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South Korea’s Daesang bids to buy Vietnam food processor for $33 mln
News that Daesang Cooperation intends to expand its operations in Vietnam by buying a Vietnamese food processor appeared in South Korean press at the end of June.
Reuters quoted Daesang as saying that it will buy a 99.99 percent stake (13 million shares) in Duc Viet Food Joint Stock Company for 37.52 billion won ($33 million) by August 5.
Talking with VnExpress, a representative from the Vietnamese company claimed that they are in negotiations and have yet to reach a final decision.
Duc Viet Food is one of Vietnam’s leading food processing firms. A report from Deasang said that last year, Duc Viet had total assets of 16 billion won ($14 million) and liabilities of 7 billion won ($6 million).
The South Korean food manufacturer first entered the Vietnamese market in the 1990s and has bought three manufacturing bases in Vietnam since then.
Deasang expects the deal to act as a base for it to expand its business activities to other Southeast Asian countries such as Thailand, Cambodia and Indonesia.Read on the original site
Egypt's fight against Islamic militancy makes enemies
CAIRO (AP) — Egypt has made fighting Islamic militants its overriding foreign policy objective, a decision that has brought it closer to Syrian President Bashar Assad, Russia and Iran, in turn antagonizing its chief financial backer, Saudi Arabia.The policy is risky at a time when Egypt is struggling to contain a homegrown Islamic insurgency and tackling its worst economic crisis in decades. Saudi Arabia, which has helped keep Egypt's economy from collapse with billions in aid, has already… chat_bubble_outline Read More...
Iran says Trump's climate pact withdrawal will isolate US
Tehran (AFP) - Iran on Sunday joined the international chorus of criticism against President Donald Trump's decision to withdraw from the Paris climate agreement, saying it would further isolate the United States."The withdrawal of the United States from the Paris accord indicates the government's lack of responsibility regarding the global community and it will increasingly isolate them," foreign ministry spokesman Bahram Ghasemi said, according to the IRNA news agency.Trump announced on… chat_bubble_outline Read More...
O'Shea makes 5 changes to Italy for opener against Wales
ROME (AP) — Italy coach Conor O'Shea has made five changes from the team that beat South Africa in November for its Six Nations opener against Wales on Sunday.Edoardo Gori didn't start any of the November tests, but the Treviso scrum-half has been given the nod ahead of Giorgio Bronzini.Maxime Mbanda, who is making his debut in the tournament, and Abraham Steyn will flank long-standing captain Sergio Parisse in the back row.Parisse will extend his record to 122 appearances for the Azzurri — 74… chat_bubble_outline Read More...
Chile: Bachelet denies receiving campaign financing from OAS
SANTIAGO, Chile (AP) — Chilean President Michelle Bachelet on Wednesday denied reports she received financial support for her 2013 campaign from a construction conglomerate that is involved in Brazil's huge corruption scandal.Grupo OAS is among dozens of Brazilian companies that are embroiled in a kickback scheme that is the biggest corruption scandal in Brazil's history.A story published by the Brazilian magazine Veja on Wednesday said a former member of Brazil's Workers Party and a former… chat_bubble_outline Read More...
The bankers who were arrested or prosecuted in 2016
The list of bankers who met with misfortune in 2016 includes many well-known names. Huynh Nam Dung On January 30, two former members of Mekong Housing Bank’s (MHB) board of management – Huynh Nam Dung and Nguyen Phuoc Hoa – were arrested and prosecuted for violating laws. Dung, 60, who has an MA in Economics and Hoa, 60, with a bachelor’s degree, got involved in a series of violations in the management and business of MHB’s securities company, which caused a loss of billions of dong. In… chat_bubble_outline Read More...