Freedom, which falls on April 27.
The South African women jazz band will also meet with Quyen Van Minh Jazz club members in Hanoi on April 30
A representative from the South African embassy in Hanoi told reporters on April 26 that there will be five events on April 28 alone, including a symphony jointly performed by the Basadi Women of Jazz band from the African country and the local Hoa Sen (Lotus) quartet.
The South African women jazz band will also meet with Quyen Van Minh Jazz club members in Hanoi on April 30.
HCM City will host a South African culinary art promotion fest on May 3 and welcome the Basadi Women of Jazz band to perform at the Foreign Language and Information Technology University .
On May 6, the largest national economic hub will open an exhibition on South Africa.
At the press briefing, the S. African embassy representative acknowledged that bilateral trade revenues remain modest at 156 million USD in 2007. He said also called on Vietnamese businesses to invest in a large range of areas from mining, metallurgy, electronics, garment-making, footwear industry, banking, hospitals and tourism.
VietNamNet Bridge – At least nine events will be held in Hanoi and Ho Chi Minh City in the week beginning April 28 to mark South Africa ’s Day of Freedom, which falls on April 27.
The South African women jazz band will also meet with Quyen Van Minh Jazz club members in Hanoi on April 30
A representative from the South African embassy in Hanoi told reporters on April 26 that there will be five events on April 28 alone, including a symphony jointly performed by the Basadi Women of Jazz band from the African country and the local Hoa Sen (Lotus) quartet.
The South African women jazz band will also meet with Quyen Van Minh Jazz club members in Hanoi on April 30.
HCM City will host a South African culinary art promotion fest on May 3 and welcome the Basadi Women of Jazz band to perform at the Foreign Language and Information Technology University .
On May 6, the largest national economic hub will open an exhibition on South Africa.
At the press briefing, the S. African embassy representative acknowledged that bilateral trade revenues remain modest at 156 million USD in 2007. He said also called on Vietnamese businesses to invest in a large range of areas from mining, metallurgy, electronics, garment-making, footwear industry, banking, hospitals and tourism.
HCM City ready for Olympic torch relay
22:51' 27/04/2008 (GMT+7)
VietNamNet Bridge – Ho Chi Minh City has so far completed all preparations for the Beijing Olympic torch relay and is now ready for the significant event, said the Olympic Torch Relay Organising Board on April 27.
The Director of the Ho Chi Minh City Sports and Physical Training Department, Nguyen Hoang Nang, who is also deputy head of the organising board, told the press hosting the Olympic torch relay was an honour for Ho Chi Minh City. It is also a chance for the city in particular and Vietnam in general to make contribution to the development of the world’s sport event.
The torch, planned to arrive in Ho Chi Minh City on April 29, will be carried from the City Theatre via downtown streets to the Military Zone 7 Competition Hall, where the official torch relay ceremony will take place.
Around 60 people will participate in the relay, including outstanding athletes, people making contribution to the country’s sports and officials from the sports and physical training sector.
More than 210 journalists, 94 of them are from big media companies of China, the US, the UK, Japan, Germany and France, will cover the event.
VietNamNet Bridge – Ho Chi Minh City has so far completed all preparations for the Beijing Olympic torch relay and is now ready for the significant event, said the Olympic Torch Relay Organising Board on April 27.
The Director of the Ho Chi Minh City Sports and Physical Training Department, Nguyen Hoang Nang, who is also deputy head of the organising board, told the press hosting the Olympic torch relay was an honour for Ho Chi Minh City. It is also a chance for the city in particular and Vietnam in general to make contribution to the development of the world’s sport event.
The torch, planned to arrive in Ho Chi Minh City on April 29, will be carried from the City Theatre via downtown streets to the Military Zone 7 Competition Hall, where the official torch relay ceremony will take place.
Around 60 people will participate in the relay, including outstanding athletes, people making contribution to the country’s sports and officials from the sports and physical training sector.
More than 210 journalists, 94 of them are from big media companies of China, the US, the UK, Japan, Germany and France, will cover the event.
Friday 25 April 2008
Vietnam, China to accelerate signing five-year plan
08:54' 25/04/2008 (GMT+7)
VietNamNet Bridge – Vietnamese Prime Minister Nguyen Tan Dung and visiting Chinese Foreign Minister Yang Jiechi agreed the two countries should accelerate negotiations to ratify a five-year economic cooperation plan.
Receiving Yang on April 24, PM Dung said he will instruct relevant Vietnamese agencies to speed up preparations to sign the cooperation plan.
The PM said the two sides must adopt more measures to boost two-way trade and praised China’s willingness to increase imports of Vietnamese goods to balance trade between the countries.
PM Dung suggested accelerating negotiation on border demarcation for completion in 2008 and noted it would be a significant event for both sides.
He also agreed to step up demarcation of territorial waters surrounding Tonkin Gulf as well as scientific and technological cooperation.
He affirmed Vietnam supports the Beijing Olympics and will do everything it can for the success of the event to be hosted by China.
