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	<title>VIETNAMICA</title>
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	<description>Insights on Indochina&#039;s Economies</description>
	<lastBuildDate>Sat, 19 May 2012 13:52:05 +0000</lastBuildDate>
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		<title>Vietnam: Police Arrested Vinalines&#8217; Executives</title>
		<link>http://www.vietnamica.net/vietnam-police-arrested-vinalines-executives/</link>
		<comments>http://www.vietnamica.net/vietnam-police-arrested-vinalines-executives/#comments</comments>
		<pubDate>Sat, 19 May 2012 13:52:05 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
				<category><![CDATA[ASEAN]]></category>
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		<category><![CDATA[Vinalines]]></category>

		<guid isPermaLink="false">http://www.vietnamica.net/?p=12083</guid>
		<description><![CDATA[May 19, 2012 (Vietnamica) &#8212; Police has detained Mai Van Phuc (former CEO, currently Deputy Director of Transportation Department, Ministry of Transport), Tran Huu Chieu (vice CEO of Vinalines, deputy Secretary of Communist Party Committee at Vinalines). The Police also tried but failed to arrest Duong Chi Dung, former chairman of Vinalines and currently head of Maritime Department, MoT. Dung did not appear in both his office and home (Lao dong, May 19). Those executives are accused of wrongdoing and mishandling allegedly causing losses of US$80 million from 2009-10 after purchasing old ships and making poor investments (Tuoi tre, May 19).]]></description>
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		<title>&#8220;Counterattack by Bulls&#8221; Sets Up Gold for Weekly Gain, Greek &#8220;Can of Worms&#8221; Could Be &#8220;Messy&#8221; for Investors</title>
		<link>http://www.vietnamica.net/counterattack-by-bulls-sets-up-gold-for-weekly-gain-greek-can-of-worms-could-be-messy-for-investors/</link>
		<comments>http://www.vietnamica.net/counterattack-by-bulls-sets-up-gold-for-weekly-gain-greek-can-of-worms-could-be-messy-for-investors/#comments</comments>
		<pubDate>Fri, 18 May 2012 01:18:21 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
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		<guid isPermaLink="false">http://www.vietnamica.net/?p=12080</guid>
		<description><![CDATA[May 18, 2012 (Vietnamica) &#8212; Wholesale market gold prices climbed as high as $1594 an ounce during Monday morning&#8217;s London trading, jumping 1.5% in the first two hours, while Eurozone stocks looked to have stemmed four days of losses despite Greece and Spain seeing negative ratings decisions. A day earlier, Dollar prices to buy gold jumped 2% in two hours during Thursday&#8217;s US trading. &#8220;The bulls staged a big counterattack,&#8221; says the latest technical analysis note from Scotia Mocatta, a bullion bank. &#8220;In terms of the longer-term technical [though], the picture is still bearish so long as we remain below last week&#8217;s high at $1642.&#8221; On the currency markets, the Euro recovered some ground against the Dollar this morning, after sinking to a four-month low in Friday&#8217;s Asian session, during which time gold prices held most of the previous day&#8217;s gains. Heading into the weekend, gold prices looked set for a slight weekly gain by Friday lunchtime in London – having risen 4% from Wednesday&#8217;s low. &#8220;We&#8217;d like the market to hold at $1,550-$1,560,&#8221; says Nick Trenethan, Singapore-based senior metals strategist at ANZ . &#8220;If it does that, then I think there&#8217;s a fair chance we could continue higher towards the $1,600 level, perhaps re-establishing the range there&#8230;but [...]]]></description>
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		<item>
		<title>Jump in Gold as France Refutes EU Pact, Portuguese Contingency Rumored, Chinese Demand Overtakes India</title>
		<link>http://www.vietnamica.net/jump-in-gold-as-france-refutes-eu-pact-portuguese-contingency-rumored-chinese-demand-overtakes-india/</link>
		<comments>http://www.vietnamica.net/jump-in-gold-as-france-refutes-eu-pact-portuguese-contingency-rumored-chinese-demand-overtakes-india/#comments</comments>
		<pubDate>Thu, 17 May 2012 16:14:33 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
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		<category><![CDATA[gold trade and production]]></category>

		<guid isPermaLink="false">http://www.vietnamica.net/?p=12077</guid>
