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ACB gets ready to sell debt
The Asia Commercial Bank (ACB) is considering the sale of VND1.5 trillion (US$71.5 million) worth of bad debts to the Viet Nam Assets Management Company (VAMC).
The bank is the first to voice the possibility of selling bad debt to VAMC, established on July 26.
General Director of ACB Do Minh Toan said the sum accounted for 50 per cent of the bank's total bad debt.
ACB reportedly owns up to VND3,090 billion (US$147 million) of bad debt, 20 per cent more than it did last year. It is the fastest increase in bad debt holdings in the bank's 20 years of operation.
Military Bank wins award for internet payments
The Military Bank (MB) has won the Excellent Electronic International Payment award (or STP certificate) from Wells Fargo, one of the three largest banks in the US.
This award is given to banks that make huge amounts of international payment transfers using the Wells Fargo Bank and have a straight through processing (STP) rate of more than 90 per cent.
The reward is in recognition of MB's new quicker service when processing transactions, that meets international standards, giving their customers a better deal.
In 2012, MB provided the best international payment services for customers recording a STP rate of more than 97 per cent.-
Da Nang reduces vehicle registration fees
The authorities in the central port city of Da Nang has begun to apply cheaper registration fees for vehicles that carry less than 10 passengers.
From today, people registering their vehicles now only have to pay 10 per cent of the vehicle's sale price, down from the previous fee of 15 per cent.
The city, which is the second municipality to cut its fees after Ha Noi, hopes to boost car sales and support car dealerships in financial difficulties.
Agents for Toyota Motors Viet Nam, Hyundai, Kia and Ford in central Da Nang City said that the number of orders they have received for new cars has increased substantially since last month when the reduction in the registration fee was announced.-
New cyber service to provide online gold trading
TienPhong Bank on Wednesday launched its new eGold service that enables customers to trade gold through internet and mobile banking channels.
It is the first bank to provide online gold trading in Viet Nam.
The chairman of TienPhong, Do Minh Phu, said the service would help to reduce costs for the bank and its customers and more importantly, limit the level of risk during gold transactions.
The service will accept transactions from the Sai Gon Jewelry Company (SJC) gold and several types of gold rings from the DOJI Gold and Gemstone Group.
Phu said that after transactions have been completed, customers can collect their gold from the bank's transaction points or can have them held by the bank. The trading prices will follow the listed prices.
The Deputy Governor of the State Bank of Viet Nam, Dao Minh Tu, said the service was very competitive in the domestic market, but emphasised the importance of cyber security measures for protecting the bank and its customers from hackers.
The service was developed with support from DOJI, one of the banks' major shareholders.
eGold can be transacted by mobile devices using iOs and Android operating systems.
Local manufacturing sector improves slightly in July
Viet Nam's manufacturing sector continued to decline in July, albeit at a slower pace, HSBC said in a report released yesterday.
Output and new orders fell at weaker rates and employment was unchanged, it said.
The seasonally adjusted Purchasing Managers' Index registered 48.5 in July, an improvement on June's 46.4, but, by remaining below the no-change mark of 50, it signaled a third successive monthly contraction of the manufacturing sector.
Output and new orders both continued to fall in July, but at slower rates, reflecting soft underlying market conditions, and weakened purchasing power.
The net decline in new orders was partly driven by a decline in new business from abroad as new export orders fell for a second successive month and at the fastest rate since the start of the year.
Excess production was used to build inventories, with stocks of finished goods rising at the sharpest pace since June last year. Inventories have now risen for two months in a row.
On the employment front, Vietnamese manufacturers left staffing levels unchanged during July following two months of contraction.
While some respondents added to payroll numbers to help bolster production, others responded to reduced new orders by cutting staff levels.
Prices were cut further in July, the fourth month in succession that a net fall has been observed.
Discounts were reported to reflect intensifying market competition and efforts to stimulate sales. There was some evidence that prices were reduced to help clear excess inventories.
In contrast, costs continued to rise. Inflation has now been registered for seven months in a row, with a limited supply of inputs reported to have pushed up prices. There was also evidence that a stronger US dollar raised import costs.
Trinh Nguyen, Asia Economist at HSBC, said: "The further deterioration of Viet Nam manufacturing activity reflects both weak domestic and external conditions.
"The SBV recently reduced the OMO rate by 50 basis points to ease liquidity conditions.
"But that is likely a stop-gap solution as fundamental reforms are required to resolve Viet Nam's credit challenges."
The HSBC Vietnam Manufacturing PMI is based on data compiled from monthly replies to questionnaires sent to purchase executives at around 400 manufacturing companies.
Power price rises on back of coal, gas hike
The price of electricity has been raised to an average 1,508.85 VND per kWh (exclusive of value added tax) starting August 1, an increase of 71.85 VND (5 percent).
The move was announced by the Ministry of Industry and Trade on July 31.
The new electricity price will range from 993 VND per kWh (0.046 USD) to 2,420 VND per kWh (0.1142 USD) for households.
The adjustment aims to partly compensate for the increased cost of power generation caused by increased coal and gas prices.
Poor and low-income households that use 0 to 50 kWh per month will be charged the same amount (993 VND) as before but households that use 100-400 kWh per month will be charged an additional 6,800 VND to 37,000 VND per month.
The last electricity price rise was on December 22 last year, with an increase of 5 percent (or 68 VND per kWh) to 1,437 VND per kWh.
The latest rise is expected to cause concern among the public and businesses, many of which are struggling to cope with the economic recession.
Foreign investor confidence improves
The confidence of foreign investors in Vietnam's economy continued to rise thanks to the improvement of macro-economic stability, the National Finance Supervision Committee (NFSC) has said.
The country's credit risk level, measured by the Credit Default Swap (CDS) coefficient, had been lowered from over 300 points in the same period last year to around 220 points on July 23.
The committee said in its economic report for the first seven months of the year released on August 1 that the monetary and financial market has been improved, contributing to the economic stability and reducing risks.
Interest rates fell from late last year and liquidity of the banking system was much better than in the previous period as Lease Rental Discounting (LRD) continued to decline.
It added that the exchange rates had been fluctuating in a short period after the State Bank of Vietnam adjusted the official exchange rate, mainly due to psychological factors.
In addition, there were some other factors causing slight effects on the exchange rate, including demand to balance and adjust forex positions of commercial banks and businesses.
Foreign investors adjusted investment portfolios as they withdrew approximately 450 million USD on the bond market and around 100 million USD on the stock market.
However, the committee said the exchange rate fluctuation would be temporary and supply and demand of foreign currency in the second half of the year would be stable. Foreign reserves were also forecast to continue to increase.
Seven month retail figures post 4.9 percent increase
According to the General Statistics Office, total retail sales and services were estimated at VND213.3 trillion in July, up 0.4 percent compared to the previous month and 12.8 percent year-on-year.
In the first seven months of this year, total retail sales and services reached VND1,480 trillion, up 12 percent year-on-year.
Of the seven-month total retail sales and services, trade reached VND1,140 trillion, up 11.4 percent, accounting for 77 percent; hotels and restaurants hit VND179 trillion, up 14.7 percent, accounting for 12 percent; services touched VND151 trillion, up 14.9 percent, accounting for 10 percent; and tourism was at VND14.3 trillion, up 2 percent, accounting for 1 percent.
Challenges face sugar sector before next crop
Many challenges lie ahead for the sugar sector, what with slower consumption, excess supply as compared to demand, and unchecked smuggling of sugar across borders.
Sugar manufacturers have so far processed 19 million tons of sugarcane to yield 1.53 million tons of sugar, an increase of 2.2 tons over the previous crop, according to the Ministry of Agriculture and Rural Development.
In 2011 and 2012, about 298,200 hectares of sugarcane was cultivated nationwide, 15,000 hectares more than the previous crop, with yield of 63.9 tons per hectare.
By July 2013, sugar inventory increased to nearly 426,000 tons, about 187,000 tons more than in the same period last year.
In August, September and October of 2012, sugarcane processed across the country was 190,000 million tons, whereas domestic sugar consumption is only 230,000 tons and imported sugar is 40,000 tons.
Sugar supply is now far in excess of demand by about 200,000 tons, before the next sugarcane crop. This puts huge pressure on sugar plants, said Doan Xuan Hoa, deputy director of the Department of Processing and Trade for Agro-Forestry-Fisheries Products and Salt Production.
As per an International Sugar Organization report, world sugar output was more than 187 million tons by May end, 7.5 million tons higher than in the last crop.
Sugar supply is thus far in excess of demand by about 10 million tons whereas it is forecast that sugar output in the 2013-2014 crop will be in excess of 1.5 million tons.
Despite low price of sugar in the market, plants cannot reduce price of sugarcane, resulting in some plants temporarily shutting down.
In addition, farmers have been forced to reap sugarcane early to avoid expected flooding in the Mekong Delta Province of Hau Giang.
The Vietnam Sugar Association has proposed to the Government to have flexible policies to boost sugar exports to China and for authorized bodies to strictly tackle sugar smuggling, so as to help boost the sugar sector.
EVN to increase power price from August
Vietnam Electricity on July 31 unexpectedly announced an increase of 5 percent in power price from August 1.
Accordingly, power price will now be VND1,508.85 per kWh, not including value added tax, up by 5 percent on the current power price of VND1,437 per kWh.
The state-run power company explained that the adjustment in power price is to cover part increase in power generation cost as the price of coal and gas has surged, especially, coal has risen 37-41 percent since April 20 this year.
This increase in power price will not have any effect on poor and low-income households who consume zero to 50 kWh, but households consuming 100-400 kWh per month will be charged an additional VND6,800-37,200 per month.
Singaporean businesses turn attention to Vietnam
Siu Lin Leow, Singapore’s Consul General to HCM City, has said Vietnam is now the most attractive destination for her country’s intrepid investors.
Siu made her remark at an August 1 meeting in HCM City honouring 40 years of Vietnam-Singapore diplomatic relations and the 48th anniversary of Singapore’s National Day.
Singaporean companies have invested their hopes as well as their resources in their Vietnam-based operations, she said.
Siu expressed pride in the current state of the two countries’ relations, with significant bilateral achievements recorded in economics, education, health care, culture, and national defence.
The strength of the political links between Vietnam and Singapore are a firm foundation for future expansions of economic interconnection, she stated.
Recent statistics reveal Singapore has invested in 1,100 projects in Vietnam, totalling almost US$25 billion in registered capital, making it the fourth largest foreign investor in the country.
HCM City People’s Committee Vice Chairman Le Manh Ha said the more than 500 Singaporean businesses calling the city home testify to health of the two countries’ economic cooperation.
Singapore became HCM City’s second largest trade partner in 2012, their US$6.09 billion in two-way trade turnover accounting for 60% of the total Vietnam-Singapore trade revenue.
Malaysian giant joins US$3.5 billion power plant
The Ministry of Industry and Trade (MoIT) and Malaysian Toyo-Ink Corporation on August 1 signed a Memorandum of Understanding (MoU) on the Hau River 2 thermal power plant to be built under the build-operate-transfer (BOT) model.
The US$3.5 billion plant, which comprises two turbine generators with a total capacity of 2,000 MW, will use imported coal to supply electricity.
The first generator of the plant is expected to start commercial production in the second quarter of 2021, and the entire plant in the second quarter of the following year.
Song Kok Cheong, CEO of Toyo-Ink, said the corporation has worked with Vietnam Electricity (EVN), other related agencies, localities and banks to run the project smoothly.
He also committed to following the progress and ensuring the project’s quality as set by the MoIT.
Deputy Minister of Industry and Trade Le Duong Quang affirmed that Vietnam’s total coal-fired power capacity needs to reach 36,000 MW, accounting for 47% of the whole power generation system’s capacity.
To meet the goal, the Vietnamese Government has issued policies and incentives to encourage investors, both in and out of the country, to join in building the core constructions in different cooperation forms, including the BOT model, he said.
SBV keeps close watch on lending
The State Bank of Vietnam this week instructed its branches across the country to closely monitor and inspect consumer loans from commercial banks.
The move is expected to ensure consumer-lending operations comply with applicable regulations and protect the rights of borrowers.
Accordingly, branches, transaction offices and the service introduction points of credit institutions must publish detailed interest rate information applicable to each product group and each loan product.
Additionally, the SBV branches, in collaboration with the banking supervisory agency, must strictly handle violations detected through inspecting and monitoring the activities of credit institutions in the respective areas.
The move was made after experts recently said that some banks have loosened their lending conditions for consumer loans to boost lending since deposits continue to rise amid slow credit growth. Some even offered consumer loans without mortgages or collateral.
The SBV reported that total deposits rose 9.48% in the first seven months of the year, while lending increased only 4.91%.
Additionally, the credit growth target of 12% set by the central bank for 2013 has also made many banks seek ways to loosen their lending conditions. Previously, banks applied strict requirements to their lending conditions for consumer loans in order to limit risks and avoid bad debts.
A foreign invested bank is offering borrowers loans as high as VND500 million (US$23,800), with interest rates at about 1.75% per month, on gradually decreased outstanding loans (equaling to 0.97% per month on fixed lending interest rate) without mortgages or collateral.
Another commercial bank is also trying to attract borrowers by giving shopping vouchers worth up to VND1 million (US$47.6) and an interest rate of 1.5% per month (18% per year), if they apply for 60-month consumer loans.
Experts said it is clear that lowering the credit standards may put banks into risk, which also significantly affects the credit quality of the entire banking system.
Bad debts are on the rise, if banks try to achieve credit growth at any cost, it will create bad consequences for the entire banking system, as well as the economy, expert warned.
Hau River 2 power plant to follow BOT model
The Ministry of Industry and Trade (MoIT) and Malaysian Toyo-Ink Corporation on August 1 signed a Memorandum of Understanding (MoU) on the Hau River 2 thermal power plant, which will be built towards the build-operate-transfer (BOT) model.
The plant, which will have a total capacity of 2,000 MW, comprises of two turbine generators and will run on imported coal to supply electricity, contributing to ensuring national energy security, particularly in the southern region.
According to Director General of the MoIT’s General Department of Energy Pham Manh Thang, the first generator of the plant is expected to start commercial production in the second quarter of 2021, and the entire plant in the second quarter of the following year.
The General Department pledged to provide guidance and work closely with the investor to ensure the progress of the project, Thang added.
Song Kok Cheong, CEO of Toyo-Ink, said with the support of the MoIT, the corporation has worked with Vietnam Electricity (EVN), other related agencies, localities and banks to run the project smoothly.
He also committed to following the progress and ensuring the project’s quality as set by the MoIT.
Addressing the signing ceremony, Deputy Minister of Industry and Trade Le Duong Quang affirmed that Vietnam’s total coal-fired power capacity needs to reach 36,000 MW, accounting for 47 percent of the whole power generation system’s capacity.
To meet the goal, the Vietnamese Government has issued policies and incentives to encourage investors, both in and out of the country, to join in building the core constructions under different cooperation forms, including the BOT model, he said.
New hospital fees to hit CPI
The national consumer price index (CPI) in August may rise by 0.6 per cent above the previous month when Ha Noi adjusts its hospital fees, the Domestic Market Management Group, under the Ministry of Industry and Trade (MoIT), forecast on Tuesday.
In August, the commodity market will be affected by factors such as weather, because the rainy season will affect the prices of food; an increase in the forex rate; higher fuel prices in the world market; and costs for the new school year.
The oil and gas price hike on July 17 from VND420-470 (US$0.019-0.022) per litre will contribute about 0.1-0.15 percent to the rise of the CPI in August over July.
The supply and demand in the market doesn't fluctuate much, so some products, such as foodstuff, fertiliser and sugar, remain on a stable trend.
However, as yesterday Ha Noi adjusted the fee of health care services, the CPI in August may rise about 0.6-0.7 per cent, twice as much as the estimated figure.
Earlier, the General Statistical Office (GSO) announced the country's CPI for July rose 0.27 per cent over June, marking it the strongest surge in the past five months.
If compared to last December, the CPI in July increased 2.68 per cent and is up 7.29 per cent from the same period last year.
Third hike in gas prices
Gas prices increased yesterday by VND667 ($0.03) per kilo or by VND8,000 ($0.38) per 12-kg canister.
After this latest increase, the current retail gas price stands at around VND386,000 ($18.4) per 12-kg canister.
The hike in domestic gas prices is due to higher prices on the global market, said Do Trung Thanh, the head of the business department at Sai Gon Petro.
He added that prices for deliveries in August in the global market have risen by $27,5 per tonne to hit $820 per tonne.
This is the third consecutive rise in gas prices since the beginning of June.—
Retail, wholesale job listings soar 85%
Recruitment website VietnamWorks, announces an incredible 85 per cent spike in job listings in the retail and wholesale sector in its latest report.
This is a key finding in VietnamWorks's second Online Employment Report for 2013, as the spike in job listings is in stark contrast to the country's most stagnant retail sales growth rate since 2004.
"While the general word-around-town has retail truly suffering, this has not been reflected in our data for the quarter where we saw job listings almost double in the period," said Jonah Levey, founder and chairman of VietnamWorks.
"Overall we saw a robust increase of 14 per cent in online employment demand in the second quarter of 2013 compared to the same quarter last year," he said.
"As Viet Nam's sluggish economic development has recently accelerated during the second quarter, our Q2 numbers follow the increasing trend from Q1 and hopefully solidifies the growth foundations for the rest of 2013," he added.
Other important findings in report show Da Nang as the best city in the nation to find a job in the next quarter, ahead of Binh Duong and Ha Noi.
