Vietnam 

Bad debt handling to be audited – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

            HÀ NỘI The handling of bad debt among credit institutions would be audited this year in order to formulate recommendations for effectively implementing a National Assembly resolution, according to the State Audit Office of Việt Nam (SAV). Under the SAV’s plan, the process would be carried out at the State Bank of Việt Nam, the Việt Nam Bank for Industry and Trade (Vietinbank), the Bank for Investment and Development of Việt Nam (BIDV), the Việt Nam Asset Management Corporation and…

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Home 

Soho China wins libel case against Chinese blogger for claiming that its Zaha Hadid-designed Wangjing project is bad feng shui

Pan Shiyi, the founder of Soho China and an outspoken property developer with 20 million followers on his blog posts, has won a libel suit against a Chinese blogger who alleged that the bad feng shui in one of Soho’s projects is bad for tenants.Zhuhai Shengun Internet Technology, which operates a blog called “S. Shengunju. S”, was ordered by the Beijing Chaoyang District Court to apologise to Pan, and pay Soho 200,000 yuan (US$29,800) in compensation. The blog wrote that Pan’s Wangjing Soho… Source link

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Vietnam 

Credit institutions recover nearly $8.8b of bad debts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Credit institutions in Việt Nam settled more than VNĐ204.4 trillion (US$8.77 billion) of non-performing loans (NPLs) by the end of Q1 2019. VNA/VNS Photo HÀ NỘI — Credit institutions in Việt Nam settled more than VNĐ204.4 trillion (US$8.77 billion) of non-performing loans (NPLs) by the end of the first quarter this year, said Nguyễn Thị Hồng, deputy governor of the State Bank of Việt Nam (SBV). The bad debts accounted for 40.1 per cent of the total, Hồng said. SBV reports also showed banks handled VNĐ149.22 trillion (US$6.37 billion) of…

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Global 

China’s fragile trade economy could be at risk, as EU outlook goes from bad to worse

A recession in Europe would hit demand for Chinese exports and could lead to a further narrowing of China’s trade balance, analysts have said.Existing concerns that Europe was on the verge of a recession were stoked on Friday by new data which shows the bloc’s manufacturing sector is struggling.The euro zone purchasing managers index (PMI) showed that manufacturing contracted in March, at a rate not seen in nearly six years. Along with the already weak performances of major European economies… Source link

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Vietnam 

New policy to speed up bad debt settlement – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Viet Nam News HÀ NỘI – The central bank is drafting a new circular regulating credit institutions’ trading and handling of non-performing loans (NPL) with the aim of forcing the institutions to focus more on bad debt settlement. Under the draft, private credit institutions, which still hold special bonds issued by the Việt Nam Asset Management Company (VAMC) – meaning they have not settled bad debts kept at the VAMC yet – will not be allowed to make dividend payments in cash. The fund must instead be used to handle…

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Home 

Beijing orders banks to relax bad debt ratio for loans made to small companies

China’s top banking regulator has ordered commercial banks to relax their tolerance over non-performing loans (NPLs) owed by small companies, reflecting the latest move by Beijing to support private companies amid the deepening economic slow down.Commercial banks can loosen the NPL ratio tolerance for “inclusive small companies” by 3 percentage points, according to a guideline published by the China Banking and Insurance Regulatory Commission (CBIRC) on its official website on Wednesday.The… Source link

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China 

China’s bad debts may worsen if growth falters below 6 per cent, warns US rating agency

China’s bad debts may become worse if its growth falls below 6 per cent, according to US rating agency Moody’s.The respected ratings agency said that the trade policy of the United States will be a significant risk to business growth and trade and supply chains, not just in China, but globally.Facing a trade war with the US, along with economic growth at the slowest in decades, China has launched a series of measures aimed at providing better support to private enterprises, which have struggled… Source link

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Vietnam 

Banks hold auctions to cut bad debts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Agribank headquarters in Hà Nội. Agribank AMC will hold an auction on February 27 to sell assets from Đại Việt Company. – VNA/VNS Photo Viet Nam News HÀ NỘI – Some banks are putting assets secured with non-performing loans worth hundreds of billions of Vietnamese đồng up for auction in the first days of the Lunar New Year to speed up the resolution of bad debts. Most non-performing loans (NPLs) are attached to assets borrowers bought or created thanks to these loans, including real estate, factories, enterprises, industrial clusters and…

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Vietnam 

Agribank must go IPO by 2020, clear all bad debts – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

Deputy Minister Huệ addresses a working visit to state-run Agribank on Monday. He demanded Agribank launch an Initial Public Offerings (IPO) by 2020. — Photo anninhthudo.vn Viet Nam News HÀ NỘI — The Vietnam Bank for Agriculture and Rural Development (Agribank) must resolve all non-performing loans kept at the Việt Nam Asset Management Company (VAMC) soon, said deputy PM Vương Đình Huệ. Huệ made the statement during his working visit to the state-run bank on Monday. He also demanded Agribank to launch an Initial Public Offering (IPO)…

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China 

You thought 2018 was bad for China’s stock market? Profit warnings suggest worse may be yet to come

Last year was a dreadful one for mainland Chinese equities as a slowdown in economic growth and the trade war with the US combined to crush market sentiment. The bad news for investors is that the worst may be yet to come. Preliminary announcements showed that 390 companies listed on China’s bourses are set to report a combined loss to the tune of 330 billion yuan (US$49 billion) for 2018. That means the total loss for the country’s listed firms is on track to be three times greater than a…

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