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World crude oil prices hit a 3-month high

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Due diligence service bulletin in Vietnam – Market information shows that Brent and WTI are currently the highest since April 2023.

The reason is because global supply is scarce, and demand in the US is high.

The price of Brent oil today has a time up to 85.4 USD a barrel.

US crude WTI also touched $81.8 a barrel at times.

This is considered the highest price in the past 3 months, beyond analysts’ expectations.

The United States is currently the world’s largest consumer of crude oil.

OPEC + will meet this week, to make policies on oil prices in the near future.

In June, OPEC + agreed to extend the production reduction until 2024.

Saudi Arabia cuts another 1 million barrels a day in July 2023.

Saudi Arabia announced that it will continue to make production cuts in August and may continue to reduce.

Reuters statistics show that Saudi Arabia, cut only 860,000 barrels a day in July.

The United States released data showing its fuel demand at 20.78 million barrels a day in May – the highest in four years.

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Foreign investors withdraw $ 36 billion from Russia

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Bulletin of due diligence services in Vietnam in 2023.

The company provides prestigious business due diligence services in Vietnam.

Foreign investors have sold about 200 business properties in Russia.

Investors withdrew tens of billions of dollars from Russia.

According to data from the Central Bank of Russia, it is estimated that foreign investors withdrew $36 billion from the country, after selling business assets here between March 2022 and March 2023.

This figure is equivalent to foreign direct investment (FDI) in Russia in 2021 – the time before the war in Ukraine broke out.

According to the World Investment Report 2022 of the United Nations Conference on Trade and Development (UNCTAD), FDI inflows into Russia in 2021 will be 38.2 billion USD.

By the end of March 2023, about 200 asset sales transactions have been completed. About 20% are large, with assets over $100 million.

In terms of economic scale, the impact from foreign investors selling branches in Russia is not large.

The Kremlin now plans to introduce a cap of $1 billion a month from June, applying it to the amount of foreign currency that can be purchased for Western asset transfers.

McDonald’s, Starbucks or Ford Motor, have closed in Russia. Upcoming names are Volkswagen, UniCredit and Raiffeisen Bank International.

According to the rules, companies that want to leave Russia will have to get permission from the government and have to sell assets at a 50% discount.

In 2022, the value of assets sold by foreign companies is about 15-20 billion USD.

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Russian GDP fell in the first quarter of 2023

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Due diligence service bulletin in Vietnam – The Russian Federal Statistical Service announced that Russia’s GDP decreased by 1.9% in the first quarter compared to the same period in 2022.

This quarter’s decline was mainly due to low retail and wholesale sales.

The manufacturing, agriculture and construction sectors recorded record growth, still according to information from Rosstat.

In the first quarter of 2022, the economy grew by 3%.

Inflation in March 2023 was only 3.5% and continued to decrease to 2.3% in April.

The unemployment rate is currently low at 3.5%, but mainly due to a shrinking labor force.

Russia’s Economy Ministry estimates GDP will shrink by 2.2% in the first quarter. The Central Bank of Russia forecasts this figure to be 2.3%.

The Russian economy did not collapse as expected, but GDP still fell 2%.

Western sanctions against Russia due to Russia’s war in Ukraine, have caused a lot of damage to this country.

The IMF forecasts Russia’s growth in 2023.

The IMF also warned that isolation and reduced energy revenues could hurt Russia’s economic growth.

While Russia’s crude exports are now at their highest levels since the start of the war, oil revenues are down 43 percent year-on-year, the IEA said.

Russia ran a deficit of 3.4 trillion rubles ($42.3 billion) in the first four months of the year.

Experts forecast Russia’s budget deficit could equal 3-4% of GDP this year, higher than the target of 2%.

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The Fed raises interest rates for the 8th time

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Vietnam due diligence service and Vietnam private detective agency. 

Information from the US Federal Reserve on February 1, 2023 announced to raise the reference interest rate by 25 basis points (0.25%).

This is an interest rate hike as predicted by the market earlier, Vietnam due diligence service.

The reference interest rate in the US is currently in the range of 4.5-4.75%.