Bac Ninh also repeated a huge increase in online labour demand (53 per cent) where several large investments saw a spike in demand, followed by Da Nang (34 per cent) and Binh Duong (31 per cent). These are increases in Q2, up from Q1.
"The government's new investment policies in Da Nang have generated a notably positive effect on confidence and foreign investors have quickly picked up the welcome move. Going forward, the job market and talent pools at Da Nang will benefit from the Government's commitment to invest heavily in its infrastructure," Levey said.
The policies will also help attract foreign industrial and ICT giants, he added.
The report said the best industries for job seekers are retail and wholesale (up 85 per cent), pharmaceutical and biotech (up 35 per cent), insurance (up 27 per cent), customer service (up 25 per cent) and consulting (up 24 per cent). Meanwhile, oil and gas, banking, civil construction, architecture and interior design, and human resources did not fare as well, reporting declines of 23 per cent, 10 per cent, 4 per cent, 2 per cent and 2 per cent respectively.
These industries also fared poorly in the first quarter.
In a similar finding to the Q1 study, customer service, accounting and finance, production and process saw the biggest increase in number of applications, whereas architecture, human resources and banking got the most notable decrease in Q2 labor supply.
As the banking sector is coping with economic difficulties by cutting staff, it has not only witnessed a strong decline in job postings but also the biggest decrease in job seekers, Levey said.
GAS says profit discrepancy was mistake
The PetroVietnam Gas Corporation (GAS) has said the VND800 billion (US$37.7 million) discrepancy in its financial reports from the first six months of this year was due to false estimation.
In a statement, the company said profit calculations were made on the 25th day of June, before the end of the second quarter.
"By that time, we could not collect all the cost and revenue figures for the entire company to generate a precise estimate for the period".
The early estimate was posted on GAS's website on July 18, showing the company had earned a net half yearly profit of VND6.2 trillion ($292.4 million).
A week later, a second report was sent to the HCM City Stock Exchange saying profits had actually exceeded VND7 trillion ($330.1 million).
Analysts say the company's explanation does not explain the significant discrepancy between the two figures.
The first report which indicated a second quarter profit of VND2 trillion ($94.3 million), declining 50 per cent from the first quarter, triggered a major sell off in GAS shares. In the week before the correction, company stocks dropped from VND65,500 ($3) to VND63,000.
GAS closed yesterday's session at VND63,500 ($2.9) per share, up 0.8 per cent from Tuesday.
Vinamilk to set up subsidiary to rear cattle and poultry
The Viet Nam Dairy Products Joint Stock Company (Vinamilk) announced on its website a decision by its Board of Directors to co-operate with Thong Nhat Thanh Hoa Co Ltd to establish Thong Nhat Thanh Hoa Cow Milk Co Ltd.
The subsidiary will be set up in the fourth quarter of this year, with a charter capital of VND600 billion (US$28.57 million), VND570 billion ($27.14 million) of which will be invested by Vinamilk. The new business will focus on rearing cattle and poultry.
Exports, imports targeting Germany surge in first half
Bilateral trade between Viet Nam and Germany reached US$3.695 billion in the first half of 2013, up 29.51 per cent on last 2012 figures.
According to the General Department of Viet Nam Customs, export earnings from Germany reached $2.352 billion (up 22.35 per cent from 2012), accounting for 18 per cent of Viet Nam's total export earnings from the European Union (EU).
Viet Nam's main exports to Germany included electronics, textiles, coffee and footwear. Whilst primary imports from Germany included electronic components, machinery, chemicals and automobiles.Total imports from Germany came in at $1.342 billion, up 44.32 per cent on 2012 figures.
Australia checks Viet Nam for power transformer dumping
Viet Nam is one of several Asian countries being investigated by Australia for alleged dumping of power transformers.
Other suspected countries and territories include mainland China, South Korea, Indonesia, Thailand and Taiwan.
Australia's anti-dumping commissioner said an investigation was held after two power transformers were allegedly offered for sale well below the normal price.
In Viet Nam, the Trade Defence Measures Office under the Ministry of Industry and Trade said it was the first case of alleged dumping between the two countries.
A representative from global trade atlas, GTIS, told Viet Nam News that the value of the two imported transformers was over US$14 million in 2012. The commissioner invited interested parties to lodge online submissions concerning the dumping no later than September 9. Submissions can be lodged at http://www.adcommission.gov.au.
HCM City opens more price stabilised outlets
The number of outlets selling goods at stabilised prices in Ho Chi Minh City, the country’s largest economic hub, had totalled 7,500 as by July 30, 483 more than the figure in April, 2013 when the city launched the price stabilisation programme.
This year’s price stabilisation programme focuses on four groups of goods, including essential foods and foodstuff, schooling materials, medicines and dairy products.
HCM City has set a target of opening 525 more outlets, including five supermarkets, 37 convenient shops, and 30 Co.op marts by the end of the programme on March 31, 2014.
At a conference to review the efficiency of the programme on July 30, Deputy Director of the municipal Department of Industry and Trade Le Ngoc Dao said the firms joining in the programmes are working to ensure the supply of quality goods for the market as assigned.
The department has designed a logo to label price stabilised goods and will publicise it in October to make it easier for customers when shopping, Dao said.-
SBV survey finds optimism among domestic banks
More than 55 percent of commercial banks expect their business performance results this year to outstrip last year, while 14.1 percent hold the opposite opinion.
According to the latest survey conducted by the State Bank of Vietnam’s Monetary Statistics and Forecasting Department, 71.4 percent of banks expected their profits to rise in the second half of this year, although at a predicted level of below 10 percent.
As much as 65 percent of banks predicted that their profits would increase this year compared to 78.4 percent of last Decembers poll, which indicates that banks are more cautious about predicting profit growth for this year after the unexpected results in the first half of the year.
The business performance results of most of banks in the first half of this year left many disappointed. Only 30.4 percent of banks said that their performance results had improved in H1 against 40.2 percent in the December survey.
Nearly 50 percent of banks also reported that their pre-tax profit has fallen, mostly between 20-30 percent, over the same period last year.
However, banks are still optimistic about the future, saying that the business climate is improving at last. Most banks forecast that both deposit and lending interest rates will drop further over the next 3-6 months.
63.3 percent of banks expected a better business outlook in the second half and only 3.8 percent were pessimistic about the economic climate in the latter months of 2013.-
Chinese machinery, equipment showcased in HCM City
Machinery and equipment used in construction, packaging and food processing are on display at the 14th Chinamac Fair 2013 in Ho Chi Minh City from July 31-August 3.
Together with the 2nd international exhibition on metalworking and welding technology, the fair is co-hosted by the Vietnam advertising and fair exhibition company, the China Light Industrial Corporation for Foreign Economic & Technical Cooperation and the Viet Trieu Hong Kong international exhibition company.
As many as 150 exhibitors from 11 countries and territories worldwide have come to the events exhibiting their products and technologies. Machinery used in paper production, garment and renewable energy are also available.
The exhibitions are held annually to promote trade and industry in the region and the world, and between Vietnam and China in particular.
US$20 mil. cemetery opened in delta
Fairy Park-Mekong Co. Ltd opened a cemetery named Son Trang Tien Canh with total capital of US$20 million in the Mekong Delta province of Hau Giang on Sunday.
The project, located along National Highway 61 in Thanh Hoa Commune, Phung Hiep District, is aimed to meet the demand for grave preservation among residents in the delta where graveyards are often flooded in the rainy season, said Trinh Quoc Trung, general director of Fairy Park-Mekong.
This is the second cemetery project of Malaysia’s Fairy Park Group in Vietnam after the one built two years ago in Truong Hoa Commune in Hoa Thanh District in the southern province of Tay Ninh.
U.S. helps improve city’s water supply system
Saigon Water Corporation (Sawaco) on Tuesday struck a deal with U.S.-based Astro Systems Group to renovate information technology and communications for the city’s water supply system under a project costing US$650,000.
Under the agreement, Astro Systems will support Sawaco to improve the system of supervision and data collection on water distribution in districts. Besides, the U.S. firm will also help Sawaco prepare its business strategy.
The project will be deployed in six months. Of its total cost of US$650,000, some US$593,000 is provided by the U.S. Trade and Development Agency as non-refundable capital and the balance from Sawaco.
Sawaco is going to execute another environmental plan in which a sludge treatment plant for the city’s water plants will be constructed with total investment of US$50 million, Tran Dinh Phu, general director of the firm, told the Daily on Tuesday.
Sawaco has already borrowed US$18 million from the Belgian Government and has also asked the Asian Development Bank for the remaining capital to have the project getting off the ground early next year, Phu said.
Many investors eye expressway project
Dau Giay-Phan Thiet Expressway attracted the interest of many investors who attended promotion events held in three Asian countries last week, said the management board for public-private partnership (PPP) projects under the Ministry of Transport.
A presentation about this project was delivered to international investors in India’s Mumbai on July 22, South Korea’s Seoul on July 24 and Singapore on July 26. About 100 investors from infrastructure development firms and financial institutions in the region expressed their interest in the expressway project, said the transport ministry in a statement released on Monday.
Dau Giay-Phan Thiet is the first expressway in Vietnam to be built under the PPP format to ensure the financial feasibility of the project, making it attractive to private investors.
The project will set an example of PPP mechanism development in Vietnam, serving as a precedent for other traffic projects to be developed in the PPP form in the future, said Deputy Minister of Transport Nguyen Ngoc Dong.
Bitexco Group has been named the first investor of this expressway project and will contribute 60% of the total capital. The second investor will be chosen via bidding and will contribute the remaining 40%.
Dau Giay-Phan Thiet Expressway, stretching a total of 98.7 kilometers, will have six lanes and a vehicular speed of 120 kilometers per hour.
The US$750-million project will help shorten the time for travel from HCMC to the southern central region and tackle traffic congestion on National Highway 1A. Also, it will facilitate formation and development of industrial zones and tourist sites along the route.
Industrial inventories remain high despite strong export
The industrial inventory index as of July 1 had risen 8.8% year-on-year although foreign-invested enterprises (FIEs) had achieved impressive export growth.
The inventory percentage of the processing-manufacturing sector stood at a high level in the first half of the year, 75.4%, according to the General Statistics Office (GSO). The index is identified by the division of the month-end inventory by the average inventory of the month.
“The normal level should be 65%,” said Pham Dinh Thuy, director of GSO’s Industrial Statistics Department.
Some items had a high inventory index, such as chemicals, pharmaceuticals and food.
Industrial production conditions were barely improving while consumption in the first six months picked up 8.3% over the same period last year. Textile-garment makers enjoyed an increase of 10.6% in consumption and manufacturers of computers and electronic products recorded a rise of 9.7%.
Whereas the industrial inventory index remains high and consumption has risen insignificantly, FIEs have achieved considerable growth in exports of many items.
Exports of mobile phones and components in the first seven months of 2013 are estimated at US$11.6 billion, a huge increase of 87% year-on-year. Computer and component exports have brought in US$5.7 billion, up 40.4%.
Asked if strong export of a number of items made by FIEs would help reduce the industrial inventory index, Thuy said the effect would be minimal since FIEs represented only 30% of the total industrial production value of the country.
FIEs have a great impact on export growth but they do not affect the production value much because most of them are simply assemblers and processors. While their exports have risen strongly, imports have also gone up, leaving little effect on domestic production, and unable to stimulate consumption and reduce inventories, said the Trade Information Center of the Ministry of Industry and Trade.
Consumer demand far from recovery
The demand for fast-moving consumer goods (FMCG) has yet to recover, proven by its low growth in this year’s second quarter, says a report released by the market research firm Kantar Worldpanel.
The FMCG sector’s value in cities in the second quarter did not increase compared to the same period last year while that in rural areas rose around 11%, according to the report.
Dairy products and drinks still took the lead in the market segment while packed foodstuff almost did not grow in rural areas and even plunged 3% in cities.
Groceries still maintained strong growth while growth of other main shopping channels has been on the wane, noted the report.
Notably, mini supermarkets and convenience stores continued to grow strongly thanks to a thorough knowledge of the convenience demand among urban residents as well as a widespread expansion of new stores.
In terms of drinks, Kantar Worldpanel experts recorded staggering growth of wheat beverage products in cities and of mineral water in rural areas during the second quarter. In urban areas, the product marked a growth rate of 31% in sale volume over the year-ago period, which is ascribed to a rise of 19% in the average consumption volume of every household.
Overall, however, local consumer demand has still failed to improve as observed by Kantar Worldpanel. Low-income people in urban and rural areas are the most vulnerable ones who were even forced to cut down on FMCG spending in the second quarter.
With the current tough market conditions, an effective segmentation strategy designed for different income groups will help producers grasp business opportunities from the changes of local demand, said David Anjoubault, general director of Kantar Worldpanel.
As low- and middle-income earners will continue to shift to products with low prices, it is extremely important to adjust the strategy accordingly to maintain this segment’s growth. Meanwhile, consumers with higher incomes will continue to be the pioneers in new consumer trends, especially those targeting health, convenience and better high-class values, he remarked.
Gov’t says no to demand stimulus
The Government in a report delivered at a regular meeting on Tuesday stated the macro-economy had been kept basically stable and inflation had been well restrained in the first seven months of the year, but no demand stimulus would be given.
Still, Minister-Chairman of the Government Office Vu Duc Dam remarked economic growth had been below its potential.
“The Government is fully aware of the stagnant economy and an increasingly higher risk of lagging behind if we do not succeed with the restructuring scheme,” he said at the meeting on Tuesday.
As per the Government report, the July consumer price index (CPI) picks up 2.68% against end-2012, the lowest increase over the same period in 2004- 2011.
The target for 7% inflation set by the National Assembly (NA) is attainable, Dam said.
There have been suggestions for demand stimulus, but the Government must take prudence.
“The Government has discussed and analyzed the opinions of experts at home and abroad, and found that macroeconomic stabilization cannot be ignored,” he said.
He explained: “Normally, when demand stays low, there is a need for stimulus, but without prudence, demand stimulus may fuel inflation.”
According to the report, credit growth as of July 25 had reached 5.02%, versus 1.2% in the same period last year, somewhat easing the pressure exerted by the credit growth target of 12% for this year.
Interest rates have gone down in line with inflation. Credit growth, reduced lending rates and tax breaks have greatly helped businesses overcome their hardships.
Businesses in the preferred sectors are offered a lending rate of 7-9% per year. However, those active in other sectors are given a rate of 11-13% for short-term loans and 13-17% for the long-term loans.
Though many banks have eased lending conditions, credit flow into the economy remains stagnant.
Speaking at the meeting, Deputy Prime Minister Vu Van Ninh said he was anxious about little progress in bad debt settlement.
Slow bad debt resolution is the main reason why cash flow into production is poor since banks are not keen on giving loans to corporate clients even though they pledge assets.
Talking to the media at the launch of Vietnam Asset Management Company (VAMC) last Friday, Nguyen Huu Nghia, chief inspector of the central bank, said most debts were mortgaged by real estate, which could hardly sell now. Therefore, lenders are unable to collect debts and do not want to give out loans in the traditional mortgage form any more.
If businesses failed to use loans efficiently, banks would rather have low credit growth and focus on debt recovery. For example, Vietcombank recorded a negative credit growth rate of minus 1.1% in the first six months, but its bad debt by end-June had declined to 2.7% from 3.22% in the first quarter.
Government bond sales were also counted in credit growth. Although the average bond yield keeps falling, the State Treasury by June 25 had sold VND120.5 trillion worth of government bonds, meeting 61.8% of the year’s target.
HNX transaction processing capacity boosted
The Hanoi Stock Exchange (HNX) this Monday started operating the upgraded trading system with a transaction processing capacity increased by 20 times.
This trading system is capable of handling 20-30 million orders per session, or 15,000-20,000 orders per second, over 20 times greater than the capacity of the old system, according to HNX.
The implementation of this system marks a step forward in trading technology of HNX and the stock market, a step closer to the global norm, providing the stock market with better liquidity.
The upgraded trading system is formed by integrating the trading systems for the stock market, the market for unlisted companies (UPCoM) and other markets expected to open in the future into a single trading platform. It facilitates transaction management and operation and save resources when operating the existing markets and those to emerge in the future.
The new trading system enables diversification of products (stocks, fund certificates and exchange-traded funds, etc.) as well as diversification of trading orders. It also permits application of more advanced technology in the future.
Together with the trading system upgrade, HNX prolonged the closing time to 3 p.m., changed the structure of a trading session and introduced new types of orders, including market-to-limit (MTL), market-fill-or-kill (MOK), market-fill-and-kill (MAK) and at-the-closing (ATC) orders.
HNX also set out rules for order edit and cancel. In addition to price correction, investors are allowed to change the volume of orders, but they cannot cancel orders in the last five minutes of a periodic order matching session.
Moreover, there are changes in reference price determination (reference price now equals to the closing price of the previous day) and additional provisions for odd-lot transactions (odd-lot transactions are done through continuous order matching and negotiation).
Regarding treasury shares, there are additional regulations on a maximum adjustment of the daily volume of orders for trading of treasury shares from 5% to 10% of the total registered volume in the documents businesses send to the State Securities Commission.
Đăng ký: VietNam News