“Vietnam will organise a successful Olympic torch procession in Ho Chi Minh City, and this is the country’s contribution to the success of the Olympics and evidence of efforts to fortify the two nations’ solidarity and friendship,” the Vietnamese government leader said.
He said the Vietnamese Party, State and people always strive to boost bilateral ties under the motto “friendly neighbourliness, comprehensive cooperation, long-term stability and looking towards the future” and the spirit of “good neighbours, good friends, good comrades and good partners”.
The PM applauded continued exchange of visits by both countries’ high-level leaders and joint efforts to deal with existing problems and boost mutual understanding, saying it is a catalyst to the development of comprehensive cooperation.
Chinese Minister Yang briefed his host about recent talks with the Vietnamese Foreign Minister, saying the fine results of the talks would contribute to the traditional friendship between the two countries.
Yang said the two sides have made good progress in border demarcation and suggested further negotiations on the demarcation of territorial waters surrounding the Tonkin Gulf and accelerating cooperation in the area.
He thanked Vietnam for its support in the 2008 Olympic Games and praised its preparations for a safe torch procession before speaking about his great impressions from his first visit to the country and said he hoped to return soon.
Yang is visiting Vietnam from April 23.
VietNamNet Bridge – Vietnamese Prime Minister Nguyen Tan Dung and visiting Chinese Foreign Minister Yang Jiechi agreed the two countries should accelerate negotiations to ratify a five-year economic cooperation plan.
Receiving Yang on April 24, PM Dung said he will instruct relevant Vietnamese agencies to speed up preparations to sign the cooperation plan.
The PM said the two sides must adopt more measures to boost two-way trade and praised China’s willingness to increase imports of Vietnamese goods to balance trade between the countries.
PM Dung suggested accelerating negotiation on border demarcation for completion in 2008 and noted it would be a significant event for both sides.
He also agreed to step up demarcation of territorial waters surrounding Tonkin Gulf as well as scientific and technological cooperation.
He affirmed Vietnam supports the Beijing Olympics and will do everything it can for the success of the event to be hosted by China.
“Vietnam will organise a successful Olympic torch procession in Ho Chi Minh City, and this is the country’s contribution to the success of the Olympics and evidence of efforts to fortify the two nations’ solidarity and friendship,” the Vietnamese government leader said.
He said the Vietnamese Party, State and people always strive to boost bilateral ties under the motto “friendly neighbourliness, comprehensive cooperation, long-term stability and looking towards the future” and the spirit of “good neighbours, good friends, good comrades and good partners”.
The PM applauded continued exchange of visits by both countries’ high-level leaders and joint efforts to deal with existing problems and boost mutual understanding, saying it is a catalyst to the development of comprehensive cooperation.
Chinese Minister Yang briefed his host about recent talks with the Vietnamese Foreign Minister, saying the fine results of the talks would contribute to the traditional friendship between the two countries.
Yang said the two sides have made good progress in border demarcation and suggested further negotiations on the demarcation of territorial waters surrounding the Tonkin Gulf and accelerating cooperation in the area.
He thanked Vietnam for its support in the 2008 Olympic Games and praised its preparations for a safe torch procession before speaking about his great impressions from his first visit to the country and said he hoped to return soon.
Yang is visiting Vietnam from April 23.
Wednesday 23 April 2008
Assembly to lower growth targets
16:50' 23/04/2008 (GMT+7)
VietNamNet Bridge – The National Assembly needs to reduce its 2008 economic growth targets from 8.5-9 to 7% at the 3rd session of the 12th NA held next May.
Minister of Planning and Investment Vo Hong Phuc.
Minister of Planning and Investment Vo Hong Phuc made the proposal on behalf of the Government at the working session of the NA Standing Committee yesterday.
Phuc said changes in the global and domestic economic climate from the end of last year have created many difficulties, and the Government has to adjust economic growth targets appropriately this year.
Phuc said the country's major task was to control inflation, as well as maintain the macro-economy and assure social welfare and sustainable development.
Phuc said the Government would focus efforts on eradicating hunger, reducing poverty, stabilising living conditions for the poor and residents in mountainous, ethnic minority areas and areas hit by recent natural disasters and price changes.
In the current economic climate, achieving these aims would be all the more challenging, the minister said, especially in regards to controlling inflation. To assure the implementation of sustainable economic growth along with stable living conditions, the Government would pursue the following tactics;
to implement monetary policy firmly, actively and flexibly;
boost budget collections and raise efficiency of the use of State budget capital; apply measures to manage the cost of consumer goods, and effectively organise domestic trade;
control elements that form monopoly prices;
boost exports and reduce trade surplus;
solve difficulties to assure that investment, production and business can develop sustainably;
and boost measures to assure social welfare and stabilise living conditions.
Phuc said four Government targets were not fulfilled last year, including creating added value on agriculture, the forestry and fishery sector; increasing total import turnover; harnessing the increase of the consumer price index; and reducing of the birth rate. The other 19 targets gained or exceeded the plan, he said.
