KTFA:
BACKDOC: WELL, WELL, THUNDER IT'S MORE OF THE SAME! COUNTRIES SEEM TO BE ALREADY USING THEIR RATE CHANGES BEFORE IT GETS TO US! (see article below)
REMEMBER WAY BACK WHEN? I TOLD YOU THAT THEY PUT 80% OF THEIR DEBT IN DOLLARS? RIGHT! AND REMEMBER THEY CALLED IT A CLEVER MOVE? RIGHT!
WELL HERE'S WHY! THEY GET A HIGHER SOVEREIGN VALUE FOR THEIR CURRENCY NOW AND THEY CAN USE THAT CASH TO EXTINGUISH THE MONOPOLY MONEY DOLLARS! HEE HEE
THE INTERESTING THING IS THEY ARE DOING IT ALL BEFORE IT EVEN HITS THE STREETS, OR AT LEAST SOME OF IT NOW!
HOLY COW! AMAZING!
FIRST CASH? OHH, YOU MEAN THE FIRST CASH WITH THE NEW VALUE DON'T YOU? HEE HEE DOC IMO
....
BACKDOC: WELL, WELL, THUNDER IT'S MORE OF THE SAME! COUNTRIES SEEM TO BE ALREADY USING THEIR RATE CHANGES BEFORE IT GETS TO US! (see article below)
REMEMBER WAY BACK WHEN? I TOLD YOU THAT THEY PUT 80% OF THEIR DEBT IN DOLLARS? RIGHT! AND REMEMBER THEY CALLED IT A CLEVER MOVE? RIGHT!
WELL HERE'S WHY! THEY GET A HIGHER SOVEREIGN VALUE FOR THEIR CURRENCY NOW AND THEY CAN USE THAT CASH TO EXTINGUISH THE MONOPOLY MONEY DOLLARS! HEE HEE
THE INTERESTING THING IS THEY ARE DOING IT ALL BEFORE IT EVEN HITS THE STREETS, OR AT LEAST SOME OF IT NOW!
HOLY COW! AMAZING!
FIRST CASH? OHH, YOU MEAN THE FIRST CASH WITH THE NEW VALUE DON'T YOU? HEE HEE DOC IMO
....
Thunderhawk: Vietnam seeks faster bad-debt cleanup with 1st cash purchase
Vietnam is accelerating the cleanup of its financial system to help boost lending in an economy threatened by a crippling drought and lower oil revenue.
The Vietnam Asset Management Company, set up to buy the bad debt of banks, will make its first cash purchase of non-performing loans this year, Nguyen Quoc Hung, chairman of the agency also known as VAMC, said in a a recent interview in Hanoi.
The purchase “will help lay out steps to quicken the bad debt resolution process.”
VAMC currently issues special bonds in return for the bad debt, which banks may use as collateral to secure funding from the central bank. Paying cash to clear the debt will give banks funds to speed up lending.
“This is a major step,” said Alan Pham, chief economist at VinaCapital Group Ltd. in Ho Chi Minh City. “The net effect is to resolve the bad debt instead of moving it around. Once you pay the market price and you pay in cash, the debt is extinguished.”
Banking cleanup
Vietnam has done much to clean up its banking industry since 2012 when a lending spree and weak controls led to a surge in bad debts, the arrest of bank executives and a plunge in stocks. Non-performing loans stood at 17% at the time. The government created VAMC in 2013 to remove the bad debt from lenders.
The state agency also plans to resolve about VND30 trillion (US$1.3 billion) of bad loans this year by selling debt and collateral, Hung said. VAMC has recouped about 8 trillion dong so far this year, he said.
“This is going to help banks that need liquidity and to offload their bad debt,” said Trinh Nguyen, a senior economist at Natixis Asia Ltd. in Hong Kong. “We really have to wait and see what is the size of this.”
VAMC, which is lacking in resources, will probably need financial support from the government or organizations such as the International Monetary Fund to address all of the bad debt in the country’s banking system, Pham said.
