A banker's woe: Chinese wealth may get harder to snag for global bankersThe Saigon Times Daily An investor watches a board showing stock information at a brokerage office in Beijing, China October 8, 2018 – PHOTO: REUTERS HONG KONG/SHANGHAI (REUTERS) - News of a foreign wealth manager being denied exit from China last week is raising concerns for global private banks, as they seek to tap trillions of dollars of wealth offshore in the face of Beijing’s growing curbs on overseas investments and outflows. The banker, a Singapore-based member of UBS wealth management business, was prevented from leaving Beijing and asked to meet local officials this week. Her identity is not known yet. Although the purpose of the meeting is not publicly known, the news still led several banks including UBS, Citigroup, JPMorgan, Standard Chartered and BNP Paribas to ask private bankers to reconsider travel to China, people familiar with the matter said on Monday. The Swiss bank on … [Read more...] about A banker’s woe: Chinese wealth may get harder to snag for global bankers
U s bank wealth management
Saudi sees deals worth billions at summit despite boycotts
Saudi sees deals worth billions at summit despite boycottsThe Saigon Times Daily A view shows the Ritz-Carlton hotel in the diplomatic quarter of Riyadh, Saudi Arabia, January 30, 2018 - PHOTO: REUTERS RIYADH (REUTERS) - Saudi Arabia brushed off an outcry over the killing of journalist Jamal Khashoggi and went ahead on Tuesday with an investment conference boycotted by Western political figures, leading international bankers and company executives. Speaking at the opening session, prominent Saudi businesswoman Lubna Olayan said the killing of the Washington Post columnist was “alien to our culture” and voiced confidence that the kingdom will “emerge stronger”. Saudi Arabia, the world’s largest oil exporter, is expected to sign deals worth more than US$50 billion in the oil, gas, industries and infrastructure sectors on the opening day with companies including Trafigura, Total, Hyundai, Norinco, Schlumberger, Halliburton and Baker Hughes. Hundreds … [Read more...] about Saudi sees deals worth billions at summit despite boycotts
U.S. prosecutors tell jury ex-Trump campaign chief Manafort hid wealth
U.S. prosecutors tell jury ex-Trump campaign chief Manafort hid wealthThe Saigon Times Daily Former Trump campaign manager Paul Manafort is shown in a court room sketch, as he sits in federal court on the opening day of his trial on bank and tax fraud charges stemming from Special Counsel Robert Mueller's investigation into Russian meddling in the 2016 U.S. presidential election, in Alexandria, Virginia, U.S. July 31, 2018 – PHOTO: REUTERS ALEXANDRIA (REUTERS) - U.S. prosecutors on Tuesday portrayed President Donald Trump’s onetime campaign chairman Paul Manafort as someone who hid his wealth from political work in Ukraine, as the first trial began arising from an investigation of Russia’s interference in the 2016 U.S. election. Manafort felt tax and banking laws did not apply to him, a prosecutor said in the government’s opening statement, telling the Virginia federal court jury he opened more than 30 bank accounts in three foreign countries to … [Read more...] about U.S. prosecutors tell jury ex-Trump campaign chief Manafort hid wealth
Foreign investors take M&A route into Vietnam
The first seven months of the year saw 3,311 M&A deals involving foreign buyers in Vietnam, according to the General Statistics Office (GSO). The acquisitions were worth $4.79 billion, up 53.3 percent year-on-year. But on the other hand, registered capital for newly-licensed projects in the period increased by a mere 2.2 per cent to $13.2 billion, while investment for expansion of existing projects declined by 15.9 per cent to $4.95 billion. The major M&A deals announced in January-July included Warburg Pincus’s acquisition of stakes in one of Vietnam’s largest private lenders, Techcombank. A bank announcement in March said two separate legal entities managed by the global private equity firm, which focuses on growth investing, will invest over $370 million in the bank. In April, Singaporean sovereign wealth fund GIC Pte Ltd announced that it will invest about $1.3 billion in leading Vietnamese property developer Vingroup and related entities. GIC will purchase … [Read more...] about Foreign investors take M&A route into Vietnam
Vietnamese families splurge $4 billion per year on education abroad
Vietnamese families are spending as much as $3-4 billion each year on sending their children abroad to study, education minister Phung Xuan Nha said Wednesday. While Vietnam is spending significantly on improving education at home, it is a fact that more and more Vietnamese are opting for international education, he said. Nhan told the ongoing National Assembly session in Hanoi that Vietnam allocates 20 percent of its state budget for education, and the sector also gets considerable contributions from private companies and society in general. Vietnam collected VND1,300 trillion ($57 billion) for its state budget last year, up 18.8 percent against 2016 and while people's average income was $2,385. Last year, there were around 130,000 Vietnamese studying abroad at all levels, and their top five destinations were Japan, the U.S., Australia, China and the U.K., according to government data. In a report released last June, HSBC said Vietnamese parents place great importance on their … [Read more...] about Vietnamese families splurge $4 billion per year on education abroad
