Admin

Russian oil exports fall to 5-month low

by

In the week ending August 12, Russian oil exports fell sharply, to the lowest level since March 2022.

Russia exported 3.24 million barrels a day, down from 3.32 million barrels a week earlier.

The average amount of oil Russia exports to Asia is 1.72 million barrels a day, which is a low amount compared to April and May 2022.

Oil exports to Europe fell to 1.32 million barrels a day.

The amount of Russian oil sold to Asia, mainly to China and India, has gradually decreased after stalling at 2 million barrels a day from the end of April to the end of June.

Asia is currently the main market for Russian oil, after Europe stopped or reduced imports, due to the country launching a war to invade Ukraine.

Russia is also actively looking for new markets in Sri Lanka and Egypt.

Russian oil exports are 500,000 barrels a day lower than their peak in April.

Due diligence service in Vietnam https://vietnamduediligence.com

Russian GDP down 4% in second quarter of 2022

by

Business due diligence service in Vietnam – The latest information from Rosstat shows that Russia’s GDP decreased by 4% in the second quarter, the country’s economy returned to 2018.

Preliminary figures just released by Rosstat show that Russia’s GDP fell by 4% in the second quarter compared to the same period in 2021.

The previous quarter, Russia grew at 3.5%.

Analysts said that Russia’s GDP fell due to weak consumer demand after Western sanctions.

According to Bloomberg, Russia’s current GDP is equivalent to 2018.

Russia’s GDP could fall another 2% in 2023.

Russia’s decline in the second quarter was still lower than forecast. Reuters forecast a decline of 7%. Meanwhile, Bloomberg’s forecast is 4.7%.

The Central Bank of Russia previously forecast GDP to contract by 4.3% in the second quarter and on track to decline by 7% in the third quarter.

The Russian Economy Ministry thinks GDP could fall by more than 12% in 2022, after growing by 4.7% in 2021.

The Central Bank of Russia also forecasts a GDP decline of 8% – 10%. Last month, they revised their forecast to 4% – 6%.

The economic situation is bleak due to the country launching a war against Ukraine.

Due diligence service in Vietnam https://vietnamduediligence.com

China’s GDP grew by 0.4% in the second quarter

by

China’s GDP grew by 0.4% in the second quarter compared with the same period in 2021, which is considered an unexpected growth.

China’s industrial production, in June, also grew slower than forecast, with 3.9% compared to 2021.

Retail sales in June increased by 3.1%, reversing from May, due to large promotions.

Statistics on the unemployment rate in China’s 31 largest cities also fell to only 5.8%.

In the second quarter, China faced the Covid-19 epidemic, blockade orders were imposed to limit the epidemic.

In early June 2021, Beijing, Shanghai and some other places in China began to normalize operations.

Many banks have continuously lowered their growth forecasts for China due to the country’s blockade policy.

Business due diligence service in Vietnam – Visit our website in Vietnam https://vietnamduediligence.com

Vietnam: Petrol oil prices down 3,000 VND per liter

by

Information from the authorities in Vietnam – From 0:00 on 11/7/2022, each liter of gasoline will reduce the price from 3,090-3,110 VND, oil will reduce 800-3,020 VND per liter.

Vietnam due diligence services – In previous cycles, gasoline prices were adjusted every 10 days.

At the operating period on July 11, 2022, the price was announced earlier due to the effect of reducing environmental protection tax.

The price of gasoline E5 RON 92 is 27,780 dong (down 3,110 dong), RON 95-III gasoline is 29,670 dong (down 3,090 dong) per liter.

Diesel is 26,590 VND per liter, down 3,020 VND.

Kerosene has a new price of 26,340 VND, down 2,010 VND.

Fuel oil also dropped to 18,920 dong per kg, down 800 dong.

The executive agency deducts 950 VND per liter of gasoline into the price stabilization fund. Diesel is charged 550 VND per liter, while kerosene is 800 VND and fuel oil is 950 VND per kg.

Petrol prices are reduced environmental protection tax. Each liter of gasoline is reduced by 1,000 VND, oil products are 500-700 VND per liter.

For kerosene, the environmental protection tax rate remains at 300 VND per liter.

Environmental protection taxes on petrol prices are also reduced in order to keep petrol prices down.

Due diligence service in Vietnam https://vietnamduediligence.com

Dragon Capital buys 2 million Sacombank shares

by

Information from Dragon Capital – This organization has net bought an additional 2.1 million shares of Sacombank, which means that this organization has increased its ownership ratio in Sacombank to more than 6%.

Saigon Thuong Tin Bank (Sacombank) has just reported a change in ownership of a group of related foreign investors who are major shareholders.

Information said, on June 29, two member funds of Dragon Capital, CTBC Vietnam Equity Fund and Norges Bank, bought 2 million and 300,000 shares of Sacombank’s STB, respectively.

Samsung Vietnam Securities Master Investment Trust (Equity) member fund sold 200,000 STB shares.

After a net purchase of 2.1 million shares of STB, 11 member funds of Dragon Capital group hold more than 114.8 million shares, equivalent to an ownership rate of nearly 6.09% in the bank.

Each STB share was priced at 22,350 VND on July 4, 2022, this stock has increased by nearly 20% compared to the session on June 20.

In March, Dragon Capital group raised its ownership rate in Sacombank to over 5% and returned to be a major shareholder for the first time.

This fund is currently a major shareholder in VPBank and holds a large number of shares in MB and ACB.

By 2022, Sacombank aims to increase its credit balance by 12% to VND 435,000 billion and the bad debt ratio to be below 2%.