VAMC has received offers from about 10 banks to sell as much as VND17 trillion of bad loans so far this year, according to Hung. The company is working with lenders to re-evaluate the debt for pricing, he said.
The benchmark VN Index is poised for a second day of gains today, rising 0.5% as of 10:54 a.m. in Ho Chi Minh City trading.
Spurring growth
Banks have crimped lending to businesses because of bad debt, a situation the government wants to reverse as it seeks to spur economic growth to 6.7% this year. The economy expanded 5.5% in the first quarter, the slowest pace since June 2014.
The central bank is aiming to curb non-performing loans to below 3% of total lending. Governor Le Minh Hung in April allowed VAMC to buy and sell bad debt at market prices, according to its website.
The World Bank said in a report in April that progress has been slow in consolidating the banking industry. The government’s target of reducing the number of commercial banks to as little as 15 by 2017 from 34 currently remains “challenging,” it said.
International Monetary Fund Managing Director Christine Lagarde said in a March interview that the banking system needs to be made “stronger, better and more capitalized with less stressed assets” so that lenders can help spur the economy
http://ift.tt/1XLg7l5
************
Thunderhawk: BRICS Bank, China Construction Bank Sign Memorandum on Cooperation
The BRICS New Development Bank (NDB) and China Construction Bank (CCB) signed on Wednesday a memorandum on strategic cooperation, the NDB said in a statement.
The agreement to strengthen bilateral business ties was signed by NDB President K.V. Kamath and CCB Chairman Wang Hongzhang.
The NDB has similar agreements with the Brazilian Development Bank (BNDES) and the Industrial Credit and Investment Corporation of India (ICICI), signed in July 2015 and in May 2016 respectively.
The NDB was established by BRICS member states, namely Brazil, Russia, India, China and South Africa, in July 2014, to finance infrastructure and sustainable development projects in BRICS and other developing countries.
http://ift.tt/1UqCeGr
**************
BACKDOC: THUNDER! LOOKING ATY THIS RATIONALLY AND LOGICAL LIKE SPOCK
YOU WOULD THINK THAT THE RIAL APPEARS TO BE AT LEAST ONE TO ONE BASED ON THEIR INVESTMENT HERE! THE RIAL APPEARS TO HAVE SERIOUS VALUE AT LEAST THERE FOR NOW!
WOW! THEY CAN ONLY PLAY HIDE AND SEEK SO LONG WHEN THEY LET LITTLE CLUES LIKE THIS COME OUT!
COME ON MAN! HEE HEE DOC IMO
Mountainman: REMEMBER in this TIME of GLOBAL BUSINESS/TRADE.......
{Transportation} is The VEHICLE of Choice........Watch how TRAINS will take The Fast Track in Ways We have yet to See.......IRAN,CHINA,EUROPE,and Many other Countries Will Be able to Carry alot More CARGO at SPEEDS and More Economical/ Efficient Routes than the Seas......{ALL} TRADE is Made to ORDER thru TRANSPORTATION......
For Without this Countries REVENUE (FLOW) is Simply [DBIA]=Dead Before it Arrives......Yes INDEED.......IMO
Blessings,Mountainman (8)=New Beginnings.......for TRAVELOCITY of GLOBAL TRADE......
Thunderhawk: 35 billion rials invested in ports of the country
Deputy Head of Ports and Maritime Organization (PMO) for ports affairs Jalil Eslami said on Tuesday that 35 billion rials investment has been made in ports of the country last year in cooperation with the private sector
.
In the past two years good progress has been achieved in ports of the country in the field of investment by participation of private sector, Eslami added.
He said that decentralization of services is one of new mission of the PMO, so all investors may invest in this field without any limitation.
Eslami said that around 90 percent of world trade is carried out through the sea shipment, so one of important goals of the organization is to develop and strengthen trade infrastructures, increasing real capacity of transportation, especially for container shipment and transit of cargo through seafaring.
http://ift.tt/1XLg8FH
Vietnam is accelerating the cleanup of its financial system to help boost lending in an economy threatened by a crippling drought and lower oil revenue.
