State run oil giants will make or break the energy transition

"The pandemic years are behind us and borders are open as normal," Willie Walsh, head of the International Air Transport Association (IATA), told IATA's annual summit of some 300 carriers. IATA boosted its industry profit forecast to $9.8 billion from $4.7 billion cheered by strong travel demand and an easing in oil prices. Revenue is expected to grow by 9.7% to $803 billion, inching closer to 2019's pre-pandemic level of $838 billion. But slender profit margins of 1.2% mean repairing damaged balance sheets and offering sustainable returns on investments will continue to be a headache for some airlines, Walsh said. He said airlines on average make $2.25 per passenger, "which is less than the price of a cup of coffee, a subway ticket". The profit forecast, raised from one given in December, reflected a boost in Europe, despite a wave of strikes. Airlines have in recent months reported strong results as they prepare for a busy summer season, with travel demand … [Read more...] about Global airlines more than double 2023 profit outlook

PM Pham Minh Chinh (R) and UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi at the meeting in Hanoi on June 5. (Photo: VNA) Hanoi (VNA) - Prime Minister Pham Minh Chinh received Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi of the United Arab Emirates (UAE) in Hanoi on June 5, calling on the UAE to work closely with the Vietnamese Ministry of Industry and Trade to soon finalise talks on the bilateral Comprehensive Economic Partnership Agreement (CEPA). The host leader hailed the two sides’ efforts to promote negotiations on the CEPA, especially when the two countries are celebrating the 30th founding anniversary of bilateral diplomatic relations in 2023. He affirmed Vietnam’s consistent foreign policy of independence, self-reliance, diversification and multilateralisation of external relations, and being a good friend, trustworthy partner, and responsible member of the international community. The country is also working to develop an … [Read more...] about PM calls for early finalisation of Comprehensive Economic Partnership Agreement with UAE

Asian markets wobbled Tuesday after a two-day rally as profit-takers stepped in and traders weighed the chances of the Federal Reserve skipping an interest rate hike this month. The tepid performance came after a global advance stumbled in New York and Europe on Monday, with a below-par read on US services sector activity hinting at weakness in a key area of the economy. Analysts also warned that with the US borrowing ceiling now lifted, the Treasury is expected to unleash a flood of debt onto the market as it looks to restock its coffers, sucking cash from the financial system and putting pressure on liquidity. Sylvia Jablonski, at Defiance ETF, told Bloomberg Television that such a move that soaks up money "is something that will probably keep us in a range-bound mode until we see where it all lands, including the Fed’s final decision on rates". Traders have been broadly upbeat after a "Goldilocks" jobs report Friday that was neither too good nor too bad suggested the economy … [Read more...] about Asian markets struggle to kick on after rally, with eyes on Fed

Passenger and freight trains were running again on Monday at the site of India's deadliest train disaster in decades, which officials said was caused by failures linked to signal systems. Workers inspect the newly restored tracks at the accident site of a recent three-train collision near Balasore, about 200 km (125 miles) from the state capital Bhubaneswar in the eastern state of Odisha, on June 5, 2023. Trains rumbled past the debris of smashed carriages from Friday night's crash near Balasore in the eastern state of Odisha, where at least 275 people were killed and hundreds injured. Officials had initially reported 288 deaths, but the Odisha state government has since revised the toll to 275 after some bodies were mistakenly counted twice. Of the 1,175 injured, 382 were still being treated in hospital, authorities said on Sunday. However, many fear the death toll could still rise with medical centres overwhelmed by the number of casualties, many in … [Read more...] about Trains resume service 51 hours after deadly India crash

The disaster struck on Friday, when a passenger train hit a stationary freight train, jumped the tracks and hit another passenger train passing in the opposite direction near the district of Balasore, in the eastern state of Odisha. Following non-stop efforts to rescue survivors and clear and repair the track, trains resumed running over that section of the line on Sunday night. Trains were passing slowly by the derailed and mangled compartments, while repair work continued at the track side. Some 120 km (75 miles) further north, at Kharagpur in West Bengal state, railway officials and witnesses gathered to submit evidence to a two-day inquiry, led by A.M. Chowdhary, commissioner of railway safety for the south-eastern circle. "Everyone involved at the site have been asked to join the inquiry. The probe will take time and we are looking at all possible angles," Chowdhary told reporters. India's Railway Board has recommended that the federal Central Bureau of Investigation … [Read more...] about India investigates rail disaster as trains crawl through crash site

