Thursday, October 7, 2010

Private firms may back resettlement

HCM CITY — HCM City authorities have invited the private sector to invest in the city's half-completed resettlement plan for canal-side residents.

Nguyen Van Danh, deputy director of the Department of Construction, said the city wanted the sector to invest in the resettlement projects because the local government's budget was too slim.

Nearly half of the 15,000 canal-side residents of HCM City have already been relocated to flats as part of the city's resettlement plan.

The plan belongs to a city programme to clear the view along canals by demolishing houses along and on the canals, including communities in Tan Hoa – Lo Gom, Tham Luong – Ben Cat, Vam Thuat, Nuoc Len, Doi, and Te canals.

The plan still needs capital for demolition of 7,642 shacks and the resettlement of the families in districts 6,8, and Binh Thanh.

In return for investors demolishing houses, they would receive some vacant land along the canal.

The socialisation of the resettlement plan was piloted in District 8, but failed because 55 invited businesses refused to participate.

Last year, the city assigned a State-run real estate company – RESCO to be the investor of the projects.

The company has completed 629 houses and paid compensation to 784 out of 905 families removed from District 8's U Cay Canal; handed over 600 resettlement flats in District 7's Tan My Area, 176 flats in District 12's An Suong Area and would complete 350 other flats for residents being relocated from District 8's Ba Dinh Wharf.

Many of the resettlers were pleased to move away from their stilted houses by and on the canals. "I had a hard time living by the canal in District 8 as my husband and I had to stay alert at night to bail out the house when the tide got too high," said Huynh Thi Hong, a new resident in Tan My Apartments.

Nguyen Ho Hai, deputy chairman of District 8 People's Committee, said the plan had helped beautify the district and improve people's general welfare.

The construction department suggested that the People's Committee attract investors by offering them a 10-year loan of VND100 billion (US$5.1 million)at very low interest.

It also suggested that the occupancy rate on the land be raised. — VNS

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Provincial gateways to ease traffic flow

HCM CITY — HCM City's gateways to provinces in Cuu Long (Mekong) Delta as well as the central and northern regions are being expanded and upgraded to ease traffic jams and adapt to the needs of the Southern Key Economic Zone.

Since early this month, vehicles using the Sai Gon Bridge to access the Ha Noi Highway have enjoyed smoother traffic flow on the eight-lane highway.

At the Cat Lai T-junction (Ha Noi Highway – Inter-provincial Highway 25B), vehicles have been able to avoid traffic jams by using two branches of the Cat Lai flyover.

Vuong Hoang Thanh, deputy director of the management board for the East-West Highway Project as well as the HCM City Environmental Sanitation Project, said a stretch of the inter-provincial highway 25B (from Giong Oâng To Bridge to Cat Lai Traffic Intersection) had been expanded to 10 lanes, easing traffic flow to and from the Cat Lai Port.

According to Vu Kien Thiet, director of the Urban Transportation Management Unit No2, project investor for the Rach Chiec Bridge, two four-lane streets bypassing it will be finished by the end of this year.

The company would then construct the new 10-land, 48m-wide Rach Chiec Bridge, Thiet said.

Nearby, a new Suoi Cai Bridge will be constructed with 10 lanes.

The stretch of Ha Noi Highway that runs from the Rach Chiec Bridge to the Binh Thai Intersection has been expanded to 12 lanes.

The highway has been also enlarged into 10 lanes at the stretch that runs between the Binh Thai and Thu Duc intersections.

Duong Quang Chau, deputy investment director of the HCM City Infrastructure Investment JSC (CII), said the project expanding Ha Noi Highway from 4-6 lanes to 14-18 lanes was expected to be completed by the end of 2012.

The Ha Noi Highway has become a huge construction site with the Thu Duc Traffic Intersection project, Binh Thai Traffic Intersection project (both having flyovers across the Ha Noi Highway), and the Rach Chiec Bridge (District 9).

Besides, the Sai Gon 2 Bridge will soon be constructed parallel to the recently renovated Sai Gon Bridge.

Towards the Delta

Since last Tet (lunar New Year), the HCM City – Trung Luong Highway, has shortened trips to Cuu Long (Mekong) Delta provinces by an hour, and there has been a marked reduction in traffic accidents and jams on Highway No1A (which runs from Binh Chanh District to Long An City).

