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Tag: asia

  • Tesla and SpaceX billionaire Elon Musk buys a 9.2% stake in Twitter

    Tesla and SpaceX billionaire Elon Musk buys a 9.2% stake in Twitter

    Billionaire Elon Musk, CEO of SpaceX and Tesla, has recently acquired a three billion dollar Twitter stake, which equates to about 9.2% of the social media company, or 73,486,938 Twitter shares.

    The news comes from a US securities filing, and according to the BBC, the acquisition, which reportedly happened on March 14, has now resulted in Twitter’s shares jumping up 25% in pre-market trading. With his acquisition, Musk now owns a larger Twitter share than the site’s original co-founder and until recently CEO Jack Dorsey, who currently owns 2.25%.

    Being a regular and prolific Twitter user, Elon Musk’s official profile currently has over 80 million followers. He’s used the platform to not only share his views on current events and update people on what his companies are up to, but to interact with fans, often Tesla users, and has been known to regularly share witty memes.

    This has created an image of being a different and fun, relatable “kind of billionaire,” as opposed to the likes of Microsoft co-founder Bill Gates and Amazon founder Jeff Bezos.

    Notably, the billionaire has used Twitter to share his views on the subject of free speech, and has been critical of social media sites, Twitter included, in regards to it.

    The 50-year-old billionaire’s first breakthrough was through co-founding x.com, which was later renamed to PayPal and sold to eBay for $1.5 billion. Currently Musk is most well-known as the CEO of electric car company Tesla and aerospace manufacturer SpaceX.

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  • Apple TV+, Netflix drop out of bidding for rights to Will Smith’s biopic following “the slap”

    Apple TV+, Netflix drop out of bidding for rights to Will Smith’s biopic following “the slap”

    One of the most bankable and likable stars in Hollywood has seen his reputation shattered in the time it took Will Smith to rise out of his seat at the Academy Awards and slap Chris Rock in the face. Everyone knows the story now and since film and television aren’t part of our beat, there is no sense in taking a deep dive and analyzing the whole affair. However, Apple is on our beat and there is part of this story that has an impact on the tech titan.

    Apple TV+ and six other companies including Netflix have been bidding for the rights to a film version of Smith’s biography; the best-seller was published in 2021. A source said “Apple TV+ and Netflix have pulled out of the bidding for the project and are now planning to use the funds to develop original ideas pitched by new black actors. The source added that “Working with Will has become a risky business. They (including Apple) now plan on developing ideas with more family-friendly stars like Mike Epps and Michael B. Jordan.”

    Think about how strange this all sounds. We should point out that Smith was scheduled to star in a new original film for Apple TV+ called “Emancipation.” Production had been halted on the set because of Covid and it isn’t clear what the film’s status is at this time.

    After the slap, the awards show continued and Smith won the Best Actor Oscar for his part in “King Richard,” a film about Richard Williams, the father of tennis stars Venus and Serena Williams. In winning that award, he beat out Denzel Washington who was nominated for starring as Macbeth in the Apple TV+ movie “The Tragedy of Macbeth.”

    The slap heard around the world is going to hurt Will Smith as companies like Apple drop him like a bad habit. Apple has enough bad press thanks to its App Store policies without having to carry Smith’s baggage too.

    Eventually, the American people will forget, and Smith’s name will grace the “A” list once again. But right now, you can’t blame Apple for taking a hard pass on streaming a Will Smith Biopic. Speaking of streaming, Apple did become part of motion picture history on Oscar night as Apple TV+ became the first streaming service to take home a Best Picture Oscar as CODA took the victory in that category.

    Winning “Best Picture” has helped Apple TV+ subscriptions soar 25% in the aftermath of the televised awards show. At the same time, the number of Apple TV+ subscribers viewing CODA soared 300% week-over-week. The film was also the first with a mostly all-deaf cast to pick up the hardware for “Best Picture” at the event. Apple has never released subscription numbers for Apple TV+, but by one estimate it is believed to have 40 million accounts with 20 million paying customers.