This is the highest interest rate since October 2007 – Due diligence in Vietnam.

The Fed has raised interest rates eight times in a row since March 2022.

This interest rate applies to interbank overnight loans.

This decision of the Fed may affect the lending and saving interest rates of Customers, especially consumer borrowers.

The Fed’s goal is to cool down inflation, which is at a 40-year high.

Announced after the meeting, the Fed said that inflation “has cooled somewhat, but remains high”.

“The last three months of data show that the monthly rate of price growth has slowed,” said Fed Chairman Jerome Powell.

“But while these developments are quite optimistic, we still need more evidence to be confident that inflation is falling sustainably,” he continued.

The market previously expected the Fed to signal an early end to the rate hike.

The Wall Street Index initially fell, when the DJIA at one point dropped more than 300 points.

US stocks then turned higher as Powell acknowledged inflation would start to fall.

In 2022, the Fed raised interest rates four times at 75 basis points, then reduced them to 50 basis points in December 2023.

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Vietnam State Bank: Credit in 2023 is about 14-15%

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Information from the State Bank, in 2023, the State Bank of Vietnam, will continue to strictly control credit in potential fields such as real estate, securities, BOT transport projects…

On the eve of the Lunar New Year 2023, according to Deputy Governor of the State Bank Dao Minh Tu, managing interest rates and exchange rates is one of the key contents of monetary policy management.

The State Bank’s management of interest rates and exchange rates in 2023 is calculated from numbers and parameters to determine a stable policy.

The State Bank continued to maintain the stability of interest rates as well as the current exchange rate.

If conditions are favorable for macroeconomic stability and inflation control in the coming time, they will continue to direct and mobilize commercial banks to continue cutting costs to lower interest rates compared to the current level. committed interest rate reduction by the end of 2022.

On the basis of the achievement of credit in 2022 about 14.17%, the Deputy Governor said that the State Bank has calculated the credit growth orientation of 2023 at about 14-15%. However, there are still adjustments in line with developments and the actual situation in Vietnam.

The monetary authority emphasizes on notifying and periodically reviewing and adjusting credit growth targets for each credit institution on the basis of its operation situation, financial capacity and ability to increase credit growth. healthy credit growth;

Ensure safe and effective credit operations; continue to strictly control credit in potentially risky fields such as real estate, securities, BOT traffic projects…

Credit granting activities of credit institutions will also be closely monitored, supervised and inspected by the State Bank, ensuring capital flows are directed to production and business fields and priority areas.

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Russian ruble falls to 8 month low against USD

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The Russian ruble is currently depreciating 0.6% against the USD, to 72.6 rubles per dollar.

The Russian ruble touched 72.67 rubles per dollar, the lowest since April 28, 2022.

Compared to other world currencies, the Russian ruble also decreases in value.

The Russian ruble currently trades at 76.93 rubles a euro, down 0.7%.

The ruble also lost 0.6% against the yuan.

Sanctions on oil and gas will limit Russia’s export revenue.

On December 5, 2022, the ban on importing oil by sea and the oil price ceiling imposed by the West on Russia took effect.

Last week, the Russian ruble fell 8% against the US dollar.

Ruble saw huge volatility, partly due to a drop in trading volume ahead of the New Year holiday.

Yangol believes that the outlook for the ruble is still bright, as oil prices are mainly influenced by geopolitical factors.

OPEC+ may continue to reduce oil production, to adjust to the market.

Business due diligence service company newsletter in Vietnam https://vietnamduediligence.com

Gold prices in the world increase rapidly

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Latest information from the world gold market, each ounce of gold increased by more than 30 USD compared to yesterday.

The reason is attributed to the weakening USD, when the markets are still focused on the US interest rate policy.

Closing the session on December 20, the world spot gold price increased by 1.6% to 1,818 USD. This is a one-week high.

Markets fell as the dollar weakened against the yen, after the Bank of Japan surprised markets with its decision to review its yield-curve control policy.

RJO Futures strategist Bob Haberkorn said the US housing data was “less optimistic”, adding to the demand for safe-haven gold.