Total assets reached 573,000 billion VND and mobilized capital reached 512,700 billion VND, both increased by 10%.

The target profit before tax of this bank is 5,280 billion dong.

Due diligence service in Vietnam, visit us at https://vietnamduediligence.com

Fed may have to raise interest rates sharply

by

Information from the Fed said that the peak of inflation in May 2022 could cause the Fed to raise interest rates by 0.75%.

Federal Reserve Chairman Jerome Powell has not considered raising an additional 0.75% to deal with inflation.

Actual situation after May inflation peaked in 40 years, Wall Street thinks that Powell may have to change this view to raise interest rates.

US stocks fell sharply in recent sessions. Yields on 10-year US government bonds to 3.27%, if interest rates increase by 0.75%, it means that the Fed is really worried about inflation.

Fed may raise interest rates

Investors are betting 60% chance that the Fed will raise interest rates by 0.5%. The probability of raising interest rates by 0.75% has also increased from 3% last week to 40% until now.

Economists at Barclays think the Fed will announce a rate hike of 0.75% on June 15, 2022.

Investors did not rule out the possibility that the Fed would raise interest rates by 0.75% within the week. The scenario of interest rate hike may take place in the near future.

The figures show that this probability is currently 50%, the probability of a 1% increase next month is more than 25%.

Investors also noticed when Powell and other Fed members repeatedly said that decisions were based on numbers.

Inflation is still increasing, that’s why the possibility of raising interest rates by 1% cannot be ruled out.

Vendor Screening Solutions – Due Diligence in Vietnam https://vietnamduediligence.com

OPEC+ agrees to increase oil production

by

OPEC + in a recent meeting agreed to increase crude oil pumping to the market in the next 2 months. Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+), including Russia.

On June 2, 2022, the group agreed to increase supply by 648,000 barrels per day in July and August. The increase in production this time is 200,000 barrels a day higher than the old plan.

OPEC+ increases oil production for the world

The US administration welcomed the decision and emphasized the role of Saudi Arabia.

Some OPEC members consider suspending the implementation of the OPEC + production agreement, Saudi Arabia and the UAE increase oil supply to the world market.

Saudi Arabia previously did not agree to increase the supply of oil, which it planned to produce according to the old plan.

Russia’s oil production fell by 1 million barrels a day in the past few months, due to sanctions.

The price of Brent oil this week touched $125 a barrel, the highest price since early March 2022. US crude oil WTI also rose to 120 USD. These two oils fell to 117 USD and 116 USD.

The European Union this week announced a ban on imports of 90% of Russian oil until the end of the year.

Corporate due diligence & Business screening service in Vietnam – Visit us at https://vietnamduediligence.com

McDonald’s sells chain stores in Russia

by

McDonald’s announced on May 16, 2022 about the sale of their business in Russia. As soon as Russia launched a military operation in Ukraine, McDonald’s temporarily closed its stores in Russia in March 2022.

After the sale of the chain of stores in Russia is completed, restaurants in Russia will no longer be able to use the name, logo and menu of McDonald’s.

The employee will still be paid until the transaction is complete and the employee is guaranteed a job with the new owner.

CEO Chris Kempczinski shared that he feels proud of more than 60,000 employees in Russia recently.

The decision to sell the entire business chain in Russia, ending 3 decades of McDonald’s and Russia.

This force majeure deal cost McDonald’s about $1.2-1.4 billion.

In its latest quarterly financial report, McDonald’s said that closing restaurants in Russia cost them $127 million.

The $27 million came from employee costs, space rent, and supplier payments. $100 million is from the fact that food and many other goods cannot be used.

McDonald’s currently has 847 restaurants in Russia.

Due diligence service in Vietnam, visit us at: https://vietnamduediligence.com

Italy blocks superyachts possibly related to Putin

by

Information from the Italian government said that they had frozen a superyacht believed to be related to Russian President Vladimir Putin.

This authority prevented the ship from leaving the port.

Superyacht named Scheherazade, flagged Cayman Island, nearly 460 ft long, is moored at Marina di Carrara port.

Italy’s finance ministry said an investigation had linked the owner of the superyacht to Russian government officials.

Italy did not name Mr. Putin, but multiple reports suggested the ship was linked to him.

Western governments stepped up efforts to track, identify and seize the assets of sanctioned Russians with ties to the Kremlin.

The Biden administration has set up a task force, called KleptoCapture, to enforce US sanctions against some of the Russians on the list.

Due diligence service in Vietnam https://vietnamduediligence.com

80 Chinese companies are at risk of being delisted

by

On May 4, 2022, the US Securities and Exchange Commission (SEC) added more than 80 Chinese companies, including JD.com and Pinduoduo, to the list of companies that may be delisted from US exchanges. .

The reason is that Beijing refuses to allow auditors to access the books of these enterprises to check the operational and financial situation.

Law in the US requires businesses listed on US stock exchanges to prove they are not under the control of a foreign government.

If a company fails to prove this, or the Public Companies Accounting Oversight Committee (PCAOB) is unable to audit them for 3 consecutive years for verification, its shares will be delisted from the public. US stock exchange.

China Petroleum & Chemical Corp., JinkoSolar Holding, NetEase and NIO were included in the list.

US authorities will control about 200 companies listed on the New York Stock Exchange, whose parent companies are located in China and Hong Kong.

The US and China have been at odds for the past two decades over a requirement that all US-listed companies have their books audited by the country.

Companies being delisted means they will have to leave the NYSE and Nasdaq as early as 2024.

Due diligence service in Vietnam https://vietnamduediligence.com