Banks and lawmakers, as well as financial regulators from around the world, had besieged Lew with complaints about Gensler's campaign to impose U.S. rules overseas. The July 3 meeting in Lew's conference room with a view of the White House grew tense, according to three people briefed on it. Gensler argued his plan was vital if the U.S. hoped to seize meaningful authority over financial instruments that helped push the global economy to the brink in 2008, taking down American International Group Inc. (AIG) and Lehman Brothers Holdings Inc. and igniting the worst recession since the 1930s. Lew insisted that Gensler coordinate better with the Securities and Exchange Commission, whose new chairman, Mary Jo White, was also present. Gensler, who was deep into negotiations with his European counterparts, was surprised by Lew's demand. He'd been hearing the same request from lobbyists seeking to slow the process, and he told the Treasury chief it felt like his adversary bankers were in the … [Read more...] about How the bank lobby loosened US reins on derivatives
Mortgage how much can i get approved for
BUSINESS IN BRIEF 13/4
Raw material shortage in furniture export sectorWood furniture is fast becoming a key export product from Vietnam, showing signs of strong growth with monthly export revenues hitting an average of $500 million in the first three months of the year. This year there is possibility that export revenues can reach US$5.5 billion, an increase of nearly $41 billion compared to 2012. However, according to the Ministry of Agriculture and Rural Development, the country has not taken the initiative to produce its own raw material but has to import from other countries; hence growth in this sector cannot remain stable. The country is striving to reduce import of raw wood. In 2012, around 66 percent of raw wood was imported, but in the first few months of 2013 this decreased by 30 percent as compared to the same period last year. Ha Cong Tuan, deputy minister of Agriculture and Rural Development, said around 400,000 cubic meters of wood per year had been used up in the last 10 years ago, but in … [Read more...] about BUSINESS IN BRIEF 13/4
BUSINESS IN BRIEF 15/2
Merger results in the creation of Vietnam Airports Corporation The Minister of Transport has just issued a decision on the establishment of Vietnam Airports Corporation from a merger of three corporations: the Northern Airports, Middle Airports and Southern Airports Corporations. Under Decision No. 238/QĐ-BGTVT, Vietnam Airports Corporation will operate as a one-member limited company with a chartered capital totalling VND 7,743 billion. The company will be responsible for the management of 20 civil airports nation-wide, including 6 international airports. In addition to their financial, management and operational responsibilities, the corporation will also offer other services, such as the distribution of petrol and running duty-free outlets. Nguyen Anh Hung, former chairman of Southern Airports, is set to be appointed as chairman of corporation's boards of directors. Currently, many airports in Vietnam are suffering losses. According to the Northern Airports Corporation, five … [Read more...] about BUSINESS IN BRIEF 15/2
SOCIETY IN BRIEF 27/10
RoK television supports Vietnamese AO victims The Republic of Korea’s MBC Television wants to support Agent Orange (AO) victims in Vietnam, MBC General Director Kim Jae Cheul said. The MBC leader affirmed this willingness while working with the Vietnam Association of Victims of Agent Orange /dioxin (VAVA) in Hanoi on October 26. MBC will bear all expenses for 80 Vietnamese AO victims to come to the RoK for medical check-ups in June 2012, he said, adding that during this trip, the Vietnamese AO victims will meet with Koreans who share the same plight, to exchange experience in overcoming difficulties in their life. From 2013, MBC will annually invite top doctors and health experts from large RoK hospitals to provide medical check-ups and treatment for AO victims in Vietnam. The television channel plans to make a TV programme on Vietnamese and Korean AO victims to seek more support for them. The same day, the MBC delegation visited the Friendship Village where Vietnamese AO … [Read more...] about SOCIETY IN BRIEF 27/10
Social News 9/10
VWS proposes taking less waste for treatment Vietnam Waste Solutions (VWS), facing strong public criticisms over a foul smell from its waste management facility in southern HCMC, has written to the HCMC government proposing taking less waste for treatment from next week. The company said in a document sent to the city government on Wednesday that from October 10, it would scale down the daily volume of garbage it receives from the current 5,000 tons to 3,000 tons, which was exactly the amount its Da Phuoc integrated waste management facility handled a day before the city government allowed it to manage an additional 2,000 tons in November 2014. This 2,000-ton volume was transferred from Phuoc Hiep waste treatment complex in the outlying district of Cu Chi. According to VWS, this is a necessary step to reduce the volume of waste it treats amid public criticisms over the spread of the odor from Da Phuoc. The recent heavy downpours, especially on September 26 and 27, have caused leachate … [Read more...] about Social News 9/10