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Euro zone recession fears were exacerbated by concerns about an energy crisis in Europe and by Tuesday's data, which showed a sharp slowdown in business growth in June, following Monday's news of a seasonally adjusted May trade deficit in Germany versus expectations for a surplus. Oil prices suffered their biggest daily drop since March on growing fears of a global recession and lockdowns in China that could slash demand. Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto, cited signs of a looming energy crisis in Europe and economic concerns for the euro's tumble. "The threat of a recession in the euro zone is a more clear risk now relative to before," Rai said. The euro dropped by almost 1.8 percent against the dollar to $1.0236, its weakest level since December 2002. It was last down 1.48 percent against the dollar. Meanwhile the dollar index , which measures the greenback against a group of major currencies, was up 1.31 percent, after hitting … [Read more...] about Euro slumps to two-decade low, oil tumbles as recession fears intensify

Permanent Deputy Prime Minister Pham Binh Minh (right) hosts a reception for outgoing Ambassador of Denmark Højlund Christensen on July 5. (Photo: baochinhphu.vn) Hanoi (VNA) – Permanent Deputy Prime Minister Pham Binh Minh on July 5 hosted a reception for outgoing Ambassador of Denmark Højlund Christensen, speaking highly of the guest's contributions to bringing green projects to Vietnam. Ambassador Christensen has left an imprint in Vietnam by pushing for Denmark -based LEGO Group to invest in Binh Duong, Minh said, adding that what makes the LEGO project special is that it will use clean energy which is well aligned with Vietnam’s priorities. He further noted that following LEGO, another Danish renowned company – Pandora – has pledged to pour 100 million USD into a jewelry-crafting facility also using renewable energy at the Vietnam – Singapore Industrial Park 3 (VSIP3) in Binh Duong. Minh expected both projects will not only pave the way for a new wave of … [Read more...] about Deputy PM hosts outgoing Danish Ambassador

Increasing the sharing of hydrological and meteorological data and operations of hydroelectric dams remains one of key issues proposed by Vietnam. Vietnam said the Mekong-Lancang Cooperation must be substantive with the coincidence of economic growth and sustainable development. Vietnam's Foreign Minister Bui Thanh Son at the meeting. Photos: Baoquocte Vietnamese Foreign Minister Bui Thanh Son made the statement at the 7th Lancang-Mekong Cooperation (LMC) Foreign Ministers’ Meeting held on July 4 in Bagan, Myanmar in the attendance of his counterparts from Cambodia, China, Laos, Myanmar, and Thailand. To support the common goal, Son suggested four issues including prioritizing economic recovery and resilience with a focus on customs cooperation and smooth trade transactions; supporting regional members in climate adaptation and energy transition; further cooperation in water resources management and use  by speeding up the building of an action plan on MLC … [Read more...] about Vietnam urges sustainable development for Mekong-Lancang Cooperation

From the beginning of the trading session, financial stocks, such as banks and securities, gained positively, keeping the VN-Index from falling sharply even though many sectors were flooded in the red. Banking stocks that climbed the most on the floor at approximately 3 percent were VIB, BID, TCB, CTG, and MBB. Securities stocks, like VCI, HCM, and VND, also remained in an upward trend. Besides, penny-chip stocks, like HAG, AMD, ITA, and HNG, and steel stocks, including HPG, HSG, and NKG, also went up because of vibrant trading. In contrast, energy and seafood stocks dropped sharply. Specifically, VHC declined by 4.2 percent, ACL retreated by 5.1 percent, NT2 sank by 5.6 percent, VSH slumped by 4.9 percent, and REE slid by 3.5 percent. As a result, the market still dropped slightly. Closing the morning session, the VN-Index deleted 4.5 points, or 0.38 percent, to 1,191.03 points. On the Hanoi Stock Exchange, the HNX-Index also went down by 2.04 points, or 0.73 percent, to 279.15 … [Read more...] about VN-Index loses nearly 15 points on selling pressure