According to Do Ngoc Dung, deputy general director of the My Thuan Project Management Unit, trips to the Cuu Long (Mekong) Delta will be even faster when the 2.2km and six-lane road connecting Nguyen Van Linh Boulevard and HCM City – Trung Luong Highway finish.

The new road is estimated to shorten the trip by 8km.

It now takes about 20 minutes to go from Ben Thanh Market along Pho Duc Chinh Street and the East-West Highway to get to National Highway No1A (Binh Chanh District).

The National Highway No1A has become "clearer" since the East-West Highway opened flyovers for cars and pedestrians.

The My Thuan Project Management Unit is considering building a road that connects East-West Highway and HCM City – Trung Luong Highway.

When finish, it will take 30 minutes for vehicles from District 2 through Thu Thiem Tunnel and East-West Highway to get to HCM City – Trung Luong Highway.

Bus-drivers say passengers are now happier on the Truong Chinh Street-An Suong Flyover – National Highway 22 route to Cu Chi District and Tay Ninh Province.

Ever since a stretch of the Truong Chinh Street has been expanded to ten lanes, bus trips have become far more punctual.

However, the route still faces overloading and will be expanded further, says Nguyen Hong Ninh, director of Viet Nam Urban and Industrial Zone Development Investment Corporation (IDICO).

This gateway will be expaned in coming years by constructing a four-lane flyover on National Highway No1A from Thu Duc District to the An Suong Intersection, and from An Suong Intersection along National Highway No22 to the Cu Chi flyover. The total cost of these constructions is estimated at VND19 trillion.

Meanwhile, Nam Ky Khoi Nghia (District 3) and Nguyen Van Troi (Phu Nhuan and Tan Binh Districts) streets have been expanded into six lanes, considerably easing traffic flow.

The expansion into six lanes of the Phan Dinh Giot Street which connects Nguyen Van Troi and Truong Son streets is underway.

Once the expansion is completed by the end of this year, traffic to the Tan Son Nhat Airport will become much smoother, experts say.

Construction of the Tan Son Nhi – Binh Loi route, which began in June 2008, is set for completion in 2012.

Residents of provinces located to the east of HCM City like Dong Nai and Ba Ria Vung Tau will then be able to reach the Tan Son Nhat Airport using this route, considerably easing traffic congestion concerns for about 15 million passengers every year. — VNS

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Wednesday, October 6, 2010

BP says oil spill costs hit $8 bln

BP

LONDON – British oil giant BP said Friday that the devastating Gulf of Mexico oil spill disaster has cost about US$8 billion so far.

"The cost of the response to date amounts to approximately eight billion, including the cost of the spill response, containment, relief well drilling, static kill and cementing, grants to the Gulf states, claims paid and federal costs," BP said in a statement.

The April 20 spill was triggered when an explosion ripped through the Deepwater Horizon rig in the Gulf of Mexico, killing 11 workers and sinking the huge offshore platform two days later. The flow of oil into the sea was not fully stemmed until July 15.

BP has forecast that the worst environmental catastrophe in US history will cost the group a total of about 32.2 billion dollars, after pushing the group into a record 16.9-billion-dollar loss in the second quarter.

The company repeated on Friday that it had agreed in June to set up a 20-billion-dollar compensation fund for residents affected by the spill.

BP added that operations were underway to replace the Deepwater Horizon's damaged blowout preventer (BOP) -- a large piece of equipment that failed to stop the disaster.

On Thursday, the group had removed the massive cap which had stemmed the flow of oil from its ruptured well deep in the Gulf of Mexico in a key step toward killing the well once and for all, officials said.

The damaged BOP will be raised to the surface to be examined and held as evidence in an official investigation, following the removal of the cap.

The ruptured Macondo well was plugged with heavy drilling fluid and then sealed it with cement last month, but the so-called "bottom kill" operation to permanently seal the well was delayed until the blowout preventer is replaced.

The "bottom kill" involves intercepting the crippled well with a relief well, which then pumps heavy drilling oil and cement into the oil well to permanently plug it.

BP said Friday that the replacement of the blowout preventer will "allow operations to complete the relief well to resume".

The company hopes that the relief well will reach the damaged well by around mid-September, depending on weather conditions.