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Siemens Healthineers, a healthcare company in Germany, has expected its business to grow by 5 to 8 per cent from the next year, the firm said on Monday.
In the fourth quarter, the German company lost its sales revenue by almost 2 per cent. Meanwhile, its operating gain plummetted to 564.22 million pounds, which is 626 million euros, a massive loss of 20 per cent.
The costs of its diagnostic unit rose for creating a kit (rapid antigen test) for testing the coronavirus infection in patients.
Notably, the analysts deployed by the company had expected 644 million euros (July-September) sans taxation and interest. It had earned 783 million euros the year before during the same period. However, it fell flat.
The adjusted EBIT of Healthineers fell to 2.23 billion euros, losing a whopping 10 per cent. The last year revenue of the company was 14.5 billion euros.

domain: news


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June 26 (Reuters) - Online gambling firm 888 Holdings said on Friday it expects annual adjusted core earnings to be significantly ahead of expectations, as more users came on board, sports events returned, and the poker segment performed well.
Shares in the company jumped 10.6% at 167 pence by 0717 GMT.
The company said its average daily revenue so far this year has been 34% higher than last year, adding that it has benefited from a shift towards online services.
“We have seen a better-than-expected customer reaction to the gradual return of sports events during recent weeks and, during June so far, our sport revenue run-rate has been ahead of June 2019,” Chief Executive Officer Itai Pazner said. (Reporting by Tanishaa Nadkar in Bengaluru; editing by Uttaresh.V)


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Scottsdale-based Meritage Homes is including Wi-Fi smart home technology systems in its newly constructed homes.
The home automation suites includes Wi-Fi controlled lighting, thermostats, video door bells, smart locks and other systems. The goal is to be better linked to buyers smartphones.
C.R. Herro, vice president of environmental affairs for Meritage, said the smart home and automated systems will be standard with new homes. Herro said the key for Meritage’s new push is for the systems to be compatible with a range of technology and systems. “This is the Wild West for what is new,” said Herro stressing the openness and Cloud-based focus on the new effort. He said the system can work with Amazon’s Alexa, Clare, Nexia, Google Home, Vivint and others. Herro said the key is for the systems to also be adaptable for future consumer and buyer tastes.


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Government of Amazonas starts, Next tuesday, discussions on the new Environmental Economic MatrixThe event takes place on 12 e 13 this month in the Amazon Convention Center Vasco Vasques .
Technical State Government, representatives of environmental organizations and the private sector meet in the coming days 12 (Tuesday) e 13 (Wednesday) of April, a partir das 9h, in the Amazon Convention Center Vasco Vasques (Constantino Nery Avenue corner Pedro Teixeira Avenue, No 5.001, next to the Arena da Amazônia, Flores, central-west), for Development Conference, event that have the task of shaping a new Environmental Economic Blueprint for the State of Amazonas.
The debates will take place over two days always the next few weeks, up until 5 of May, in thematic working groups that will discuss and format proposed building development axes in eight priority sectors: aquaculture and fish farming, fruit, timber forest products and cosmetics. Also proposals will be discussed in the areas of drugs, tourism, energy and minerals, and reporting logistics.
Organized by the Department of Planning and Development, Science, Technology and inovation (SEPLAN-CTI), in partnership with the Departments of State Production (Sepror) and Environment (Schema), the Development Days seek the implementation of public policies aimed at expanding the business opportunities, raising the human development indicators and the promotion of technological innovation of products with high added value.


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Sue Davies, Head of Consumer Protection and Food Policy, Which?, said:
“The success of future trade deals will be judged by the impact they have on the price, choice and safety of the products and services we use every day, so the needs of consumers should be central to trade negotiations with the EU – and this should be reflected by the inclusion of an ambitious consumer chapter in the final deal.
“The government also has an opportunity to set the course for trade negotiations and demonstrate its commitment to the high standards and protections consumers expect by legislating to prevent the import of food and goods produced to lower standards and to enshrine in law existing consumer rights.
“As the UK carves out its future trade policy, the government should also look to build upon the current rights and standards valued by consumers, by pursuing a trade agenda that sets the gold standard globally.”
Notes to editor
Which? believes the government should legislate to prevent the import of lower standard foods such as chlorinated chicken and hormone-treated beef in the Agriculture Bill and commit to maintaining consumer standards in the upcoming Trade Bill.