The price of gold is down $260 an ounce since peaking in March 2022.

Gold is having its best bull run since early 2020, gaining 9.4%, due diligence in Vietnam.

The chairman of the US Federal Reserve, said he will still raise interest rates next year, even if the economy is headed for a recession.

High interest rates increase the opportunity cost of holding precious metals, since the instrument does not pay a fixed interest rate.

The World Bank (WB) has also downgraded the country’s growth outlook for this year and next.

Spot silver rose 4.6 percent to $24 an ounce. Platinum rose 3.4% to $1,012, while palladium rose 3.8% to $1,733.

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More than 2,400 products exported to China

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Vietnam due diligence, according to the latest statistical information, China has granted 2,426 product codes to Vietnamese enterprises to export to the world’s most populous market.

Order 248 and Order 249 of China, Vietnamese enterprises that want to export goods to this market must register and be granted a code for monitoring, at the request of the authorities.

Mr. Ngo Xuan Nam said that up to now, China has granted 2,426 product codes to about 2,000 Vietnamese enterprises to export goods.

51% of the codes are registered through the competent authority, the rest are self-declared enterprises through the online system of China Customs.

The most licensed products and fisheries sector with 802 codes, followed by nut products such as cashews, coffee, and vegetable oils, Vietnam due diligence.

However, many businesses have not studied the above two orders, so the implementation is still confusing, causing slow customs clearance.

The representative of SPS Vietnam office also noted that Chinese businesses are increasingly setting high standards for agricultural products and food.

Due diligence in Vietnam – Accordingly, the country has changed 10,092 the maximum allowable residue levels of 564 pesticides in the list of 376 foods.

China has also issued 36 national food safety standards, so exporters need to pay attention to not be entangled by these regulations.

JPMorgan opens e-wallet for cryptocurrencies

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News from JPMorgan, JPMorgan set up an e-wallet for cryptocurrencies.

Vietnam due diligence service, the company is also preparing to provide money transfer, exchange, and payment processing services for cryptocurrencies.

JPMorgan Chase has registered and patented the “JP Morgan Wallet” by the US Patent and Trademark Office (USPTO).

JPMorgan continues to delve into providing digital currency and Bitcoin services to a group of customers in need.

JPMorgan will provide services related to transferring digital currency on the blockchain (blockchain), exchange services, digital currency payment processing including credit card and digital currency payment processing.

JPMorgan’s e-wallet also handles cross-border payments such as foreign exchange payments in different currencies.

The JPMorgan e-wallet brand was approved on November 15, 2022. JPMorgan has filed a trademark application since July 2020.

CEO Jamie Dimon once opposed cryptocurrencies, JPMorgan is still getting more and more involved in this field. Since 2017, the CEO of JP Morgan has always maintained a stance against Bitcoin and cryptocurrencies.

However, co-chairman Daniel Pinto stated that JP Morgan is open to getting into Bitcoin and crypto if demand increases.

JPMorgan together with Fidelity Bank and Bank of New York Mellon provide crypto-related services such as payments and exchanges.

Due diligence in Vietnam – This is very good information for those who are and will be using digital currency and due diligence services agency in Vietnam https://vietnamduediligence.com

World Cup 2022 will bring record revenue for FIFA

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Bloomberg statistics said that the revenue from the World Cup held in Qatar, is expected to exceed the amount of $ 5.4 billion held in Russia.

FIFA sold the broadcast rights to the tournament. The organization also sold about 240,000 service packages and nearly 3 million tickets for the event.

The 2022 World Cup also has many big brands sponsoring, such as Adidas and Coca-Cola and many other famous brands.

Revenue from the World Cup is still increasing despite Qatar’s condemnation on many issues.

Qatari officials deny that they treat workers badly when they are involved in the construction of stadiums and ancillary works.

FIFA is expected to exceed its revenue target of $6.4 billion for the period 2019-2022.

This money is used to organize tournaments for both boys and girls, as well as at the youth level, and develop football at 211 members.

Qatar also wants to use the World Cup to promote the country’s rapid development, which will also bring in a huge amount of revenue.

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