    Apple secured the rights to the movie by paying a Sundance Film Festival record of $25 million. While it would seem that Apple made a smart investment in purchasing the movie rights, it isn’t clear whether many new subscribers were taking advantage of the seven-day free trial of the service that Apple offers just so they could view CODA and see what all of the excitement was about.

    Apple also gives away three free months of Apple TV+ to consumers who purchase an iPhone or other Apple products. Apple will have to see whether these subscribers stick around before it can make a final statement about its investment in CODA. With the huge jump in subscriptions thanks to CODA’s Best Picture victory, it does seem that the world famous “slap” didn’t completely grab all of the attention away from the actual winners during the 94th Academy Awards.”

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  • Will Ethereum Replace Bitcoin?

    Will Ethereum Replace Bitcoin?

    Backed by Greenpeace USA, a group of environmentalists wants bitcoin to switch from its current method of mining to a more energy-efficient model.

    An upgrade of the cryptocurrency Ethereum is planned for next summer. The big question here is whether it will be possible to switch to a more environmentally friendly scheme for mining. The only thing stopping bitcoin from switching from its energy-intensive method of consensus known as Proof of Work (PoW) to the less energy-intensive Proof of Stake (PoS) procedure is the cost of transitioning, supporters of the campaign Change the Code Not the Climate, say.

    If only it were that simple.

    PoS is not a perfect substitute for PoW, Professor for distributed ledger technology & fintech at the University of Basel Fabian Schaer, says. PoS is an alternative way to reach a consensus, he says. But what does that actually mean?

    Unequal Consensus Methods

    Both PoW and PoS are so-called consensus protocols used to maintain Blockchains in a decentralized way. While efficiency is an important metric in this process, it’s certainly not the only one. Framing PoS and PoW as being equivalent, except for their energy consumption, is problematic, Schaer says.

    PoW has the disadvantage of requiring immense computational resources, yet it also has the benefits of being extremely simple and open to anyone who wants to join in the verification process. There is no need to get permissions, nor to hold specific assets to be able to start proposing blocks, Schaer says.

    The PoS method, where owners stake their digital assets as locked-in collateral for the consensus process, is extremely complex. Although there has been impressive progress in the past ten years, PoS is certainly more prone to unforeseen security issues than PoW,  Schaer says.

    Bitcoin vs Ethereum

    Since Bitcoin was launchged in 2009, all cryptocurrencies have been based on the PoW concept. Crypto miners operate and secure the network and in return are compensated with the fees paid by the users of the network. At the same time they receive new Bitcoins, but this dilutes supply.

    Ethereum is a cryptocurrency used on the blockchain. If the PoS method is used, the participants will also be compensated with fees and new digital assets, thus not diluting the supply of Etherum. The downside, is there are still many technical issues to be resolved with this system.

    Market-Driven

    There are indications that if Etherum succeeds in introducing the PoS method, Bitcoin would lose massive importance.

    In the end, the market will decide as bitcoin exists in an ecosystem where companies, users and developers choose the system which suits them best. More likely than a fully-fledged shift, the blockchain road will arrive at a fork on which both consensus methods continue to co-exist.

    VHS vs Betamax

    The current debate calls the mind the video cassette recorder (VCR) battle in the 1970s between Sony’s Betamax and VHS formats. Betamax was arguably the better system and was initially the leader. As prices for VCRs came down, the VHS format pulled ahead and eventually won, because they were more attuned to the market.

    In the end, it comes down to preferences and the question what is an open database worth? Schaer says.

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  • UBS Loses a Top IT Talent to Consulting Firm

    UBS Loses a Top IT Talent to Consulting Firm

    The man who kept the heart of the core banking system at UBS beating is moving to a Big Four consulting firm.

    Prafull Sharma, who joined UBS in 2019 and served as managing director and head of core banking systems, is moving on to PricewaterhouseCoopers (PwC), the consulting and auditing firm announced Friday.

