World bank

Illustrative image (Photo: AFP) Jakarta (VNA) - Bank Indonesia (BI) on November 17 raised its key interest rate by 50 basis points for a third consecutive month, saying it will enhance its response to "high" inflation expectations amid a strong economic backdrop. BI Governor Perry Warjiyo told an online news conference that the "front-loaded" and "pre-emptive" move was aimed at anchoring inflation expectations and stepping up support for the rupiah. While the global economy was slowing and some countries were facing recession risks, he said activity in Southeast Asia 's largest economy was improving. The central bank stuck to its forecast that growth will be at the upper end of its 4.5%-5.3% forecast range in 2022, adding GDP will be "high" next year. With the move, BI has increased interest rates by a total of 175 bps since August, matching the scale of its last tightening cycle in 2018. While Indonesia's inflation rate eased to 5.71% in October, it remained … [Read more...] about Indonesia’s central bank raises rates again to curb inflation

In a show of Arab solidarity, Saudi Arabia's crown prince and the presidents of Egypt and Algeria will be among political leaders at the opening ceremony led by Qatar's emir in a tent-shaped stadium at 5:40 p.m. (1440 GMT), before the first match between hosts Qatar and Ecuador. The U.N. Secretary-General will also be there. The tournament marks a culmination of Qatar's soft power push on the global stage and a show of strength after emerging from a 3-1/2 year boycott by Saudi Arabia and three Arab allies, including Egypt, that ended in 2021. The event will also see the first direct flights from Israel to Qatar. Onstage, South Korean singer Jungkook of K-pop boy band BTS will perform a new official tournament song called Dreamers alongside Qatari singer Fahad Al-Kubaisi. Qatar - which has denied accusations of abuse of workers and discrimination - and if hope the spotlight will turn to action on the pitch after mounting criticism over foreign workers rights, LGBT rights and … [Read more...] about High stakes for Qatar as World Cup starts

Complex world market According to the October report of the domestic market management group, the Russia-Ukraine conflict, along with oil and gas embargoes imposed by the United States and EU countries on Russia, and the export ban on more than 200 Russian products have all seriously impacted commodity supplies and prices, especially those of petroleum. Priority is given to stabilizing the petroleum market Energy price hikes are also being impacted by OPEC’s decision to cut production starting this month, China's prolonged zero-COVID policy, the upcoming winter weather, the strength of the US dollar and interest rates raised by central banks to control inflation. As a result, on October 21, Brent oil reached US$93.50 per barrel and US crude oil (WTI) US$85.05 per barrel. On average, the October prices of Brent and WTI oil increased by 3.1 percent and 3.8 percent respectively compared to the September average. Vietnamese authorities and enterprises are making … [Read more...] about Bank moves to ease energy firms’ problems

Nguyen Duy Tung, 31, and five others have been detained pending investigations into gambling and organizing gambling, police in the northern province of Bac Ninh said Wednesday. Tung has been heading the ring since the beginning of this year through the Bongda88 website. On November 13, over 100 police officers from multiple forces raided multiple locations related to the ring in Bac Ninh, Hanoi and Vinh Phuc. The raids netted 15 phones, four cars, multiple bank cards and other relevant documents. Gambling remains illegal in Vietnam outside a handful of casinos; and even there, Vietnamese citizens need to meet certain financial and other criteria to play. Gambling and organizing related gaming activities in Vietnam carry fines of VND10-50 million ($430-2,150) and jail terms of three to seven years. … [Read more...] about $40 mln football gambling ring busted as World Cup looms

Mr. Phan Van Mai and delegates at the meeting. (Photo: SGGP) Speaking at the opening of the conference, Mr. Vo Van Hoan, Vice Chairman of the HCMC People's Committee, Head of the HCMC Working Group, said that the HWG had built a cooperation program between HCMC and the World Bank with 40 cooperation activities in the 2022-2025 period with a vision to 2030. To further promote the effectiveness of the HWG in the coming time, Mr. Vo Van Hoan made some proposals. Notably, they include the proposal to consolidate HWG and adjust the operational mechanism of HWG to suit the stage of implementation of specific activities and the proposal to assist HCMC in mobilizing resources and finding potential sponsors. After the open discussion in HWG, Ms. Carolyn Turk, WB Country Director for Vietnam, emphasized the need to maintain the approach that HWG has agreed to pursue over the past time. In which, two activities - technical support and investment financing - are very important orientations … [Read more...] about WB advocates increasing investment financing for HCMC