According to his report, last year 271 enterprises were rearranged, 150 of which were equitised. In 2007 the country had more than 58,000 newly-registered businesses, with total registered capital of VND489tril.
VND505tril (US$31.5mil) was mobilised to invest in development last year, accounting for 44% of GDP.
More money needed
The National Assembly heard on Monday that cities and provinces would need more time and funding to develop rehabilitation programmes and create jobs for former drug users.
A National Assembly resolution, that came into effect August 1, 2003, and set to expire on the first day of August this year, prompted the evaluation of projects helping drug users rehabilitate and reintegrate into society.
In reviewing requirements for seven central cities and provinces to create new management models, vocational training programmes and job creation for rehabilitated drug users, only HCM City had implemented given targets on time. Overall, limitations in health status, education level, vocational training and discipline were still reported among former drug users.
Two key reports presented at the session included suggestions for improvement. Cities and provinces involved with the resolution were required to design pilot projects on their own and submit them to the Government for approval. This resulted in varying start dates for projects.
According to a Government report by Labour, Invalids and Social Affairs Minister Nguyen Thi Kim Ngan, the varying start dates did not keep the cities and provinces from developing successful projects.
Her report did, however, state that only Hanoi and HCM City had enough funds to implement their projects; it was also recommended the resolution's validity be extended until 2010 to give targeted cities and provinces enough time to fulfil their targets.
The report emphasised it takes most former drug users a full 24 months to be rehabilitated. It was recommended that some laws be amended to help rehabilitated drug users, such as the possibility to continue treatment and detoxification programmes after the two year period if the drug habit has not been completely kicked.
The report produced by the NA Social Affairs Committee largely agreed with the Government's report. Both reports will be presented to inform opinions in the NA this coming May.
HCM City was the first locality to implement its rehab project and has invested in building 20 rehabilitation centres and schools for 30,000 drug users. Before the resolution, HCM City only had five centres with 8,000 people.
The HCM City People's Committee reported that more than 60 businesses provide vocational training and employ drug users at rehabilitation centres.
These centres have generated jobs for nearly 18,000 current and rehabilitated drug users at present.
According to the Government's report, the number of new drug users increased by several hundred between 2007 and 2008.
VietNamNet Bridge – The National Assembly needs to reduce its 2008 economic growth targets from 8.5-9 to 7% at the 3rd session of the 12th NA held next May.
Minister of Planning and Investment Vo Hong Phuc.
Minister of Planning and Investment Vo Hong Phuc made the proposal on behalf of the Government at the working session of the NA Standing Committee yesterday.
Phuc said changes in the global and domestic economic climate from the end of last year have created many difficulties, and the Government has to adjust economic growth targets appropriately this year.
Phuc said the country's major task was to control inflation, as well as maintain the macro-economy and assure social welfare and sustainable development.
Phuc said the Government would focus efforts on eradicating hunger, reducing poverty, stabilising living conditions for the poor and residents in mountainous, ethnic minority areas and areas hit by recent natural disasters and price changes.
In the current economic climate, achieving these aims would be all the more challenging, the minister said, especially in regards to controlling inflation. To assure the implementation of sustainable economic growth along with stable living conditions, the Government would pursue the following tactics;
to implement monetary policy firmly, actively and flexibly;
boost budget collections and raise efficiency of the use of State budget capital; apply measures to manage the cost of consumer goods, and effectively organise domestic trade;
control elements that form monopoly prices;
boost exports and reduce trade surplus;
solve difficulties to assure that investment, production and business can develop sustainably;
and boost measures to assure social welfare and stabilise living conditions.
Phuc said four Government targets were not fulfilled last year, including creating added value on agriculture, the forestry and fishery sector; increasing total import turnover; harnessing the increase of the consumer price index; and reducing of the birth rate. The other 19 targets gained or exceeded the plan, he said.
According to his report, last year 271 enterprises were rearranged, 150 of which were equitised. In 2007 the country had more than 58,000 newly-registered businesses, with total registered capital of VND489tril.
VND505tril (US$31.5mil) was mobilised to invest in development last year, accounting for 44% of GDP.
More money needed
The National Assembly heard on Monday that cities and provinces would need more time and funding to develop rehabilitation programmes and create jobs for former drug users.
A National Assembly resolution, that came into effect August 1, 2003, and set to expire on the first day of August this year, prompted the evaluation of projects helping drug users rehabilitate and reintegrate into society.
In reviewing requirements for seven central cities and provinces to create new management models, vocational training programmes and job creation for rehabilitated drug users, only HCM City had implemented given targets on time. Overall, limitations in health status, education level, vocational training and discipline were still reported among former drug users.
Two key reports presented at the session included suggestions for improvement. Cities and provinces involved with the resolution were required to design pilot projects on their own and submit them to the Government for approval. This resulted in varying start dates for projects.