In early morning trade on Friday, the company's shares rose 0.51 percent to 394.60 pence.

However, BP's share price has collapsed as a result of the disaster, shedding about 40 percent in value since the explosion on April 20.

The catastrophe also sparked the resignation of BP chief executive Tony Hayward in July

Hayward was forced out following a string of gaffes as the public face of the firm in its battle to stop oil leaking into the Gulf of Mexico.

 

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HCMC banks loan $31.8 bln

bank
Photo: Tuoi Tre

Outstanding commercial bank loans in Ho Chi Minh City totaled VND620 trillion (US$31.8 billion) to the end of August, reports the State Bank of Vietnam.

Property loans stood at VND92.86 trillion ($4.76 billion) or 15 percent, and consumer loans at VND32.03 trillion ($1.64 billion) or 5.2 percent.

The remaining 80 percent was for production and business.

Deposits totaled VND683.5 trillion ($35.05 billion), up 13.3 percent year-on-year; dong deposits increased 16.3 percent and foreign currency deposits just 5.3 percent.

Remittances to HCMC banks totaled about $326 million, down 4.45 percent against July.

An estimated $3.7 billion in remittances has been sent to the city since January 1, up 20 percent against the first seven months of last year and the figure is expected to hit $6 billion by the end of the year.

Overseas Vietnamese have started to reinvest and the labor export market has expanded to raise remittances.

The State Bank of Vietnam's HCMC branch says foreign-exchange trading by commercial bank fell 22-25 percent in July against June.

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Hai Phong needs to become modern industrial city

urban

The northern port city of Hai Phong should make full use of its advantages, including its marine economy, agriculture, industry and human resources, to become a modern industrial and port service city by 2015.

Prime Minister Nguyen Tan Dung made the request at the Political Bureau’s working session with Hai Phong City’s Party Committee (HPC) in Hanoi on Wednesday to examine the city’s preparations for its Party congress.

The city should focus on developing seaport systems together with infrastructure, mechanics and supporting industries, port services and tourism, he said.

PM Dung asked the municipal leaders to drastically implement administrative reforms, creating favorable conditions for businesses to invest in these areas, in order to fulfill the city’s targets of reaching a GDP growth rate of 13-13.5 percent, per-capita income of over US$3,000 per year and reducing the poverty rate to 1 percent by 2015.

Hai Phong City should pay attention to environmental protection, especially solid waste treatment, speed up the shifting of labor structure by reducing the proportion of laborers in agriculture and raise the rate of households gaining access to clean water.

Regarding the building of the Party and political system, the Government leader suggested the HPC continue strongly implementing political and ideological work in the Party and among people as well as stepping up the implementation of the “Studying and following President Ho Chi Minh’s moral example” campaign.

The city needs to strengthen its apparatus in the political system and better anti-corruption work and personnel training, especially for female and young cadres, he noted.

On behalf of the Politburo, Prime Minister Nguyen Tan Dung praised the HPC’s efforts to build documents and orientations for personnel work in line with the Politburo’s Decree 37 and the Party Central Committee’s guidance.

He also spoke highly of the municipal Party Committee’s attempts during the 2006-2010 term to overcome difficulties and attain achievements in all aspects, especially a GDP growth rate of 11.15 percent and a reduction in the poverty rate to 3.8 percent.

However, he pointed out the city’s shortcomings that should be addressed in the next tenure, including unsustainable economic development, weak competitiveness and urban management and development.

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Samsung, Toshiba take on Apple with 'iPad killers'

toshiba
Photo: Photo Courtesy of Toshiba

BERLIN - Competition to Apple's highly successful iPad heated up on Thursday as Samsung and Toshiba unveiled rival tablet PCs that they hope will steal some of the Californian giant's thunder.

Samsung's Galaxy Tab, presented at the IFA electronics trade fair in Berlin, Germany, has a seven-inch (17.8-centimeter) touchscreen, slightly smaller than the iPad's 9.7 inches, and uses Google's Android 2.2 operating system.

"Samsung recognizes the tremendous growth potential in this newly created market and we believe that the Samsung Galaxy Tab brings a unique and open proposition to market," said mobile communications unit head JK Shin.

The Galaxy Tab, weighing 0.8 pounds (380 grams) -- almost half the iPad's 1.5 pounds -- launches in Europe in mid-September, and in other markets including the US, South Korea and elsewhere in Asia in the coming months.