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Restaurants face decision to close units or shift to takeout, delivery
Food consultancy Technomic provided a COVID-19 update for the week ending March 13, assessing the impact to foodservice. Using modeling techniques and consumer research, it was able to outline some of the major developments as coronavirus continues to spread across the country. In a report updated by Joe Pawlak, managing principal, it provided more clarity on the virus’ ramifications, expecting a 12 percent to 27 percent decrease in year-over-year sales growth for the foodservice industry during 2020.
Restaurant dining-room closures and shelter-in-place orders are taking a big bite out of restaurant business. While the COVID-19 outbreak continues to dominate the headlines, Technomic found that there was a sharp increase in the number of consumers who are concerned about coronavirus and also those who are not willing to dine at restaurants. During the week of March 13, 77 percent of consumers followed coronavirus news compared to 66 percent just one week earlier.
Among those ages 18 to 34, coronavirus increased in importance: from 53 percent, one week earlier, to 66 percent, reported Technomic. What’s more, during the week ending March 13, 53 percent of all consumers said they would not go out to eat at restaurants as often and 48 percent said they would likely not purchase food or beverage away from home. This compares to 32 percent and 31 percent, respectively, for those same topics just one week earlier.
The silver lining in the report: the number of consumers who would likely order food for delivery nearly doubled. During the week of March 13 respondents that favored delivery increased from 13 percent of 25 percent. Restaurants are not alone in facing a sales crisis due to COVID-19. The $22.8B K-12 foodservice sector has been impacted severely by school closures. Technomic reported that all states have at least one district with closed schools.
The challenges facing restaurants are enormous. Restaurants need to weigh considerations for restaurant closures or shift of their business to a takeout/delivery model only. For suppliers, Technomic announced these important recommendations in its own verbiage, in its update:
- Being transparent with all trading partners regarding their response to COVID-19 and safeguards taking place within their organizations
- Start adjusting plans based on lower industry volume expectations
- Explore micro-niche opportunities, including products that are more conducive for delivery
This report also factors in information reported on Twitter from Technomic executives. We have adjusted the data accordingly. To view the source report, navigate here.
For more about the publisher of this restaurant news site, navigate here.