Vietnamese families splurge $3-4 billion per year on education abroad
Vietnamese families are spending as much as $3-4 billion each year on sending their children abroad to study, education minister Phung Xuan Nha said Wednesday. While Vietnam is spending significantly on improving education at home, it is a fact that more and more Vietnamese are opting for international education, he said. Nhan told the ongoing National Assembly session in Hanoi that Vietnam allocates 20 percent of its state budget for education, and the sector also gets considerable contributions from private companies and society in general. Vietnam collected VND1,300 trillion ($57 billion) for its state budget last year, up 18.8 percent against 2016 and while people's average income was $2,385. Last year, there were around 130,000 Vietnamese studying abroad at all levels, and their top five destinations were Japan, the U.S., Australia, China and the U.K., according to government data. In a report released last June, HSBC said Vietnamese parents place great importance on their … [Read more...] about Vietnamese families splurge $3-4 billion per year on education abroad
Asia sees signs of export weakness before key US-China trade talks
Manufacturing activity remained relatively solid in major Asian economies such as China and Japan in April, but exports showed signs of weakness across the region, a worrying development given heightened Sino-U.S. trade tensions. High-level U.S. and Chinese officials meet in China this week, with trade expected to be top of the agenda as both sides have threatened reciprocal tariffs on hundreds of billions of dollars worth of imports. The meetings’ outcome could be crucial for the outlook for Asian exporters as Purchasing Managers Index (PMI) surveys of factory activity are already pointing to a slowdown. “What we’re seeing is a cyclical soft patch in exports after a very strong rise last year,” said Dong Chen, senior Asia economist at Pictet Wealth Management. “Without considering the potential trade war, we’re not very worried about it, we think it’s fairly normal. But if we think about the trade war ... then the outlook is quite uncertain. … [Read more...] about Asia sees signs of export weakness before key US-China trade talks
Breakfast @ Tuoi Tre News – March 12
Check out the news you should not miss today, March 12: Politics -- Vietnam's Prime Minister Nguyen Xuan Phuc and his spouse and a high-level delegation left Hanoi on Sunday for a four-day official visit ending March 14 to New Zealand, at the invitation of New Zealand Prime Minister Jacinda Ardern. Society -- Financial aid worth VND20 billion (US$878,000), raised from auctioning a ball and a jersey with autographs of all members of Vietnam's U23 football team, the runners-up of the 2018 AFC U23 Championship, was handed over to 20 deprived districts of 12 provinces during a ceremony in Hanoi on Sunday. -- A three-year-old boy was found dead apparently after falling off an apartment building in the northern province of Nam Dinh on Sunday. -- More than 5,000 young people, including football stars and celebrities, joined a parade around the Hoan Kiem Lake in Hanoi on Sunday, in response to the “Good Deeds Day,” an initiative that encourages local youth to contribute … [Read more...] about Breakfast @ Tuoi Tre News – March 12
Fish sauce magnate becomes Vietnam’s third billionaire
It's well known that Vietnamese people cannot live without fish sauce or instant noodles, and this insatiable appetite has helped create the country's third dollar billionaire. Nguyen Dang Quang, chairman and founder of Masan Group, now has total assets of $1.2 billion, according to the Bloomberg Billionaires Index. "Masan serves consumers with ‘must-have’ ones like fish sauce, instant noodles, to ‘nice-to-have’ items like chili sauce, rice soup or sausage," David Anjoubault, general manager at Kantar Worldpanel Vietnam, was quoted as saying in a Friday report by Bloomberg. Quang, 64, enters the elite group thanks to shares in Masan Group more than doubling to VND92,000 ($4) in the past six months. Quang personally only holds 10 shares in the group but is considered the owner given his role as chairman of Masan Corp, the biggest shareholder with a 32.28 percent stake. According to Kantar, a global expert in shoppers’ behavior, an estimated 95 percent … [Read more...] about Fish sauce magnate becomes Vietnam’s third billionaire
BUSINESS IN BRIEF 14/1
Pepper growers concern about falling pricesPepper growers are entering the harvest season of 2018 in the southeastern region of Vietnam, concerning about price fall and output reduction because of pests and diseases.Traders now pay VND65,000-66,000 a kilogram of pepper, accounting for half of the price in the same period last year.Long lasting rains last year created conditions for pests and diseases to attack pepper crop, resulting in output drop this year.According to statistics, high pepper prices in previous years sent farmers to expand farming area to 40,100 hectares in Ba Ria-Vung Tau, Dong Nai and Binh Phuoc provinces in 2017. The area far exceeds the plan of 12,800 hectares by 2020 of the Government.That has broken supply and demand balance causing continuos price reductions for the last two years. Enterprises develop fast in number, efficiency low: economic survey 2017Data from economic survey of HCMC 2017 showed that although the number of enterprises quickly develops, their … [Read more...] about BUSINESS IN BRIEF 14/1