Asian share markets were trying to find their footing on Wednesday as a semblance of calm returned to Wall Street where major indices bounced into the black after days of deep losses. Analysts said distressed selling by leveraged funds looked to have run its course for the moment, allowing volatility to abate a little, though the prospect of monetary tightening across the globe remained a challenge for the long term. “The removal of stimulus in a measured way is a perfectly reasonable proposition, although it has yet again caught the unprepared by surprise,” said analysts at AMP Capital. “Given rates are going to rise in the Atlantic economies over the coming months, we may see further jitters.” In early trade, MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS had crept up 0.5 percent, recouping some of Tuesday’s 3.5 percent fall. That had been its biggest daily drop since August 2015. Australia's main index rallied 1.1 percent … [Read more...] about Asia stocks back from the brink as Wall Street bounces
Where does gold come from
A rumor that SJC gold bullion, a brand name by Saigon Jewelry Co, the country's largest gold trader, will be put under the management of the State Bank of Vietnam has recently been circulated among gold traders. Tuoi Tre had a talk with the company's CEO Nguyen Thanh Long about this rumor, which came after the central bank announced its draft decree over the management of gold trading last month. Long said under the bill, one of the crucial conditions for a business to be eligible for trading gold is that it must hold 25 percent of the gold bullion producing market share for the last three years. Many insiders had thus complained that the rule would enable SJC to become a monopoly since it holds more than 90 percent of the market share, he said. However, he reminded those concerned that this was just a draft decree, and that we need to wait for the official one from the government. "The bill does have any impact on the circulation of gold bars under other brands for now," he … [Read more...] about Will SJC come under central bank’s management?
New Zealand's Zedex Minerals is seeking a licence to explore gold reserves over 40 square kilometres in Kim Son and Tien Thuan regions in the southern province of Binh Dinh. Tran Ha Tien, the company's chief representative in Hanoi, last week told Vietnam Investment Review that the company had received strong support from the local government, which agreed to zone the areas under Zedec's exploration plan."We [Zedex] have been investing significant amounts of time and money in overall mineral prospecting projects in Vietnam. If the prospects prove positive, we shall move ahead with mining projects, which will surely produce benefits for the local economy in particular as well as the whole nation," Tien said.He said Zedex began eyeing the Kim Son and Tien Thuan regions in 2003 and hoped that all necessary papers would be drawn up in time, enabling the company to conduct test digs in the areas very soon.An official from the Binh Dinh Planning and Investment Department revealed that Zedex … [Read more...] about NZ firm’s bold move to strike southern gold
The Hanoi Times - Analysts have warned that the ban on gold trading floors may do more harm than good, because this may lead to the establishment of unofficial trading floors that will be out of the control of government agencies. The warning comes after the State Bank of Vietnam, which announced that it does not encourage the operation of gold trading floors, suggested two solutions: shut down gold trading floors or require high levels of security money to discourage investors. Financial analysts say that trading gold is always a favorite investment. If they cannot use official trading floors, they will do it unofficially, even though they face higher risks. It may happen that investors, who cannot trade gold on account any more, will rush to purchase gold in kind. If so, the demand for gold will increase sharply and thus push prices up. Enterprises will import more gold to satisfy domestic demand, which will then lead to sharp price increases of many other kinds of goods. … [Read more...] about Gold trading floor ban may create disadvantages
After the Vietnamese sports delegation went to the UK for the Olympics last week, the delegation of disabled athletes organized a launching ceremony to the Paralympic Games in HCM City yesterday, July 18. The delegation consists of 11 athletes and four coaches, led by Mr. Pham Van Tuan, Vice chief of the General Department of Sports and Physical Training. Vietnamese disabled sportsmen will compete at three sports: track and field (three athletes), swimming (4) and weight-lifting (4). The delegation left HCM City on the evening of July 18, to Ireland for a three-week training course (July 19-August 9). The course is sponsored by an Irish partner. During their time in Ireland, they will participate in the Morton Pre Games for the disabled, which will start on July 25 in Dublin. After that, they will go to London on August 10. They will stay at the Bradford College to prepare for the Paralympics and during the games. This is the third time Vietnam sends its representatives to the … [Read more...] about Vietnamese disabled athletes leave for Paralympics 2012