Investigators of the Hanoi police agency on Wednesday concluded that a faulty wire in a lead-acid battery belonging to a petrol-powered scooter parked close to a wall of the apartment block’s first floor caused a fire that killed 56 people on Tuesday last week. The announcement clarifying the cause of the fatal blaze was also sent to the apartment owners at the building. Investigation results showed that after the scooter caught fire, the flames quickly spread to some conduits and electric meter boxes mounted on the walls of the parking floor. The fire immediately engulfed the floor and other areas of the block, creating a giant black column of smoke. Among four fire extinguishers in the building checked by police officers, only one of them was found used, according to the announcement. The conclusion was released seven days after the fire tragedy happened. The conflagration erupted at the apartment block down a narrow alley on Khuong Ha Street in Thanh Xuan District … [Read more...] about Electrical short in scooter triggers tragic apartment block inferno: Hanoi police
Life is feudal how to destroy buildings
IFC invests in Vietnam’s first local currency sustainability bonds
The International Finance Corporation (IFC), a member of the World Bank Group, announced on Tuesday that it is investing up to VND3.5 trillion (US$150 million) in Vietnam's first-ever local currency sustainability-linked bonds (SLBs) issued by BIM Land Joint Stock Company and its subsidiary, Thanh Xuan Joint Stock Company. The first local currency SLBs in Vietnam aim to help issuers expand their businesses while creating jobs, boosting competitiveness, and supporting the country's low-carbon growth model. IFC's investment comprises two subscriptions—over VND2.3 trillion (about $100 million) to be issued by BIM Land, a tourism and property developer in Vietnam, and nearly VND1.2 trillion (about $50 million) to be issued by Thanh Xuan Joint Stock Company. Both the issuers are subsidiaries of BIM Group, a multi-sector corporation in Vietnam. The proceeds will be used to develop the Thanh Xuan valley project in northern Vinh Phuc Province, including an eco-friendly and unique … [Read more...] about IFC invests in Vietnam’s first local currency sustainability bonds
Moody’s launches credit rating firm in partnership with Vietnam’s leading financial institutions
Moody’s Corporation, a global integrated risk assessment firm, on Wednesday announced the launch of Vietnam Investors Service and Credit Rating Agency JSC (VIS Rating), a partnership between Moody’s and leading Vietnamese financial institutions. The Vietnamese Ministry of Finance on Tuesday issued a credit rating agency license to VIS Rating that was initiated by the Vietnam Bond Market Association. VIS Rating will provide independent credit rating services to corporate issuers in Vietnam. Moody’s is the largest shareholder in VIS Rating with a 49-percent holding but VIS Rating operates independently from Moody’s. Other founding shareholders include ACB Securities Company, Dragon Capital Finance Limited, Nam A Bank Asset Management Company Limited, VNDIRECT Securities Corporation, and VPS Securities Joint Stock Company. Michael West, president of Moody’s Investors Service, a subsidiary of Moody's Corporation, said, “Moody’s recognizes the vital role that the local debt … [Read more...] about Moody’s launches credit rating firm in partnership with Vietnam’s leading financial institutions
Dozens of nations to sign U.N. ocean treaty but implementation still awaits
A new U.N. treaty to protect the world's oceans is expected to be signed by dozens of countries on Wednesday, another step in the efforts to reverse the damage done to fragile marine environments by overfishing and other human activities. The global pact to conserve biodiversity on the high seas was finally agreed in March and formally adopted by the United Nations in June. It is seen as a crucial tool to meet a target agreed last year to protect 30% of the earth's land and sea by 2030, known as "30 by 30". At least 60 countries are expected to sign the agreement at the annual United Nations General Assembly on Wednesday. However, it still needs to be ratified on a national level before it goes into effect. Mads Christensen, interim executive director of Greenpeace International, described the signings as a "powerful signal" and help maintain momentum to meet the "30 by 30" target. "But this signing is a purely symbolic moment," he said. "Now politicians must bring the treaty … [Read more...] about Dozens of nations to sign U.N. ocean treaty but implementation still awaits
Prime Minister meets leader of Chinese People’s Political Consultative Conference
The two sides shared delight at the positive progress in the relations between the two parties and countries over the years, while discussing and agreeing on measures to strengthen the friendship and cooperation between Vietnam and China in all fields, including collaboration between the Vietnam Fatherland Front (VFF) and the CPPCC. Prime Minister Pham Minh Chinh conveyed regards from Vietnamese high-ranking leaders and VFF Central Committee President Do Van Chien to Wang, underlining that Vietnam and China have enjoyed a close neighborliness, and the two parties, countries and peoples have given each other priceless support during the past struggle for national independence and current socialism building cause. Vietnam always attaches great importance to maintaining and developing the comprehensive strategic cooperative partnership with China, taking it as a consistent, strategic and long-term policy as well as the leading priority in the country’s external policy. Prime … [Read more...] about Prime Minister meets leader of Chinese People’s Political Consultative Conference