Robusta coffee gained in London after rallying the most since 2011 yesterday as investors closed out bets on lower prices due to low stockpiles and falling exports from top grower Vietnam. Sugar advanced.
Declining coffee exports from Vietnam, the world’s largest producer of the robusta variety used in instant drinks, drove bearish bets on the beans traded in London to a six-week low, NYSE Liffe data showed.
Coffee sales from Vietnam, the world’s largest producer of the robusta variety used in instant drinks, will probably pick up when the harvest ends, according to Volcafe, a unit of trader ED&F Man Holdings Ltd.
VietJet Aviation Joint Stock Co., Vietnam’s only privately owned airline, aims to double its domestic market share to 50 percent in three years, tapping rising demand for flights in the country of 90 million people.
Vietnam’s leaders are set to tighten their grip on the economy, affirming the central role of the ruling Communist Party and the dominance of state companies in a revised constitution to be approved this week.
The rush of foreign investors into Vietnam’s most-favored companies has exhausted the government- limited supply of shares, freezing out some as inflation slows and the economy recovers from the weakest growth since 1999.
Ho Chi Minh City Housing Development Commercial Joint-Stock Bank is in talks with three Japanese finance firms to sell as much as a 30 percent stake, amid a wave of investments in Vietnam from Asia’s second-largest economy.
A Vietnam court will consider the death penalty for two former executives if they’re convicted in a $25 million fraud scheme, signaling an aggressive stance as leaders seek to clean up the banking system.