According to a Government report by Labour, Invalids and Social Affairs Minister Nguyen Thi Kim Ngan, the varying start dates did not keep the cities and provinces from developing successful projects.
Her report did, however, state that only Hanoi and HCM City had enough funds to implement their projects; it was also recommended the resolution's validity be extended until 2010 to give targeted cities and provinces enough time to fulfil their targets.
The report emphasised it takes most former drug users a full 24 months to be rehabilitated. It was recommended that some laws be amended to help rehabilitated drug users, such as the possibility to continue treatment and detoxification programmes after the two year period if the drug habit has not been completely kicked.
The report produced by the NA Social Affairs Committee largely agreed with the Government's report. Both reports will be presented to inform opinions in the NA this coming May.
HCM City was the first locality to implement its rehab project and has invested in building 20 rehabilitation centres and schools for 30,000 drug users. Before the resolution, HCM City only had five centres with 8,000 people.
The HCM City People's Committee reported that more than 60 businesses provide vocational training and employ drug users at rehabilitation centres.
These centres have generated jobs for nearly 18,000 current and rehabilitated drug users at present.
According to the Government's report, the number of new drug users increased by several hundred between 2007 and 2008.
Provincial Party official discloses bribery
14:58' 23/04/2008 (GMT+7)
Mr. Vo Thanh Binh
VietNamNet Bridge – The Party Secretary of Ca Mau province, Vo Thanh Binh, held up VND100 million at a recent meeting of the Ca Mau Party Standing Committee, saying that this was a bribe someone had given to solicit a position in the local government. But he refused to name the briber, when and where he received it.
The local Party Standing Committee gathered on April 8-9 to arrange and appoint key personnel for state agencies under the People’s Committees and People’s Councils of Ca Mau province, Ca Mau city and districts.
According to a member of the Ca Mau Party Standing Committee, during that meeting, Binh said: “In the past two weeks, if I had received bribes for positions, it would have been more than VND1 billion (US$62,500).”
Many officials attending the meeting asked Binh to name the bribers and reject these people from the list of nominees for key positions but Binh didn’t reveal them, and the arrangement and appointment of key officials was conducted as planned.
“It is abnormal! The Party Secretary announces the case clearly before arranging personnel but he did not…,” said a member of the Ca Mau Party Standing Committee.
The local public asked Binh to denounce the bribers and reject them from local state agencies and make clear his relations with these people.
“Binh not naming the bribers shows his tolerance for corruption and it can harm the people’s trust,” said a retired man in Ca Mau province.
“Bribery to solicit positions is illegal. If Binh doesn’t make public the names of the solicitors, he should make clear what his relations with these bribers are,” said Ngo Minh Chanh, former member of the Ca Mau Party Committee, who is retired.
Nguyen Van Tiep, who is in charge of supervising anti-corruption activities in provinces and cities of the Central Anti-corruption Steering Committee, said he had heard of the case through the media but hadn’t received an official report. However, the Central Anti-corruption Steering Committee requested that Ca Mau verify and submit a report about the case.
“If the money is determined to be bribes, the case will be handled under the Anti-corruption Law,” Tiep said. According to Tiep, it is wrong if Binh knows the identities of the bribers but doesn’t expose their names.
This is the first reported case of solicitation for positions. Ca Mau is currently reorganising its state departments.
In a speech delivered at a National Assembly session, Prime Minister Nguyen Tan Dung, at that time a Deputy PM, said that there was a phenomenon that state officials use bribery to obtain positions, projects, etc. but these cases are rarely discovered.
Mr. Vo Thanh Binh
VietNamNet Bridge – The Party Secretary of Ca Mau province, Vo Thanh Binh, held up VND100 million at a recent meeting of the Ca Mau Party Standing Committee, saying that this was a bribe someone had given to solicit a position in the local government. But he refused to name the briber, when and where he received it.
The local Party Standing Committee gathered on April 8-9 to arrange and appoint key personnel for state agencies under the People’s Committees and People’s Councils of Ca Mau province, Ca Mau city and districts.
According to a member of the Ca Mau Party Standing Committee, during that meeting, Binh said: “In the past two weeks, if I had received bribes for positions, it would have been more than VND1 billion (US$62,500).”
Many officials attending the meeting asked Binh to name the bribers and reject these people from the list of nominees for key positions but Binh didn’t reveal them, and the arrangement and appointment of key officials was conducted as planned.
“It is abnormal! The Party Secretary announces the case clearly before arranging personnel but he did not…,” said a member of the Ca Mau Party Standing Committee.
The local public asked Binh to denounce the bribers and reject them from local state agencies and make clear his relations with these people.
“Binh not naming the bribers shows his tolerance for corruption and it can harm the people’s trust,” said a retired man in Ca Mau province.
“Bribery to solicit positions is illegal. If Binh doesn’t make public the names of the solicitors, he should make clear what his relations with these bribers are,” said Ngo Minh Chanh, former member of the Ca Mau Party Committee, who is retired.