		<description><![CDATA[May 17, 2012 (Vietnamica) &#8212; The wholesale market gold price jumped at the start of New York trade on Thursday, cutting the week&#8217;s previous 3.3% dive to 5-month lows in half as the Euro fell and Eurozone stock markets slumped once again. The gold price touched $1558 per ounce before easing $3 lower. Silver did not follow, failing to break this morning&#8217;s earlier Dollar high at $27.86 per ounce. German Bund yields fell to fresh record lows, but Spain had to offer investors in new 3-year debt an annual yield of 4.37%, up from the 2.89% charged at the last comparable sale in April. The European Central Bank confirmed it has ceased working with some Greek banks because it believes them to be insolvent, while Portugal&#8217;s Diario Economico newspaper claimed a joint visit by the ECB, IMF and European Union to assess Lisbon&#8217;s €78 billion bail-out will also discuss contigency plans should Greece quit the single currency. Greece&#8217;s interim cabinet of academics, lawyers and diplomats was today sworn in, pending fresh elections in four weeks&#8217; time. The gold price in Euros jumped 1.9% from Wednesday&#8217;s low, trading above last week&#8217;s closing level. France&#8217;s new finance minister, Pierre Moscovici, today said [...]]]></description>
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		<item>
		<title>Masan Acquires Tuong An Vegetable Oil</title>
		<link>http://www.vietnamica.net/masan-acquires-tuong-an-vegetable-oil/</link>
		<comments>http://www.vietnamica.net/masan-acquires-tuong-an-vegetable-oil/#comments</comments>
		<pubDate>Thu, 17 May 2012 15:51:40 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
				<category><![CDATA[ASEAN]]></category>
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		<guid isPermaLink="false">http://www.vietnamica.net/?p=12072</guid>
		<description><![CDATA[May 17, 2012 (Vietnamica) &#8212; Rumor about Masan (HOSE: MSN) acquiring Tuong An Oil Company (HOSE: TAC) has been on the market for months. Believe it or not, let’s look at the following rationales. First, has Masan had M&#38;A precedent? Is M&#38;A the key tactic? The answer is yes. Masan has gulped down Vinacafe Biên Hòa (VCF). For TAC, which is ready on HOSE shelf, it is even easier. Moreover, CEO Madhur Maini was not reluctant to show Masan’s invasion shall be a series of M&#38;As. MSN will use Masan Consumer to swallow leading companies in fast moving consumer goods industry. Second, does MSN have cooking oil appetite? Yes. Cooking oil is becoming more and more popular in household consumption. Nielsen Vietnam (2010) reported that cooking oil was accounted for 29% of household spending in Vietnam, adding CAGR was 15%. Third, what is so good about TAC? Yes. Tường An is a big name in the market and used to have excellent PAT growth (135% and 215% in 2009, 2010 respectively). It only underperformed in 2011 (-71%) due to surges of inputs prices. Masan is confident that after acquiring TAC, they would be able to restructure the production cost and [...]]]></description>
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		<title>Vietnam: Urea Prices Surged; Supply Reportedly Sufficient</title>
		<link>http://www.vietnamica.net/vietnam-urea-prices-surged-supply-reportedly-sufficient/</link>
		<comments>http://www.vietnamica.net/vietnam-urea-prices-surged-supply-reportedly-sufficient/#comments</comments>
		<pubDate>Wed, 16 May 2012 15:17:11 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
				<category><![CDATA[Agriculture]]></category>
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		<guid isPermaLink="false">http://www.vietnamica.net/?p=12069</guid>
		<description><![CDATA[May 16, 2012 (Vietnamica) —Vietnam Agriculture Magazine (May 14) reported that urea prices kept going up. In the last 2 weeks, Phu My urea fertilizer was up from US$0.537 per kilogram to USD0.584. Meanwhile, the Fertilizer Association of Vietnam affirmed that there is no shortage of supply as compared with the current demand for agricultural production. According to the Chemical Department (MOIT), urea supply in the first 4 months of 2012 reached over 520.000 tons – of which, 460.000 tons were from local production and 64.321 tons from imports. In Q2.2012, the Petrovietnam Fertilizer and Chemicals Corporation (HOSE: DPM) will provide the market with 290.000 tons (200.000 tons in production, 60.000 tons in inventory, and 30.000 tons from import). The Ca Mau Fertilizer Manufacture Plant will supply 150.000 tons. In addition, the Ninh Binh Fertilizer Factory will start selling urea fertilizer in Q2. Because of price subsidies, domestic production cost of urea fertilizers made from natural gas is as low as 57.7% of imported products. The ratio of those made from coal is 23.52%. The Ministry of Agriculture and Rural Development has applied the formula of 1kg urea = 2 kg rice in calculating production cost of rice. Prof. Dr. [...]]]></description>