The collection was created to promote the World Cup 2022 underway in Qatar. A collection of souvenir euro banknotes from the 2022 World Cup finals is attracting soccer fans and money collectors. The currency set is a product of the Euro Banknote Memory company (France). It was created to promote the image of 32 national teams participating in the final round of the World Cup 2022. The banknotes have been licensed by the Federation International Football Association (FIFA) and authorized by the European Central Bank with a face value of zero. The collection has 32 banknotes with images of prominent players and famous landmarks of the nations participating in the final round of the World Cup 2022. In addition to the banknotes printed with soccer emblems, three others feature the 2022 World Cup mascot. Phung Van Hung, who owns a shop specializing in collecting money in Hanoi, shared … [Read more...] about Hanoians admire Euro currency set for World Cup 2022

The participants were evaluated on the breadth of product offerings, success in migrating customers to digital platforms, acquiring and retaining new customers and using digital technologies to improve business processes, cut costs and deliver other benefits. Citi has a rich set of digital solutions that help clients grow and expand their businesses. The bank continues to invest in its platforms and networks, which span more than 90 countries and are available in more than 25 languages. Citi has rolled out multiple digital solutions in Vietnam, including CitiDirect BE® Document Center and Digital Onboarding. These solutions streamline the handling of supporting documentation for cross-border payments and account opening. Clients can sign documents digitally or download, complete, scan and upload documents, eliminating paper submission to branches. Citi has a rich set of digital solutions that help clients grow and expand their businesses. In recent years, … [Read more...] about Citi named Vietnam’s Best Digital Corporate Bank

Citizens are using digital applications to pay for medical fees in a hospital in Ho Chi Minh City. (Photo: SGGP) Dr. Tran Van – Head of the Institute of Digital Economy Development Strategy – said that RoK has gained impressive successes in its digital transformation process due to its continuous updates and adjustments of its legal system and the strong determination. At present, it takes a digital bank in this country about 55 seconds to distribute money in loan cases, compared to 5 minutes’ work of conventional banks. Meanwhile, the latter are developing their own applications for smart devices, and some are as useful and user-friendly as Fintech services to accommodate to the needs of all customer types. RoK released Fintech-related and digital-bank-related laws a long time ago. It imposes clear regulations on sandbox piloting with the motto ‘Permit first – Adjustments later’. “It is tough not to have proper legal regulations for a full digital transformation in the … [Read more...] about Digital transformation becomes critical to banking-finance sector

The working session between Minister of Education and Training Nguyen Kim Son and Cristian Aedo, Practice Manager for the Global Practice Education in South Asia at the WB. (Photo: VNA) Hanoi (VNA) – Many projects on education and training funded by the World Bank (WB) have reported good results, affirmed Minister of Education and Training Nguyen Kim Son during his recent working session with Cristian Aedo, Practice Manager for the Global Practice Education in South Asia at the WB. Son affirmed that his ministry attaches special importance to its cooperation with the international lender. The effectiveness of the bank’s investment projects such as the construction of the Vietnam-Germany University, the Enhancing Teacher Education Project (ETEP) and the Support for Autonomous Higher Education Project (SAHEP) has had important contributions to the development of education and training in Vietnam, he stated. The minister expressed his hope for more support from the … [Read more...] about WB education projects prove effective in Vietnam

Leaders and staff members of Baemin and Shinhan Bank at the launching ceremony of the co-branded credit card in HCM City on Tuesday. — Photo Courtesy Baemin Online food delivery application Baemin Vietnam on Tuesday announced a partnership with Shinhan Bank to launch a co-branded credit card named "Gourmet Member" with a credit limit of VND100 million (US$4,000). Cardholders will also receive attractive Baemin gift packages valued at up to VND6.9 million ($277). "With our customer-centric culture, we have been constantly making efforts to build meaningful partnerships, leveraging modern financial technology to give users more choices in payment and personal financial management. The co-branded credit card “Gourmet Member” with Shinhan is just the start of BAEMIN's long road of levitating user experience,” said Jinwoo Song, general director of BAEMIN Vietnam. With the Gourmet Member welcome package, cardholders will get 30 BAEMIN discount coupons valued at VND30,000 each. The … [Read more...] about Baemin partners with Shinhan Bank to issue co-branded credit card