The Vietnam Asset Management Company, set up to buy the bad debt of banks, will make its first cash purchase of non-performing loans this year, Nguyen Quoc Hung, chairman of the agency also known as VAMC, said in a a recent interview in Hanoi.
The purchase “will help lay out steps to quicken the bad debt resolution process.”
VAMC currently issues special bonds in return for the bad debt, which banks may use as collateral to secure funding from the central bank. Paying cash to clear the debt will give banks funds to speed up lending.
“This is a major step,” said Alan Pham, chief economist at VinaCapital Group Ltd. in Ho Chi Minh City. “The net effect is to resolve the bad debt instead of moving it around. Once you pay the market price and you pay in cash, the debt is extinguished.”
Banking cleanup
Vietnam has done much to clean up its banking industry since 2012 when a lending spree and weak controls led to a surge in bad debts, the arrest of bank executives and a plunge in stocks. Non-performing loans stood at 17% at the time. The government created VAMC in 2013 to remove the bad debt from lenders.
The state agency also plans to resolve about VND30 trillion (US$1.3 billion) of bad loans this year by selling debt and collateral, Hung said. VAMC has recouped about 8 trillion dong so far this year, he said.
“This is going to help banks that need liquidity and to offload their bad debt,” said Trinh Nguyen, a senior economist at Natixis Asia Ltd. in Hong Kong. “We really have to wait and see what is the size of this.”
VAMC, which is lacking in resources, will probably need financial support from the government or organizations such as the International Monetary Fund to address all of the bad debt in the country’s banking system, Pham said.
VAMC has received offers from about 10 banks to sell as much as VND17 trillion of bad loans so far this year, according to Hung. The company is working with lenders to re-evaluate the debt for pricing, he said.
The benchmark VN Index is poised for a second day of gains today, rising 0.5% as of 10:54 a.m. in Ho Chi Minh City trading.
Spurring growth
Banks have crimped lending to businesses because of bad debt, a situation the government wants to reverse as it seeks to spur economic growth to 6.7% this year. The economy expanded 5.5% in the first quarter, the slowest pace since June 2014.
The central bank is aiming to curb non-performing loans to below 3% of total lending. Governor Le Minh Hung in April allowed VAMC to buy and sell bad debt at market prices, according to its website.
The World Bank said in a report in April that progress has been slow in consolidating the banking industry. The government’s target of reducing the number of commercial banks to as little as 15 by 2017 from 34 currently remains “challenging,” it said.
International Monetary Fund Managing Director Christine Lagarde said in a March interview that the banking system needs to be made “stronger, better and more capitalized with less stressed assets” so that lenders can help spur the economy
http://ift.tt/1XLg7l5
************
Thunderhawk: BRICS Bank, China Construction Bank Sign Memorandum on Cooperation
The BRICS New Development Bank (NDB) and China Construction Bank (CCB) signed on Wednesday a memorandum on strategic cooperation, the NDB said in a statement.
The agreement to strengthen bilateral business ties was signed by NDB President K.V. Kamath and CCB Chairman Wang Hongzhang.
The NDB has similar agreements with the Brazilian Development Bank (BNDES) and the Industrial Credit and Investment Corporation of India (ICICI), signed in July 2015 and in May 2016 respectively.
The NDB was established by BRICS member states, namely Brazil, Russia, India, China and South Africa, in July 2014, to finance infrastructure and sustainable development projects in BRICS and other developing countries.
http://ift.tt/1UqCeGr
**************
BACKDOC: THUNDER! LOOKING ATY THIS RATIONALLY AND LOGICAL LIKE SPOCK
YOU WOULD THINK THAT THE RIAL APPEARS TO BE AT LEAST ONE TO ONE BASED ON THEIR INVESTMENT HERE! THE RIAL APPEARS TO HAVE SERIOUS VALUE AT LEAST THERE FOR NOW!
