Business

Vietnam’s 1st private airline loses in $1.3 million lawsuit

The People’s Court of HCM City has ruled that Indochina Airlines has to pay its $1.3 million debt to the Asian Commercial Bank following the latter’s lawsuit.

Era of banking secrecy is over: OECD chief

A crackdown on banking secrecy has brought governments 14 billion euros in additional revenue, said OECD chief.

World powers confront eurozone debt crisis

The leaders of the world's most powerful economies confronted a new financial crisis as they began a G20 summit with markets plummeting.

Coffee industry to spend $600m in bid to regain trademark

Vietnam will spend $600 million in a lawsuit that aims to regain the Buon Ma Thuot coffee trademark from foreign businesses, said an official.

Small telecom firms fear monopoly over EVN Telecom deal

Hanoi Telecom sent a request to the prime minister seeking interventions in acquisition plans for EVN Telecom.

In or out: Europe heaps pressure on Greece

European leaders drew a line in the sand for Greece, saying its referendum on a hard-won bailout deal will decide whether it stays in the eurozone.

China says it hopes EU will stick to bailout plan

China said on Wednesday it hopes Europe will stick to a bailout plan reached at last week's debt crisis summit.

Overseas remittance to Vietnam to hit US$8.5 billion

The volume of overseas remittance to Vietnam is forecast to hit $8.5 billion this year, according to the State Bank of Vietnam.

S. Korea's Kia Motors to build new plant in China

South Korea's second largest automaker Kia Motors said Wednesday it would build a new plant in China to meet growing demand in the world's fastest-growing car market.

Real estate firms slash prices to remain in business

Many real estate companies have reported incurring losses due to the country’s moribund real estate market.

Greek PM calls referendum on EU debt deal

Embattled Greek Prime Minister George Papandreou called for a confidence vote and a referendum on last week's EU debt deal.

Fruit companies get wise with Chinese traders

While many Vietnamese fruit companies are still transporting their fruits to China’s border gates to wait for customers, some have done differently.

Gold regulation to create monopoly in bullion trade

The State Bank is seeking Government approval for a draft decree to tighten control over gold bar production and trading.

VEA proposes to lessen dependence on Chinese contractors

The Vietnam Energy Association proposed regulation changes that lessen power contracts granted to inefficient Chinese companies.

Property firm slashes apartment prices to ease loan pressure

The PetroVietnam Power Land JSC has announced a price discount of 35% on apartments to ease its financial pressure to repay bank loans.

Japan intervenes in currency market to weaken yen

Japan on Monday intervened in currency markets for the first time since August to weaken the yen.

Prices forecast to inch up in November

The consumer price index is set to inch up 0.2-0.3 percent over last month, according to the Domestic Market Management Board.

Hanoi Telecom insists on EVN Telecom acquisition

Hanoi Telecom Corporation is seeking Ministry of Information and Communications intervention so that it can acquire half of the third generation (3G) bandwidth held by EVN Telecom.