If approved it will be the third biggest tech merger in history, according to business news site CNBC. Red Hat said it was the biggest involving a software company. The deal will see IBM acquire all of the issued and outstanding common shares of Red Hat for $190.00 per share in cash, more than $70 above the $116.68 at which Red Hat was trading on close of business Friday. "The acquisition of Red Hat is a game-changer. It changes everything about the cloud market," said Ginni Rometty, IBM's chairman, president and CEO. "IBM will become the world's number one hybrid cloud provider, offering companies the only open cloud solution that will unlock the full value of the cloud for their businesses." Cloud computing refers to the delivery of computing services, including storage and software, over the internet to achieve economies of scale. Hybrid cloud relates to the linking of public and private cloud platforms. IBM's Rometty added that most companies are currently being held back in their … [Read more...] about IBM buys software company Red Hat for $34bn in bid for cloud dominance
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Social News 2/9
Promotion violations found at Quảng Bình Irrigation Division At the irrigation division in the central province of Quảng Bình, 12 out of 13 members of staff hold managerial positions. — Photo dantri.com.vn The Agriculture and Rural Department in the central province of Quảng Bình on Wednesday confirmed violations relating to job promotions for two officials at its irrigation division. Director of the department Phan Văn Khoa said the irrigation division leaders appointed heads of sectors on rural clean water and dyke management without vote of confidence or approval from the agriculture department’s managers. The agriculture department asked the irrigation division to withdraw the job promotion decisions. The above moves were made after concerns from the public on the job promotions and personnel structure of the irrigation division. There are 13 members of staff working at the division but 12 of them have managerial positions … [Read more...] about Social News 2/9
Social News 23/8
Contest to help raise public awareness of resilience Director of AFD Fabrice Richy speaks at the press conference (Source: sggp.org.vn) A contest for making infographic and video clips, and translating the “Resilience” term into Vietnamese was launched at a press conference held by the Ho Chi Minh Communist Youth Union (HCYU) Central Committee and the French Development Agency (AFD) in Hanoi on August 22. As part of the activities to celebrate the 45th anniversary of the Vietnam-France diplomatic ties, the competition aims to raise Vietnamese youths’ awareness of the impact of environmental and social changes in Vietnam, thus calling for the community’s joint effort in overcoming the environmental consequences and promoting sustainable development. The contest is available for individuals or teams with a maximum of five persons who have the Vietnamese nationality and are under 35 years old. Entries should be submitted to the organising board … [Read more...] about Social News 23/8
BUSINESS NEWS IN BRIEF 2/8
Can Tho invites investors to investment promotion conferenceThe Mekong Delta city of Can Tho will hold an investment promotion conference on August 10, inviting investors for 54 projects worth nearly 124 trillion VND (5.44 billion USD). At a press conference on the conference on August 1, Chairman of the municipal People’s Committee Vo Thanh Thong said investors have already expressed interest in 44 out of the 54 projects on offer, and some are ready to start work immediately on 22 projects. He added that some projects attracted two or more investors, so the city will set criteria to select the best among them. Among the 54 projects, 21 are in real estate, 9 in culture-sports and tourism, 9 in agricultural and industrial infrastructure, 8 in transport, 4 in logistics and power, 2 in cultural-sport and health care infrastructure and 1 in information technology. Prime Minister Nguyen Xuan Phuc is expected to deliver a keynote speech and chair the conference, … [Read more...] about BUSINESS NEWS IN BRIEF 2/8
Car crash victim Degenkolb back in business on Tour
Viet Nam News Cycling ROUBAIX — John Degenkolb won the Arras-Roubaix ninth stage of the Tour de France on Sunday ahead of Greg Van Avermaet as dozens of falls and multiple withdrawals made for a slapstick spectacle amidst clouds of dust on its famed cobbled sections. The win marks a return to form for the German, a former winner of Paris-Roubaix, who was knocked down by a car in Mallorca two years ago. "I love Roubaix," said Degenkolb, who was one of six riders badly injured when knocked down by a British tourist. Van Avermaet kept hold of the overall leader’s yellow jersey on a day when his team captain Richie Porte withdrew after a fall and the main contenders all finished more or less together. The lead trio broke with 15km to go and quickly agreed to cooperate taking turns at the head of the group to distance the peloton. Degenkolb was always the more likely of the trio to win the stage due to his sprinting skills while the Belgian Van Avermaet was keen to take … [Read more...] about Car crash victim Degenkolb back in business on Tour
