WASHINGTON – The Federal Reserve launched another aggressive stimulus program on Thursday, saying it would pump US$40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market. The central bank's decision to tie its controversial bond buying directly to economic conditions was an unprecedented step that marked a big escalation in its efforts to drive U.S. unemployment lower. Stock prices jumped, while gold hit a six-month high as investors braced for faster inflation. … [Read more...] about Fed bets big in new push to rescue U.S. economy
Protecting americans from tax hikes act
BUSINESS IN BRIEF 17/5
American multi-millionaires to visit Vietnam Billionaire Mike Ryan from the Cayman Islands and Bob Livingston, the founder and chairman of Livingston Group LLC, will visit Vietnam to seek investment opportunities. Dau Tu (Investment) newspaper cited Link World Unlimited Events LLC as saying that during their nine-day stay, the two investors will tour Hanoi, the central province of Ninh Thuan , Phu Quoc Island in the southern province of Kien Giang and Ho Chi Minh City. They are keenly interested in the areas of heavy industry, finance and banking, shipbuilding and transport, particularly in the construction of ports, hotels and resorts. They plan to meet with a number of Vietnamese businesses during their visit. Mike Ryan is the owner and developer of the Grand Cayman, the Ritz Carlton and the Four Seasons in the Cayman Islands. He also owns a number of international conference centres around the world, the Condominium Hotel chain and a string of exclusive resorts. Bob … [Read more...] about BUSINESS IN BRIEF 17/5
BUSINESS IN BRIEF 7/2
Property market attracts $77.6 million in FDI in JanuaryForeign investors poured a total of 77.6 million USD into the real estate market in January, according to the Foreign Investment Agency under the Ministry of Planning and Investment.Real estate ranked third among 19 sectors with foreign direct investment (FDI) in January, attracting 6.2 percent of the total registered FDI.Su Ngoc Khuong, investment director at property services firm Savills Vietnam, said foreign capital would promote the development of the property market in the country.In 2017, the real estate sector lured 3.05 billion USD in FDI, accounting for 8.5 percent of the country’s total registered foreign investment, ranking third in terms of FDI attraction after the manufacturing and processing industry and power distribution sector.According to the General Statistics Office, 1,400 new construction firms were founded in January, up by 21 percent, together with more than 460 new firms in real estate business, up … [Read more...] about BUSINESS IN BRIEF 7/2
BUSINESS IN BRIEF 22/1
Environment tax hike on fuels postponedA plan to slap the environmental protection tax of VND3,000-8,000 per liter on fuels, up from the current VND1,000-4,000, will be resent to the National Assembly (NA) in October next year, effectively putting off the tax hike.According to news website Dan Tri, Deputy Prime Minister Vuong Dinh Hue assigned the Ministry of Finance to coordinate with the Ministry of Justice and other relevant ministries, agencies and localities to review and complete the draft of the amended environmental protection tax law including the new environment protection tax rates and submit to the NA for approval next year.On September 13 last year, the NA Standing Committee discussed the draft law.NA chairwoman Nguyen Thi Kim Ngan said the Government should increase State budget revenue by enhancing fee collection management, reducing tax arrears and fighting tax evasion and trade fraud, instead of hiking taxes.The proposal to raise the environment protection tax on fuels … [Read more...] about BUSINESS IN BRIEF 22/1
BUSINESS IN BRIEF 12/12
Ministry mulls banning A83 gasoline production A83 gasoline should be banned from being domestically produced, Minister of Industry and Trade Vu Huy Hoang proposed at a meeting yesterday The proposal came after nearly a dozen fuel dealers in Ho Chi Minh City were caught selling substandard gasoline last week, most of which was made from mixing A83-grade gasoline with A92 or A95 grades to produce poor-quality products. At the beginning of the meeting, Deputy Minister of Industry and Trade Nguyen Cam Tu also suggested that domestic A83 gasoline production should be halted. "Since [A83 gasoline] is not widely used, allowing production of this commodity will open the door for trade frauds," Tu said. "The Ministry of Industry and Trade has proposed to halt A83 production, but failed to receive agreement from other ministries." Thus, Tu urged that the country must find a final solution for this issue. Hoang concurred, saying that the fraudulent practice of mixing different … [Read more...] about BUSINESS IN BRIEF 12/12