Corporate

The International Monetary Fund on Wednesday (Jun 20) formally approved a US$50 billion aid package intended to help Argentina confront inflation, budget deficits and a weakening currency. IMF chief Christine Lagarde has heaped praise on Argentina's plans for economic reform. (AFP/John MACDOUGALL) The fund's executive board approved the agreement that Argentina struck with IMF staff earlier this month. Argentina plans to draw on the first US$15 billion tranche of the aid programme, of which half will be used for budget support, while treating the remaining US$35 billion as "precautionary," according to the IMF. Christine Lagarde, the IMF's managing director, has heaped praise on Argentina's plans for economic reform but insisted the decisions were made in Buenos Aires and not handed down from the Washington-based fund. "The approval today is clear evidence of the international community's trust in Argentina's reform drive and support for the government economic plan backed by … [Read more...] about IMF approves US$50b aid programme for Argentina

On June 20, Schindler Vietnam Ltd., a company jointly owned by Jardine Matheson and Schindler Group, organised the opening ceremony for the first Schindler Showroom in Vietnam, at 38 Huynh Lan Khanh street, Ward 2, Ho Chi Minh City’s Tan Binh district.   The leaders of Schindler Vietnam at the launching ceremony The event crowns Schindler Vietnam’s 20-year development journey in the sector of elevator and escalator installation and maintenance, and simultaneously marks the expansion of Schindler’s operations in Vietnam to realise the target of becoming the country’s leading elevator and escalator provider. The showroom is considered the final piece of the Jardine Schindler Training Centre, which is the first elevator and escalator professional training centre in Vietnam. The showroom will not only be the bridge between Schindler’s marketing division and its partners to discuss new projects, but also a place for customers to experience the … [Read more...] about Schindler to launch first showroom in Vietnam

Mai Linh expands presence By Le Anh Representatives of Mai Linh Corporation at the Dien Bien branch launch ceremony - PHOTO: HOANG NGUYEN HCMC – Mai Linh Corporation, or Mai Linh, on June 19, inaugurated a branch in Dien Bien Province, Dien Bien Phu City. The inauguration is considered a prelude to the corporation’s expansion plan from now until July 12, launching 11 branches in 11 provinces in the northwest and northeast regions. These provinces are Dien Bien, Lai Chau, Tuyen Quang, Son La, Hoa Binh, Yen Bai, Bac Can, Lao Cai, Cao Bang, Ha Giang and Lang Son. Mai Linh will also open additional business sites elsewhere such as Con Dao Island off Ba Ria-Vung Tau Province, Ly Son Island off Quang Ngai Province and Mong Cai in Quang Ninh Province. Mai Linh chairman Ho Huy said that in addition to providing regular taxi services, the corporation will deploy a Honda Om (motorbike taxi) ride-hailing service at all its existing branches, and that Mai Linh has been … [Read more...] about Mai Linh expands presence

European companies complain they still face a tough business climate in China despite Beijing's pledges of openness, with about half saying it has become tougher in the past year, according to a survey released on Wednesday (Jun 20). European businesses say it has become harder to do business in China over the past year AFP/Johannes EISELE The study comes as President Xi Jinping looks to portray the world's number two as being at the forefront of the globalisation cause just as the United States appears to be stepping back from the world stage. Among the litany of complaints were the uncertain legal environment, higher cost of labour, regulatory headaches and the "Great Firewall" that censors much of the global internet. "As its economy matures, the longstanding inefficiencies in China's business environment are rendered all the more glaring," according to the report by the European Union Chamber of Commerce in China. Mats Harborn, the chamber's president, echoed those … [Read more...] about European firms say China business ‘more difficult’

PV Gas to import natural gasBy Van Nam PV Gas intends to inject an estimated $4 billion into gas transport, processing, distribution and import projects between now and 2020 to successfully supply gas for the country - PHOTO: TL HCMC – PetroVietnam Gas Joint Stock Corporation (PV Gas) has said it will build more pipelines and seaport infrastructure to import natural gas given forecasts its gas output will fall in the next decade. Le Nhu Linh, chairman of PV Gas, told the Daily on June 20 that gas output is in decline. Gas-fired power plants now account for 30% of the country’s total power output, but domestic gas output is steadily dropping. Therefore, gas imports are needed to deal with a possible shortage in natural gas in the near future. PV Gas intends to import gas from foreign suppliers and is in negotiations with Indonesia and Malaysia to carry gas from these countries to Vietnam through new and existing pipelines, Linh noted. The corporation provides some … [Read more...] about PV Gas to import natural gas