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		<item>
		<title>Sacombank Plans to Issue 5-year US$200 Mln International Bonds</title>
		<link>http://www.vietnamica.net/sacombank-plans-to-issue-5-year-us200-mln-international-bonds/</link>
		<comments>http://www.vietnamica.net/sacombank-plans-to-issue-5-year-us200-mln-international-bonds/#comments</comments>
		<pubDate>Wed, 16 May 2012 14:50:41 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
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		<guid isPermaLink="false">http://www.vietnamica.net/?p=12065</guid>
		<description><![CDATA[May 16, 2012 (Vietnamica) &#8212; Sacombank (HOSE: STB) is planning to issue 5-year US$200 million international bonds those are unsecured and nonconvertible (Intellasia, May 16). The issuance which is scheduled in the second or the third quarter of 2012 is subject to approval of annual general meeting of the bank. The coupon rate will be fixed and based on the average of market interest rates at the time of issuing. The bonds are expected to be listed on Singapore Stock Exchange. In February, S&#38;P gave Sacombank rates B+ for long-term and B for short-term credit. Meanwhile, Moody&#8217;s gave the bank rates B2 for foreign currency and B1 for local currency credit. Sacombank&#8217;s Bank Finance Strength Rating (BFSR) was at E+. The rating agencies said that STB&#8217;s outlook for all ratings is stable, except the negative outlook for deposits and bonds issued in foreign currencies. &#8212; * Related: Vietinbank Sold 5-year US$250 Mln International Bond; Offered Yield of 8.25 Pct]]></description>
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		<item>
		<title>How Long Is DPM Going Remain This Low</title>
		<link>http://www.vietnamica.net/how-long-is-dpm-going-remain-this-low/</link>
		<comments>http://www.vietnamica.net/how-long-is-dpm-going-remain-this-low/#comments</comments>
		<pubDate>Wed, 16 May 2012 14:23:54 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
				<category><![CDATA[Agriculture]]></category>
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		<guid isPermaLink="false">http://www.vietnamica.net/?p=12059</guid>
		<description><![CDATA[May 16, 2012 (Vietnamica) —  This is a very short update on the “diamond” ticker – DPM, which is buy-rated by Vietnam Finance. Let&#8217;s see the real profit generating ability of DPM in Q1.2012 reports as follows. Net profit for the mother company of DPM reached US$46 million (VND961 billion), up +69.2% compared with Q.2011 Q1 gross profit surged greatly by 55.33% of sales. This level of gross margin can be considered as “peerless” DPM continued to pertain approximately 70% of the market share in terms of nitrogenous fertilizer manufacture and distribution Vietnam Finance suggests that regardless of having 51% stake in Ca Mau Fertilizer Company, DPM is still the dominant player of this market. The demand for fertilizer in Vietnam is almost inelastic to price. If we compare DPM to the dairy blue chip Vinamilk (VNM) then DPM is superior to VNM in: gross margin (VNM makes only 30.6%), national-wide market share (VNM has 40%), and in net profit growth rate. Well, the question is how long is DPM going this low price of as much as 40% of VNM?]]></description>
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		<title>$1522 &#8220;Next Target for Gold&#8221;, But Dealers in Asia See &#8220;Sudden Surge&#8221; in Physical Bullion Demand</title>
		<link>http://www.vietnamica.net/1522-next-target-for-gold-but-dealers-in-asia-see-sudden-surge-in-physical-bullion-demand/</link>
		<comments>http://www.vietnamica.net/1522-next-target-for-gold-but-dealers-in-asia-see-sudden-surge-in-physical-bullion-demand/#comments</comments>
		<pubDate>Tue, 15 May 2012 14:21:45 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
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		<guid isPermaLink="false">http://www.vietnamica.net/?p=12056</guid>