WOW! THEY CAN ONLY PLAY HIDE AND SEEK SO LONG WHEN THEY LET LITTLE CLUES LIKE THIS COME OUT!
COME ON MAN! HEE HEE DOC IMO
Mountainman: REMEMBER in this TIME of GLOBAL BUSINESS/TRADE.......
{Transportation} is The VEHICLE of Choice........Watch how TRAINS will take The Fast Track in Ways We have yet to See.......IRAN,CHINA,EUROPE,and Many other Countries Will Be able to Carry alot More CARGO at SPEEDS and More Economical/ Efficient Routes than the Seas......{ALL} TRADE is Made to ORDER thru TRANSPORTATION......
For Without this Countries REVENUE (FLOW) is Simply [DBIA]=Dead Before it Arrives......Yes INDEED.......IMO
Blessings,Mountainman (8)=New Beginnings.......for TRAVELOCITY of GLOBAL TRADE......
Thunderhawk: 35 billion rials invested in ports of the country
Deputy Head of Ports and Maritime Organization (PMO) for ports affairs Jalil Eslami said on Tuesday that 35 billion rials investment has been made in ports of the country last year in cooperation with the private sector
.
In the past two years good progress has been achieved in ports of the country in the field of investment by participation of private sector, Eslami added.
He said that decentralization of services is one of new mission of the PMO, so all investors may invest in this field without any limitation.
Eslami said that around 90 percent of world trade is carried out through the sea shipment, so one of important goals of the organization is to develop and strengthen trade infrastructures, increasing real capacity of transportation, especially for container shipment and transit of cargo through seafaring.
http://ift.tt/1XLg8FH
BACKDOC: OK, NOW I'M REALLY GETTING TICKED! HEE HEE
THIS COUNTRY TO COUNTRY STUFF HAS TO COME TO AN END! ITS TIME TO MAKE THE DONUTS BOYS AND LET THE PUBLIC GAMES BEGIN!
PRIVATE SECTOR LAUNCH PLEASE, AND NO LATER THAN MID-MONTH THANK YOU! DOC IMO
Mountainman: Well GREAT TIMING to (Resume) PAYMENTS to Clear Debt......Do You Think INDIA found Some New Value to Use for this......IRAN says PAY UP or Shut Up.....LOL.....and The Country Clearing House Sweepstakes is At STAKE if Debts are Not Cleared in this New Reality........IMO
Blessings,Mountainman (8)=New Beginnings.......for A DEBT CLEARANCE SALE/SAIL AWAY........
Thunderhawk: Payment of Iran oil dues via Germany's EIH bank
Indian refiners have turned to State Bank of India and Germany-based bank Europaeisch-Iranische Handelsbank AG (EIH) to speed payment of billions of Iranian oil dues they still owe to Tehran, after delays in another money route.
Refiners in India, Iran's top oil buyer after China, last month resumed settling their back debt of about $6.6 billion after the lifting earlier this year of the sanctions against Tehran had opened up oil trade and banking channels, Reuters reported.
The first payments were handled in May by state-run Union Bank of India via Turkey's Halkbank, which had previously handled payments before tougher European sanctions were put in place in February 2013.
But Union Bank has asked the refiners to raise their credit limits or deposit money in rupees a day ahead of initiating payments, sources familiar with the matter said, and refiners were fearful of delays in working down their oil debt.
Timely payment of the Iranian dues is crucial not only for future crude supplies but also for winning investments in Iran that would strengthen trade ties between New Delhi and Tehran.
From June, refiners have been making payments through State Bank and EIH, said government and company sources with direct knowledge of the matter, which should be quicker since most of the refiners have their main accounts at SBI.
A senior official at the Union Bank of India confirmed that his bank was no longer handling Iran oil payments, declining to provide further details.
No comment was available from Turkey's Halkbank, and EIH did not immediately respond to a request for comment.
