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
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
BUSINESS IN BRIEF 18/12
Many employers lack funds for Tet bonuses It is that time of the year when bosses begin fretting about bonuses for employees. As the Tet (Lunar New Year) festival approaches, firms stuck in difficulties caused by the prolonged economic downturn are devising different approaches to paying bonuses for their employees. The bigger firms plan to pay higher bonuses in order to build worker loyalty and retain talent, but there are others left searching for face-saving options. In HCM City's Binh Tan District, the 100 per cent foreign-invested Pou Yuen Viet Nam Company has prepared for Tet bonuses months ahead of the Tet. Cu Phat Nghiep, Chairman of the Trade Union of Pou Yuen Viet Nam, said despite the challenges facing the company, Pou Yuen earmarked VND600 billion (US$28.7 million) for giving Tet bonuses to its 75,000 workers to welcome the Year of the Snake. He said this year's Tet bonuses would be higher than last year and those who worked for the company for over one year would … [Read more...] about BUSINESS IN BRIEF 18/12
BUSINESS IN BRIEF 17/12
Many employers lack funds for Tet bonuses It is that time of the year when bosses begin fretting about bonuses for employees. As the Tet (Lunar New Year) festival approaches, firms stuck in difficulties caused by the prolonged economic downturn are devising different approaches to paying bonuses for their employees. The bigger firms plan to pay higher bonuses in order to build worker loyalty and retain talent, but there are others left searching for face-saving options. In HCM City's Binh Tan District, the 100 per cent foreign-invested Pou Yuen Viet Nam Company has prepared for Tet bonuses months ahead of the Tet. Cu Phat Nghiep, Chairman of the Trade Union of Pou Yuen Viet Nam, said despite the challenges facing the company, Pou Yuen earmarked VND600 billion (US$28.7 million) for giving Tet bonuses to its 75,000 workers to welcome the Year of the Snake. He said this year's Tet bonuses would be higher than last year and those who worked for the company for over one year would … [Read more...] about BUSINESS IN BRIEF 17/12