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Rawalpindi:A rapid hike in prices of vegetables ahead of Eidul Azha has exposed the inefficiency of price magistrates in the city. The city district government has completely failed to control prices and profiteers and hoarders are looting public with both hands.
Some four days back, tomato was selling at Rs30 to
"They are continuously registering FIRs and imposing fines on profiteers and hoarders,"
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Swiss exports to China and Hong Kong have surpassed pre-pandemic levels. According to figures from the Swiss Customs Administration, goods worth CHF 10.1 billion were exported to China and Hong Kong in the first half of 2021. This represents a growth of 24.9 percent compared to the previous year, when the Covid pandemic had a major impact on trade.
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You have searched for Guy Jewell
LAST UPDATED : Apr 24, 2018, 08:40 AM IST
- A shadow-boxing guy helps women feel safe
TOKYO: Behind the apartment's curtain, a tough guy is boxing, throwing left and right hooks and jabs, and lunging forward, enough to make any criminal think twice before breaking in. The image is nothing more than a projected shadow but one that a Japanese apartment management company hopes will help protect and reassure women living by themselves. Still in the prototype stage, 'Man on the Curtain' uses a smartphone connected to a projector to throw a moving shadow of a man doing various energetic activities onto a curtain. Customers can choose from a dozen different scenarios that show their man boxing, doing karate and even swinging a baseball bat. The system was developed for security at buildings run by Leopalace21 Corp, said Keiichi Nakamura, manager of the firm's advertising department.
- Smiling Prince William and Kate leave hospital with newborn son
Carrying the baby boy in a car seat, William and Kate smiled and waved to a crowd of well-wishers outside the hospital before driving off in a Land Rover. Kate gave birth to a baby boy at 1001 GMT. William was present for the birth at St Mary's Hospital in west London
- Jeweller held for buying stolen temple items
CHANDIGARH: A jeweller from Uttarakhand has been arrested for buying stolen ornaments of city temples from the gang which targeted four temples. A police party caught the accused identified as Hanuman, 39, from Uttarkashi and brought him to the city on Sunday morning. Police recovered around 14 kg stolen silver, Rs 1 lakh and two gold nose pins from him. While addressing mediapersons at the Sector 26 police station, Satish Kumar, DSP (east division), said the police party under the supervision of sub-inspector Malook Singh was sent to Uttarakhand. The police team also recovered two silver bricks weighing 5.50 kg and 8.40 kg from the accused. During interrogation, the jeweller confessed he bought stolen ornaments of temples from the thieves. He used to melt the silver ornaments and sell them as bricks, the DSP said. The accused was trying to sell the silver bricks in the market when he was caught. Police said temple officials of Sector 27 have confirmed that around 14 kg silver ornaments were stolen from two temples. Almost all the stolen silver ornaments have been recovered. Police produced the accused jeweller before a local court and obtained one-day police remand on Sunday noon. Police have already arrested three members of the gang, but its three other members were absconding. However, police said a separate gang struck at Sita Ram temple in Sector 19 on April 10.
- How a chubby guy became champ
CWG gold winner Neeraj Chopra was just another guy trying to lose flab in a Panipat gym — till a fellow athlete spotted his talent for javelin throws Poking beehives, stealing mangoes and fighting with friends…that was boyhood in the hinterland for Neeraj Chopra, the athlete whose javelin struck gold at the just-concluded Commonwealth Games. As a child, his weakness was food. It came with too many calories, and too much love. Dollops of fresh cream and choorma, a fat-friendly mix of roti, ghee and sugar, fed by a doting grandmother meant Neeraj stepped into his teens chubby and flabby. The family elders had a simple solution: hit the gym. The nearest one was a fitness centre in Panipat, about 15km from his village, Khandra, in east-central Haryana. Little did he know that the town, site of three medieval battles, would change his life — just as it had altered the course of history centuries ago. Near the gym in Panipat stood Shivaji stadium, a popular magnet for dozens of ambitious athletes from neighbouring villages. Neeraj was jogging in the stadium in the winter of 2010 when he caught the eye of javelin thrower Jai Choudhary, aka Jaiveer. Jai, a marginal farmer’s son from Binjhol village, recalls how it all began. “One evening at the stadium I just asked him to throw the javelin. It travelled about 35-40m which was pretty impressive for a first-timer. What I liked more was the way he threw it. Neeraj used to be overweight those days. But his body was pretty flexible,” says Jai. Neeraj acknowledges the role Jai played in his life: “I started throwing javelin after watching him. He is like my elder brother.” As an event, javelin throw was part of the ancient Olympics. Said to evolve from the use of spear in hunting, the sport combines strength, speed and flexibility. A few exceptions aside, European athletes have lorded over the event. Before Neeraj’s gold at Gold Coast, India had never won a javelin medal at the Commonwealth Games, forget the Olympics. Having spotted his potential, Jai was keen that Neeraj focus on the sport. The teenager’s family agreed but raising resources was a challenge. At Khandra, the family of four brothers, 16 members in all, owns a combined eight acres of farmland, two buffaloes and three cows. “Three of us are employed in modest private jobs. Neeraj’s involvement in sports meant juggling resources,” says uncle Surendra. Practice javelins cost Rs 15,000-20,000 but a quality javelin used in international competitions can set you back by Rs 1 lakh or more, says Jai. Quality sneakers with spikes cost more than Rs 10,000. “We wanted to reconstruct our ancestral house. We put that plan on hold and focused on Neeraj,” says Surendra. In 2011, a group of four athletes, including Neeraj and Jai, shifted to Panchkula Athletics Nursery for training. “Coach Naseem Ahmad supported us there,” Neeraj says. In the first next few years, he blossomed as a young athlete, making a clutch of podium finishes at home and abroad. It was a moment of serendipity for every Indian sports lover when he created a new record of 86.48m in the World U-20 Championships in Poland in 2016. At Gold Coast, the javelin landed one centimetre short, at 86.47m. IAAF (International Association of Athletics Federations) records show his was the second-best outdoor throw in men’s javelin this year. Bigger goals — a medal at Tokyo 2020 —beckon under the tutelage of the legendary Uwe Hohn. But the 20-year-old is taking it one step at a time: the elite Diamond League in Europe first, followed by the Asian Games in Jakarta in August this year. “He’s a special talent. He can throw as far as 95m, ” says 27-year-old Jai whose own career, meanwhile, has been plagued by injuries. “I was out of action for years. Now I am back, training hard,” he says. “I want him to be fit. It would be great if we both participate in a top competition,” says Neeraj, who is also a naib subedar with Rajputana Rifles. Bolstered by earlier cash rewards, Neeraj’s family is now building a two-storeyed baithak with six rooms. The ancestral home, though, remains to be rebuilt. A quote hangs on the wall in the drawing room: “A single idea can light up your life.” Who knows that better than Neeraj Chopra?
- Gold rises on jewellers' buying
New Delhi, Apr 21 () Gold prices rose by Rs 60 to Rs 32,450 per ten gram at the bullion market today on scattered buying by local jewellers amid weak global cues. Silver also gained Rs 200 to Rs 41,500 per kg due to increased offtake by industrial units and coin makers.
- On Akshay Tritiya, markets across country witness mixed response
On Akshaya Tritiya which fell on April 18 this year, markets witnessed a mixed response s with sales of gold and ornaments going up in some states and noticeably going down in others. In some states, sellers blamed the cash crunch which has become something of a national crisis.
- Alert jeweller helps cops nab conman
VADODARA: Whatsapp forwards may not be useless always. This is what a jeweller from the city realized as he helped police nab a conman who tried to cheat him by posing as a saint from the Swaminarayan temple. Gotri police nabbed the accused Milan Butani, 29, on Tuesday night due to the alert jeweller who called in the police. Police said that Butani had cheated other jewellers in past. Raju Ladla, the jewelery, told police in his complainant that Butani had visited his showroom in a shopping centre in Alkapuri on Tuesday morning. Seeing that the shop hadn’t opened, Butani gave his mobile number to the security guard saying that he was Hari Prakash Swami from the Atladara Swaminarayan temple and asked him to give it to the owner. When Ladla’s son came, he called up Butani and addressed him Hari Prakash Swami. Butani then called up Ladla and said he will be sending his man to buy 200 grams of gold. “He also told Ladla that the man would give him cheque towards payment. Ladla, however, got suspicious as he had read about such cheating in a Whatsapp group which also had a photograph of the conman. He called Butani to his shop to collect the gold,” the police said. When Butani came in, Ladla recognized his face seen in the Whatsapp group and immediately called the police. “We have arrested Butani but his other two accomplices fled. The accused has cheated other persons in similar manner in the past,” said G A Sarvaiya, police inspector, Gotri.
- Chennai sees tepid jewellery sales this Akshaya Tritiya
CHENNAI: High gold prices deterred gold buyers impacting bullion sales on Akshaya Tritiya— considered an auspicious day to buy gold. Jewelers complained of less than normal purchase. Against a standard sales growth of 15-20%, jewellers saw flat growth in sales on Wednesday. Gold prices that hovered around Rs 2,778 a gram last year, were at Rs 2,992 on Wednesday. Sales began lukewarm, but turned brisk for some by evening.“The sentiments are weak. Prices are higher and we see an average ticket size at 10-12 grams, while on other days we see a sale of 24 grams. Footfall, however, has remained the same,” N Ananthapadmanabhan, MD of NAC Jewellers said. The scam tainted jewellery sector has spooked routine gold buyers. “I usually make my yearly investment on gold and sometimes make a periodical monthly payment as a run up investment to next year’s purchase. Looking at the situation, I have made a token purchase of earrings because we don’t know which chain will fold next,” said Subashini S, a customer. However, all is not lost, jewellers claim. With deep discounts, some as high as 25% and waiving of making charges, some jewellers were able to maintain footfalls as last years levels. Large organised jewllery chains like Kalyan and Malabar have seen an increase in the sale this year from offers such as free gold coins. T S Kalyanaraman, CMD, Kalyan Jewellers said, “We are enthused by the sales on the occasion of Akshaya Tritiya across the country. The momentum of customers has only increased during the day. We have witnessed over 25% growth in sales for the same period last year.” Gold sales for LKS Syed Ahmed, chairman LKS Goldhouse was a surprise this year. He said his outlets in Chrompet and Anna Nagar saw brisk sales than his TNagar store. “We have been running discounts, offering gold at the lowest price possible and pre-bookings have done well. Customers are inclined to buy chains and bangles. One can also attribute the lower footfall to increase in number of outlets each jeweller has added in the past year,” he added. Overall, despite high prices, impact of GST, jewellers were able to maintain same sales, despite a usual increase of 15% every year on the occasion, said Jayantilal Challani, president, Madras Jewellers and Diamond Merchants Association.
- High prices, cash shortage take the sheen off Akha Trij
AHMEDABAD/SURAT/RAJKOT: The demand for gold this Akshaya Tritiya or Akha Trij, though much better than routine days, was not in line with that expected. On Wednesday, Akha Trij, the price of the yellow metal settled at around Rs 32,350 per 10g, gold sales in the form of bars, coins as well as jewellery, remained subdued. In fact, this time around, gold prices were the highest ever on an Akshaya Tritiya considering the recent past. “As gold prices remained above the Rs 32,000-mark, bullion markets were dull and there was hardly any movement. The shortage of currency is also one of the reasons that affected demand for gold,” said Haresh Acharya, secretary, Bullion Federation of India. Estimates by jewellers, analysts and bullion traders indicated that not more than 200kg gold was traded across Gujarat on Akshaya Tritiya. Analysts claim, gold sales stood close to 350kg last year on Akha Trij. Wedding jewellery sales remained low too. “There was hardly any demand for wedding jewellery. The ticket-size was small as consumers don’t want to go through the KYC procedures. Cash shortage was one of the key reasons for a decline in demand, as very few people purchase gold using credit and debit cards and cheques,” said Rohit Zaveri, president, Ahmedabad Jewellers Association. The situation was similar in diamond city, Surat, where sales were subdued on account of various factors such as high gold price as also liquidity issues in the diamond and textile markets, currency shortage and the extreme heat. Jewellers said that most jewellery showrooms had very poor or no footfall at the mahurat time in the morning. While the festival generates Rs 100-120 crore worth of sales turnover in a single day in gems and jewellery industry, this time, the sales are less than 60% of what is expected on the day. Member of All India Gems and Jewellery Trade Federation (GJF), Nainesh Patchigar said, “Akshaya Tritiya is a bit slow this year due to various factors including increasing gold prices and currency shortage. Over the last few days, people in Surat are witnessing cash shortage and many ATMs are unable to dispense cash. Compared to previous year, sales is in the range of 60%.” On the other hand, Rajkot witnessed significant gold sales on Wednesday with gold market on Palace Road being crowded with buyers. Bhayabhai Soni, president, Rajkot Gold Jewellers Association, said, “After recession in the business for last few months, sales were good on Akha Trij. Most customers purchase ornaments while some ask for bullion with the special gold coins of 1-5 grams being introduced.”