    Sharma has also appointed a partner in the financial services consulting division, and becomes the new head of CIO Advisory at PwC, focusing on technology, strategy and cloud transformation,

    Prior to his stint at UBS where he was also chief data officer for personal and corporate banking under multichannel chief Andreas Kubli, Sharma was at PwC competitor KPMG Switzerland.

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  • Vietnam to import coal from Australia amid power shortage fears

    Vietnam to import coal from Australia amid power shortage fears

    Vietnam wants to import around five million tonnes of coal from Australia amid a domestic shortage that has forced power plants to cut production.

    Apprising Australian ambassador Robyn Mudie about this on Friday Minister of Industry and Trade Nguyen Hong Dien sought his help to link up Vietnamese companies with their Austrian counterparts so that they could start buying the coal this month.

    Australia is one of the world’s biggest coal exporters. The trade ministry is also looking for sources in South Africa. National utility Vietnam Electricity (EVN) said this week that several thermal power plants in the northern and central regions are cutting down production to 60-70 percent due to a coal shortage.

    It also warned of the risk of power shortages from this month. But the trade ministry has said there will be no power shortages this year. It is mobilizing around 3,700 megawatts from other coal- and gas-fired plants and renewable and hydropower sources.

    EVN said that by 2025 another 5,500 megawatts of renewables are needed to ward off power shortages. It has also called for incentives for rooftop solar. The company is seeking the government’s permission to build wind power plants in the north. Most plants now are in the central and southern regions.

    Coal-fired plants accounted for 43.6 percent of total power generation in February, according to EVN. Vietnam promised to achieve net-zero emissions by 2050 at the U.N. Climate Change Conference in the U.K. last November.

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  • Lamborghini returns to Vietnam

    Lamborghini returns to Vietnam

    Luxury car brand Lamborghini is set to return to Vietnam in the second quarter after disappearing for over a year.

    The Italian company has selected S&S Automotive as its new distributor in Vietnam to replace CT Wearnes. It did not state why the partnership with CT Wearnes ended.

    S&S Automotive, which also distributes luxury brands Rolls-Royce and McLaren, said the new Lamborghini showroom is being constructed and will begin operation in the second quarter.

    The showroom will be in District 1, Ho Chi Minh City, where the other two brands Rolls-Royce and McLaren are available.

    S&S Automotive has also put into operation a new maintenance facility in Tan Binh District for both Lamborghini and Rolls-Royce cars.

    Lamborghini was considered the first luxury car brand to enter Vietnam when it launched a showroom in Hanoi, which was open until 2018.

    The brand then opened a new showroom in District 7, HCMC, by the end of 2020 via CT Wearnes.

    As most car import activities shut down early last year, CT Wearnes showrooms in District 7 stopped displaying cars of French brand Renault and Lamborghini.

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  • HSBC lowers Vietnam growth forecast

    HSBC lowers Vietnam growth forecast

    HSBC has lowered its GDP growth forecast for Vietnam from 6.5 percent to 6.2 percent due to inflationary pressures amid rising global energy prices.

    “Vietnam is facing multiple challenges given elevated global energy prices. It will increase its energy bills, deteriorating its terms of trade position,” the bank said.

    The country’s imports of crude oil and petroleum in March were double and four times the 2021 monthly averages, and the rising trend seems set to continue.

    This is likely to shrink Vietnam’s external metrics, making it run a second consecutive current account deficit, and higher oil prices would increase the cost of living, dampening recovery in private consumption, the lender said.

    It raised its inflation forecast for the year to 3.7 percent due to the high energy prices, saying this would increasingly call for the need for monetary normalization. The government targets inflation of not more than 4 percent.

    The bank pointed out that the GDP growth of 5 percent in the first quarter was higher than its forecast of 4.7 percent, indicating the country is firmly back on the recovery track.

    The manufacturing sector remained the key driver of growth in the first quarter, driven by a double-digit increase in electronics production.