Nguyen Van Tiep, who is in charge of supervising anti-corruption activities in provinces and cities of the Central Anti-corruption Steering Committee, said he had heard of the case through the media but hadn’t received an official report. However, the Central Anti-corruption Steering Committee requested that Ca Mau verify and submit a report about the case.
“If the money is determined to be bribes, the case will be handled under the Anti-corruption Law,” Tiep said. According to Tiep, it is wrong if Binh knows the identities of the bribers but doesn’t expose their names.
This is the first reported case of solicitation for positions. Ca Mau is currently reorganising its state departments.
In a speech delivered at a National Assembly session, Prime Minister Nguyen Tan Dung, at that time a Deputy PM, said that there was a phenomenon that state officials use bribery to obtain positions, projects, etc. but these cases are rarely discovered.
Tuesday 22 April 2008
Vietnam to join seven more international tourism fairs in 2008
06:11' 23/04/2008 (GMT+7)
VietNamNet Bridge - The country will take part in seven more international tourism fairs this year to advertise potential tourism products and attract more foreign tourists, said the Vietnam National Tourism Administration (VNTA).
The seven international fairs include the JATA tourism fair in Japan, the PATA Travel Mart in Thailand, the Top Resa in France and the Trade Show Fair in the US in September 2008, the Shanghai CITM fair in China and the AITEX fair in Cambodia in October 2008 and the WTM fair in the UK in November 2008.
In the first quarter of 2008, the country joined ATF international tourism 2008 in Thailand, the world’s largest tourism fair ITB in Berlin and the Intour Market (MITT) in Russia.
The country greeted nearly 1.3 million foreign tourists in the first three month this year, showing the effectiveness of the tourism sector’s plan to attract foreign tourists by advertising tourism potential in international fairs.
VietNamNet Bridge - The country will take part in seven more international tourism fairs this year to advertise potential tourism products and attract more foreign tourists, said the Vietnam National Tourism Administration (VNTA).
The seven international fairs include the JATA tourism fair in Japan, the PATA Travel Mart in Thailand, the Top Resa in France and the Trade Show Fair in the US in September 2008, the Shanghai CITM fair in China and the AITEX fair in Cambodia in October 2008 and the WTM fair in the UK in November 2008.
In the first quarter of 2008, the country joined ATF international tourism 2008 in Thailand, the world’s largest tourism fair ITB in Berlin and the Intour Market (MITT) in Russia.
The country greeted nearly 1.3 million foreign tourists in the first three month this year, showing the effectiveness of the tourism sector’s plan to attract foreign tourists by advertising tourism potential in international fairs.
Saturday 19 April 2008
Police probe disappearance of company owner and $1.5 mln
An investor reports the case to police on Thursday
Police have arrested two executives of a Ho Chi Minh investment firm after allegations US$1.5 million was swindled from its clients.
Hong Kong national Ng Kwock Fai, owner of Tactics Investment Consulting Service Company Limited, allegedly fled last month with investors’ funds.
Police late Friday arrested the firm’s chief accountant, Tran Thuc Trinh, and director Tran Vy Quyen.
Despite only being licensed to operate an investment consulting and trade brokerage, the firm was using clients’ deposits for foreign currency trading over the Internet.
The firm had promised annual returns of 20 percent, investigators said.
The firm’s out-of-pocket clients said Tactics had claimed its parent company was the Canada-headquartered Richmark International Group.
Would-be clients were asked to deposit a minimum of $1,000 in exchange for a certificate in English acknowledging their contributions.
They were promised a second certificate, countersigned and stamped by Richmark, would be issued a week later.
Clients were to receive their returns three months after their initial deposits and begin receiving monthly interest from the fourth month.
But on Wednesday Trinh called investors to Tactics office in District 1’s Ton Duc Thang Street where she announced director Fai had absconded with their money.
Trinh said Fai went overseas on March 14 and every effort to contact him since had failed.
The police said although the firm had registered under the directorship of Quyen, the operation had been run by Fai and Trinh.
Asked why the firm was still accepting deposits from clients after Fai fled, Trinh said the firm had to do so to get the money to pay interest to its clients.
The police said Friday the firm, which has been operating in Vietnam since June 2006, was not licensed to provide financial services.
The police also said they seized many documents during a search of the firm’s offices on Thursday.
Further investigations were underway, police said.
Affected investors
Of the clients whose funds had vanished, T.T.Y. had made the biggest deposit of $267,000.
Since early this year, 47 clients had deposited $449,000 and had not received any returns.
All the investors who met at the firm’s office on Thursday said they were staggered to lose such a major amount of money.
The affected clients said they had been introduced to the company by friends and relatives.
Similar scam
Last year, Thanh Nien reported a seemingly similar scam in which a HCMC-based Hong Kong firm had allegedly faked documents and websites to cheat its clients of some $10 million.
Golden Rock International Limited (GRIL), despite not being licensed to conduct business for profit in Vietnam, hired more than 200 employees to recruit internet currency trading clients.