		<description><![CDATA[May 15, 2012 (Vietnamica) &#8212; Wholesale market gold bullion prices dipped below $1550 an ounce for the first time since December on Tuesday – a fall of 7% since the start of this month – before regaining some ground by lunchtime in London. &#8220;The bear channel support had been at $1581,&#8221; say technical analysts at Scotia Mocatta, the bullion banking division of Bank of Nova Scotia. &#8220;The next target is a full retracement to December&#8217;s low of $1522 and there does not appear to be much standing in the way.&#8221; &#8220;Gold bugs[are] hiding deep in their gold caves pondering why gold isn&#8217;t rallying in spite of [the] sharp spike in risk-off sentiment,&#8221; said NYU professor Nouriel Roubini on Monday via the medium of Twitter. Asian dealers however report a pickup in physical gold bullion demand. &#8220;At the moment supply is a bit tight for immediate delivery,&#8221; one Singapore dealer tells news agency Reuters. &#8220;Refiners can&#8217;t deliver immediate gold because there&#8217;s a sudden surge in demand. We&#8217;re seeing demand from India, Thailand and Indonesia.&#8221; Silver bullion meantime dipped below $28 per ounce for the first time since January 1 on Tuesday, before bouncing slightly, while European stock markets also regained some ground after Monday&#8217;s heavy losses. [...]]]></description>
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		<title>PVEP to Invest US$16.5 Bln in Upstream Operations in 2011-15</title>
		<link>http://www.vietnamica.net/pvep-to-invest-us16-5-bln-in-upstream-operations-in-2011-15/</link>
		<comments>http://www.vietnamica.net/pvep-to-invest-us16-5-bln-in-upstream-operations-in-2011-15/#comments</comments>
		<pubDate>Tue, 15 May 2012 11:04:00 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
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		<guid isPermaLink="false">http://www.vietnamica.net/?p=12053</guid>
		<description><![CDATA[May 15, 2012 (Vietnamica) &#8212; State-owned PetroVietnam&#8217;s upstream arm, PVEP, plans to invest $16.5 billion in upstream oil and gas operations in 2011-15 (Platts, May 14). Director general Do Van Khanh also unveiled that PVEP had invested an average of US$1 billion-US$1.5 billion/year on exploration and production in 2007-11. The investment for 2011-15 will be used to help the company produce 44 million mt (around 322.5 million barrels) of oil equivalent, 34 million mt in Vietnam and 10 million mt in other countries, over the five-year period. PVEP plans to sign 20-22 new oil and gas contracts both in Vietnam and abroad in 2011-15. PVEP will actively implement deepwater oil and gas projects a long way offshore Vietnam in politically sensitive areas. In 2011, PVEP pumped 8.01 million mt of crude oil or 52.7% of Vietnam&#8217;s total crude output; 8.17 billion cubic meters of gas, or 98% of the country&#8217;s total gas output for the year. Most of this was from the South China Sea. It planned to raise its production of crude and condensate by 9.7% to 8.79 million mt and gas by 7.6% to 8.4 Bcm in 2012. As of May 14 this year, PVEP is conducting 62 [...]]]></description>
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		<title>Talanx AG to Raise Stake in PVI Holdings</title>
		<link>http://www.vietnamica.net/talanx-ag-to-raise-stake-in-pvi-holdings/</link>
		<comments>http://www.vietnamica.net/talanx-ag-to-raise-stake-in-pvi-holdings/#comments</comments>
		<pubDate>Tue, 15 May 2012 10:29:45 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
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		<guid isPermaLink="false">http://www.vietnamica.net/?p=12051</guid>
		<description><![CDATA[May 15, 2012 (Vietnamica) &#8212; PVI Holdings (HNX: PVI) plans to sell another 6 percent equity stake to German Talanx AG by the end of May 2012. Talanx subsidiary HDI-Gerling Industrie Versicherung AG will hold the stake. Value of the deal is disclosed (Bloomberg, May 15). Last August, Talanx bought 25 percent of Hanoi-based PVI for 1.9 trillion dong ($91 million) Insurance Australia Group Ltd. (IAG) last month bought 30 percent of AAA Assurance Corp. Non-life insurance revenue in Vietnam may increase 20 percent to about 24.2 trillion dong in 2012, according to a report on the Association of Vietnamese Insurers’ website.]]></description>
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		<title>France&#8217;s Strategy</title>
		<link>http://www.vietnamica.net/frances-strategy/</link>
		<comments>http://www.vietnamica.net/frances-strategy/#comments</comments>
		<pubDate>Tue, 15 May 2012 10:18:23 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
				<category><![CDATA[Countries]]></category>
		<category><![CDATA[Europe]]></category>
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		<category><![CDATA[Feature]]></category>
		<category><![CDATA[France]]></category>
		<category><![CDATA[The World]]></category>
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		<category><![CDATA[geopolitics]]></category>

		<guid isPermaLink="false">http://www.vietnamica.net/?p=12047</guid>