    Exports grew by 13 percent year-on-year thanks to increased demand for electronics products though strong figures were reported across sectors like textile, footwear, machinery, and wooden products.

    With Vietnam reopening its borders on March 15, HSBC expects a “small rebound” in tourism this year.

    Authorities are hoping to get 8-9 million foreign tourists this year, 40-50 percent of the 2019 numbers.

    Economic growth of 6.2 percent will however make Vietnam one of the region’s top performers.

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  • Waymo Offers Driverless Rides To San Francisco Employees, Expands In Phoenix

    Waymo Offers Driverless Rides To San Francisco Employees, Expands In Phoenix

    Alphabet Inc unit Waymo said on Wednesday it has started offering driverless rides to employees in San Francisco, accelerating a race with General Motors Co-backed rival Cruise to commercialize the technology in the dense city.

    Waymo also introduced autonomous rides to employees in downtown Phoenix with safety drivers behind the wheel, with a goal to open it to public testing.

    “Operating fully autonomously in multiple markets – in addition to Waymo’s growing trucking operations – is a critical validator of the scalability of Waymo’s operations and technology,” it said in a statement.

    A self-driving technology pioneer, Waymo started the first U.S. driverless taxi service in 2020, over a decade after it was born in 2009 as a project inside Google. While it gives paid rides to hundreds of people a week using Chrysler minivans, Waymo’s service has not expanded beyond suburban Phoenix areas that cover about 50 square miles (129.5 square kilometers).

    Waymo in August started giving autonomous rides free of charge to a limited number of people in San Francisco with safety drivers on board, using its Jaguar electric vehicles equipped with sensors such as spinning lidars on the top.

    Waymo needs to receive at least two more permits from the California Department of Motor Vehicles (DMV) and the California Public Utilities Commission (CPUC) to start charging passengers for driverless rides in San Francisco.

    Waymo declined to comment on whether it had applied for the permits.

    Cruise already is giving fully driverless rides to employees and members of the public free of charge in San Francisco. The company is seeking CPUC approval for commercial driverless service, with a goal to get permitted this year.

    Self-driving technology firms, which have attracted billions of dollars of investments, face challenges of scaling up their technology, after missing their earlier targets to launch commercial services.

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  • Vietnamese honey gets a sweet deal in Taiwan

    Vietnamese honey gets a sweet deal in Taiwan

    Vietnam’s honey exports to Taiwan rose by 57 percent last year to US$1.64 million, thanks to competitive prices and growing quality.

    Oanh, a woman from the northern province of Hai Duong who is working in Taiwan, said Taiwanese increasingly prefer Vietnamese honey due to its better prices than Thai products.

    Last year Vietnam was the second largest natural honey exporter to Taiwan, accounting for nearly 10 percent of the latter’s total imports. Its export volumes rose by 44 percent to 382 tons, according to statistics from Taiwan’s Bureau of Foreign Trade.

    In the first two months of 2022 exports quadrupled year-on-year to 46 tons. Vietnam exports 54,000 tons of honey annually, 95 percent of it to the U.S.Exporters said Taiwan is a promising market for honey due to growing demand.

    But the U.S. has imposed a preliminary anti-dumping tax of over 410 percent on Vietnamese honey.

    Its import tax on honey from other countries is around 30 percent.

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  • Vietnam Airlines accumulated loss nears charter capital

    Vietnam Airlines accumulated loss nears charter capital

    The accumulated loss of national flag carrier Vietnam Airlines climbed to VND21.98 trillion ($928.39 million) last year, roughly the same as its charter capital.

    The airline was hit hard by the Covid-19 pandemic that saw borders closed and commercial flights suspended for two years.

    It posted a loss of VND13.02 trillion last year alone, with revenue dropping 31 percent year on year to VND28.09 trillion.

    The airline increased its charter capital by 56 percent to VND22.14 trillion last year by issuing 800 million shares, with the State Capital Investment Corporation (SCIC) contributing an additional VND6.89 trillion.

