HCM City (VNA) - The International Finance Corporation (IFC), a member of the World Bank Group, announced on August 11 that it will provide a 70 million USD loan to Indo Trans Logistics Corporation (ITL Corp), with the aim of improving logistics, trade and competitiveness in Vietnam’s economy amid the COVID-19 pandemic. … [Read more...] about Foreign banks pour capital into Vietnam
European central bank exchange rate
Standard Chartered Bank partners with Microsoft to become a cloud-first bank
Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft said, "Cloud computing is an enabler for financial institutions to modernize their infrastructure and systems, to gain the agility they need to respond to competitive pressures, regulatory environments and customer demand. We are committed to helping Standard Chartered Bank in its ongoing digital transformation journey as it strives to address evolving customer needs and build the next generation of banking experiences." … [Read more...] about Standard Chartered Bank partners with Microsoft to become a cloud-first bank
HSBC becomes first foreign bank to issue bonds in Vietnam
“We wish to play a leading role in the ongoing development of the Vietnamese corporate sector together with Vietnam’s capital market long into the future. We plan to become a regular issuer as we look to position our franchise to continue to be the leading foreign bank in the market.” … [Read more...] about HSBC becomes first foreign bank to issue bonds in Vietnam
Singapore’s Q2 economy shrinks more than forecast
Hanoi (VNA) – The Singaporean economy suffered a deeper recession in the second quarter than earlier estimated as it contracted by 13.2 percent year on year, compared to the previous prediction of -12.6 percent. The country’s Ministry of Trade and Industry (MTI) said on August 11 that given the fall, it now forecasts this year’s gross domestic product (GDP) will shrink between 7 percent and 5 percent, instead of the previously predicted decline of 4 to 7 percent. The second-quarter GDP plunge was due to the circuit breaker measures implemented from April 7 to June 1 to slow the spread of COVID-19 in Singapore, as well as weak external demand amid a global economic downturn caused by the pandemic, said MTI in a statement. Singapore's central bank eased its monetary policy in March, while the government recently pumped in nearly 100 billion SGD (72 billion USD) worth of stimulus to blunt the impact of the pandemic./. … [Read more...] about Singapore’s Q2 economy shrinks more than forecast
Gold price surge here for long haul
One of the major reasons for the rally is that the low interest rates make gold, which does not pay a yield simply for holding it, more appealing for buyers. For example, the Fed’s decision to lower interest rates to just above zero and buy a large quantity of billions of dollars of bonds have impeded yields in fixed-income markets. Even the State Bank of Vietnam (SBV) has signalled that it could cut rates further as stimulus measures to help cash-strapped enterprises tide over the crisis. … [Read more...] about Gold price surge here for long haul