State refiners take lead
Last month, state-run Mangalore Refinery and Petrochemical, Indian Oil Corp and Hindustan Petroleum Corp together cleared $770 million in euros via Union Bank and Halkbank to National Iranian Oil Company (NIOC).
So far state refiners are taking the lead in settling dues to Iran, aiming to wipe out their debt in three months after weekly limits were set by the Reserve Bank of India.
India has capped weekly dollar purchases by oil refiners at $500 million as they pay off their Iran debts to avoid pressure on the rupee.
Accordingly, Essar Oil was in June to start clearing about $260 million a week, followed by MRPL at about $200 million and IOC at about $30 million, with the rest coming from HPCL and its joint venture company HPCL-Mittal Energy Ltd (HMEL).
So far this month, MRPL and IOC have cleared about $330 million through EIH, the refinery and government sources said. Essar Oil, however, Iran's biggest Indian client with about $3 billion in debt, has settled only $100 million, they said.
http://ift.tt/1UqDFVi
THIS COUNTRY TO COUNTRY STUFF HAS TO COME TO AN END! ITS TIME TO MAKE THE DONUTS BOYS AND LET THE PUBLIC GAMES BEGIN!
PRIVATE SECTOR LAUNCH PLEASE, AND NO LATER THAN MID-MONTH THANK YOU! DOC IMO
Mountainman: Well GREAT TIMING to (Resume) PAYMENTS to Clear Debt......Do You Think INDIA found Some New Value to Use for this......IRAN says PAY UP or Shut Up.....LOL.....and The Country Clearing House Sweepstakes is At STAKE if Debts are Not Cleared in this New Reality........IMO
Blessings,Mountainman (8)=New Beginnings.......for A DEBT CLEARANCE SALE/SAIL AWAY........
Thunderhawk: Payment of Iran oil dues via Germany's EIH bank
Indian refiners have turned to State Bank of India and Germany-based bank Europaeisch-Iranische Handelsbank AG (EIH) to speed payment of billions of Iranian oil dues they still owe to Tehran, after delays in another money route.
Refiners in India, Iran's top oil buyer after China, last month resumed settling their back debt of about $6.6 billion after the lifting earlier this year of the sanctions against Tehran had opened up oil trade and banking channels, Reuters reported.
The first payments were handled in May by state-run Union Bank of India via Turkey's Halkbank, which had previously handled payments before tougher European sanctions were put in place in February 2013.
But Union Bank has asked the refiners to raise their credit limits or deposit money in rupees a day ahead of initiating payments, sources familiar with the matter said, and refiners were fearful of delays in working down their oil debt.
Timely payment of the Iranian dues is crucial not only for future crude supplies but also for winning investments in Iran that would strengthen trade ties between New Delhi and Tehran.
From June, refiners have been making payments through State Bank and EIH, said government and company sources with direct knowledge of the matter, which should be quicker since most of the refiners have their main accounts at SBI.
A senior official at the Union Bank of India confirmed that his bank was no longer handling Iran oil payments, declining to provide further details.
No comment was available from Turkey's Halkbank, and EIH did not immediately respond to a request for comment.
State refiners take lead
Last month, state-run Mangalore Refinery and Petrochemical, Indian Oil Corp and Hindustan Petroleum Corp together cleared $770 million in euros via Union Bank and Halkbank to National Iranian Oil Company (NIOC).
So far state refiners are taking the lead in settling dues to Iran, aiming to wipe out their debt in three months after weekly limits were set by the Reserve Bank of India.
India has capped weekly dollar purchases by oil refiners at $500 million as they pay off their Iran debts to avoid pressure on the rupee.
Accordingly, Essar Oil was in June to start clearing about $260 million a week, followed by MRPL at about $200 million and IOC at about $30 million, with the rest coming from HPCL and its joint venture company HPCL-Mittal Energy Ltd (HMEL).
So far this month, MRPL and IOC have cleared about $330 million through EIH, the refinery and government sources said. Essar Oil, however, Iran's biggest Indian client with about $3 billion in debt, has settled only $100 million, they said.
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