    The Commission for Management of State Capital at Enterprises (CMSC) now holds a 55.2 percent stake in the flag carrier, the SCIC 31.14 percent, and Japan’s ANA airline 5.62 percent.

    The airline has been increasing the number of flights it operates since the beginning of this year as the government began lifting restrictions based on rising vaccination rates.

    It operated 7,314 flights last month, up nearly 21 percent year-on-year.

    The airline has proposed that the government raises the price cap for domestic travel from April 1 and add a fuel surcharge for local routes as fuel prices have soared in recent months.

  • Bamboo Airways not affected by ex-chairman’s arrest

    Bamboo Airways not affected by ex-chairman’s arrest

    The Civil Aviation Authority of Vietnam says carrier Bamboo Airways is operating normally, unaffected by the recent arrest of its ex-chairman Trinh Van Quyet.

    The carrier’s key personnel, including pilots, cabin crew, and technical staff are complying with all regulations, it reported to the Ministry of Transport Thursday, after an emergency meeting with the airline’s management.

    The meeting happened a day after the arrest of real estate giant FLC and Bamboo Airways chairman Trinh Van Quyet for alleged manipulation of his company’s share prices by using 20 different trading accounts to create fake demand.

    Quyet is the largest shareholder of the airline, holding 55.5 percent of its charter capital, or VND3.89 trillion ($170.3 million). Bamboo Airways has a charter capital of VND7 trillion.

    The aviation authority also assured that in the case Quyet’s assets were frozen, the carrier would still operate normally operational, as it meets the government’s minimum capital requirement of VND700 billion.

    But it will keep a close watch on the carrier for the next three to six months to ensure safety and assess the impacts of Quyet’s arrest.

    “The Civil Aviation Authority of Vietnam will support Bamboo Airways when necessary to help the airline overcome current difficulties, and maintain development,” it said.

    On Thursday, FLC deputy chairman and Bamboo Airways’ general director Dang Tat Thang replaced Quyet as the airline’s new chairman until shareholders and the board of directors make a final decision.

    Thang continues to retain his position as general director.

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  • Thais Turn To EVs At Motor Show As Petrol Prices Soar

    Thais Turn To EVs At Motor Show As Petrol Prices Soar

    Thousands attended the Bangkok International Motor Show this week where electric vehicles (EVs) were in the spotlight due to rising petrol prices and a government subsidy taking 15% off the price of some EV cars.

    Thailand, along with most other countries in Southeast Asia, has been slow off the blocks to embrace EVs, but demand is starting to gain momentum with Chinese carmakers, in particular, producing cheaper models and increasingly targeting the region.

    “I can’t handle paying for the price of gas anymore, so I’m here looking to buy an electric car,” said Natnicha Srimuang, who purchased an EV at the motor show. Thai gasoline prices are around 40 baht ($1.20) per litre, up 50% from last year.

    Some see a switch to EVs as a way to save money longer-term.

    “I (want) to invest my money in a good electric car that fits my lifestyle,” said Patricia Duangcham, who said she expects to save thousands of baht a month from the purchase.

    The combination of energy price concerns and more affordable models will help spur EV adoption, said Michael Chong, general manager of Great Wall Motor Thailand.

    This year’s motor show was also the first since government subsidies for EV buyers were introduced.

    While many global car makers displayed EVs, there were long queues to take a peek inside Great Wall Motor’s competitively priced ‘ORA Good Cat’ model.

    Domestic demand for EVs is a crucial part of a Thai government strategy to preserve its status as a major regional automaker. The government is targeting production of 725,000 EV units a year, or 30% of total vehicle output, by 2030.

    Thailand is Asia’s fourth-largest auto assembly and export hub for companies like Toyota Motor Corp and Honda Motor Co Ltd.

    State-owned energy firm PTT Pcl has teamed up with Taiwan’s Foxconn to produce EVs in Thailand by 2024.

