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Image : Pistorius prosecutor 'the bulldog' resigns

Pistorius prosecutor 'the bulldog' resigns

person Orange Themes access_time Jan 31,2017

Yahoo News South African prosecutor Gerrie Nel, who came to worldwide attention for securing the murder conviction of Olympic sprinter Oscar Pistorius, has resigned, the country's prosecuting authority said on Tuesday. Nel's forensic questioning and

Image : Vietnam's firms hopeful for strong 2017

Vietnam's firms hopeful for strong 2017

person Orange Themes access_time Jan 18,2017

Vietnamnet - Vietnamese firms are mostly optimistic about their business results for 2017, driven by the improved macro-economy coupled with Government efforts to improve the business climate and remove obstacles.

Image : Shiffrin favored for prized World Cup title after Gut crash

Shiffrin favored for prized World Cup title after Gut crash

person Orange Themes access_time Feb 10,2017

Yahoo News ST. MORITZ, Switzerland (AP) — Exiting her home ski world championships in a helicopter airlift after a crash, Lara Gut lost a lot on Friday.

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Nghi Son refinery might prove costly endeavour to investor and state

access_time Aug 20,2016 chat_bubble_outline 110 views

The newest report released by the State Budget Department under the Ministry of Finance shows that the Nghi Son refinery and petrochemical complex’s 2017 start of operation will dent a hole in both investor PetroVietnam’s finances and the state budget.

Nghi Son refinery might prove costly endeavour to investor and state

The test run of Nghi Son complex is going to last from November 2016 to June 2017. Then, in July, the complex is going to start commercial operation, hoping to reach full capacity by 2020. 

Licensed in 2008, Nghi Son complex in the central province of Thanh Hoa’s Nghi Son economic zone, in which PetroVietnam has a 25.1 per cent stake, Kuwait Petroleum International 35.1 per cent, Idemitsu Kosan 35.1 per cent, and Mitsui Chemical International 4.7 per cent, has the total investment capital of $9 billion.

According to the agreement signed between the investors of the complex and the Vietnamese government, state-owned national oil and gas group PetroVietnam has to buy any amount of products that the company running the refinery complex, Nghi Son Refinery and Petrochemicals LLC (NSRP) wants to sell for 10 years, at the price of imported products plus 7 per cent for refinery products, 5 per cent for LPG, and 3 per cent for petrochemical products. 

Because this price is preferable to exporting its products, the company is likely to sell all its output to PetroVietnam and refrain from exporting.

Therefore, during these 10 years, PetroVietnam is going to pay $1.54 billion more to buy these products than it would otherwise spend on distributing imported products in Vietnam. This is $154 million per year.

PetroVietnam has been seeking a way out since September 2015. PetroVietnam calculated that with WTI crude oil assumed at $75 per barrel, with on-going import duties, this sum would be about VND65 trillion ($2.98 billion) for petroleum items and VND10 trillion ($458 million) for petro-chemical items. 

The new $1.54 billion figure that the department reported was recalculated based on the crude price assumption of $45 per barrel and current import duties. 

The department said that the higher the price of crude oil, the higher this sum is going to be. At $50 per barrel the sum is going to be $1.8 billion. At $70, it will reach $2 billion.

PetroVietnam, as a stakeholder, earns a profit of VND1.6 trillion ($71.7 million) per year if the price of crude stays at $45 per barrel. If the price is $50 per barrel, the profit is going to be VND1.4 trillion ($62.8 million) per year. 

Take this number and subtract from it the recalculated sum above, ultimately, when the refinery complex starts operation, PetroVietnam will lose at least $80 million per year. 

The government has not responded to PetroVietnam’s proposals on how it can make up for this loss.

On the other hand, the refinery complex is going to decrease state budget revenue, too. 

NSRP enjoys a preferential CIT of 10 per cent for 70 years, a 4-year tax exemption when the company starts making taxable income, and a 50 per cent tax cut for the next nine years.

Counting the VAT, excise, and environment protection tax that NSRP has to pay in 2017-2020, and subtracting the amount of import tariff that the budget will miss out on in the period because of decreased imports, the 2017 budget is going to decrease by VND1.37 trillion ($61.4 million).

In 2018, 2019, and 2020 the decrease will grow more serious, to VND10.9 trillion ($488.7 million), VND10.6 trillion ($475.3 million), and VND14.1 trillion ($632.2 million).


Russian fighter did barrel roll over U.S. reconnaissance plane -CNN

An U.S. Navy picture shows what appears to be a Russian Sukhoi SU-24 attack aircraft flying over the U.S. guided missile destroyer USS Donald Cook in the Baltic Sea in this picture taken April 12, 2016 and released April 13, 2016. Two Russian warplanes with no visible weaponry flew near the destroyer in what one U.S. official described as one of the most aggressive interactions in recent memory. REUTERS/US Navy A Russian jet fighter intercepted a U.S. Air Force reconnaissance plane on Friday in… chat_bubble_outline Read More...

U.N. torture investigator to visit Turkey, jails next week

GENEVA (Reuters) - A U.N. torture investigator is going to Turkey from Nov. 27 to Dec. 2 at government invitation and plans to visit police stations, prisons and pre-trial facilities where detainees are held to discuss "challenges" related to torture, a U.N. statement said.Turkey has sacked or suspended more than 125,000 officials in the military, civil service, judiciary and elsewhere since a failed coup attempt in July. About 36,000 have been jailed pending trial, in a crackdown condemned by… chat_bubble_outline Read More...

Republicans projected to keep control of Congress

By Richard Cowan and Susan CornwellWASHINGTON (Reuters) - Both chambers of the U.S. Congress are projected to remain under Republican control when they convene on Jan. 3, with voters on Tuesday dashing Democrats' hopes of taking over the Senate while keeping the House of Representatives in Republican hands.A few Senate races were still undecided, but projections by major media organizations indicated that Democrats no longer had a probable path toward capturing control of the 100-seat Senate.So… chat_bubble_outline Read More...

Anxious world leaders seek clarity on Trump policies

By Angus MacSwanLONDON (Reuters) - World leaders reacted to Donald Trump's victory in the U.S. presidential election with offers to work with him tinged with anxiety over how he would deal with a host of problems, from the Middle East to an assertive Russia.Several authoritarian and right-wing leaders commended the billionaire businessman and reality TV star who against the odds won the leadership of the world's most powerful country.Trump, who has no previous political or military experience,… chat_bubble_outline Read More...

Choose the best drinks for your diet every day

It is a mistake that we usually watch what to eat but not watch what to drink when we are on a diet. Choosing the right drinks can tweak your metabolism, curb your appetite, and help cut calories. Which drinks really help us on the path to weight loss?   Water Replacing carbonated soft drinks with water will cut hundreds of calories per day. Drinking two glasses of water before a meal may also help you feel full faster, so you don’t eat as much. And drinking enough water may have a… chat_bubble_outline Read More...

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