GRIL was promising monthly returns as high as 5 percent.
Clients were asked to deposit money and sign two contracts they were told would be sent to Switzerland to the Golden Portfolio Management Corporation, supposedly the parent company.
They would receive the two contracts, countersigned and stamped by that Swiss company, two weeks later.
After two GRIL bosses disappeared with $10 million in November 2006, an inspection by city trade authorities found the company had faked the Swiss company’s seal.
It had copied advertising documents and contracts from a different foreign company and launched bogus websites supposedly for currency and gold trading.
Two executives, Stanley Elliot Tan and financial director Cheng Kwok Ping Patric – who were not registered for their posts – absconded with the funds deposited by around 1,000 investors.
Police have arrested two executives of a Ho Chi Minh investment firm after allegations US$1.5 million was swindled from its clients.
Hong Kong national Ng Kwock Fai, owner of Tactics Investment Consulting Service Company Limited, allegedly fled last month with investors’ funds.
Police late Friday arrested the firm’s chief accountant, Tran Thuc Trinh, and director Tran Vy Quyen.
Despite only being licensed to operate an investment consulting and trade brokerage, the firm was using clients’ deposits for foreign currency trading over the Internet.
The firm had promised annual returns of 20 percent, investigators said.
The firm’s out-of-pocket clients said Tactics had claimed its parent company was the Canada-headquartered Richmark International Group.
Would-be clients were asked to deposit a minimum of $1,000 in exchange for a certificate in English acknowledging their contributions.
They were promised a second certificate, countersigned and stamped by Richmark, would be issued a week later.
Clients were to receive their returns three months after their initial deposits and begin receiving monthly interest from the fourth month.
But on Wednesday Trinh called investors to Tactics office in District 1’s Ton Duc Thang Street where she announced director Fai had absconded with their money.
Trinh said Fai went overseas on March 14 and every effort to contact him since had failed.
The police said although the firm had registered under the directorship of Quyen, the operation had been run by Fai and Trinh.
Asked why the firm was still accepting deposits from clients after Fai fled, Trinh said the firm had to do so to get the money to pay interest to its clients.
The police said Friday the firm, which has been operating in Vietnam since June 2006, was not licensed to provide financial services.
The police also said they seized many documents during a search of the firm’s offices on Thursday.
Further investigations were underway, police said.
Affected investors
Of the clients whose funds had vanished, T.T.Y. had made the biggest deposit of $267,000.
Since early this year, 47 clients had deposited $449,000 and had not received any returns.
All the investors who met at the firm’s office on Thursday said they were staggered to lose such a major amount of money.
The affected clients said they had been introduced to the company by friends and relatives.
Similar scam
Last year, Thanh Nien reported a seemingly similar scam in which a HCMC-based Hong Kong firm had allegedly faked documents and websites to cheat its clients of some $10 million.
Golden Rock International Limited (GRIL), despite not being licensed to conduct business for profit in Vietnam, hired more than 200 employees to recruit internet currency trading clients.
GRIL was promising monthly returns as high as 5 percent.
Clients were asked to deposit money and sign two contracts they were told would be sent to Switzerland to the Golden Portfolio Management Corporation, supposedly the parent company.
They would receive the two contracts, countersigned and stamped by that Swiss company, two weeks later.
After two GRIL bosses disappeared with $10 million in November 2006, an inspection by city trade authorities found the company had faked the Swiss company’s seal.
It had copied advertising documents and contracts from a different foreign company and launched bogus websites supposedly for currency and gold trading.
Two executives, Stanley Elliot Tan and financial director Cheng Kwok Ping Patric – who were not registered for their posts – absconded with the funds deposited by around 1,000 investors.
Friday 18 April 2008
HCM City builds new bus stations
14:23' 18/04/2008 (GMT+7)
VietNamNet Bridge – To keep up with the construction progress of HCM City's new metro routes, several new inter-provincial bus stations are under construction to replace existing ones in central areas.
Pham Quoc Tai, deputy general director of the Sai Gon Transportation Mechanical Corporation (Samco), said the existing eastern-bound bus station will be split into locations in Suoi Tien and Long Truong - Song Tac, both in outlying District 9. Under the city's transportation zoning plan, this should happen by 2020. However, the Suoi Tien bus depot will be operational by 2013 in tandem with the Ben Thanh - Suoi Tien metro route, which has already begun construction.
"The Suoi Tien eastern-bound bus station must be put into operation by 2013 to serve the operation of the Ben Thanh - Suoi Tien metro route," Tai said.
The Suoi Tien eastern-bound bus station will straddle 11 ha in Binh Duong Province's Di An District and 12.5 ha in HCM City. It will be used for inter-provincial bus routes to central, northern and Tay Nguyen (Central Highlands) provinces.
The Long Truong - Song Tac bus station will handle transport to coastal central provinces.
The Long Truong - Song Tac eastern-bound bus station is underway and is expected to take up 15-19 ha, according to Samco.