    China’s Great Wall Motor also plans to produce EVs in Thailand in two years’ time.

    The demand for EVs has been picking up in Thailand, though from a low base. Last year, the number of registered fully electric cars doubled to about 4,000, though that still pales in comparison with total domestic car sales of 759,119 last year.

    Despite the hype around EVs, some attending the motor show intend to stick to combustion engines due to concerns about the new technology.

    “(The) EV car is only starting, and no one knows what kind of problems are going to happen,” said Ponchai Lertlai, 59.

  • AIS, Qualcomm and ZTE debut world’s first 5G NR-DC showcase with 2.6GHz and 26GHZ in Thailand

    AIS, Qualcomm and ZTE debut world’s first 5G NR-DC showcase with 2.6GHz and 26GHZ in Thailand

    AIS, Qualcomm Technologies, Inc. and ZTE have jointly announced the world’s first 5G NR-DC (new radio dual connectivity) showcase in the field with 2.6GHz and 26GHz, achieving 8.5Gbps peak downlink speed and 2.17Gbps peak uplink speed with a single mobile device. As part of the joint effort, this collaboration combines two major 5G frequency bands, sub-6 and 5G mmWave, to enhance the capabilities of Thailand’s 5G network and extend the 5G application landscape.

    The test was conducted at the AIS commercial 5G site in Korat, Thailand, using a smartphone form-factor test device powered by Snapdragon® X65 5G Modem-RF System, and ZTE’s latest mmWave AAU network infrastructure equipment.

    The NR-DC was implemented with one 100MHz carrier in 2.6GHz, and four 200MHz carriers in 26GHz. The test achieved 8.5Gbps peak downlink speed and 2.17Gbps peak uplink speed demonstrating the extraordinary capability and flexibility of NR-DC for diversified requirements from individual consumers and industry leaders.

    This NR-DC showcase drives the commercial progress of 5G mmWave into the fast lane in Thailand. AIS, Qualcomm Technologies and ZTE are together committed to accelerating and growing 5G for capability enhancement, efficiency improvement and application boundary extension.

    “AIS’s key goal is to develop the smart 5G network as a national infrastructure with investments of 30,000-35,000 MB,” Wasit Wattanasap, head of nationwide operation and support business unit at Advanced Info Service Pcl. (AIS), commented, “We are the licensee holding the most spectrum in low band, mid band and high band or mmWave, which has the outstanding feature of rapid data transmission with low latency. We have never stopped deploying innovations to level up the network, including 5G Non NSA/SA Voice over new radio (VoNR) and 5G carrier aggregation (CA), to provide increasingly improved experiences to Thai customers, which was our intention when we joined the auction for spectrum.”

    “Most recently, we have continued our collaboration with ZTE and Qualcomm Technologies, to jointly trial 5G NR-DC technology. It is a crucial step to combine different 5G spectrum, 2600 MHz (mid Band) and 26GHz (high Band) in a world-first. This enables downloads of up to 8.5 Gbps, and uplinks of up to 2.17 Gbps. This trial gave us a wider channel for the signal and extremely low latency. For instance, there could be streaming games online (cloud game), controlling driverless vehicles and commanding robots remotely in real-time. Moreover, the trial supports the development of new models of chipsets in the future, to speed up data transfer even more.”

    “This cooperation highlights how AIS is the only provider using its licensed spectrum of every waveband for development to support business growth in various dimensions. It is also continuous transformation and updates for Thai consumers. Taking this joint-trial as a good start, we are confident that AIS 5G network is ready to expand the use of mmWave technology and support growth of the business sector in various aspects,” concluded Wasit.

    “Our collaboration with AIS and ZTE proves the feasibility of deploying 5G mmWave in Thailand,” said ST Liew, vice president, Qualcomm CDMA Technologies Asia-Pacific Pte. Ltd. and president, Qualcomm South East Asia. “Qualcomm Technologies believes that 5G mmWave will be the key to unlocking the full potential of 5G. The possibility is endless and we are proud to take the first step in bringing the full benefits of 5G mmWave to the country.”