But the South Korean firm gave no indication however of whether the Galaxy Tab will undercut the iPad on price, which retails from $499 in the US -- or 499 euros in Europe -- for the basic model.

Reports in the trade press said that the Galaxy Tab will be more expensive, at 799 euros ($1,025) in Germany and 699 euros in France.

Toshiba meanwhile lifted the lid in Berlin on its Folio 100, which boasts a slightly bigger screen than the iPad -- 10.1 inches -- and which will reportedly sell for a competitive 399 euros.

The Japanese firm aims to have the Folio 100 hit the shops in Europe in the fourth quarter. And in another blow to Microsoft, the gadget runs off Android.

Apple sold more than three million iPads in the 80 days after they went on sale in the US in April, with demand so strong that some US customers had to wait several weeks to get their hands on one.

Since then, the device, which uses Apple's own MAC iOS operating system, has gone on sale in more than a dozen other countries and is poised to hit the shelves in China, the world's largest Internet market, later this month.

The success caught California-based Apple's competitors on the hop and they have been rushing to respond with their own tablet PCs, or "iPad killers" as they are collectively known.

Samsung's South Korean rival, LG Electronics, has promised to release a tablet PC using Android before December. Microsoft is also said to be about to unveil the Courier while Hewlett-Packard is pinning its hopes on its Slate.

Another rival is Dell's Stealth -- with a five-inch screen more smartphone than tablet, however -- while Lenovo of China, Motorola of the US, Archus of France, Germany's E-noa and Taiwan's Asus are others to watch out for.

Tablets are smaller both in size and in memory than a desktop, notebook or netbook computer, but are bigger than smartphones, offering users video, music, games, Internet and electronic books -- all with touchscreen.

Apple has a year's head start, according to Joerg Wirtgen from German tech magazine c't.

"The biggest market (for tablets) is for leisure. The iPad is becoming the main computer, the first to be switched on in the morning and the last one at night," Wirtgen told AFP.

"But you can't do everything, only the pleasurable stuff. For lots of tasks you still need a PC or a notebook."

He also said they were more versatile than electronic book readers like Amazon's Kindle, which are however considerably cheaper. Amazon unveiled two new versions in late July, including one that sells for just $139.

Gadget website T3 said the Galaxy Tab is "coming for the iPad and it means business," saying it was on "everyone's 'must see' list" for this year's IFA, which opens to the public on Friday.

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Murdoch: Global economy is still not out of turmoil

BIZWORLD

NEW YORK - News Corp Chief Executive Rupert Murdoch said the global economy is still in an uncertain state and the media industry is going through a fundamental transformation that is unpredictable

"I do not believe we are out of the turmoil yet. Sovereign debt pressures, soaring deficits and unacceptable U.S. unemployment levels are key obstacles to the global economic recovery," said Murdoch in a letter to shareholders in his company's annual report published on Thursday.

"Others may see more positive signs, but I believe until these issues are addressed, markets, governments, currencies and consumer behavior will be unpredictable," he said.

Murdoch was bullish about how his company, which owns the Fox TV networks, newspapers like the Wall Street Journal and Hollywood studio Twentieth Century Fox, had navigated both the difficult economic environment and threat to traditional content business models by new Web-based services from companies like Netflix Inc and Apple Inc.

He highlighted successes for the company including convincing cable operators to pay retransmission fees for its free-to-air Fox broadcast networks and the record-breaking 3D movie Avatar, now the biggest-selling movie of all time.

"I am only half joking when I wonder if there is anyone left on this planet who has yet to see Avatar," he said in the letter.

Murdoch described the 700 pence per share offer for the 61 percent of BSkyB it does not already own as "attractive" and a "logical and disciplined plan."

Under Murdoch's drive News Corp units have been pushing to seek new business models which embrace technology like e-readers and tablets like Apple's iPad.

News Corp's Fox and Walt Disney Co's ABC broke with other major TV studios on Wednesday to strike a deal to launch a new 99-cent rental service for Apple TV.

"Companies that do not innovate will struggle to survive," wrote Murdoch. "They will be digitally disoriented, quickly losing touch with their customers, who will be more technologically literate than those who seek to provide them with services and products."

 

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