- On Akshay Tritiya, low-cost ornaments grab the glitter
Mumbai: Jewellers across the city reported moderate sales of gold at Akshay Tritiya on Wednesday. Low-value coins and ornaments ranging from 1 gm to 5 gm fared well while high-value inventory remained largely unsold. “The rate of gold has spiralled beyond Rs 32,000 per 10 gm in the last two days, dampening consumer sentiment,” the manager of a suburban store headquartered in Opera House said. “A single gram costs Rs 3,100 where two days before it was less than Rs 3,000. We have not received the expected footfalls.” Heavy ornaments like bangles, necklaces and mangalsutra scarcely found buyers, except at a few shops like Waman Hari Pethe in Dadar, where manager Pradeep Madiye was pleased. Large showrooms like PNG and Kalyan Jewellers were pleasantly surprised to see higher footfalls, right from the morning hours. They expected business to rise by 10%-25% over Akshay Tritiya 2017. Mid-level goldsmiths like Harsh Jewellers in Zaveri Bazar, and Vikram Jewellers and Pendurkar, both in Dadar, said low-cost items fared well. Vikram Vakadkar sold 1 gm, 3 gm and 5 gm ornaments while heavy items weighing 20 gm to 30 gm remained on the shelves. Pravin Pendurkar said the weight of most items sold was in single digits. A dejected Kiran Jain of Riddhi Silver nearby said, “Gold always fares better on mahurat days. My silver store has sold only two items through the day. The bohni (inaugural sale) happened at 6 pm, and each purchase was worth merely Rs 1,000 or so. Since two years we are finding it difficult to keep our head above water.” “Even those who have money are not spending. One customer who intended to buy a 5 gm coin finally purchased only 1 gm. Exams have ended two days ago so people are budgeting for vacation expenses as well,” said Rakesh Porwal who owns two stores, New Gold Point and My Gold Point, in IC Colony, Borivli.
- Low cost ornaments fare well at Akshay Tritiya
MUMBAI: Jewellers citywide reported moderate sales of gold at Akshay Tritiya Wednesday. Low value coins and ornaments ranging from 1 gm to 5 gm fared well while high value inventory remained largely unsold. The manager of a suburban store headquartered in Opera House said, "The rate of gold has spiralled beyond Rs 32,000 per 10 gm in the last two days, dampening consumer sentiment. A single gram costs Rs 3,100 where two days before it was less than Rs 3,000. We have not received the expected footfalls." Heavy ornaments like bangles, necklaces and mangalsutra scarcely found buyers, except at a few shops like Waman Hari Pethe in Dadar whose manager Pradeep Madiye was pleased. Large showrooms like PNG and Kalyan Jewellers were pleasantly surprised to see higher footfalls, right from the morning hours. They expected business to rise by 10-25% over Akshay Tritiya 2017. Mid level goldsmiths like Harsh Jewellers in Zaveri Bazar, and Vikram Jewellers and Pendurkar, both in Dadar, said low cost items fared well. Vikram Vakadkar sold ornaments ranging from 1-3-5 gm while heavy items weighing 20-30 gm remained on the shelves. Pravin Pendurkar also said the weight of most items sold was in the single digits. However, a dejected Kiran Jain of Riddhi Silver nearby said, "Gold always fares better on mahurat days. My silver store has sold only two items through the day. The bohni (inaugural sale) happened at 6.00pm, and each purchase was worth merely Rs 1,000 or so. Since two years we are finding it difficult to keep our head above water." "Even those who have money are not spending. One customer who intended to buy a 5 gm coin finally purchased only 1 gm. Exams have ended two days ago so people are budgeting for vacation expenses as well," said Rakesh Porwal who owns two stores, New Gold Point and My Gold Point, in IC Colony Borivli.
- Akshaya Tritiya: Jewellers see 15% growth in gold sales this year
This Akshaya Tritiya, jewellers expect 10-15% growth in sales compared to last year, despite higher gold prices. Currently, 10 grams of 24-carat gold is priced at around Rs 31,000 — higher than last year’s rates, which hovered at Rs 29,000.
- Jewellers expect moderate increase in sales on Akshaya Tritiya
PUNE: A host of global and local factors seem to be influencing customers’ decision to buy gold this Akshaya Tritiya. While jewellers do expect customers to make the traditional purchase on the auspicious day, they believe that the increase in sales will be moderate at best, or perhaps lower than usual. Akshaya Tritiya, which falls on Wednesday, is considered among the most auspicious days and people prefer to buy gold, white goods, vehicles or property on the occasion. “Given the global political and economic uncertainties, there has been a bullish outlook on prices. There has already been a regular flow of advanced orders for the auspicious day, however, we are not expecting a heavy rush to purchase gold this Akshaya Tritiya as we have seen in the past. We are expecting a 5%-10% increase in sales as compared with last year,” said Saurabh Gadgil, chairman and managing director of PNG Jewellers. On Tuesday, 10gm 24 carat gold was quoted at about Rs31,500 as against Rs30,000 a year earlier. The high prices, jewellers pointed out, may play a dampener on customers’ spirit. A lot of people tend to take advantage of the offers on Akshaya Tritiya to buy gold for the forthcoming wedding season. “Since the rates are high, we expect a lower offtake to the tune of 10%-15% (less),” said Amit Modak, chief executive officer of PN Gadgil and Sons. He added that customers might just buy gold as a token on a good day as they are still comfortable to move in on a price range between Rs28,500-Rs29,500, per 10 gram. Prices of bullion and gold has firmed up further over the past two days since the US-led air strikes on Syria. India imports almost all of its gold needs and the price of the same is bound to global geo-political developments. Although imports have slackened over the recent past, prices have stayed up. Vehicle deals dip too Similarly, there has only been a moderate increase in two-wheeler sales in the days leading up to the festival, whereas the sale of light motor vehicles has shown a decline, official data showed. Nicky Sehgal, director of Sehgal Autoriders, stated, “There is a slight spurt in sales in both the two- and four-wheeler category. However, it is nothing major like the sales during Diwali and Dussehra. If on a regular day, we sell 10 units, then the number doubles during Dusherra/Diwali. Now, it is at 13-14 units.” According to Sanjay Raut of the Pune RTO, 4,694 two- and four-wheelers were registered in the six-day period before Akshaya Tritiya last year. “This year, the number has been more or less similar,” he added. (With inputs from Joy Sengupta)
- 5 held for deals of ‘see-through glasses, Nepal’s royal jewels’
LUCKNOW: In a joint operation, Lucknow and Gujarat police arrested five persons from Udaipur, Rajasthan, on Tuesday and rescued three businessmen held hostage. The accused were sent to jail in Gujarat. Lucknow police had applied for warrant of the accused to interrogate them in a March 1 case in which they had abducted and duped four businessmen by promising to sell them special goggles with which one could see seven feet below the ground. The accused were identified as Ramji Bhai, Bhavesh Bhai, Dilip Bhai and Arif, all of Gujarat, and Bhanu Pratap of Bahraich. The rescued businessmen Vinod, Sarfaraz and Imran, from Gujarat, disclosed that the gang had taken Rs 10 lakh from them after luring them to purchase special goggles, a diamond studded necklace of Nepal’s royal family, which was in possession of a couple in Lucknow. ASP trans-Gomti Harendra Kumar said that the accused had on March 1 taken four businessmen Suresh Bhai, Jayendra Bhai, Mayank Bhai and Ketan Bhai from Gujarat hostage in Lucknow. The victims managed to flee by jumping from the moving car in Jankipuram. Ketan had suffered injuries while jumping and was admitted to KGMU where he died on March 9. Lucknow police later arrested Jitendra Soni of Bahraich in this connection on March 5. On April 15, one Bhogilal Patel of Gandhinagar visited ASP trans-Gomti and informed him that his brother Bhupendra Patel was also lured by Ramji and Bhavesh to Lucknow on January 6. They took Rs 15 lakh from him, held him captive and thrashed him. “Bhupendra managed to flee and reached home but succumbed to injuries on January 14,” said Pate.
- Gold shines on jewellers buying ahead of Akshaya Tritiya
New Delhi, Apr 17 () Gold staged a smart recovery at the bullion market today, climbing Rs 350 to Rs 32,350 per 10 grams on pick up in buying by local jewellers amid firm global cues. Silver too rebounded by Rs 400 to Rs 40,300 per kg on increased offtake by industrial units and coin makers.
- Hyderabad jeweller under lens for unaccounted money
HYDERABAD: The Benami unit of the Income tax department of Hyderabad has unearthed a city-based jeweller’s routing of unaccounted money. The jeweller would sell and buy shares of his company to alleged shell companies in Kolkata. IT officials said the shares were allotted to shell companies at high premium and bought back at nominal value. According to sources, the IT department has initiated proceedings under The Benami Transactions (Prohibition) Amendment Act, 2016, against Hyderabad-based Gokul Gems and Jewels Private Limited. It is alleged that the promoters of Gokul Gems allotted shares at a premium rate of around Rs 290 and Rs 690 to 41shell companies based in Kolkata. After a short period, the company promoters purchased the shares at one rupee each and by way of this routing of money, the promoters converted Rs 10 crore of unaccounted cash into white currency during a three-year period from 2008-11. The promoters of Gokul Gems and Jewels have denied the allegations. The sources said that IT department issued notices to the company under the Act and later issued orders for provisional attachment of shares of the promoters of the company. They said, none of the shell companies could be traced in Kolkata. They are all fictitious. Even the Gokul Gems and Jewels promoters are unable to give info about the whereabouts of the shell companies. It is suspected that these companies were used to route their own unaccounted money. After investigations, the IT sleuths attached the properties and submitted the provisional attachment orders to the adjudicating authority in Delhi. The shell companies address were mentioned as Lal Bazaar in Kolkata, the area that has been alleged earlier to have hosted about 300 shell companies. When contacted over phone, Vikram Kumar Kimtee of Gokul Gems and Jewels denied any irregularities and told TOI, “It is the allegation of income tax department under the Benami Act. But we are defending our case. It is the adjudicating authority to adjudicate on it.” An email sent to Gokul Gems and Jewels was unanswered.
- Valuables worth Rs 4.5cr looted from jeweller
Ranchi: A jeweller from Patna said a group of criminals looted Rs 1.32 crore in cash and around 4.5kg of gold from him at Rajouli valley under Koderma police station area around 9:30pm on Saturday. The victim was on his way to Coimbatore in his vehicle when the incident took place. Rajesh Kumar, a resident of Phulwari Sharif area of Patna, complained to the police that as soon as he reached Koderma valley, the criminals who were travelling in another vehicle forced him to stop his car in the middle of the road. Three of the miscreants boarded his vehicle and after travelling for some distance, they forced Rajesh and his driver out of the car and then fled with the vehicle which contained the valuables. Rajesh said, “I was supposed to buy silver utensils and ornaments with the cash. The gold, on the other hand, was to be used for getting jewellery from Coimbatore.” A police officer said a case (73/18) has been registered in connection with the incident under Section 352 of the IPC. Teams have been sent to several places, including Bihar, to nab the criminals. Rajesh said he suspects two of his drivers. He said they must have something to do with it as they were the only ones who knew that he was carrying valuables. Koderma SP Shivani Tewary said an inspector-level officer has been asked to investigate the case.
- Jewellers expect 15-20% growth in sales this Akshaya Tritiya
Jewellers are expecting 15-20 per cent increase in sales this Akshaya Tritiya, mainly on the back of positive market sentiment, stable prices and ongoing wedding season. "Things are looking positive this year and the prices are also stable, ruling at around Rs 30,820 per 10 grams.
- CBI files case on PNB complaint against a Delhi jeweller
NEW DELHI: Even as CBI’s probe against Nirav Modi and his companies is at an advanced stage, in a separate matter, the agency has filed a case against a Delhi based company diamonds trading company – SSK Trading Pvt Ltd and its directors for allegedly cheating Punjab National Bank of Rs 187 crore. The agency has named the company, its directors Surender Kumar Bansal and Shefali Bansal, who ran their showroom in Chandni Chowk, and unknown private persons and public servants in its FIR registered under prevention of corruption act. Six banks, with PNB as the lead bank, sanctioned credit facilities worth Rs 163crore with PNB having an exposure of Rs 55 crore, to the company in 2013. Other banks include Central Bank of India, Andhra Bank, Syndicate Bank, Bank of Baroda and Oriental Bank of Commerce. “The credit facilities sanctioned by PNB and other banks became non performing asset (NPA) on June 30, 2014 with balance of Rs 129.82 crore (excluding Bank of Baroda and Oriental Bank of Commerce’s accounts) and Rs 187.29 crore (including BoB and OBC) due to non-payment of instalments, interest and violation of terms and conditions governing the credit facilities as per the laid down procedure,” says CBI FIR. The assets hypothecated against the loan were removed and disposed of by the accused persons. “The accused persons were not entitled to dispose of the hypothecated goods/assets without prior permission of PNB,” says CBI. The PNB had initiated the proceedings under The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 against the company and also informed the Reserve Bank of India in September 2016. CBI says it will examine the accused persons very soon.