    “We’re pleased to work with AIS and Qualcomm Technologies to achieve this milestone, which lays a technology validation foundation for 5G mmWave commercialization,” said Mei Zhong Hua, senior vice president, ZTE Corporation. “With broader 5G opportunities enabled by mmWave, we will join hands with partners to continuously drive mmWave development, create ultimate experiences and usher in a wonderful 5G era.”

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  • Bamboo Airways to be monitored for safety following chairman’s arrest

    Bamboo Airways to be monitored for safety following chairman’s arrest

    The Civil Aviation Authority of Vietnam said it would closely monitor Bamboo Airways for the next three to six months to ensure safety following the arrest of its chairman.

    Its aircraft maintenance and operations and training would be closely supervised, deputy head of the Civil Aviation Authority of Vietnam (CAAV), Ho Minh Tan, said at an emergency meeting with the airline’s management Wednesday.

    The meeting came a day after real estate giant FLC and Bamboo Airways chairman Trinh Van Quyet for alleged manipulation of his company’s share prices by using 20 different trading accounts to create fake demand.

    He had earned VND530 billion (US$23.19 million) in this manner between Dec. 1 and Jan. 10, investigators said.

    Deputy general director Nguyen Ngoc Trong said banks and financial institutions are committed to fulfilling all contracts they have signed with the carrier, which would in turn fulfill all its responsibilities and obligations. Bamboo Airways began flying in 2019.

    On Thursday, Dang Tat Thang was named the new chairman to replace Quyet until shareholders and the board of directors make a final decision. He also remains the general director.

  • Dragon fruit sold for $1 per 6 kilograms as China remains inaccessible to exporters

    Dragon fruit sold for $1 per 6 kilograms as China remains inaccessible to exporters

    Watermelon, dragon fruit, and other agricultural produce are being sold for VND 3,000-8000 ($0.13-0.35) per kilogram in HCMC and Hanoi since the China export situation remains grim. In HCMC’s Districts 12, Binh Thanh, Go Vap, and others, vendors can be seen on sidewalks selling large piles of fruits at extremely low prices.

    “This type of watermelon was typically sold at VND25,000 ($1.09) per kilogram in recent years, but this year we are selling it at half price because farmers cannot export it,” Cuong, a vendor in Tan Binh District, said.

    Cuong and his wife buy the fruit from farmers in Long An Province at VND8,000 and sell them at VND12,000.

    A vendor in Go Vap District, Hoang, said he was selling at almost no profit because of the high transportation costs.

    The container pileup at the Chinese border has persisted for three months now, forcing drivers to return to cities and sell them at half or a third of the export price.

    In the northern province of Lang Son, which has some key border gates, 1,378 trucks were stuck as of Monday, with more than three-fourths of them carrying fruits, according to the customs agency.

    Local customs officers said the number of trucks turning around has increased in the last few days and could continue to rise.

    They typically go to Hanoi and try to sell them there.

    Thanh, a vendor in Long Bien District, said he recently sold 200 cases of banana at “super low” prices, and would sell jackfruit and watermelon in the coming days.

    “Export prices of fruit have been dropping in the last three months, and so we sell them at low profits mostly to support the drivers and export companies”.

    The fruits are also sold online at around VND5,000 per kilogram of watermelon, VND6,000 per kilogram of banana and VND4,000 per kilogram of dragon fruit.

    Some exporters are considering abandoning China altogether and focusing on other markets.

    “After this batch, we will stop buying from farmers for a while to find new markets. Exports will continue to be difficult if China keeps its Covid-19 regulations tight for the rest of the year,” the head of a banana export company, who asked not be named, said.

    China is one of the biggest importers of Vietnamese fruits. Exports of agriculture, forestry and fishery to this country in the first two months surged 20.9 percent year-on-year to $8 billion, according to the Ministry of Agriculture and Rural Development.

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