		<description><![CDATA[May 15, 2012 (Vietnamica) &#8212; New political leaders do not invent new national strategies. Rather, they adapt enduring national strategies to the moment. On Tuesday, Francois Hollande will be inaugurated as France&#8217;s president, and soon after taking the oath of office, he will visit German Chancellor Angela Merkel in Berlin. At this moment, the talks are expected to be about austerity and the European Union, but the underlying issue remains constant: France&#8217;s struggle for a dominant role in European affairs at a time of German ascendance. Two events shaped modern French strategy. The first, of course, was the defeat of Napoleon in 1815 and the emergence of Britain as the world&#8217;s dominant naval power and Europe&#8217;s leading imperial power. This did not eliminate French naval or imperial power, but it profoundly constrained it. France could not afford to challenge Britain any more and had to find a basis for accommodation, ending several centuries of hostility if not distrust. The second moment came in 1871 when the Prussians defeated France and presided over the unification of German states. After its defeat, France had to accept not only a loss of territory to Germany but also the presence of a substantial, united power on [...]]]></description>
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		<title>How to Fix Financial Services Regulation</title>
		<link>http://www.vietnamica.net/how-to-fix-financial-services-regulation/</link>
		<comments>http://www.vietnamica.net/how-to-fix-financial-services-regulation/#comments</comments>
		<pubDate>Tue, 15 May 2012 02:10:57 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
				<category><![CDATA[America]]></category>
		<category><![CDATA[Banking]]></category>
		<category><![CDATA[Capital Markets]]></category>
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		<category><![CDATA[Europe]]></category>
		<category><![CDATA[Feature]]></category>
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		<category><![CDATA[United Kingdom]]></category>
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		<category><![CDATA[gold trade and production]]></category>

		<guid isPermaLink="false">http://www.vietnamica.net/?p=12045</guid>
		<description><![CDATA[May 15, 2012 (Vietnamica) – Want a very quick solution to the privatized gains and socialized losses of modern financial services&#8230;? As I was reading of yet another spectacular mismatch between bank managers&#8217; competence and their remuneration, and this time at JP Morgan no less, I realized there is a simple solution which really could be implemented. Make the cost of regulation zero – or very nearly – for unlimited liability partnerships. Then let judicious self-interest, exercized by the partners themselves, do the rest. My father was what they now call an &#8216;investment banker&#8217;. His firm got it wrong by expanding business into the 1970s&#8217; slump, and when it went wrong the Official Assignee took everything he owned. That was in the days when partners had joint and several liability, which meant that all the top management of a firm were personally liable for the entire debts of their business. Joint and several liability quickly weeded out the incompetents, the gamblers and the unlucky (my poor old Dad, I like to think). It made managers look very carefully at their colleagues&#8217; strategies, and concentrated everyone&#8217;s efforts on controlling risks, rather than seeking bonus-building nominal profits. The approach was discarded in [...]]]></description>
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		<title>Gambling Business in Vietnam: What Can Foreign Investors Expect?</title>
		<link>http://www.vietnamica.net/gambling-business-in-vietnam-what-can-foreign-investors-expect/</link>
		<comments>http://www.vietnamica.net/gambling-business-in-vietnam-what-can-foreign-investors-expect/#comments</comments>
		<pubDate>Mon, 14 May 2012 03:33:11 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
				<category><![CDATA[America]]></category>
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		<category><![CDATA[Feature]]></category>
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		<category><![CDATA[Laos]]></category>
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		<category><![CDATA[Regulation]]></category>
		<category><![CDATA[United States]]></category>
		<category><![CDATA[Vietnam]]></category>
		<category><![CDATA[casino in Vietnam]]></category>

		<guid isPermaLink="false">http://www.vietnamica.net/?p=12038</guid>