BUSINESS IN BRIEF 19/6
Nawaplastic still hungry for Binh Minh Plastic shares Owning a dominant stake in Binh Minh Plastic (BMP) did not quench Nawaplastic Industry Co., Ltd. (Nawaplastic)’s thirst for BMP shares. Most recently, Nawaplastic registered to buy an additional 1.17 million BMP shares to increase its holding to 44.525 million shares, equalling 54.39 per cent of the charter capital. The transaction is expected to occur between June18 and July16. The registered share volume is the remaining part of the 2.86 million shares that Nawaplastic failed to buy during previous transactions. Notably, Nawaplastic registered to buy 2.86 million BMP shares during transactions on May 14-June 12, however, the Thai investor ended up buying 1.69 million of the registered shares as BMP did not match Nawaplastic’s target price. BMP manufactures and trades civil and industrial products made of plastic and rubber. The company also designs, manufactures, and trades in plastic moulds for the casting industry; … [Read more...] about BUSINESS IN BRIEF 19/6
BUSINESS IN BRIEF 15/4
Saigon Co.op to open 50 more convenience stores Saigon Co.op, the country’s leading retailer, will open an extra 50 Cheers in convenience stores in HCMC in partnership with NTUC FairPrice of Singapore this year, said Nguyen Thanh Nhan, general director of Saigon Co.op. At a 2017 review meeting of Saigon Co.op last week, Nhan said Cheers stores would sell household and consumer goods and operate 24/7. In HCMC, there are already two Cheers stores. Besides Cheers, Nhan said this year Saigon Co.op would open 19 more Co.opmart supermarkets, two more Co.opXtra stores, 150 more Co.opSmile shops and at least one more Co.opmart hypermarket in a high-end residential area. To maintain its position as Vietnam’s leading retailer, Saigon Co.op must focus on expanding the retail network, diversifying products and developing logistics, said Nhan. Saigon Co.op is expected to achieve a 10% increase in total revenue. A report released at the meeting showed that in 2017 Saigon Co.op made some … [Read more...] about BUSINESS IN BRIEF 15/4
BUSINESS IN BRIEF 31/3
Danang Hi-Tech Park needs VND1.3 trillion Danang City is promoting investments into housing, training and service facilities in Danang Hi-Tech Park (DHTP) worth a combined VND1.268 trillion, according to the Danang Investment Promotion Agency. Director of the agency Le Canh Duong on March 26 said local and foreign firms could choose to invest through public-private partnerships (PPP), which include build-operate-transfer (BOT). In addition to seeking capital for these facilities, DHTP also wants to attract investors to a research and development center to assist operations of enterprises there. Such projects can be financed by official development assistance (ODA) capital, according to Doan Ngoc Hung Anh, deputy head of the DHTP management board. In particular, the housing development project comprises villas, adjoining houses and condominiums with an investment estimated at VND842 billion. It aims to provide quality accommodation for employees, experts and scientists working at DHTP. … [Read more...] about BUSINESS IN BRIEF 31/3
Social News 29/1
Exhibition praises victory of 1968 Tet OffensiveCommando Ba Mu (whose real name is Do Van Can) disguised himself as a rubber latex collector to fool the enemy. He used a tricycle to transport weapons to serve the South Vietnam liberation forces during the 1968 Tet Offensive.The tricycle is on display at exhibition that has opened in Hanoi.Entitled The Epic of the 1968 Tet Offensive, the exhibition celebrates the 50th anniversary of the victory of the campaign.The exhibition displays more than 300 images, documents and objects. Ba Mu’s tricycle is one among many objects showcased to the public for the first time.The exhibition is divided into three parts: devotion for the battlefield, the historical turning point and echoes of the epic. They depict the determination of Vietnamese people and soldiers in fighting for peace and liberation.“The Military History Museum of Vietnam organised the exhibition with the aim of asserting the historical magnitude and significance of the … [Read more...] about Social News 29/1
BUSINESS IN BRIEF 15/1
Leather, footwear sector targets 20 bln USD in export earningsVietnam sets a target of earning between 19.5 - 20 billion USD from leather and footwear exports in 2018, up 10 percent from 2017, heard a conference in January 12.According to the Vietnam Leather, Footwear and Handbag Association (LEFASO), the leather and footwear industry is expected to grow 5 percent from last year, with the localisation rate reaching 55 percent. Footwear and handbags will remain Vietnam’s top four and 10 exports, respectively.Addressing the event, LEFASO Vice President Phan Thi Thanh Xuan highlighted positive signs in the world’s economy and increasing consumption demand, saying that these create both favourable conditions and challenges to Vietnam in exports and investment.In order to help Vietnamese exporters realise the target, the association will actively participate in relevant policy making while luring foreign and domestic investment in support industry, thus increasing the … [Read more...] about BUSINESS IN BRIEF 15/1