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Seoul: South Korean tech giant Samsung is reportedly planning to increase the number of foldable phones produced next year in preparation of higher sales.
According to The Elec, the company will aim for 6.9 million units of the Samsung Galaxy Z Flip4 and 2.9 million of the Z Fold4. For comparison, the 2021 models targeted 4 million for the Z Flip3 and 3 million for the Z Fold3.
Samsung is reportedly planning to manufacture 14 million Galaxy S22 phones, 8 million S22+ and 11 million S22 Ultras.
Meanwhile, the Galaxy A53 is expected to be the single most-produced Samsung next year with 28 million units, followed closely by the Galaxy A13 with 27 million and A33 with 23 million.
As per the report, S22 series will be unveiled quite soon – on January 5 at CES.
In terms of specifications, the upcoming series may feature a new 10MP telephoto sensor with 3x optical zoom capabilities as opposed to a high-resolution sensor with poor optical zoom.
Samsung is planning to take a different approach on the Galaxy S22/S22+ models that will arrive early next year. The Galaxy S22 series smartphones will pack a 10MP telephoto lens that supports 3x optical zoom rather than the hybrid zoom of the Galaxy S20/S21 era.
Previous rumours suggested that the Galaxy S22 Ultra is expected to continue the dual 10-megapixel telephoto camera setup on the Galaxy S21 Ultra. One of the lenses will be a periscope lens that will offer 10x optical zoom.


