The bilateral deal on market access should be signed at a regional summit in Viet Nam next week, both governments said, in a step that should see Russia emulate China in prising open its fast-growing economy. US corporate leaders hailed the agreement, with caveats, but it could yet face complications in Washington as Democrats prepare to return to power in Congress. "We have an agreement in principle and are finalizing the details," US Trade Representative Susan Schwab said in a statement, calling the deal "an important step in Russia attaining membership in the WTO". Schwab and Russian Economic Development Minister German Gref said they hoped to sign the agreement next week in Hanoi, on the margins of a summit of Asia-Pacific Economic Cooperation (APEC) countries. The deal lifts a major irritant as presidents George W. Bush and Vladimir Putin prepare to meet in the Vietnamese capital on November 18-19. Bush will also stop in Moscow on his way to Asia. "Both sides have agreed on all … [Read more...] about US, Russia Announce Long-Awaited WTO Deal
Max financial services limited
The most mysterious of the unexplained mysteries about Mitt Romney's considerable wealth is how he was able to amass between $21 million and $102 million in his individual retirement account during the 15 years he was at Bain Capital LLC. How did he do it, given the relatively small amounts that the law permits to be contributed to such a plan on an annual basis? Romney has not explained this conundrum, and seeing as he wants to become president, he would be wise to start talking -- if for no other reason than there might be many Americans who would like to emulate what he did. During Romney's tenure at Bain Capital -- from 1984 to 1999, although a recent Boston Globe article uncovered Romney having a role at Bain until 2002 -- the firm used a so-called SEP-IRA, which is like a 401(k) retirement plan but is funded entirely by the employer and has a much higher maximum contribution: about $30,000 annually during the period Romney was at Bain. Assuming Romney maxed out … [Read more...] about What’s the secret behind Romney’s magical IRA?
Republic of Korea tops foreign investment in first half of 2016The Republic of Korea was the largest foreign investor in Vietnam in the first six months of the year at US$3.99 billion, equivalent to 35.37% of total direct foreign investment. According to the Foreign Investment Agency, Japan and Singapore came second and third with US$1.229 billion and US$1.129 billion poured into Vietnam respectively. In the first six months of 2016, total new and additional pledges were US$11.284 billion, up 105.4% over the same period last year, while disbursement rose 15.1% to reach US$7.25 billion. Foreign investment was poured into 19 sectors, in which manufacturing remained the most attractive, drawing more than US$8 billion, equivalent to 71.4% of total pledges. Real estate came second with US$604.8 million, while sci-tech ranked third with US$562.3 million. Major projects granted licences in the first half of 2016 were LG’s display manufacturing facility in Hai Phong, Samsung’s … [Read more...] about BUSINESS IN BRIEF 4/7
Agricultural businesses set to increase by 10% each year To realise the target, the Ministry of Agriculture and Rural Development (MARD) has issued an action plan for the implementation of the Government's Resolution 19-2016/NQ-CP on missions and measures to improve the business environment and national competitiveness for 2016-2017 with a vision to 2020 and Resolution 35/NQ-CP, which aims to assist enterprises until 2020. Under the action plan, the MARD will improve the agricultural business environment while developing mechanisms and policies on assisting, attracting investment and improving competitiveness for agricultural businesses. Solutions include the restructuring of the agricultural sector in terms of production planning and State-owned enterprises as well as drawing social engagement in providing public services. The ministry will assist enterprises in accessing resources and markets, and protect the domestic market from the adverse impacts of the integration … [Read more...] about BUSINESS IN BRIEF 27/6
New corrections weaken market uptrend After the release of positive data related to the consumer price index and trade deficit, shares rebounded on both national stock exchanges last week. "However, the economy does not seem to be brighter as the ease in the index was mainly due to spending reduction, decreasing industrial production and more inventory," commented FPT Securities Co analyst Le Thi Bich Hang. On the HCM City Stock Exchange, the VN-Index closed the month of April at 473.77 points, up 1.85 per cent over the previous week. Daily market value on the bourse averaged VND1.34 trillion (US$63.8 million), or 67 per cent of the previous week's figure. Meanwhile, on the Ha Noi Stock Exchange, the average value of trades in a session totalled VND734.7 billion ($34.98 million), declining 26.5 per cent compared to the previous Friday's close. The HNX-Index added 2.6 per cent to 79.86 points. Speculative cash flow was fairly strong last week, said Hang, focusing on penny stocks. … [Read more...] about BUSINESS IN BRIEF 2/5