Louis Taylor News
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Vietnam’s state coal miner may make it onto a list of the world’s top mining companies by just one measure: its workforce. With almost 140,000 staff, it has more than BHP Billiton Ltd. and Rio Tinto Plc combined.
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The Vietnamese dong’s recent rally suggests the market sees “very little chance” of a devaluation in the next three to four months, according to Standard Chartered Plc .
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Vietnam’s arrest of a high-profile banking tycoon triggered the largest stock market drop in almost four years amid investor concern that it signaled wider vulnerabilities in the country’s financial system.
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Vietnam’s trade deficit narrowed in October from September, which may ease pressure on a currency that declined last week to the weakest level since at least 1993.
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Vietnamese stocks, the second-best performers in Asia this year, are cheap and may rally in the next two quarters as slowing inflation prompts the central bank to cut interest rates, Dragon Capital Group Ltd. said.
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Vietnam’s arrest of Nguyen Duc Kien, the founder of several banks, triggered the largest stock market drop in almost four years and highlighted investor concern about the vulnerability of the country’s financial system.
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Vietnam cut interest rates for a fifth time this year to spur growth after a report yesterday showed economic expansion stayed below 5 percent this quarter.
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Vietnam appointed Standard Chartered Bank Plc to advise on improving the country’s sovereign debt rating, as it seeks to attract foreign investment, the lender said in an e-mailed press release today.
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Vietnam stocks, Asia’s worst performers in 2011, may climb 25 percent this year as lower interest rates bolster corporate earnings, according to Manulife Asset Management (Vietnam) Co.
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Vietnam’s trade deficit narrowed in January from December, providing support for a currency that was devalued by about 7 percent a year ago.
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