The Management Board of Ben En National Park in the north central province of Thanh Hoa has been working on plans on preserving and developing a number of rare animals with high-economic values in the park in the 2022 – 2024 period, towards conserving rodent species. A view of the Ben En National Park (Source: https://cand.com.vn/) According to Vice Director of the Ben En National Park Management Board Nguyen Dinh Hieu, forest rangers of the unit have focused on conducting surveys and assessments related to the distribution and the habitat of, and identifying threats to rodent species within local forests. They have also collaborated with relevant units to take photographs and collect samples of rare species to serve the investigation and monitoring work. Training courses and conferences to improve capacity and awareness of biodiversity conservation for officials and residents have been organised, he said. Forest rangers distributed 1,500 leaflets introducing … [Read more...] about Efforts to preserve rare animals in Ben En National Park

The stock market has witnessed a dearth of foreign-invested enterprises (FIEs) going public in the past six years. In fact, the latest to be listed in this country was Siam Brothers Vietnam in 2017, marking the end of a decade-long dry spell for FIE listings. Some renowned companies may be more keen to list elsewhere, photo Le Toan While a wave of FIEs debuted on the market during 2003-2008 following the introduction of rules on transforming a number of FIEs to operate in the form of joint-stock company, their numbers have dwindled over the years, with some even being delisted. At present, only nine FIEs remain listed, with three others trading on the Unlisted Public Company Market (UPCoM). Aside from Siam Brothers Vietnam, the remaining entities include Everpia, Mirae, Tung Kuang Industrial, Taicera (TCR), Taya Vietnam Electric Wire and Cable, The Royal International Corporation (RIC), Interfood (IFS), Chang Yih Ceramic. While this group of companies generally … [Read more...] about FIEs remain reluctant to take on stock listing

Mai celebrates the last night of the lunar year yachting on the Saigon River in January, 2023. Photo by VnExpress/Minh Tam Born to a father who served in the American marine corps and a Vietnamese immigrant mother, Mai, 32, felt she was different from others ever since she was a child. "Our names, our hair color, and our eye color were different," Mai told VnExpress as she recalled her and her siblings’ childhood in a small town an hour’s drive from San Diego, California, where the majority of residents were white. "We considered ourselves different from others the moment we stepped out of our houses." Hoping to help Mai and her brothers and sisters blend into the local community, her mother didn’t teach them Vietnamese or Vietnamese culture. Her family rarely watched Asian movies and only visited the area’s Little Saigon district once a year to visit her grandmother. Racism was a serious problem during Mai’s school days. Asian children were forced by other students … [Read more...] about Vietnamese-American woman returns to her roots

President Vo Van Thuong (R) hosts US Ambassador to Vietnam Marc E. Knapper in Hanoi on June 5 (Photo: VNA) Hanoi (VNA) – President Vo Van Thuong hosted US Ambassador to Vietnam Marc E. Knapper in Hanoi on June 5, during which the State leader affirmed the importance that Vietnam attaches to cooperation between the two countries, describing the US as one of the leading partners of Vietnam. He hailed the US diplomat’s efforts to collaborate with Vietnamese authorities and visit many Vietnamese localities to seek stronger partnership between the two countries. Knapper expressed his delight at the progress of bilateral ties after 28 years of normalising their relations and 10 year of setting up their comprehensive partnership. He said that US President Joe Biden was pleased with the outcomes of his telephone talks with Vietnamese Party General Secretary Nguyen Phu Trong in March. The ambassador held that amid many global challenges, the strengthening of cooperation between … [Read more...] about Vietnam attaches great importance to ties with US: President

Nguyen Thanh Dan from HCMC booked a five-star hotel room in Ha Long City for two weeks starting Sunday, but on the first night of her stay the power went out immediately. It was an extremely hot night, and her baby could not stand the heat, so she had to cancel her room and rent another at a nearby three-star hotel. "I had not received any announcements in advance about power outages. Seventy rooms at my hotel were filled on Sunday," said a representative from Green Suites Hotel. Because of the power cuts, guests canceled their rooms. In addition to a refund of VND600,000 (US$25.53) per room, the hotel also lost paying additional compensation to guests. By Monday morning, the hotel had rented a large generator to prevent unexpected power outages. Many parts of Ha Long, a top tourist attraction in the northern region, have been suffering sudden power cuts over the past several days, affecting tourism activities as it’s now the peak summer travel season. Many hotels, motels … [Read more...] about Ha Long tourists, hotels suffer massive power outages