		<description><![CDATA[May 14, 2012 (Vietnamica) &#8212; In early December 2011, the United States company Las Vegas Sands, primary investor in the Singapore Marina Bay Sands, announced a vision of investing in two huge resort complexes, one each in Ho Chi Minh City and Hanoi. The total invested capital would reach US$6 billion and would represent the most important foreign invested project ever conducted in Vietnam. It is clear that the Las Vegas Sands investment project is very attractive and will boost tourism in the country; however its social evils are less predictable. The very attractive large-scale investment project &#8211; which integrates casinos &#8211; has also reawakened the legal debate on gambling regulations in Vietnam. Under the laws of Vietnam, gambling is not “encouraged&#8217;”. It has been prohibited for many years because it was seen as contrary to the country’s habits and customs. The casino business is still considered a sensitive business in Vietnam. Currently, the top products in most casinos, the “prize-winning games” (such as Aruze, Aristocrat, WMS, Blackjack, Roulette) are only open to use by foreigners and overseas Vietnamese. During the last decade lawmakers have taken more than some little deliberation in opening the casino business to investments in Vietnam. [...]]]></description>
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		<title>China&#8217;s Economy Turns a Lot Uglier in April</title>
		<link>http://www.vietnamica.net/chinas-economy-turns-a-lot-uglier-in-april/</link>
		<comments>http://www.vietnamica.net/chinas-economy-turns-a-lot-uglier-in-april/#comments</comments>
		<pubDate>Sat, 12 May 2012 16:15:18 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
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		<guid isPermaLink="false">http://www.vietnamica.net/?p=12036</guid>
		<description><![CDATA[May 12, 2012 (Vietnamica) &#8212; Disappointing output and investment data for April have confirmed significant weakness in the Chinese economy, building a strong case for more aggressive monetary easing. China&#8217;s key monthly statistics show an economy still very much suffering from weak final demand. The mild stabilisation that China experienced throughout the first quarter appears to have been temporary. While some factors are in place to support economic activity, policy has been too timid to provide for a sustainable recovery. IHS Global Insight expects a reserve-ratio requirement cut soon, combined with a more aggressive fiscal stance.]]></description>
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		<title>Stronger Dollar &#8220;Makes Gold Rally Difficult&#8221;, Chinese Buyers &#8220;On the Sidelines&#8221;, Indian Dealers &#8220;Just Buying What They Need&#8221;</title>
		<link>http://www.vietnamica.net/stronger-dollar-makes-gold-rally-difficult-chinese-buyers-on-the-sidelines-indian-dealers-just-buying-what-they-need/</link>
		<comments>http://www.vietnamica.net/stronger-dollar-makes-gold-rally-difficult-chinese-buyers-on-the-sidelines-indian-dealers-just-buying-what-they-need/#comments</comments>
		<pubDate>Sat, 12 May 2012 02:46:12 +0000</pubDate>
		<dc:creator>Vietnamica Monitor</dc:creator>
				<category><![CDATA[America]]></category>
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		<guid isPermaLink="false">http://www.vietnamica.net/?p=12032</guid>
		<description><![CDATA[May 12, 2012 (Vietnamica) – Wholesale market gold prices touched their lowest level since the first week of January Friday, hitting $1574 an ounce before recovering some ground, while stocks and commodities fell and US Treasury bonds gained, with dealers in major gold buying countries reporting continued limited demand for precious metals. Silver prices fell to $28.54 an ounce – also a four-month low, and 6.1% down on last Friday&#8217;s close. Heading into the weekend, spot market gold prices looked set for a 3.7% weekly loss by Friday lunchtime in London. Based on PM London Fix Gold prices, the week ended 2 March was the last time gold fell further in a single week. On the currency markets, the Euro fell to its lowest level against the Dollar since January 23 – two days before the Federal Reserve published policymakers&#8217; interest rate projections for the first time, showing a majority expected near-zero rates until at least late 2014. The US Dollar Index – which measures the Dollar&#8217;s strength against a basket of other currencies – hit its highest level since March 16 this morning. &#8220;When the market gets very nervous, then they buy Dollars and gold finds it difficult to rally,&#8221; says Jesper Dannesboe, senior [...]]]></description>
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