Deutsche Bank USA failed 'stress test': US Fed Reserve, Photo AFP The Fed gave a "conditional" pass to Wall Street investment behemoths Goldman Sachs and Morgan Stanley, whose capital backstops sank below required levels due to one-time charges tied to December's tax cuts, officials said. But the Fed "objected to the capital plan of DB USA Corporation because of widespread and critical deficiencies across the firm's capital planning practices," according to the annual test results. Should DB hit hard times in an economic downturn or financial crisis, poor data capabilities and internal controls, bad forecasts for revenue and losses under stress, and substandard internal audits would leave the bank in danger, the Fed announced. The stinging rebuke for Deutsche Bank, Europe's second-largest lender, came as shareholders continue express serious doubts about the bank's health. The bank's shares on Wednesday hit a two-year low in Frankfurt. Deutsche Bank's US operations failed stress … [Read more...] about Deutsche Bank USA failed ‘stress test’: US Fed Reserve
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VN well placed to recover from global economic crisis
VN well placed to recover from global economic crisis (18-06-2009) HCM CITY — Viet Nam's recovery from the global economic crisis is predicated on Western economies getting back on track, but the country will be among the first to bounce back, according to Swiss economist Rolf Dubs. Dubs told a workshop entitled 'Global Economic Crisis - Lessons Learnt' held last Tuesday in HCM City that local businesses need to incorporate crisis management in their strategic plans as well as in day to day activities. A former president of the HSG University of St. Gallen in Switzerland, Europe's leading German-speaking Economics University, Prof Dubs has also taught at Harvard and Standford and been a board member of many Swiss and international corporations. He predicted that the 'crisis will go on at least until the beginning of next year', and that Viet Nam would recover "as long as it can improve exports, investment and tourism to and from the Western world". Viet Nam cannot reduce its … [Read more...] about VN well placed to recover from global economic crisis
Readers say new tax threshold should be well above VND4m
Your say (19-12-2008) Readers say new tax threshold should be well above VND4m Last week, Viet Nam News asked its readers about their opinions on the Law on Personal Income Tax, which will take effect from January 1. Under it, foreign and Vietnamese individuals will be subject to a taxable income threshold of VND4 million (US$249) and allowed an exemption of VND1.6 million ($100) per dependant. We asked if the threshold was reasonable and if readers were provided with enough information about the new tax. … [Read more...] about Readers say new tax threshold should be well above VND4m
Investors fleeing from resort real estate projects
The investors, who believed that resort real estate, unlike other property market segments, would never fall into decay, have changed their thoughts and tried to run away from the market. By the end of December 2011, the Binh Thuan provincial authorities had revoked the licenses of 165 real estate projects due to the investors’ delay in implementing the projects, including some huge ones. Truong Quang Tuan, an investor from Hanoi, registered to buy a villa at Ocean Villas Da Nang project. It was estimated that the total sum of money he had to pay to the project developer reached 11.5 billion dong. However, Tuan has decided to sell the villa at a loss, because he needs money right now for other investment deals. The ad piece posted by Tuan on Internet says the sale price is 10.2 billion dong, but Tuan has revealed that the final price would be “negotiable.” Another reason behind Tuan’s decision is that he fears he would not make profits from leasing the … [Read more...] about Investors fleeing from resort real estate projects
UPS Technology Helps Gain Advantages
UPS Technology Helps Gain Advantages Reported by Dinh Dung Identifying Vietnam as a potential market, the global logistics service provider UPS has furthered investment, especially in technology, to capitalize on growth and falicitate its business expansion in emerging markets like Vietnam. The Saigon Times talked to Jeff McLean, general manager of UPS Vietnam, about the local logistics market. Excerpts: Q: Operating in 200 countries around the world and also having been active in Vietnam over the past two years, what would you say about the characteristics of the Vietnamese market? A: Although Vietnam is still a small market, it has posted high growth rates due to the rapid development in the retail market and the import-export industry as well as the increase of outsourcing activities of multinational corporations since Vietnam officially joined the World Trade Organization (WTO) in 2007. Furthermore, large corporations’ concerns of reducing carbon emission and saving fuel also … [Read more...] about UPS Technology Helps Gain Advantages