U.S. draws China FX into trade dispute as IMF calls for resolutionThe Saigon Times Daily United States Secretary of the Treasury Steven Mnuchin speaks during an interview with Reuters at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018 – PHOTO: REUTERS NUSA DUA (REUTERS) - The United States sought to make currency a central part of any solution to a bruising trade fight with China, keeping the pressure on Beijing to speed up economic reforms at a gathering of world policy makers who pledged to do more to safeguard global growth. China’s central bank governor Yi Gang on Saturday promised to keep the yuan currency’s value “broadly stable” at International Monetary Fund and World Bank annual meetings in Bali where the IMF attempted to prod the world’s two largest economies to resolve their disputes. The People’s Bank of China governor’s statement to the IMF steering … [Read more...] about U.S. draws China FX into trade dispute as IMF calls for resolution
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PM calls for higher U.S. investment in Vietnam
PM calls for higher U.S. investment in VietnamThe Saigon Times Daily Prime Minister Nguyen Xuan Phuc greets a U.S. delegate - PHOTO: VGP HCMC - Prime Minister Nguyen Xuan Phuc, at a meeting in New York on September 27 with 40 leading U.S. corporations, including IBM, AIG, AES, GE, AT&T and Walmart, proposed they expand their investment in Vietnam as the country has always tried to make life easy for foreign firms to do business, the Government news website reported. The prime minister added he was willing to listen to what enterprises say about the Vietnamese market and answer all of their questions to help facilitate their projects and business activities in the country. Emphasizing the significant potential of the Vietnamese stock market, which is one of the fastest growing markets in the world, the prime minister expected the participating firms to talk about their expectations of the Vietnamese Government, especially in terms of policies. He also voiced his delight … [Read more...] about PM calls for higher U.S. investment in Vietnam
Fed raises U.S. interest rates, sees at least three more years of growth
In a statement that marked the end of the era of “accommodative” monetary policy, Fed policymakers lifted the benchmark overnight lending rate by a quarter of a percentage point to a range of 2.00 percent to 2.25 percent. The U.S. central bank still foresees another rate hike in December, three more next year, and one increase in 2020. That would put the benchmark overnight lending rate at 3.4 percent, roughly half a percentage point above the Fed’s estimated “neutral” rate of interest, at which rates neither stimulate nor restrict the economy. That tight policy stance is projected to stay level through 2021, the timeframe of the Fed’s latest economic projections. “The thing that folks were watching for, which they went ahead and did, was remove the word ‘accommodative’ in regard to their monetary policy,” said Michael Arone, chief investment strategist at State Street Global Advisors. “It does seem to potentially … [Read more...] about Fed raises U.S. interest rates, sees at least three more years of growth
Government always creates optimal conditions for U.S. firms, says PM
PM Nguyen Xuan Phuc (R) and Chairman and CEO of JP. Morgan Jamie Dimon The Government leader made the statement during a reception for Jamie Dimon, Chairman and CEO of JP. Morgan in Hanoi on May 3, during which he stressed that Vietnam needs big partners like the U.S. firm to join the underway economic restructuring process in the country. While praising the role played by JP. Morgan in the international financial market, PM Phuc applauded its active participation in the equitization of Vietnam’s major enterprises in the recent past. PM Phuc said that the flow of U.S. investment into Vietnam is increasing, noting that Vietnam is constantly improving its investment environment, and encouraging large U.S. firms to invest in the fields of finance, banking, energy, and high technology. He suggested JP. Morgan, with its reputation and experience, encourage more U.S. businesses to invest in Vietnam, thus actively boosting trade ties between the two countries on a mutually … [Read more...] about Government always creates optimal conditions for U.S. firms, says PM
Vietnam pledges support for U.S. firms: Deputy PM
He made the statement while hosting a reception for Michael Kelly, Chairman of the American Chamber of Commerce (AmCham), in Hanoi on May 2. Deputy Prime Minister Vuong Dinh Hue (on the right side) meeting with a delegation of the American Chamber of Commerce Vietnam believes that all of obstacles will be removed to promote cooperation, investment and trade between the two nations, Hue said, expressing his hope that the AmCham, the U.S.-ASEAN Business Council and U.S. firms will serve as a bridge, contributing to boosting the diplomatic and economic relations as well as the common development of Vietnam and the U.S. in the coming time. The two countries have complementary economies, Hue noticed, given that Vietnam does not set the guideline to enjoy trade surplus with the U.S. but focuses on exporting products of its strengths while purchasing high-tech and environmentally friendly goods from the U.S. to meet the demands of businesses and people from both sides. … [Read more...] about Vietnam pledges support for U.S. firms: Deputy PM