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  "Exceedingly Busy" - Wed. AM KTFA Thoughts/News 5/30/18

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Ssmith
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PostSubject: "Exceedingly Busy" - Wed. AM KTFA Thoughts/News 5/30/18   Thu May 31, 2018 8:23 am

KTFA

Don961 » May 30th, 2018


The AIPB , who our good friend Economist Mr Nuseiri , ( of KTFA Final Article fame ), consults for. has been exceedingly busy these days hasn't it ... they are quite the gadabouts ! ... imo

The Association of Private Banks organizes a Ramadan evening in the presence of the World Bank in Erbil

29/05/2018 link

The Euro continues to fall amid the concern of financial markets

30/5/2018 12:00 am

Agencies / follow-up morning

The financial markets were worried about the elections, which could take place in August and could be more like a referendum on Italy's role in the EU and the euro area, and might strengthen the position of the parties that doubt the euro more.

The euro fell to a six-and-a-half-month low on Tuesday, down for a third day in a row amid rising selling in Italian bond markets due to political concerns.

The financial markets fear the elections, which may take place in August and may be like a referendum on the role of Italy in the European Union and the euro area, and may strengthen the position of parties skeptical of the euro further, and prompted the Italian president to hold early elections on Monday, The IMF as the interim head of government, with the task of planning to hold early elections and approve the next budget. The euro fell below $ 1.16 for the first time in six and a half months today, down 0.3 percent. The euro also fell against the Swiss franc in the same amount to 1.1528 francs.

The euro has fallen more than 4 percent since the start of the month, marking its biggest monthly drop in more than three years, according to Thomson Reuters data. With US Treasury yields falling, the currency lost about 0.6 percent to a three-week low of 108.730 yen. Meanwhile, the Milan stock exchange fell more than 3 percent, while the 10-year Italian and German interest rate differential crossed the 300-point mark, a sign of growing concern about Italy's political crisis. link

Samson » May 30th, 2018

A Swiss bank suspends all its dealings with Iran


30th May, 2018

The Swiss Trade and Investment Bank said on Tuesday it had suspended all dealings with Iran and would gradually end its activities with this country after US President Donald Trump announced a withdrawal from the nuclear deal with Tehran.

The bank said in a statement that it had suspended all new transactions related to Iran after May 8.

Trump announced the withdrawal from the agreement on May 8 with the re-imposition of sanctions on Iran within 180 days, prompting a number of European companies to announce their exit from Iran. LINK

Gold conversion a priority: SBV (State Bank of Vietnam)

30th May, 2018

Converting idle gold held by Vietnamese people into money and other assets may help provide more funding for socio-economic development and business operation, according to the State Bank of Việt Nam (SBV).

SBV said in a recent report to the National Assembly that the conversion of idle gold into other assets may help reduce the dependence of people on gold and lessen the amount of gold held by people in the country, nld.com.vn reports.

Turning idle gold into other assets will change the habit and demand of people regarding gold ownership, making gold less attractive and preventing the development of a gold-dominant economy, according to the SBV.



It is important for people to voluntarily sell gold and switch to other assets so that they can avoid shocks, thus the country may be able to prevent a gold fever among its people.

It would take a long time to complete the conversion, and solutions for the issue must be carried out comprehensively, carefully and synchronously, SBV added.

The SBV has been studying and working with other sectors and ministries to develop the plan on preventing a goldenised economy, as well as planning how to turn gold into resources for the country’s socio-economic development by 2020. In late 2017, SBV submitted to the Prime Minister the draft plan.

It is estimated that there are currently some 500 tonnes of idle gold held by people, worth billions of dollars, which would be very useful if converted into money and other assets to invest in the economy.

According to SBV, commercial banks in 2001-08 were elligible to raise capital and make loans in gold. The policy did help financial institutions raise a large amount of capital for the socio-economic development with a stable gold price level.

However, as the world’s economy turned negative and unpredictable in 2008-11, gold prices suffered from massive volatility, increasing as much as 300 per cent from 2008’s average price level. As a result, gold traded in Việt Nam also moved with high volatility, causing losses for both commercial banks and borrowers.

“As gold was used to raise capital and make loans, the volatility caused a big burden for the Vietnamese economy, raising demand to capture and deposit gold at financial institutions to earn high interests,” SBV said.

“That worsened the condition of the market, increased the chance of gold dependency in the economy, caused volatility for the gold trading market and dampened the Government’s efforts to administrate its monetary policies during that period,” SBV added.

In 2011-13 period, the SBV implemented a number of regulations to stop gold from being deposited and lent. Banks were only allowed to keep gold for customers and customers had to pay the banks a fee for gold keeping.

According to SBV, as gold was forbidden from being borrowed and deposited, the demand for gold declined and more people have switched to making cash deposits, thus increasing đồng-dominated accounts in the system.

Since 2014, gold has become much less attractive and the demand-supply leverage on the market has been quite balanced. Gold trading has been on the downtrend and companies have mostly purchased gold from individual clients. LINK

The National Payment Corporation of Việt Nam (NAPAS) completes set for domestic cards

26th May, 2018

The National Payment Corporation of Việt Nam (NAPAS) recently completed the building of a standard set for domestic cards, according to State Bank of Việt Nam (SBV).

The new set is compatible with EMV standards as well as standards of international card organisations such as Visa, MasterCard, JCB and UnionPay.

