Oil spill impacts

Ring leader Luyen Xuan Trang and other defendants at the trial This morning, the People's Court of Binh Thuan province opened a first-instance trial of the defendant 49-year-old Luyen Xuan Trang hailing from the Northern Province of Hung Yen for smuggling petrol and oil at Duong Dong Hoa Phu Company. Trang is the leader of the largest petrol and oil smuggling ring from Singapore to Vietnam’s Binh Thuan Province with a total value of more than VND2,034 billion. According to the police indictment, in September 2015, Luyen Xuan Trang made an agreement with the General Director of Duong Dong Sai Gon Company to receive and transfer 80 percent of shares of Duong Dong Hoa Phu Company for VND430 billion. Because Duong Dong Hoa Phu Company still owes a bank loan, Luyen Xuan Trang receives all assets and liabilities of Duong Dong Hoa Phu Company and is responsible for repaying the loan. Luyen Xuan Trang discussed and agreed with Nguyen Duc Manh that Trang and Manh jointly bought 80 … [Read more...] about Ring leader on trial for smuggling petrol and oil

Illustrative image (Photo: AFP/VNA) Bangkok - Thailand's National Economic and Social Development Council (NESDC) reckoned that the Thai economy can be affected by three scenarios taking into account the ongoing Russia-Ukraine war and other geopolitical conflicts. NESDC Deputy Secretary General Wichayayuth Boonchit said the first and most probable scenario is that if the Russia-Ukraine war continues but the global oil supply is not affected by sanctions against Russia, Thailand’s economy should expand between 2.5 and 3.5% this year. In the second but less probable scenario, he said the Thai economy will grow less than expected in 2022-2023 if more sanctions are slapped on Russia. This will result in a surge in the global price of oil and other products. The third and worst scenario is that if a conflict is sparked between the US and China. Wichayayuth said this conflict will spark a global economic recession depending on the intensity of this and other geopolitical … [Read more...] about Three scenarios affect Thai economic growth

Illustrative photo (Source: AFP/VNA) Bangkok (VNA) - Thailand’s baht has bounced back sharply over the past few weeks on optimism about the Asian country’s tourism-led growth. According to Bloomberg, the currency has jumped 4.6% to about 35.3 per USD this month, leading to gains in Asia by a wide margin. In addition to rising forecasts for tourist arrivals, this progress is also being driven by a reduction in the current account deficit due to the fall in oil prices. The surge means the baht has touched a level of 35.2 forecast for the fourth quarter by analysts polled by Bloomberg , before the nation reports its GDP data on August 15. Earlier this month, a government spokesman said the country expects to attract 10 million international tourists this year, compared with a forecast of 6.1 million in April. Visitors are seen growing to 30 million people the following year. The rebound is described as significant for Thailand , given that the travel-related sector … [Read more...] about Thai baht surges on prospect of tourism recovery