The HCM City People's Committee has assigned Samco to build the new Western-bound bus station in Binh Chanh District's Tan Quy Tay Commune.
Tai said the existing Western-bound bus station will continue to be operational, but as one of terminals of the city's subway routes after the new Western-bound bus station is completed.
Construction of the city's subway running between downtown and the current Western-bound bus station will start in July next year and finish by January 2012.
Construction of a 23-ha trans-Asia bus station in Hoc Mon District's Tan Thoi Nhi Commune is also underway, according to Samco. The Hoc Mon District People's Committee is implementing land clearance for the construction.
VietNamNet Bridge – To keep up with the construction progress of HCM City's new metro routes, several new inter-provincial bus stations are under construction to replace existing ones in central areas.
Pham Quoc Tai, deputy general director of the Sai Gon Transportation Mechanical Corporation (Samco), said the existing eastern-bound bus station will be split into locations in Suoi Tien and Long Truong - Song Tac, both in outlying District 9. Under the city's transportation zoning plan, this should happen by 2020. However, the Suoi Tien bus depot will be operational by 2013 in tandem with the Ben Thanh - Suoi Tien metro route, which has already begun construction.
"The Suoi Tien eastern-bound bus station must be put into operation by 2013 to serve the operation of the Ben Thanh - Suoi Tien metro route," Tai said.
The Suoi Tien eastern-bound bus station will straddle 11 ha in Binh Duong Province's Di An District and 12.5 ha in HCM City. It will be used for inter-provincial bus routes to central, northern and Tay Nguyen (Central Highlands) provinces.
The Long Truong - Song Tac bus station will handle transport to coastal central provinces.
The Long Truong - Song Tac eastern-bound bus station is underway and is expected to take up 15-19 ha, according to Samco.
The HCM City People's Committee has assigned Samco to build the new Western-bound bus station in Binh Chanh District's Tan Quy Tay Commune.
Tai said the existing Western-bound bus station will continue to be operational, but as one of terminals of the city's subway routes after the new Western-bound bus station is completed.
Construction of the city's subway running between downtown and the current Western-bound bus station will start in July next year and finish by January 2012.
Construction of a 23-ha trans-Asia bus station in Hoc Mon District's Tan Thoi Nhi Commune is also underway, according to Samco. The Hoc Mon District People's Committee is implementing land clearance for the construction.
Bus route auctions cut subsidies
18:10' 18/04/2008 (GMT+7)
More private advertising and interest could mean a better bus system
Allowing public buses to display adverts and auctioning off bus routes to bus companies could reduce the need for city subsidies for the bus system, transport experts have said.
Advertisements on buses would also help HCM City reduce its subsidies for the bus system.
The city has 151 bus routes, but only five routes were auctioned by the end of last year. The city planned to auction bus routes four years ago.
The auction has helped the city reduce its subsidy for each route by VND1bil (US$62,000) a year, according to the HCM City Department of Transport and Public Works.
Le Trung Tinh, deputy head of the city Department of Transport and Public Works’ Transport Management Division, said the city was not able to auction bus routes on a large scale.
The city lacks consultants and post-auction measures to help bus companies that lose in auctions, Tinh said, adding that auctions were being done in a gradual manner.
Advertisements on buses would also help the city reduce its subsidies for the bus system, said experts.
With 2,000 large buses, the city could earn about VND60-90bil ($4-6mil) a year from advertisements.
However, the city is still considering allowing public buses to display advertisements.
Earlier in the year, the HCM City People’s Committee approved VND450bil ($28.1mil) for the bus system this year.
The city People’s Committee last month approved an additional VND122bil ($7.6mil) in bus subsidies following price hikes of fuel costs in February.
According to the city Department of Transport and Public Works, with current fuel prices, the city will need to subsidise an additional VND130bil ($8.1mil) for the bus system this year.
The city expects to spend a total of more than VND700bil ($43.8mil) in bus subsidies this year, an increase of 50% compared to the city’s initial approval.
The city wants the bus system to meet 8% of public transportation needs by 2010 compared to 5% last year.
With this target, city subsidies for buses will continue to increase in following years, said experts. The city subsidised bus transport by VND600bil ($37.5mil) last year.
More private advertising and interest could mean a better bus system
Allowing public buses to display adverts and auctioning off bus routes to bus companies could reduce the need for city subsidies for the bus system, transport experts have said.
Advertisements on buses would also help HCM City reduce its subsidies for the bus system.
The city has 151 bus routes, but only five routes were auctioned by the end of last year. The city planned to auction bus routes four years ago.
The auction has helped the city reduce its subsidy for each route by VND1bil (US$62,000) a year, according to the HCM City Department of Transport and Public Works.
Le Trung Tinh, deputy head of the city Department of Transport and Public Works’ Transport Management Division, said the city was not able to auction bus routes on a large scale.
The city lacks consultants and post-auction measures to help bus companies that lose in auctions, Tinh said, adding that auctions were being done in a gradual manner.