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PALM BEACH COUNTY, Fla. — Turkeys are in high demand and in short supply this year.
The prices for turkeys are higher than in 2020 and depending on the size of the bird, you might encounter a supply chain issue.
Local grocery store weekly ads are promoting the best-frozen turkey deals as Thanksgiving nears.
But if you're looking for smaller turkeys, they are likely going to be more difficult to find as we get closer to the holiday.
Robert Norvell has been on the hunt for 120 frozen turkeys for a "Feast for Families" event.
However, he is up against a tight deadline to make the purchases using donations.
"By day I'm an attorney. By the evening, I'm out hunting and gathering turkeys for our families here in Palm Beach County," Norvell said.
He secures close to 150 turkeys to give to local families at elementary schools, but this year has been tougher than normal.
"You know, my head about exploded when I got the call saying, 'We're not going to have your birds,'" Norvell said.
A supply chain issue with a local distributor got him flying solo to secure the birds for the big giveaway.
"I reached out to some other distributors and they too, for whatever reason, are having supply chain issues. They can't get birds until the last minute," Norvell said.
According to the U.S. Department of Agriculture, the price of a whole frozen turkey is at least 20 percent higher than last year.
A USDA report shows the amount of federally inspected turkey slaughters is down 7 percent and contributing to the availability of the birds nationwide.
"Smaller birds cost more per pound right now than larger birds," Norvell said.
A spokesperson for Butterball agrees.
"Smaller turkeys might be more difficult to come by due to more, smaller celebrations like last year," a Butterball spokesman said.
Just in time for distribution Friday, Norvell said he secured 120 turkeys through Publix.
"What they were able to do to provide me, it's still about 20 percent more than what it's been in the past, but their sale price of, I believe, $1.29 a pound is still below some of the others," Norvell said.
Five Palm Beach County elementary schools each identified 30 families in need at five schools this year.
On Friday, they will get all the fixings for a traditional Thanksgiving dinner this year.
"My goal is to show these families in our local communities that they matter," Norvell said.
Click here for a full cost of the breakdown of Thanksgiving meals by city.
Price of turkeys at local stores:
Winn Dixie - Weekly Ad
- Honeysuckle frozen 0.49 a pound
- Butterball frozen 0.99 a pound
Walmart - Walmart.com
- Butterball frozen 0.98 a pound
- Jenny-O frozen 0.87 a pound
Publix - Weekly Ad
- Publix brand frozen 0.49 a pound
- Butterball frozen - 0.99 a pound
Aldi - Weekly Ad
- Butterball frozen- 0.87 a pound
- Honeysuckle fresh - 1.49 a pound
Below is a full statement from Butterball spokeswoman Christa Leupen on turkey prices:
Fortunately for Butterball, Thanksgiving preparations begin a year in advance and we’ve worked strategically with our retail partners, our network of turkey growers and our team to ensure a variety of turkey sizes and products are in stock this holiday season. While we can’t speak to the rest of the industry, Butterball, which historically represents about one third of all turkeys on the Thanksgiving dinner table, can affirm that our products are available in stores this season.
We’re seeing three key trends this holiday: there are still great deals to be had, prices remain roughly the same as previous years, and turkey is the one of the most economical parts of the Thanksgiving meal, averaging about a dollar per pound.
No matter what your celebration looks like this year, Butterball will be there every step of the way. From tried-and-true tips and customizable leftover hacks, Butterball’s tailored resources, like our long-standing Butterball Turkey Talk-Line, are ready to help home cooks prepare for Thanksgiving, whether it's your first time hosting or twentieth.
Below is a statement from Publix spokeswoman Maria Brous on the situation:
In terms of the holiday season, at Publix, we place our orders for holiday items well in advance of the season, so that we are well positioned to serve our customers with the variety and selection they have grown to expect from us. The earlier you shop, the more selection you have in terms of brand and greater selection availability. The same is true for turkeys.
The earlier you shop, the more selection you have in terms of brand, pounds, fresh or frozen.


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Black Friday Will Look A Lot Different At Our Walmarts This Year
I have to admit, I've never even once considered risking life and limb not to mention sanity by taking part in the spectacle that happens every Thanksgiving weekend, known as Black Friday. There is nothing I want that badly. Never underestimate a large group of people trying to save a buck.
This year Walmart stores here and across the nation will be trying something a bit different and much more palatable to those of us that are semi sane.
Walmart has announced an "all new Black Friday experience". Instead of just ne insane Black Friday stampede for deals, Walmart plans on extending the special deals throughout the entire holiday season. That's much more up my alley. If you prefer to shop from home, more deals will be featured online this year.
According to Scott McCall, executive vice president and chief merchandising officer for Walmart, US "We’ve heard from our customers that many plan on starting their holiday shopping well before Black Friday and that they’re looking for gifts that fit their current lifestyle. So, we’ve adjusted our strategy to adapt to these new shopping preferences–we’re offering more of what they want now, earlier than ever, and all at the best prices."
In preparation for the holidays, Walmart will be beefing up inventory on toys, electronics, kitchen supplies and more, plus they will be featuring over 800 Walmart exclusives.


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Tue, September 21st, 2010
Contemporary folk-rocker Andy Brown has been voted the Grand Prize winner of Acoustic Test Drive 2010, a contest hosted by Taylor, Sonicbids.
Wed, September 1st, 2010
Word-of-mouth buzz for the new GS Mini™ has been swelling up this summer in anticipation of the guitar’s arrival in stores.
Tue, August 24th, 2010
Taylor Guitars has announced that the company will once again bring its fan-favorite Road Show to guitar lovers across the country this fall at over...
Wed, August 18th, 2010
In cooperation with Elixir® Strings, Elixir® Cables and SonicBids.com, Taylor Guitars has announced the five finalists of the Acoustic Test Drive...
Fri, July 23rd, 2010
Since its debut at the Summer NAMM show, the Taylor GS Mini™ has been widely heralded with descriptions like “small but mighty” and “full of sound...
Wed, July 21st, 2010
In their recent review of a customized SolidBody Classic on MusicPlayers.com, writers Scott Kahn and John Quigley were impressed with the guitar’s...
Tue, July 20th, 2010
“What ten albums couldn’t you live without?” was the question posed to readers of American Songwriter magazine in the publi


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Fuel is set to jump to its highest price since Sept 2008 and to top that the New Year Vat increase will see a further 2.5% added to the price when the rates go back to 17.5%. It is estimated that the average price to fill a tank is now over £60.00 compared to approximately £50.00 this time last year.
Fuel prices rocketed last year due to the ‘oil crisis’ a barrel of oil jumped to $100 a barrel, this resulted in high fuel prices of £1.30 for a litre of diesel and £1.10 for petrol. The price of a barrel of oil at present is only $80 leaving a question mark over the fuel increase.
The consumer website petrol prices have calculated that the cost of filling up an average family car with unleaded fuel will be £60.50 this December. AA spokesman Luke Bosdet said: 'To the average driver, this is madness. Why are prices in an oil glut not falling rather than soaring to levels never seen before at this time of year? 'We've got massive surpluses of oil, but it is being stockpiled at near-record levels to keep the price up. The oil companies are profiting from the high price, but the motorist is losing out. With less money in their pockets this Christmas, they will spend less at the shops and businesses will suffer.'


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The latest Consumer Price Index figures from the government show that number is slightly higher than the national rate.
For the second straight month, Americans are losing confidence in the U.S. economy, which could spell trouble for the sputtering recovery.
Are you sick of emptying your wallet while filling up the tank? A new bipartisan study says you should blame the greenback.
Shoppers’ worries about juggling rising gas and food prices and other household costs pushed the Consumer Confidence Index down sharply in March.
Police say an air gun, tear gas and even an assault rifle were used after a man apparently found out the price of a Beefy Crunch Burrito had gone up from 99 cents to a whopping $1.49 each.
Have you noticed your food shopping bill going up? Analysts say if you haven’t yet, you will soon.
- Big 5 Sporting Goods Funding... Baseball Shots Of The Week –... Best Summer Dishes CBS 2013-2014 Prime Time Shows
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- Best Summer Festivals and... Baseball Shots Of The Week –... Grass Fire In Glendale Forces... Springs Fire In Camarillo
- Summit Fire Best Mexican Cuisine Celebrities With Asthma Baseball Shots Of The Week –...


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Udaipur’s Gati Gaum Becomes Rajasthan’s First Internationally Certified Organic Village
Most credit must go to Gati’s residents who have always protected their fields from agro-chem pollution as part of their native traditions.
Tamil Nadu farmers fight drought with organic farming
Traditional crops have medicinal value, are well-suited to the local soil conditions and can survive drought
Kerala's GI hunters provide stardom to unique crops
Pokkali rice, Central Travancore jaggery, Kaipad rice and Chengalikodan nendran banana have received GI recognition.
The big deal about the small grains
These small grains are filled with nutrition, and are the ultimate survival food, as they can grow in the harshest of climates and the poorest of s...
Sikkim's organic revolution at risk as local consumers fail to buy into project
“The organic vegetables are more expensive, and I have a family to feed.” “It’s supposed to be better for you, but the imported vegies are bigger,”
Making Organic Produce Affordable
"A lot of our products are cheaper than the inorganic equivalent in supermarkets, since our overheads are low."
Over 5000 Organic Farmers Are Reviving Traditional Crop Varieties. Thanks to One Organization.
Sahaja Samrudha farmers have conserved and revived over 700 traditional paddy varieties and facilitated the conservation of more than 68 varieties ...
Stewards of Food Culture and Biodiversity: Voices from the Northeast
Indigenous communities of Northeast India are guardians of its unique biodiversity and food culture.
Organic farming gains ground in Sundargarh
About 2,000 hectares are under organic farming with a target to expand to more areas to get rid of ‘chemical farming’


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Mumbai: HDFC Bank pulled down its new mobile banking app six days after launching it. After over four days of out-of-bounds for customers due to technical glitches, which created an online furore against the bank, the largest private sector lender on Monday pulled down its troublemaking new mobile banking app. As an alternative, HDFC Bank said the affected customers will be able to use the old app from 1700 hrs from Tuesday (today).
"The new app, since it is taking us longer to fix than anticipated, is being pulled down from the app store (for Ios users) and Playstore (for Android users) till further notice," the bank having 4.5 crore customers said on its official Twitter handle.
— HDFC Bank (@HDFCBank_Cares) November 29, 2018
The trouble is believed to have begun last Thursday when the bank put out a Twitter statement saying the new app users are facing trouble logging in and will not be able to use it.
The issue was possibly triggered while updating the app when the older version of the app was “overwritten” and a lot of customers could use neither the old nor the new app, which was malfunctioned, media reports said.
Many users deleted the old app, leaving them with the only option of using alternatives like netbanking, phone-banking or missed call banking for their transactions. This led to a rash of voices against the bank, especially on the micro-blogging site Twitter. "In this day and age, how can the largest private bank in the country do this?!", wondered e-commerce giant Flipkart's co-founder Sachin Bansal.
The timing of the app going down, during the time when salaries get credited and mobile banking transactions go up by at least a third of the average, led to many users feeling the pain because of the services being down. The exact details of the problem with the new app, or the time it will take for it to come back, are still not
The bank had launched the older version of the app last Tuesday billing it as simple and institutive, which had features like biometric access for extra security.
Updated Date: Dec 04, 2018 09:53:40 IST