NAPAS has handed over technical manuals to banks, point of sale (POS) terminal suppliers and card-issuing institutions so that they can adjust their systems in line with the new standards.

With the new set, SBV expects 70 million bank cards in Việt Nam, which are magnetic stripe ATM cards and can be easily hacked due to weak security features, to be replaced by chip cards with EMV standards by 2020 as planned.

Earlier, international card-issuing organisations had recommended Vietnamese banks to use chip cards meeting EMV standards to increase safety amidst growing card information thefts. Security experts, meanwhile, have warned that Việt Nam’s delayed transition to chip technology can put the country at risk of becoming a “haven” for card criminals from around the world as it is among the few countries where the use of magnetic swipe cards is still prevalent.

As a chip card costs some US$1.5-2.5, Việt Nam’s leading card-issuing banks, such as Vietcombank with 14 million cards, VietinBank (13.7 million cards), Agribank (11 million cards) and BIDV (10.4 million cards), will have to spend nearly $50 million to shift to chip cards. LINK

Blockchain to help develop VN economy: seminar

26th May, 2018

Dr Dao Dinh Kha,director of the ministry’s Department of Information Technology speaks at the Blockchain Festival Vietnam which ended on May 25

Blockchain is increasingly taking centre stage in the IT industry and is expected to help develop Việt Nam’s economy, according to the Ministry of Information and Communications.

Speaking at the two-day Blockchain Festival Vietnam which ended in HCM City on May 25, Dr Đào Đình Kha, director of the ministry’s Department of Information Technology, said blockchain is one of breakthrough technologies of the 4th industrial revolution, and can help develop many different areas of Việt Nam’s economy and society.

“This technology could potentially cause problems,” he admitted, explaining it would disrupt the traditional business structure and have an influence on many segments of the economy and society.

“So ensuring this technology benefits when is very important. A legal framework is needed to resolve potential problems.”

He said the Government is holding discussions with Vietnamese and foreign blockchain experts and companies to draft policies and the legal framework for the technology.

The ICT sector is one of Việt Nam’s key focus areas and is considered one of the driving forces for economic development.

The IT sector has benefited from Government policies, especially with respect to taxation and infrastructure incentives, he said.

Lê Ngọc Giang, a legal and policy expert from the Ministry of Justice of Việt Nam, said: “Policy makers in the country should give the new technologies space and avoid imposing restrictive laws before initial ambiguities are resolved.”

They should make implicit subsidies explicit, be clear about risks and start planning for levelling the playing field, he said.

“Blockchain can help reduce fraud and contamination and increase the transparency in the production process.

“It is associated with the agriculture supply chain.”

The technology also offers solutions for energy, environment and financial inclusion, he said. Read Full Post Here: LINK

Vietnam to adopt international accounting rules

29th May, 2018

Việt Nam is expected to adopt International Financial Reporting Standards (IFRS), replacing the current Vietnamese accounting standards (VAS), by 2020 as part of its efforts to improve transparency, according to experts at a seminar held in Hà Nội on Monday.

The event themed: “Experience in applying IFRS in some countries and roadmap for adoption in Việt Nam,” was co-organised by the Japan International Cooperation Agency (JICA) in collaboration with the Ministry of Finance (MoF) to share experiences on the application of IFRS standards in countries such as Japan, South Korea, the US, Malaysia and China.

Over the past 10 years, Việt Nam has established 26 accounting standards, but now these standards have disadvantages when compared to IFRS, and may create barriers and reduce confidence among foreign investors, said Director of the Accounting and Auditing Policies Department under the Ministry of Finance Vũ Đức Chính.

Chính said businesses’ financial statements under VAS standards cannot accurately reflect the value of assets and liabilities, so the application of the international accounting system is crucial and inevitable.

“However, it is a tough task to apply international standards in Việt Nam because we have many different types of enterprises,” Chính said.

According to Chính, after approval by the Government, the MoF will translate IFRS into Vietnamese so that local firms can accurately and fully understand the contents of the new financial reporting norms.

Trịnh Đức Vinh, deputy director of the MoF’s Accounting and Auditing Policies Department, said that the goals of applying IFRS in Việt Nam are to overcome the limitations of VAS, improve the legal framework for accounting, improve the transparency of financial information, enhance accountability of enterprises and help Vietnamese businesses access capital sources and become listed on the international market.

Regarding the roadmap for Việt Nam, participants agreed that during 2018-20, 10 to 20 simple IFRS standards will be selected to be implemented, and officially applied to all the firms listed on the stock market from 2020. All other businesses that wish to apply IFRS and find that the application is possible are also encouraged to do so.

Sharing experiences of some countries in the world, Sekiguchi Tomokazu, a representative from audit company KPMG in Việt Nam, said that the roadmap for the application of IFRS of each country differs depending on the actual situation of that country.

In Korea, all listed companies, financial institutions, state-owned enterprises and other public interest entities are subject to the mandatory application of IFRS from 2011, he said.

Meanwhile, in China, firms are still required to apply the Chinese national accounting standards, so there are no specific rules for applying IFRS, Tomokazu added.

A representative of JICA said that the application of IFRS is very important. In Việt Nam, JICA can provide financial and technical support, facilitate the exchange of experiences on applying IFRS in Japan and help strike a balance between the application of IFRS and the national accounting system. LINK
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