Posts Tagged ‘JPMorgan Chase’

VietFinanceNews.com – Experts of Singapore-based JP Morgan Chase Bank have predicted that the Vietnamese economy will achieve a higher degree of stability in 2012 than in 2011, thanks to the government’s tight policy which has started to bear results.

They also predicted that Vietnam’s inflation will cool down, the balance of payments will be better supported, and its foreign currency reserves will increase.

Vietnam’s trade deficit will be offset by overseas Vietnamese remittances and foreign direct investment, according to JP Morgan Chase.

The bank holds that the asset quality of banks remains one of the most worrying problems of the Vietnamese economy, even though the possibility of a crisis in the banking system is low at present.

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The Iraqi state-run Trade Bank of Iraq (TBI) has recovered around $400 million of a $900 million default on loans handed out with little or no security by the previous management, the bank’s new chief has said.

Former TBI president Hussein al-Uzri fled Iraq in early June after Prime Minister Nuri al-Maliki ordered a judicial inquiry into the bank when a committee that including officials from the anti-corruption commission and audit authority reported financial violations.

In a Reuters interview, Uzri said the allegations were fabricated and called himself a victim of a power grab by people close to Maliki.

Arab News says the scandal cast a shadow over the TBI, which foreign investors regarded as a success story in a country recovering from years of economic sanctions and war following the US invasion in 2003. (more…)

VietFinanceNews.com – Vietnamese inflation slowed for the first time in more than a year, bolstering the government’s scope to support economic growth by lowering borrowing costs.

Consumer prices climbed 22.42 percent in September from a year earlier, easing from a 23.02 percent pace in August, according to figures released by the General Statistics Office in Hanoi today. That’s the first deceleration since August 2010. Prices rose 0.82 percent in September from August.

Vietnam’s government said Aug. 25 the nation’s central bank will leave so-called policy interest rates unchanged for now and consider cutting them if inflation slows. Asian officials from the Philippines to South Korea and China have avoided monetary tightening in recent weeks as concern grows the world economy may be on the brink of another recession.

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August 22, 2011

Growing concerns about the global economy and the possibility of a new round of stimulus spending in the U.S. sent gold to a new record high just below $1900 per ounce. As of 10:37 AM Pacific Time, gold was trading at $1,891 per ounce on the New York Spot Market, up $37 per ounce, while silver was trading at $43.59, up $0.59.

JP Morgan Chase recently issued a forecast of $2,500 for gold prices before the end of 2011, saying “Before the downgrade, our view was that gold could average $1,800 per ounce by year end. This view will likely now prove to be too conservative: spot gold could drive to $2,500 per ounce or higher, albeit on very high volatility.”

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VietFinanceNews.com – Vietnamese inflation accelerated for an 11th month in July after the central bank cut a key interest rate even as the nation faces the fastest price gains in Asia.

Consumer prices rose 22.16 percent from a year earlier, compared with June’s 20.82 percent pace, data released by the General Statistics Office in Hanoi showed today.

Prices climbed 1.17 percent from June.

The central bank reduced its repurchase rate to 14 percent from 15 percent on July 4 after a spate of increases since November to fight inflation, leading the International Monetary Fund to say the cut may confuse investors. The benchmark VN Index of stocks is down 16 percent this year, on concern price gains will hurt the economy.

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VietFinanceNews.com – The Vietnamese central bank’s decision to cut its repurchase rate last week may call into question the government’s determination to fight inflation, the International Monetary Fund said.

The State Bank of Vietnam lowered the repo rate for the seven-day term on July 4 to 14 percent from 15 percent. The central bank had boosted it from 7 percent at the start of November 2010. The rate appears to have become the benchmark for monetary policy, according to JPMorgan Chase & Co.

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Hillary ClintonErbil, June 4 A few months before U.S. military engagement in Iraq is expected to come to an end, U.S. Secretary of State Hillary Clinton urged companies to invest in Iraq.

Clinton spoke at a meeting of executives from companies, such as Occidental Petroleum, JP Morgan Chase, General Electric, Microsoft and Lockheed Martin, as well as governmental officials and the Iraqi Ambassador to the U.S., Samir Sumaidaie, in the State Department on Friday.

“We are entering a new phase in our relationship with Iraq, and we are very committed to making a major civilian commitment to Iraq’s future”, Clinton said.

Iraq could be an interesting market for U.S. companies, Clinton said, pointing out that Iraq has one of the largest customer bases in the Arab world and is projected to grow faster than China in the next two years, according to the International Monetary Fund (IMF).

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