Advertisements on buses would also help the city reduce its subsidies for the bus system, said experts.
With 2,000 large buses, the city could earn about VND60-90bil ($4-6mil) a year from advertisements.
However, the city is still considering allowing public buses to display advertisements.
Earlier in the year, the HCM City People’s Committee approved VND450bil ($28.1mil) for the bus system this year.
The city People’s Committee last month approved an additional VND122bil ($7.6mil) in bus subsidies following price hikes of fuel costs in February.
According to the city Department of Transport and Public Works, with current fuel prices, the city will need to subsidise an additional VND130bil ($8.1mil) for the bus system this year.
The city expects to spend a total of more than VND700bil ($43.8mil) in bus subsidies this year, an increase of 50% compared to the city’s initial approval.
The city wants the bus system to meet 8% of public transportation needs by 2010 compared to 5% last year.
With this target, city subsidies for buses will continue to increase in following years, said experts. The city subsidised bus transport by VND600bil ($37.5mil) last year.
Poor quality offerings to Hung Kings
15:42' 18/04/2008 (GMT+7)
The giant banh chung and banh giay
VietNamNet Bridge – HCM City’s giant traditional cakes (banh chung and banh giay) offered on the Hung Kings’ death anniversary 2008 were reported to be very poor in quality. The city’s authorities have asked cake makers to review the whole process of production and transportation and punish any violator.
HCM City people donated a pair of huge banh chung (square glutinous rice cake) and banh giay (glutinous rice dumpling) for the death anniversary of the Hung Kings, believed to be the founders of the Vietnamese nation. The cakes passed over 2,000km to reach the midland province of Phu Tho on April 14.
According to cake makers, the banh chung was 2 tonnes in weight. It was made of 900kg of glutinous rice, 200kg of green beans, and 100kg of pork while the banh giay was 1 tonne in weight.
According to the Vice Head of the Hung Kings Anniversary Organising Board, organisers planned to share the cakes among pilgrims after the cakes were offered to the Hung Kings on April 15. However, as the cakes were mouldy, they were not sliced for sharing but moved to the People’s Committee of Hy Cuong commune, Phu Tho province.
On April 16, under the witness of tens of local residents, the two giant cakes were sliced. The banh chung was mouldy and fermenting while the banh giay was mouldy-green. The banh giay was made with spongy pieces covered by a thin layer of powder.
Nguyen Huu Trung, Deputy Director of the Dam Sen Cultural Park, the cake maker, said the banh giay was announced to be 1 tonne in weight but this was the total weight of both the cake and the iron frame and support. The cake was actually 500kg only.
Trung said the spongy pieces were used to make the shape for the cake and the hot weather made the cake mouldy. He also said that the banh giay should not have been cut up to share with pilgrims because it was a glutinous powder block which should be seen as a symbolic traditional offering rather than a real cake.
However, as the media reported the poor quality of these offerings, HCM City authorities on April 17 asked the cake maker, Dam Sen Cultural Park, to review the production and transportation process of the cakes to find out the reason and punish wrong-doers.
The giant banh chung and banh giay
VietNamNet Bridge – HCM City’s giant traditional cakes (banh chung and banh giay) offered on the Hung Kings’ death anniversary 2008 were reported to be very poor in quality. The city’s authorities have asked cake makers to review the whole process of production and transportation and punish any violator.
HCM City people donated a pair of huge banh chung (square glutinous rice cake) and banh giay (glutinous rice dumpling) for the death anniversary of the Hung Kings, believed to be the founders of the Vietnamese nation. The cakes passed over 2,000km to reach the midland province of Phu Tho on April 14.
According to cake makers, the banh chung was 2 tonnes in weight. It was made of 900kg of glutinous rice, 200kg of green beans, and 100kg of pork while the banh giay was 1 tonne in weight.
According to the Vice Head of the Hung Kings Anniversary Organising Board, organisers planned to share the cakes among pilgrims after the cakes were offered to the Hung Kings on April 15. However, as the cakes were mouldy, they were not sliced for sharing but moved to the People’s Committee of Hy Cuong commune, Phu Tho province.
On April 16, under the witness of tens of local residents, the two giant cakes were sliced. The banh chung was mouldy and fermenting while the banh giay was mouldy-green. The banh giay was made with spongy pieces covered by a thin layer of powder.
Nguyen Huu Trung, Deputy Director of the Dam Sen Cultural Park, the cake maker, said the banh giay was announced to be 1 tonne in weight but this was the total weight of both the cake and the iron frame and support. The cake was actually 500kg only.
Trung said the spongy pieces were used to make the shape for the cake and the hot weather made the cake mouldy. He also said that the banh giay should not have been cut up to share with pilgrims because it was a glutinous powder block which should be seen as a symbolic traditional offering rather than a real cake.
However, as the media reported the poor quality of these offerings, HCM City authorities on April 17 asked the cake maker, Dam Sen Cultural Park, to review the production and transportation process of the cakes to find out the reason and punish wrong-doers.
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